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作者：Eso, Peter; Wallace, Chris
作者单位：University of Manchester; University of Oxford
摘要：This article studies how the presence of concealable hard evidence affects the timing of agreement and the size and distribution of surplus in bargaining. A buyer and a seller receive randomly arriving, verifiable, but concealable evidence about the value of a tradable good. Each party discloses individually favourable information but conceals signals that benefit the other side, giving rise to mutual suspicion; the seller repeatedly posts prices valid for one period. In the leading case of in...
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作者：Harrison, Teresa D.; Seim, Katja
作者单位：Drexel University; University of Pennsylvania
摘要：We investigate the importance of nonprofit tax exemptions to the structure of local fitness markets and to the nonprofit's decision to complement fitness offerings with youth programming. We estimate an equilibrium model of market structure of nonprofit and for-fitness centres. Our results suggest that the two ownership types serve different customer bases. We predict that a revocation of tax exemptions would lower nonprofit entry by 26%, leaving for-profit entry unaffected. This decline in no...
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作者：Ali, Merima; Fjeldstad, Odd-Helge; Jiang, Boqian; Shifa, Abdulaziz B.
作者单位：Syracuse University; University of Pretoria
摘要：African colonial history suggests that British colonial rule may have undermined state centralisation due to legacies of ethnic segregation and stronger executive constraints. Using micro-data from anglophone and francophone countries in sub-Saharan Africa, we find that anglophone citizens are less likely to identify themselves in national terms (relative to ethnic terms). To address endogeneity concerns, we utilise regression discontinuity by focusing on observations near anglophone-francopho...
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作者：Bigoni, Maria; Bortolotti, Stefania; Casari, Marco; Gambetta, Diego
作者单位：University of Bologna; IZA Institute Labor Economics; Max Planck Society; European University Institute; University of Oxford
摘要：The sharp gap in development between the North and the South of Italy represents a paradigmatic case of persistent within-country disparities. The evidence suggests that this gap could depend on a difference in the ability to cooperate. We investigate experimentally three possible sources of this difference, and find that Northerners and Southerners share the same pro-social preferences, but differ both in their belief about cooperativeness and in the aversion to social risk, respectively, mor...
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作者：Ekinci, Emre; Kauhanen, Antti; Waldman, Michael
作者单位：Universidad Carlos III de Madrid; University of Jyvaskyla; Cornell University
摘要：Standard models of promotion tournaments do not distinguish between wages and bonuses and thus cannot explain variation in the use of bonuses. We combine classic and market-based tournament theories to develop a model in which wages and bonuses serve distinctly different roles. We use this model to derive testable predictions which we test employing both a single firm data set and a data set encompassing a large segment of the Finnish economy. Our empirical analysis supports the testable predi...
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作者：Hjalmarsson, Randi; Lindquist, Matthew J.
作者单位：University of Gothenburg; Center for Economic & Policy Research (CEPR); Stockholm University
摘要：We study the causal effect of mandatory military conscription in Sweden on the criminal behaviour of men born in the 1970s. We find that military service significantly increases post-service crime (overall and across multiple crime categories) between the ages of 23 and 30. These results are driven primarily by young men who come from low socioeconomic status households and those with pre-service criminal histories, despite evidence of a contemporaneous incapacitation effect of service for the...
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作者：Sargent, Thomas J.
作者单位：New York University
摘要：A government defines a dollar as a list of quantities of one or more precious metals. If issued in limited amounts, token money is a perfect substitute for precious metal money. Atemporal equilibrium conditions determine how quantities of precious metals and token monies affect an equilibrium price level. Within limits, a government can peg the relative price of two precious metals, confirming Fisher's (1911) response to a classic criticism of bimetallism. Monometallism dominates bimetallism a...
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作者：Spulber, Daniel F.
作者单位：Northwestern University
摘要：The analysis provides conditions under which standard setting organisations (SSOs) choose efficient technology standards. I introduce a two-stage game with both voting and market competition. In equilibrium, standards and market outcomes are efficient even with market power from scarce capacity and standard essential patents (SEPs). I show that a drastic innovation with SEPs generates greater social welfare than a less efficient standard without SEPs. A key finding is that voting power and mar...
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作者：Braggion, Fabio; Ongena, Steven
作者单位：Tilburg University; University of Zurich
摘要：We study the effects of the 1971 deregulation of uk banking on firms' financial and investment policies. The deregulation was a turning point in the evolution of firm-bank relationships during the twentieth century. Indeed, for more than 80 years prior to deregulation, most firms had had a relationship with only one bank: this was no longer the case from 1971 on. Deregulation and intensifying competition in the banking sector spurred firms - in local markets with many banks already active - to...
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作者：Hoffmann, Mathias; Krause, Michael U.; Laubach, Thomas
作者单位：Deutsche Bundesbank; University of Cologne; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：During the 1990s and 2000s, survey expectations of long-run output growth for the US relative to the rest of the world were highly correlated with the US current account, and thus, with global imbalances. We show that this finding is, to a large extent, predicted by a two-region stochastic growth model simulated using expected trend growth based on surveys. In line with the intertemporal approach to the current account, a major part of the build-up and subsequent reversal of the US current acc...
