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Bence Bago, Leah Rosenzweig, Adam Berinsky et David Rand
n° 21-127, décembre 2021
Misinformation is a serious concern for societies across the globe. To design effective interventions to combat the belief in and spread of misinformation, we must understand which psychological processes influence susceptibility to misinformation. This paper tests the widely assumed -- but largely...
Daniel F. Garrett, Renato Gomes et Lucas Maestri
n° 21-1282, décembre 2021
We study competition by firms that simultaneously post (potentially nonlinear) tariffs to consumers who are privately informed about their tastes. Market power stems from informational frictions, in that consumers are heterogeneously informed about firms’ offers. In the absence of regulation, all...
Fabrice Collard, Frédéric Boissay, Jordi Galì et Cristina Manea
n° 21-1277, décembre 2021, révision avril 2023
Should a central bank deviate from price stability to promote financial stability? We study this question through the lens of a textbook New Keynesian model augmented with capital accumulation and search–for–yield behaviors that give rise to endogenous financial crises. Our main findings are...
Jieying Hong et Sébastien Pouget
n° 21-1283, décembre 2021
This paper studies the role of preopening periods in liquidity formation and welfare in financial markets. Because no transaction occurs during these preopening periods, their economic significance could be questioned. We model a market where costly participation and asymmetric information prevent...
Alexandre de Cornière et Greg Taylor
n° 21-1285, décembre 2021
Cyberattacks are a pervasive threat in the digital economy, with the potential to harm rms and their customers. Larger rms constitute more valuable targets to hack- ers, thereby creating negative network eects. These can be mitigated by investments in security, which play both a deterrent and a...
Philippe De Donder, Humberto Llavador, Stefan Penczynski, John E. Roemer et Roberto Vélez
n° 21-1278, décembre 2021, révision 2025
The vaccination game exhibits positive externalities. The standard game-theoretic approach assumes that parents make decisions according to the Nash protocol, which is ndividualistic and non-cooperative. However, in more solidaristic societies, parents may behave cooperatively, optimizing according...
Koen Jochmans et Martin Weidner
n° 21-1275, décembre 2021
We consider a situation where the distribution of a random variable is being estimated by the empirical distribution of noisy measurements of that variable. This is common practice in, for example, teacher value-added models and other fixed-effect models for panel data. We use an asymptotic...
Camille Terrier, Daniel L. Chen et Matthias Sutter
vol. 118, n° 46 (e2110891118), 2021
COVID-19 has had worse health, education, and labor market effects on groups with low socioeconomic status (SES) than on those with high SES. Little is known, however, about whether COVID-19 has also had differential effects on noncognitive skills that are important for life outcomes. Using panel...
Sandeep Bhupatiraju et Daniel L. Chen
vol. 33, n° 2, 2021
Artificial Intelligence (‘AI’) and machine learning (‘ML’) — adaptive computer programs that attempt to perform functions typically associated with the human mind — offer new opportunities for improving the decision-making capacity and productivity of the Indian judiciary. First, the algorithmic...
Yao Zeng (The Wharton School - University of Pennsylvania)
TSE, Toulouse, 2021
We provide a new perspective on the rise of FinTech lending by uncovering an informational synergy with cashless payments. Theoretically, FinTech lenders screen borrowers more efficiently when borrowers use cashless payments that produce transferable and verifiable information. In turn, because...
