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作者：Donges, Alexander; Meier, Jean-Marie; Silva, Rui C.
作者单位：University of Mannheim; University of Texas System; University of Texas Dallas; Universidade Nova de Lisboa; Centre for Economic Policy Research - UK
摘要：We study the impact of inclusive institutions on innovation using novel, handcollected, county-level data for Imperial Germany. We use the timing and geography of the French occupation of different German regions after the French Revolution of 1789 as an instrument for institutional quality. We find that the number of patents per capita in counties with the longest occupation was more than double that in unoccupied counties. Among the institutional changes brought by the French, the introducti...
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作者：Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza
作者单位：Bank of Canada
摘要：Many central banks are considering issuing a central bank digital currency (CBDC). How will the CBDC affect the macroeconomy? Will its design matter? To answer these questions, we theoretically and quantitatively assess the effects of a CBDC on consumption, banking, and welfare. Our model captures the competition between different means of payments and incorporates a novel general equilibrium feedback effect from transactions to deposits creation. The general equilibrium effects of a CBDC are ...
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作者：Kwan, Alan P.; Yang, S. Alex; Zhang, Angela
作者单位：University of Hong Kong; University of London; London Business School; University of Hong Kong
摘要：Disputes over transactions on two-sided platforms are common and usually arbitrated through platforms' customer service departments or third-party service providers. This paper studies crowd-judging, a novel crowdsourcing mechanism whereby users (buyers and sellers) volunteer as jurors to decide disputes arising from the platform. Using a rich data set from the dispute resolution center at Taobao, a leading Chinese e-commerce platform, we aim to understand this innovation and propose and analy...
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作者：Balseiro, Santiago; Kroer, Christian; Kumar, Rachitesh
作者单位：Columbia University
摘要：The internet advertising market is a multibillion dollar industry in which advertisers buy thousands of ad placements every day by repeatedly participating in auctions. An important and ubiquitous feature of these auctions is the presence of campaign budgets, which specify the maximum amount the advertisers are willing to pay over a specified time period. In this paper, we present a new model to study the equilibrium bidding strategies in standard auctions, a large class of auctions that inclu...
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作者：D'Aeth, Josh C.; Ghosal, Shubhechyya; Grimm, Fiona; Haw, David; Koca, Esma; Lau, Krystal; Liu, Huikang; Moret, Stefano; Rizmie, Dheeya; Smith, Peter C.; Forchini, Giovanni; Miraldo, Marisa; Wiesemann, Wolfram
作者单位：Imperial College London; Imperial College London; Imperial College London; Imperial College London; Imperial College London; Shanghai University of Finance & Economics; Umea University
摘要：The COVID-19 pandemic has seen dramatic demand surges for hospital care that have placed a severe strain on health systems worldwide. As a result, policy makers are faced with the challenge of managing scarce hospital capacity to reduce the backlog of non-COVID patients while maintaining the ability to respond to any potential future increases in demand for COVID care. In this paper, we propose a nationwide prioritization scheme that models each individual patient as a dynamic program whose st...
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作者：Gerarden, Todd D.
作者单位：Cornell University
摘要：Private sector innovation is critical to mitigating and adapting to climate change. This paper studies innovation in solar energy technology, a key source of clean energy that has experienced rapid price declines over the past decade. To understand the causes and effects of innovation, I estimate a dynamic structural model of competition among solar panel manufacturers. The model captures important features of the industry, including the role of government subsidies for solar adoption, and I e...
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作者：Camara, Odilon; Jia, Nan; Raffiee, Joseph
作者单位：University of Southern California; University of Southern California
摘要：We examine strategic communication in labor market recommendations. Our formal model features two-sided asymmetric information: An adviser has private information about his own preference bias for a focal candidate and a signal of the quality of this candidate, whereas the hiring firm has private information about the quality of an alternative candidate. The adviser can choose whether to recommend his focal candidate to the firm. If he recommends and the firm hires the candidate, then the advi...
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作者：Cortes, Felipe; Marcet, Francisco
作者单位：Northeastern University; Universidad de Chile
摘要：This paper studies the role of shared analysts, who cover the target and the acquirer, in mergers and acquisitions outcomes. We find that deals where both firms are connected through shared analysts are less likely to be completed than deals without shared analysts. If completed, however, deals with shared analysts exhibit higher expected synergy gains, acquirer announcement returns, and acquirer post-completion performance. Shared analysts are also more likely to issue estimates about the acq...
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作者：Kaynar, Nur; Siddiq, Auyon
作者单位：Cornell University; University of California System; University of California Los Angeles
摘要：The design of performance-based incentives-commonly used in online labor platforms-can be naturally posed as a moral hazard principal-agent problem. In this setting, a key input to the principal's optimal contracting problem is the agent's production function: the dependence of agent output on effort. Although agent production is classically assumed to be known to the principal, this is unlikely to be the case in practice. Motivated by the design of performance-based incentives, we present a m...
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作者：Gross, Daniel P.
作者单位：Duke University; National Bureau of Economic Research
摘要：One of the most commanding powers of the U.S. Patent and Trademark Office (USPTO) is to compel inventions into secrecy, withholding patent rights and prohibiting disclosure, to prevent technology from leaking to foreign competitors. This paper studies the impacts of compulsory secrecy on firm invention and the wider innovation system. In WorldWar II, USPTO issued secrecy orders to more than 11,000 patent applications, which it rescinded en masse at the end of the war. Compulsory secrecy caused...
