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Stochastic Equilibria: Noise in Actions or Beliefs?

By Evan Friedman

蝌蚪网 Journal: Microeconomics, February 2022

We introduce noisy belief equilibrium (NBE) for normal-form games in which players best respond to noisy belief realizations. Axioms restrict belief distributions to be unbiased with respect to and responsive to changes in the opponents' behavior. The axi...

Optimal Arrangements for Distribution in Developing Markets: Theory and Evidence

By William Fuchs, Brett Green, and David Levine

蝌蚪网 Journal: Microeconomics, February 2022

A large literature examines demand-side barriers to product adoption. In this paper, we examine supply-side barriers in a setting with limited contract enforcement. We model the relationship between a distributor and its credit-constrained vendors. We s...

Negotiations with Limited Specifiability

By Satoshi Fukuda and Yuichiro Kamada

蝌蚪网 Journal: Microeconomics, February 2022

We study negotiations with limited specifiability鈦犫�攅ach party may not be able to fully specify a negotiation outcome. We construct a class of negotiation protocols to conduct comparative statics on specifiability as well as move structures. We find th...

The Anticompetitive Effect of Minority Share Acquisitions: Evidence from the Introduction of National Leniency Programs

By Sven Heim, Kai 贬耻虉蝉肠丑别濒谤补迟丑, Ulrich Laitenberger, and Yossi Spiegel

蝌蚪网 Journal: Microeconomics, February 2022

We address the growing concern that minority shareholding (MS) in rival firms may lessen competition, using the introduction of national leniency programs (LPs) as a shock that destabilizes collusive agreements. Based on data from 63 countries, we find a ...

Paths to the Frontier

By Avidit Acharya and Juan Ortner

蝌蚪网 Journal: Microeconomics, February 2022

We construct a model of collective search in which players gradually approach the Pareto frontier. The players have imperfect control over which improvements to the status quo will be considered. Inefficiency takes place due to the difficulty in finding i...

On the Experimental Robustness of the Allais Paradox

By Pavlo Blavatskyy, Andreas Ortmann, and Valentyn Panchenko

蝌蚪网 Journal: Microeconomics, February 2022

The Allais Paradox, or the common consequence effect, is a well-known behavioral regularity in individual decision-making under risk. Data from 81 experiments reported in 29 studies reveal that the Allais Paradox is a fragile empirical finding. The Allais...

Relationships on the Rocks: Contract Evolution in a Market for Ice

By Tarek Ghani and Tristan Reed

蝌蚪网 Journal: Microeconomics, February 2022

Firms use relational contracts to support repeated trade. Do these informal agreements evolve in response to market conditions? In a market for ice, firms reestablish relationships on new terms when a prior agreement breaks down. Using transaction data, w...

Regulating Product Communication

By Maarten C. W. Janssen and Santanu Roy

蝌蚪网 Journal: Microeconomics, February 2022

Information regulation that penalizes deceptive communication by firms can have significant unintended consequences. We consider a market where competing firms communicate private information about product quality through a combination of pricing and dire...

Learning in Relational Contracts

By Rumen Kostadinov and Aditya Kuvalekar

蝌蚪网 Journal: Microeconomics, February 2022

We study relational contracts between a firm and a worker with mutual uncertainty about match quality. The worker's actions are publicly observed and generate both output and information about the match quality. We show that the relational contracts may b...

Showing Off or Laying Low? The Economics of Psych-outs

By Philipp Denter, John Morgan, and Dana Sisak

蝌蚪网 Journal: Microeconomics, February 2022

We analyze the incentives for showing off, which we model as a costly signaling game, and study the consequences of norms against such behavior. Prior to competing in a contest, a newcomer can signal his talent to an incumbent. In equilibrium, costly sign...

How Bayesian Persuasion Can Help Reduce Illegal Parking and Other Socially Undesirable Behavior

By 笔别苍茅濒辞辫别 贬别谤苍谩苍诲别锄 and Zvika Neeman

蝌蚪网 Journal: Microeconomics, February 2022

We consider the question of how best to allocate enforcement resources across different locations with the goal of deterring unwanted behavior. We rely on "Bayesian persuasion" to improve deterrence. We focus on the case where agents care only about the e...

Immigration politics

[Research Highlight]

January 28, 2022

Anna Maria Mayda discusses how the skill level of foreign workers influences native voters in the United States.

The Political Impact of Immigration: Evidence from the United States

By Anna Maria Mayda, Giovanni Peri, and Walter Steingress

蝌蚪网 Journal: Applied Economics, January 2022

This paper studies the impact of immigration to the United States on the vote share for the Republican Party using county-level data from 1990 to 2016. Our main contribution is to show that an increase in high-skilled immigrants decreases the share of Rep...

Front Matter

蝌蚪网 Journal: Economic Policy, February 2022

The Effects of Mortgage Credit Availability: Evidence from Minimum Credit Score Lending Rules

By Steven Laufer and Andrew Paciorek

蝌蚪网 Journal: Economic Policy, February 2022

This paper uses changes in mortgage lenders' minimum credit score thresholds to credibly identify the effects of access to household credit. Falling under these thresholds has very large negative effects on borrowing for up to two years, and these effects...

Adaptation to Environmental Change: Agriculture and the Unexpected Incidence of the Acid Rain Program

By Nicholas J. Sanders and Alan I. Barreca

蝌蚪网 Journal: Economic Policy, February 2022

The Acid Rain Program (ARP) cut sulfur dioxide (SO2) emissions from power plants in the United States, with considerable benefits. We show this also reduced ambient sulfate levels, which lowered agriculture productivity through decreased soil s...

The Impact of the Affordable Care Act: Evidence from California's Hospital Sector

By Mark Duggan, Atul Gupta, and Emilie Jackson

蝌蚪网 Journal: Economic Policy, February 2022

We exploit changes in the discontinuity in health insurance coverage at age 65 induced by the implementation of the Affordable Care Act to examine effects on coverage, hospital use, and patient health. We then link these changes to effects on hospital fin...

Dominated Options in Health Insurance Plans

By Chenyuan Liu and Justin Sydnor

蝌蚪网 Journal: Economic Policy, February 2022

Prior research documents that there are sometimes dominated options in health plan menus, but is that common? We analyze Kaiser Family Foundation data on health plans that firms offer to their employees. For firms offering both a high-deductible and lower...

The Rising Value of Time and the Origin of Urban Gentrification

By Yichen Su

蝌蚪网 Journal: Economic Policy, February 2022

In recent decades, gentrification has transformed American central city neighborhoods. I estimate a spatial equilibrium model to show that the rising value of high-skilled workers' time contributes to the gentrification of American central cities. I show ...

Reducing Frictions in College Admissions: Evidence from the Common Application

By Brian Knight and Nathan Schiff

蝌蚪网 Journal: Economic Policy, February 2022

College admissions in the United States are decentralized, creating frictions that limit student choice. We study the Common Application (CA) platform, under which students submit a single application to member schools, potentially reducing frictions and ...