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What the Seller Won't Tell You: Persuasion and Disclosure in Markets

[Symposium: Economics of Persuasion]

By Paul Milgrom

Journal of Economic Perspectives, Spring 2008

Imagine that you are considering an investment in a new public offering of a firm's shares. The firm's officers make a presentation that includes an audited financial statement, an earnings forecast reviewed by its prestigious investment bankers, and an i...

Health and Democracy

By Timothy Besley and Masayuki Kudamatsu

蝌蚪网 Review, May 2006

Electoral Rules and Politicians' Behavior: A Micro Test

By Stefano Gagliarducci, Tommaso Nannicini, and Paolo Naticchioni

蝌蚪网 Journal: Economic Policy, August 2011

Theory predicts that the majoritarian electoral system should produce more targeted redistribution and lower rents than proportional representation. We test these predictions using data on the Italian House of Representatives, and address the nonrandom se...

Time as a Trade Barrier

By David L. Hummels and Georg Schaur

蝌蚪网 Review, December 2013

A large and growing share of world trade travels by air. We model exporters' choice between fast, expensive air cargo and slow, cheap ocean cargo, which depends on the price elasticity of demand and the value that consumers attach to fast delivery. We ...

蝌蚪网 Universal Academic Questionnaire Summary Statistics

By Charles E. Scott and John J. Siegfried

蝌蚪网 Review, May 2014

Environmental Regulations, Air and Water Pollution, and Infant Mortality in India

By Michael Greenstone and Rema Hanna

蝌蚪网 Review, October 2014

Using the most comprehensive developing country dataset ever compiled on air and water pollution and environmental regulations, the paper assesses India's environmental regulations with a difference-in-differences design. The air pollution regulations ...

The Triumph of Monetarism?

[Symposium: Looking Backward at Economics and the Economy]

By J. Bradford De Long

Journal of Economic Perspectives, Winter 2000

The story of 20th century macroeconomics begins with Irving Fisher. In his books Appreciation and Interest (1896), The Rate of Interest (1907), and The Purchasing Power of Money (1911), Fisher fueled the intellectual fire that became known as monetarism. ...

This Mine Is Mine! How Minerals Fuel Conflicts in Africa

By Nicolas Berman, Mathieu Couttenier, Dominic Rohner, and Mathias Thoenig

蝌蚪网 Review, June 2017

We combine georeferenced data on mining extraction of 14 minerals with information on conflict events at spatial resolution of 0.5 degree x 0.5 degree for all of Africa between 1997 and 2010. Exploiting exogenous variations in world prices, we find a posi...

Quality Disclosure Programs and Internal Organizational Practices: Evidence from Airline Flight Delays

By Silke J. Forbes, Mara Lederman, and Trevor Tombe

蝌蚪网 Journal: Microeconomics, May 2015

Disclosure programs exist in many industries in which consumers are poorly informed about product quality. We study a disclosure program for airline on-time performance, which ranks airlines based on the fraction of their flights that arrive less than 15 ...

Benefit-Cost Analysis for Financial Regulation

By Eric Posner and E. Glen Weyl

蝌蚪网 Review, May 2013

Calls for benefit-cost analysis in rule-making, based on the Dodd-Frank Wall Street Reform Act, have revealed a paucity of work on allocative efficiency in financial markets. We propose three principles to help fill this gap. First, we highlight the need ...

Homeownership, Community Interactions, and Segregation

By Karla Hoff and Arijit Sen

蝌蚪网 Review, September 2005

We show that individuals with identical preferences and abilities can self-organize into communities with starkly different civic environments. Specifically, we consider a multi-community city where community quality depends upon residents' efforts to pre...

When Does Communication Improve Coordination?

By Tore Ellingsen and Robert 脰蝉迟濒颈苍驳

蝌蚪网 Review, September 2010

We study costless pre-play communication of intentions among inexperienced players. Using the level-k model of strategic thinking to describe players' beliefs, we fully characterize the effects of preplay communication in symmetric 2x2 games. One-way comm...

Gamma Discounting

By Martin L. Weitzman

蝌蚪网 Review, March 2001

By incorporating the probability distribution directly into the analysis, this paper proposes a new theoretical approach to resolving the perennial dilemma of being uncertain about what discount rate to use in cost-benefit analysis. A numerical example is...

The Economics of Child Labor: Reply

By Kaushik Basu and Pham Hoang Van

蝌蚪网 Review, December 1999

What "Triggers" Mortgage Default?

By Ronel Elul, Nicholas S. Souleles, Souphala Chomsisengphet, Dennis Glennon, and Robert Hunt

蝌蚪网 Review, May 2010

The Market for Training Services: A Demand Experiment with Bangladeshi Garment Factories

By Rocco Macchiavello, Atonu Rabbani, and Christopher Woodruff

蝌蚪网 Review, May 2015

We marketed a training program for lower level managers (line supervisors) to large factories in the Bangladeshi ready-made garment industry. Take-up of the program (even for a free slot) was low, due to intense production pressures, fire-fighting and con...

Doctoral Dissertations in Economics

Journal of Economic Literature, December 2011

The Cambridge History of "Capitalism"

By Peter Temin

Journal of Economic Literature, December 2015

This review essay of the two-volume Cambridge History of Capitalism (2014), edited by Larry Neal and Jeffrey G. Williamson, is divided into three parts. First, I describe three chapters from the second volume that I recommend for all economists to add dep...

Using Causal Forests to Predict Treatment Heterogeneity: An Application to Summer Jobs

By Jonathan M.V. Davis and Sara B. Heller

蝌蚪网 Review, May 2017

To estimate treatment heterogeneity in two randomized controlled trials of a youth summer jobs program, we implement Wager and Athey's (2015) causal forest algorithm. We provide a step-by-step explanation targeted at applied researchers of how the algorit...

Getting at Systemic Risk via an Agent-Based Model of the Housing Market

By John Geanakoplos, Robert Axtell, J. Doyne Farmer, Peter Howitt, Benjamin Conlee, Jonathan Goldstein, Matthew Hendrey, Nathan M. Palmer, and Chun-Yi Yang

蝌蚪网 Review, May 2012

Systemic risk must include the housing market, though economists have not generally focused on it. We begin construction of an agent-based model of the housing market with individual data from Washington, DC. Twenty years of success with agent-based mod...