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作者：Koh, Yumi
作者单位：Singapore Management University
摘要：Although legislatures typically use majority rule to allocate a budget in distributive legislation, unanimous consent over the broad allocation of benefits is pervasive. I develop a game-theoretic model where members strategically interact in a universal coalition to determine allocations, with noncooperative bargaining as a threat point for the breakdown of cooperation. To quantify the effects of political power on the agreed-upon allocation, I structurally estimate the model using the Bridge...
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作者：Eden, Benjamin
作者单位：Vanderbilt University
摘要：I use the Prescott (1975) hotels model to explain variations in price dispersion across items sold by supermarkets in Chicago. The effect of uncertainty about aggregate demand on price dispersion is highly significant and quantitatively important: My estimates suggest that more than 40% of the cross-sectional standard deviation of log prices is due to demand uncertainty. I also find that price dispersion measures are negatively correlated with the average price but are not negatively correlate...
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作者：Hendricks, Lutz; Leukhina, Oksana
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：This article studies the effect of graduating from college on lifetime earnings. We develop a quantitative model of college choice with uncertain graduation. Departing from much of the literature, we model in detail how students progress through college. This allows us to parameterize the model using transcript data. College transcripts reveal substantial and persistent heterogeneity in students' credit accumulation rates that are strongly related to graduation outcomes. From these data, the m...
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作者：Braido, Luis H. B.; Filipe Martins-da-Rocha, V.
作者单位：Getulio Vargas Foundation; Getulio Vargas Foundation; Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS)
摘要：We analyze competitive economies with risky investments. Unlike the classic Arrow-Debreu framing, firms and agents cannot contract upon the exogenous states underlying production risks. They can trade equities and any security written on the endogenous aggregate output. This financial structure is rich enough to promote efficient risk sharing among consumers. However, markets are incomplete from the production perspective, and the absence of prices for each primitive state of nature raises the...
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作者：Sniekers, Florian
作者单位：Utrecht University
摘要：This article explains the cyclical behavior of the fluctuations in unemployment and vacancies by demand externalities. Adding such externalities to an otherwise standard search and matching model reduces the need for exogenous shocks in explaining these fluctuations. Under plausible parameter values, the equilibrium dynamics include a stable limit cycle that resembles the empirically observed counterclockwise cycles around the Beveridge curve. Calibrated to the duration of the business cycle, ...
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作者：Agastya, Murali; Birulin, Oleksii
作者单位：University of Sydney
摘要：Allowing the value of an asset to depend on the ownership structure, we study ex post efficient (EPEF) dissolution of a partnership in a multidimensional independent private value (IPV) environment. The status-quo may now be an EPEF outcome. Under mild support restrictions, we show that no partnership can be dissolved. Moreover, when the restrictions fail, one can dissolve a highly skewed partnership but not the equal partnership. These results are in stark contrast to the literature that foll...
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作者：Bagwell, Kyle; Staiger, Robert W.
作者单位：Stanford University; National Bureau of Economic Research; Dartmouth College
摘要：Motivated by General Agreement on Tariffs and Trade bargaining behavior and renegotiation rules, we construct a three-country, two-good general-equilibrium model of trade and examine multilateral tariff bargaining under the constraints of nondiscrimination and multilateral reciprocity. For a general representation of government preferences, we identify the bargaining outcomes that can be achieved using dominant strategy proposals for all countries. In our analysis, dominant strategy outcomes e...
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作者：Serrano, Carlos J.
作者单位：Pompeu Fabra University; Barcelona School of Economics
摘要：The market for patents-the sale of patents-is an often discussed source of incentives to invest in R&D. This article presents and estimates a model of the transfer and renewal of patents that, under some assumptions, allows me to quantify the gains resulting from the transfer of patents. The gains from trade measure the private benefits of reallocating the ownership of a patent from the original patentee to a new owner for whom the patent has a higher value. In addition, I study the effect tha...
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作者：Dolores Gadea, Maria; Gomez-Loscos, Ana; Perez-Quiros, Gabriel
作者单位：University of Zaragoza; Banco de Espana; Centre for Economic Policy Research - UK
摘要：Many have argued that the Great Recession of 2008 marks the end of the reduction in output volatility known as the Great Moderation. This article shows that this is not the case through an empirical analysis. Output volatility remains subdued despite the output loss of the Great Recession. This finding has important implications for policymaking because we also find that a lower volatility of output is associated with slower recoveries.
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作者：Bochet, Olivier; Siegenthaler, Simon
作者单位：New York University; New York University Abu Dhabi; University of Texas System; University of Texas Dallas
摘要：A central result in the literature on bargaining with asymmetric information is that the uninformed party (buyer) can screen the informed party (seller) over time. Screening eliminates trade failures that are otherwise common in the presence of adverse selection, but the downside of the bargaining institution is the cost associated with repeated offers and time frictions. This article reports an experimental test of these predictions. We find that rates of trade are substantially higher in the...
