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作者：Alysandratos, Theodore; Georganas, Sotiris; Sutter, Matthias
作者单位：Ruprecht Karls University Heidelberg; City St Georges, University of London; University of Cologne; University of Innsbruck; Leibniz Association; Ifo Institut
摘要：In markets with asymmetric information between sellers and buyers, feedback mechanisms are important to increase market efficiency and reduce the informational disadvantage of buyers. Feedback mechanisms might work because of self-selection of more trustworthy sellers into markets with such mechanisms or because of reputational concerns of sellers. We show in a field experiment how to disentangle self-selection from reputation effects. Based on 476 taxi rides with four different types of taxis...
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作者：Brunet, Gillian
作者单位：Smith College
摘要：I use newly digitized contract data on U.S. war production spending over 1940-1945 to analyze the macroeconomic effects of U.S. military spending in World War II. I find personal income multipliers of 0.34 over two years and 0.49 over three years. Personal income multipliers may substantially understate gross domestic product multipliers, perhaps by as much as 50%. Employment estimates imply costs per job-year over the same time horizons of $405,013 and $232,268 in 2015 dollars, suggesting job...
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作者：Dautovic, Ernest; Hau, Harald; Huang, Yi
作者单位：European Central Bank; University of Geneva; Centre for Economic Policy Research - UK; Swiss Finance Institute (SFI); Fudan University
摘要：This article evaluates the impact of the Chinese minimum-wage policy on consumption of low-wage households for the period 2002-2009. Using a representative panel of urban households, we find that the consumption response to minimum-wage income hikes increases in the share of minimum-wage income in total household income. In particular, poorer households fully consume their additional income, while meaningful negative employment effects are absent. The large marginal propensity to consume is dr...
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作者：Eppinger, Peter; Ma, Hong
作者单位：Carl von Ossietzky Universitat Oldenburg; Leibniz Association; Ifo Institut; Tsinghua University
摘要：theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first quantification of the gains from optimal ownership within multinational firms by exploiting a major liberalization of China's policy restrictions on foreign ownership. The liberalization allowed previously restricted firms to become fully foreign-owned. We find that the...
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作者：Head, Keith; Mayer, Thierry
作者单位：University of British Columbia; Centre for Economic Policy Research - UK; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：Constant elasticity of substitution (CES) demand for monopolistically competitive firm varieties is a standard tool for models in international trade and macroeconomics. Intervariety substitution in this model follows a simple share proportionality rule. In contrast, the standard tool kit in industrial organization (IO) estimates a system in which cross-elasticities depend on similarity in observable attributes. The gain in realism from the IO approach comes at the expense of requiring richer ...
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作者：Baselgia, Enea; Martinez, Isabel Z.
作者单位：University of St Gallen; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：We show that over the 20th century, the ratio of private wealth to national income, beta(pt), in Switzerland did not follow a U-shaped pattern, thereby contrasting the evolution in most European countries. Instead, the ratio was exceptionally stable at around 500%. We argue that this consistently high beta(pt )was the result of geopolitical factors combined with Switzerland's capital-friendly policymaking. Since the turn of the century, however, beta(pt )has been on a rapid rise to reach 793% ...
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作者：Dell'Acqua, Fabrizio; Kogut, Bruce; Perkowski, Patryk
作者单位：Harvard University; Columbia University; Yeshiva University
摘要：This article studies the effects of the introduction of artificial intelligence (AI) into teams in a laboratory experiment. We randomly assign automated co-workers into laboratory firms who are playing a team-based game on the Nintendo Switch console. We demonstrate that even in a task where AI outperforms humans, automation decreases overall team performance and increases coordination failures. These effects are especially large in the short-term and in low- and medium-skilled teams. Moreover...
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作者：Yeh, Chen
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
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作者：McCloskey, Adam; Michaillat, Pascal
作者单位：University of Colorado System; University of Colorado Boulder; University of California System; University of California Santa Cruz
摘要：P-hacking is prevalent in reality but absent from classical hypothesis-testing theory. We therefore build a model of hypothesis testing that accounts for p-hacking. From the model, we derive critical values such that, if they are used to determine significance, and if p-hacking adjusts to the new significance standards, then spurious significant results do not occur more often than intended. Because of p-hacking, such robust critical values are larger than classical critical values. In the mod...
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作者：Aryal, Gaurab; Campbell, Dennis J.; Ciliberto, Federico; Khmelnitskaya, Ekaterina A.
作者单位：Washington University (WUSTL); University of Virginia; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Center for Economic & Policy Research (CEPR); University of British Columbia
摘要：In the U.S. airline industry, independent regional airlines fly passengers on behalf of several national airlines across different markets, giving rise to common subcontracting. On the one hand, we find that subcontracting is associated with lower prices, consistent with the notion that regional airlines tend to fly passengers at lower costs than major airlines. On the other hand, we find that common subcontracting is associated with higher prices. These two countervailing effects suggest that...
