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作者：Brannman, L; Froeb, LM
作者单位：Ministry of Education & Science of Ukraine; National University of Kyiv Mohyla Academy; Vanderbilt University
摘要：From bidding data, we estimate the underlying value distribution for Forest Service timber. We find that bidder values decrease $2/mbf (thousand board feet) with each mile from the tract and that small firms (fewer than 500 employees) have values that are $72/mbf lower than large firms. The empirical value distribution is used to simulate various hypothetical scenarios designed to inform public policy. The most anticompetitive mergers raise price by less than 3%, and a 4% decline in marginal c...
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作者：Gron, A; Swenson, DL
作者单位：Northwestern University; University of California System; University of California Davis; National Bureau of Economic Research
摘要：We study cost pass-through in the U.S. automobile market using a framework that incorporates the effects of cost changes on input decisions. We find that accounting for firms' factor-market decisions significantly increases measured cost pass-through, although we reject the hypothesis of full cost pass-through and constant markups. In addition, our evidence suggests that cost shocks common to all manufacturers have a greater effect on prices than do model-specific cost shocks. Finally, we exam...
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作者：Gayer, T; Hamilton, JT; Viscusi, WK
作者单位：Georgetown University; University of California System; University of California Berkeley; Duke University; Harvard University
摘要：This paper incorporates a Bayesian learning model into a hedonic framework to estimate the value that residents place on avoiding cancer risks from hazardous-waste sites. We show that residents are willing to pay to avoid cancer risks from Superfund sites before the U.S. Environmental Protection Agency (EPA) releases its assessment (known as the Remedial Investigation) of the site. Residents' willingness to pay to avoid risks actually decreases after the release of the Remedial Investigation, ...
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作者：Campolieti, M
作者单位：University of Toronto
摘要：This paper proposes a Bayesian approach for estimating and smoothing the baseline hazard in a discrete time hazard model. The hazard model is specified as a multiperiod probit model and estimated using a Gibbs sampler with data augmentation. The baseline hazard specification is smoothed using the smoothness priors introduced by Shiller (1973). The methods proposed in this paper are then used to study the effect of Canadian Unemployment Insurance eligibility rules on employment durations from N...
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作者：Earnhart, D
作者单位：University of Kansas
摘要：This paper uses principal-agent theory to examine the optimal mix of monetary- and resource-based penalties in two institutional settings: a market economy and a centrally planned economy. In a centrally planned economy, an agent's wealth depends mostly on real resources and little on monetary resources; therefore, monetary- based penalties have less penalizing power than do resource-based penalties. Based on this premise, theory generates hypotheses regarding differences in the optimal mix of...
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作者：Layton, DF; Brown, G
作者单位：University of California System; University of California Davis; University of Washington; University of Washington Seattle
摘要：We examine the structure of preferences for mitigating impacts of global climate change that will not occur during the lifetimes of most who are alive today. Because no market data exist for such distant markets, a statedpreference approach is used. The analysis is based on the random-parameters logit model, and the results indicate substantial heterogeneity in respondent preferences, that mean willingness to pay is a significant and increasing function of the scope of the impact, and, provoca...
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作者：Murnane, RJ; Willett, JB; Tyler, JH
作者单位：National Bureau of Economic Research; Harvard University; Brown University
摘要：This paper examines the value of the GED credential and the conventional high school diploma in explaining the earnings of 27-year-old males in the early 1990s. The data base is the High School and Beyond sophomore cohort. We replicate the basic findings of prior studies that implicitly assume the labor market value of the GED credential does not depend on the skills with which dropouts left school. We show that these average effects mask a more complicated pattern. Obtaining a GED is associat...
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作者：Chirinko, RS; Fazzari, SM
作者单位：Emory University; Washington University (WUSTL)
摘要：Market power exercised by firms has become central to macroeconomics. Recent theoretical work highlights the importance of the relation between market power and inflation. We examine this relation for individual firms in eleven U.S. industries. Our econometric framework exploits restrictions from dynamic theory and information from financial markets to generate quantitative evidence on the responsiveness of market power to inflation. We find that inflation usually has a positive effect on mark...
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作者：Deaton, A; Paxson, C
作者单位：Princeton University
摘要：The lifecycle theory of saving and consumption predicts that changes in an economy's rate of economic growth will affect its aggregate saving rate by changing the lifetime resources of younger people relative to older people. However, studies that track the saving behavior of cohorts of household heads over time as they age have yielded estimates of age-saving profiles that are too flat for growth to have much effect on the aggregate saving rate. One problem with the cohort approach is that mu...
