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Milo Bianchi, Zhengkai Liu et Gang Wang
n° 22-1382, avril 2022
We exploit account-level data from the Shanghai Stock Exchange to investigate how life-time experiences affect individual investors’ demand for ESG stocks. We show that ESG demand is shaped by economic and non-economic experiences, such as growing up in a region with more pro-social values, being...
Koen Jochmans et Ayden Higgins
n° 22-1328, avril 2022, révision décembre 2023
The maximum-likelihood estimator of nonlinear panel data models with fixed effects is asymptotically biased under rectangular-array asymptotics. The literature has devoted substantial effort to devising methods that correct for this bias as a means to salvage standard inferential procedures. The...
Daniel Herrera-Araujo, Christoph Rheinberger et James K. Hammitt
n° 22-1331, avril 2022
Many stated-preference studies that seek to estimate the marginal willingness-to-pay (WTP) for reductions in mortality or morbidity risk su˙er from inadequate scope sensitivity. One possible reason is that the risk reductions presented to respondents are too small to be meaningful. Survey responses...
Pierre Dubois, Ashvin Gandhi et Shoshana Vasserman
n° 22-1338, avril 2022
The United States spends twice as much per person on pharmaceuticals as European countries, in large part because prices are much higher in the US. This fact has led policymakers to consider legislation for price controls. This paper assesses the effects of a US international reference pricing...
Emmanuelle Auriol, Guido Friebel et Alisa Weinberger
vol. 119, n° 16, avril 2022
Based on a dataset that we collected from the top research institutions in economics around the globe (including universities, business schools, and other organizations, such as central banks), we document the underrepresentation of women in economics. For the 238 universities and business schools...
Elisabetta Iossa, Patrick Rey et Michael Waterson
vol. 20, n° 2, avril 2022, p. 822–868
The paper studies competition for the market in a setting where incumbents (and, to a lesser extent, neighboring incumbents) benefit from a cost advantage. The paper first compares the outcome of staggered and synchronous tenders, before drawing the implications for market design. We find that the...
Benjamin Ouvrard, Stefan Ambec, Arnaud Reynaud, Stéphane Cezera et Murudaiah Shivamurthy
vol. 59, avril 2022, p. 605–635
Natural resources such as water, for which the availability to users is random, are often shared according to predefined rules. What determines users’ choice of a sharing rule? To answer this question, we designed an experiment in which subjects: (1) vote on sharing rules; (2) choose the technology...
Léo Fitouchi et Manvir Singh
vol. 24, avril 2022, p. 252–257
Why do humans develop beliefs in supernatural entities that punish uncooperative behaviors? Leading hypotheses maintain that these beliefs are widespread because they facilitate cooperation, allowing their groups to outcompete others in intergroup competition. Focusing on within-group interactions...
Christian Bontemps, Kevin Remmy et Jiangyu Wei
vol. 56, n° 2, avril 2022, p. 129–155
In this paper, we estimate a structural model of the domestic US airline market to analyse the effect of the recent merger between American Airlines and US Airways. Our results show that, between 2011 and 2016, a substantial fuel price drop, in conjunction with changes in consumer preferences...
Olivier De Groote, Axel Gautier et Frank Verboven
n° 22-1329, avril 2022, révision février 2024
We analyze the political impact of a generous solar panel subsidization program. Subsidies far exceeded their social benefit and were partly financed by new taxes to adopters and by electricity surcharges to all consumers. We use local panel data from Belgium and find a decrease in votes for...
