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作者：Rossi, Pauline
作者单位：University of Amsterdam
摘要：This article proposes a strategic framework to account for fertility choices in polygamous households. It uses unique data on fertility histories of a representative sample of co-wives in Senegal to estimate a duration model of birth intervals with individual baseline hazards. Exploiting entries and exits of co-wives as well as gender of births, empirical tests show that children are strategic complements. One wife raises her fertility in response to an increase by the other wife, because chil...
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作者：Callen, Michael; De Mel, Suresh; Mcintosh, Craig; Woodruff, Christopher
作者单位：University of California System; University of California San Diego; University of Peradeniya; University of Oxford
摘要：The world's poor are seeing a rapid expansion in access to formal savings accounts. What is the source of savings when households are connected to a formal account? We combine a high-frequency panel survey spanning two and a half years with an experiment in which a Sri Lankan bank used mobile Point-of-Service (POS) terminals to collect deposits directly from households each week. We find that the headwaters of formal savings lie in sacrificed leisure time: households work more, and improved sa...
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作者：Faraglia, Elisa; Marcet, Albert; Oikonomou, Rigas; Scott, Andrew
作者单位：University of Cambridge; Center for Economic & Policy Research (CEPR); University of London; University College London; Barcelona School of Economics; Universite Catholique Louvain; University of London; London Business School
摘要：Standard optimal Debt Management (DM) models prescribe a dominant role for long bonds and advocate against issuing short bonds. They require very large positions in order to complete markets and assume each period that governments repurchase all outstanding bonds and reissue (r/r) new ones. These features of DM are inconsistent with U.S. data. We introduce incomplete markets via small transaction costs which serves to make optimal DM more closely resemble the data : r/r are negligible, short b...
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作者：Williams, Noah
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This article illustrates and characterizes how adaptive learning can lead to recurrent large fluctuations. Learning models have typically focused on the convergence of beliefs towards an equilibrium. However in stochastic environments, there may be rare but recurrent episodes where shocks cause beliefs to escape from the equilibrium, generating large movements in observed outcomes. I characterize the escape dynamics by drawing on the theory of large deviations, developing new results which mak...
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作者：Bagger, Jesper; Lentz, Rasmus
作者单位：University of London; Royal Holloway University London; University of Wisconsin System; University of Wisconsin Madison
摘要：We estimate an equilibrium on-the-job search model with endogenous search intensity. Workers differ by skill, firms by productivity. Workers respond to mismatch by intensive search, and sorting may result from complementarities in the match-level production function. The model is estimated on Danish-matched employeremployee data. Firms are ranked through revealed preference by the fraction of hires that is poached from other firms: the poaching rank. Identification is obtained by firm rank con...
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作者：Armona, Luis; Fuster, Andreas; Zafar, Basit
作者单位：Stanford University; Swiss National Bank (SNB); Arizona State University; Arizona State University-Tempe
摘要：Home price expectations are believed to play an important role in housing dynamics, yet we have limited understanding of how they are formed and how they affect behaviour. Using a unique information experiment embedded in an online survey, this article investigates how consumers' home price expectations respond to past home price growth, and how they impact investment decisions. After eliciting respondents' priors about past and future local home price changes, we present a random subset of th...
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作者：Jolivet, Gregory; Turon, Helene
作者单位：University of Bristol; IZA Institute Labor Economics
摘要：We conduct an empirical analysis of consumer preferences and search costs on an Internet platform. Using data from a major French platform (PriceMinister), we show descriptive evidence of substantial price dispersion among adverts for the same product, of consumers often not choosing the cheapest advert and sometimes choosing an advert dominated in price and non-price characteristics by another available advert. We consider a sequential search model where consumers sample adverts in an endogen...
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作者：Brugemann, Bjorn; Gautier, Pieter; Menzio, Guido
作者单位：Vrije Universiteit Amsterdam; University of Pennsylvania; National Bureau of Economic Research
摘要：We study two wage bargaining games between a firm and multiple workers. We revisit the bargaining game proposed by Stole and Zwiebel. We show that, in the unique Subgame Perfect Equilibrium, the gains from trade captured by workers who bargain earlier with the firm are larger than those captured by workers who bargain later, as well as larger than those captured by the firm. The resulting equilibrium payoffs are different from those reported in Stole and Zwiebel as they are not the Shapley val...
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作者：Azevedo, Eduardo M.; Budish, Eric
作者单位：University of Pennsylvania; University of Chicago
摘要：We propose a criterion of approximate incentive compatibility, strategy-proofness in the large (SP-L), and argue that it is a useful second-best to exact strategy-proofness (SP) for market design. Conceptually, SP-L requires that an agent who regards a mechanisms prices as exogenous to her reportube they traditional prices as in an auction mechanism, or price-like statistics in an assignment or matching mechanismuhas a dominant strategy to report truthfully. Mathematically, SP-L weakens SP in ...
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作者：Kalouptsidi, Myrto
作者单位：Harvard University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：This article provides a model-based empirical strategy to, (1) detect the presence and gauge the magnitude of government subsidies and (2) quantify their impact on production reallocation across countries, industry prices, costs and consumer surplus. I construct and estimate an industry model that allows for dynamic agents in both demand and supply and apply my strategy to world shipbuilding, a classic target of industrial policy. I find strong evidence consistent with China having intervened ...
