Recherche avancée

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...

Shota Ichihashi et Alex Smolin

n° 22-1330, avril 2022

A seller faces a consumer with an uncertain value for the product. The seller has imperfect private information about the value and requests additional data to set the price. The consumer can decline any request. The consumer’s willingness to provide data depends on his belief about the seller’s...

Felipe Aldunate, Felipe Gonzalez et Mounu Prem

n° 22-139, avril 2022

Economic sanctions and covert actions from hegemonic states are common tools used to in-fluence other countries. Less is known about non-state actors such as banks and their impact across borders. We use new firm-level data from Chile to document a substantial decrease in financial relations with U...

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...

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...

Michele Bisceglia, Roberto Cellini et Luca Grilli

vol. 315, avril 2022, p. 73–92

This paper proposes a generalization of Shleifer’s (RAND J Econ 16:319–327, 1985) model of yardstick competition to a dynamic framework. In a differential game setting, we show that the yardstick mechanism effectively replicates the first-best solution if players adopt open-loop behaviour rules and...

Elliott Ash, Daniel L. Chen et Sergio Galletta

vol. 89, n° 354, avril 2022, p. 362–376

This paper provides a general method for analysing the sentiments expressed in the language of judicial rulings. We apply natural language processing tools to the text of US appellate court opinions to extrapolate judges’ sentiments (positive/good vs. negative/bad) towards a number of target social...

Shyamalika Gopalan, Richard Berl, Justin Myrick, Zachary Garfield, Austin Reynolds, Barnabas Bafens, Gillian Belbin, Mira Mastoras, Cole Williams, Michelle Daya, Akmel Negash, Marcus Feldman, Barry Hewlett et Brenna Henn

vol. 32, n° 8, avril 2022, p. 1852–1860

The fate of hunting and gathering populations following the rise of agriculture and pastoralism remains a topic of debate in the study of human prehistory. Studies of ancient and modern genomes have found that autochthonous groups were largely replaced by expanding farmer populations with varying...

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...