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作者：Gourinchas, Pierre-Olivier; Werning, Ivan
作者单位：University of California System; University of California Berkeley; Massachusetts Institute of Technology (MIT)
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作者：Aguiar, Victor H.; Kashaev, Nail
作者单位：Western University (University of Western Ontario)
摘要：A long-standing question about consumer behaviour is whether individuals' observed purchase decisions satisfy the revealed preference (RP) axioms of the utility maximization theory (UMT). Researchers using survey or experimental panel data sets on prices and consumption to answer this question face the well-known problem of measurement error. We show that ignoring measurement error in the RP approach may lead to overrejection of the UMT. To solve this problem, we propose a new statistical RP f...
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作者：Gavazza, Alessandro; Lanteri, Andrea
作者单位：University of London; London School Economics & Political Science; Duke University
摘要：This article studies equilibrium dynamics in consumer durable goods markets after aggregate credit shocks. We introduce two novel features into a general-equilibrium model of durable consumption with heterogeneous households facing idiosyncratic income risk and borrowing constraints: (1) indivisible durable goods are vertically differentiated in their quality and (2) trade on secondary markets at market-clearing prices, with households endogenously choosing when to trade or scrap their durable...
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作者：Heidhues, Paul; Johnen, Johannes; Koszegi, Botond
作者单位：Universite Catholique Louvain; Central European University
摘要：We identify a competition-policy-based argument for regulating the secondary features of complex or complexly priced products when consumers have limited attention. Limited attention implies that consumers can only study a small number of complex products in full, while-by failing to check secondary features-they can superficially browse more. Interventions limiting ex post consumer harm through safety regulations, caps on certain fees, or other methods induce consumers to do more or more mean...
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作者：Che, Yeon-Koo; Iossa, Elisabetta; Rey, Patrick
作者单位：Columbia University; University of Rome Tor Vergata; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Procuring an innovation involves motivating a research effort to generate a new idea and then implementing that idea efficiently. If research efforts are unverifiable and implementation costs are private information, a trade-off arises between the two objectives. The optimal mechanism resolves the trade-off via two instruments: a cash prize and a follow-on contract. It primarily uses the latter, by favouring the innovator at the implementation stage when the value of the innovation is above a ...
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作者：Buera, Francisco J.; Kaboski, Joseph P.; Shin, Yongseok
作者单位：Washington University (WUSTL); National Bureau of Economic Research; University of Notre Dame; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：What is the aggregate and distributional impact of microfinance? To answer this question, we develop a quantitative macroeconomic framework of entrepreneurship and financial frictions in which microfinance is modelled as guaranteed small-size loans. We discipline and validate our model using recent empirical evaluations of small-scale microfinance programs. We find that the long-run general equilibrium impact is substantially different from the short-run effect. In the short-run partial equili...
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作者：Piyapromdee, Suphanit
作者单位：University of London; University College London
摘要：This article studies the impact of immigration on wages, internal migration, and welfare. Using U.S. Census data, I estimate a spatial equilibrium model where labour differs by skill level, gender, and nativity. Workers are heterogeneous in city preferences. Cities vary in productivity levels, housing prices, and amenities. I use the estimated model to assess the distributional consequences of several immigration policies. The results show that a skill selective immigration policy leads to wel...
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作者：Antill, Samuel; Duffie, Darrell
作者单位：Harvard University; Stanford University; National Bureau of Economic Research
摘要：We explain how the common practice of size-discovery trade detracts from overall financial market efficiency. At each of a series of size-discovery sessions, traders report their desired trades, generating allocations of the asset and cash that rely on the most recent exchange price. Traders can thus mitigate exchange price impacts bywaiting for size-discovery sessions. This waiting causes socially costly delays in the rebalancing of asset positions across traders. As the frequency of size-dis...
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作者：Haghpanah, Nima; Hartline, Jason
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Northwestern University
摘要：We study when pure bundling, i.e., offering only the grand bundle of all products, is optimal for a multi-product monopolist. Pure bundling is optimal if consumers with higher values for the grand bundle have higher relative values for smaller bundles compared to the grand bundle. Conversely, pure bundling is not optimal if consumers with higher values for the grand bundle have lower relative values. We prove the results by decomposing the problem into simpler ones in which types can be ranked...
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作者：Schmitt-Grohe, Stephanie; Uribe, Martin
作者单位：Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：This article establishes the existence of multiple equilibria in infinite-horizon open economy models in which the value of tradable and non-tradable endowments serves as collateral. In this environment, the economy displays self-fulfilling financial crises in which pessimistic views about the value of collateral induce agents to deleverage. Under plausible calibrations, there exist equilibria with underborrowing. This result stands in contrast to the overborrowing result stressed in the relat...
