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作者：Mialon, Hugo M.; Mialon, Sue H.
作者单位：Emory University
摘要：We develop a model of figurative or indirect speech, which may convey a meaning that differs from its literal meaning. The model yields analytical conditions for speech to be figurative in equilibrium and delivers a number of comparative statics results. For instance, it predicts that the likelihood of figurative speech is greater if the benefit to the listener of correctly understanding the speaker is greater. We then apply the model to analyze particular forms of indirect speech, including t...
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作者：Armantier, Olivier; Holt, Charles A.; Plott, Charles R.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Virginia; California Institute of Technology
摘要：The proposed 2008 TARP auction was intended to remove toxic assets from portfolios of financially stressed banks. The Treasury selected a design whereby bids to sell different securities would be normalized by reference prices that reflect relative value estimates. We conduct a series of experiments indicating that a simple Reference Price Auction can be an effective mechanism for avoiding serious effects of adverse selection and strategic bid manipulation, even with inaccurate reference price...
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作者：Saggi, Kamal; Woodland, Alan; Yildiz, Halis Murat
作者单位：Vanderbilt University; University of New South Wales Sydney; Toronto Metropolitan University
摘要：This paper compares equilibrium outcomes of two games of trade liberalization. In the Bilateralism game, countries choose whether to liberalize trade preferentially via a customs union (CU), multilaterally, or not at all. The Multilateralism game is a restricted version of the Bilateralism game in that countries cannot form CUs and can only undertake non-discriminatory trade liberalization. When countries have symmetric endowments, global free trade is the only stable equilibrium of both games...
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作者：Jaffe, Sonia; Weyl, E. Glen
作者单位：Harvard University; University of Chicago; University of Chicago
摘要：Using information local to the premerger equilibrium, we derive approximations of the expected changes in prices and welfare generated by a merger. We extend the pricing pressure approach of recent work to allow for non-Bertrand conduct, adjusting the diversion ratio and incorporating the change in anticipated accommodation. To convert pricing pressures into quantitative estimates of price changes, we multiply them by the merger pass-through matrix, which (under conditions we specify) is appro...
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作者：Banerjee, Abhijit; Duflo, Esther; Ghatak, Maitreesh; Lafortune, Jeanne
作者单位：Massachusetts Institute of Technology (MIT); University of London; London School Economics & Political Science; Pontificia Universidad Catolica de Chile
摘要：This paper analyzes how preferences for a noneconomic characteristic (e.g., caste) can affect equilibrium patterns of matching, and empirically evaluates this in the context of middle-class Indian arranged marriages. We show theoretically how the equilibrium consequences of caste depend on whether preferences are towards one's own group or for marrying up. We then estimate actual preferences for caste and other attributes using a unique dataset of individuals who placed matrimonial advertiseme...
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作者：Fuchs, William; Skrzypacz, Andrzej
作者单位：University of California System; University of California Berkeley; Stanford University
摘要：We study dynamic bargaining with private information and a deadline. As commitment power disappears, there is a clear deadline effect. That is, trade takes place smoothly before the deadline and with an atom right at the deadline. Prices, timing of trade, and the deadline effect respond to the consequences of not reaching an agreement. Bleaker disagreement options lead to more trade and proportionally more of the agreements taking place on the verge of the deadline. Time to deadline can affect...
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作者：Fleurbaey, Marc; Schokkaert, Erik
作者单位：Princeton University; Universite Catholique Louvain
摘要：Behavioral economics has shaken the view that individuals have well-defined, consistent, and stable preferences. This raises a challenge for welfare economics, which takes as a key postulate that individual preferences should be respected. We argue, in agreement with Bernheim (2009) and Bernheim and Rangel (2009), that behavioral economics is compatible with consistency of partial preferences, and explore how the Bernheim-Rangel approach can be extended to deal with distributive issues. We rev...
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作者：Gayle, Philip G.
作者单位：Kansas State University
摘要：Previous research has suggested that codeshare agreements eliminate double marginalization that exists when unaffiliated airlines independently determine the price for different segments of an interline trip. Using a structural econometric model, this paper investigates whether codeshare contracts do eliminate double marginalization. The results suggest that both upstream and downstream margins persist when the operating carrier of a codeshare product also offers competing single-carrier produ...
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作者：Baccara, Mariagiovanna; Yariv, Leeat
作者单位：Washington University (WUSTL); California Institute of Technology
摘要：The focus of this paper is the endogenous formation of peer groups. In our model, agents choose peers before making contributions to public projects, and they differ in how much they value one project relative to another. Thus, the group's preference composition affects the type of contributions made. We characterize stable groups and find that they must be sufficiently homogeneous. We also provide conditions for some heterogeneity to persist as the group size grows large. In an application in...
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作者：Bernard, Andrew B.; Redding, Stephen J.; Schott, Peter K.
作者单位：Dartmouth College; National Bureau of Economic Research; Princeton University; Yale University
摘要：We develop a method for identifying departures from relative factor price equality that is robust to unobserved variation in factor productivity. We implement this method using data on the relative wage bills of nonproduction and production workers across 170 local labor markets comprising the continental United States for 1972, 1992, and 2007. We find evidence of statistically significant differences in relative wages in all three years. These differences increase in magnitude over time and a...
