American Economic Review
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Опубликовано на портале: 30-01-2007Lawrence M. Ausubel American Economic Review. 2004. Vol. 94. No. 5. P. 1452-1475.
When bidders exhibit multi-unit demands, standard auction methods generally yield inefficient outcomes. This article proposes a new ascending-bid auction for homogeneous goods, such as Treasury bills or telecommunications spectrum. The auctioneer announces a price and bidders respond with quantities. Items are awarded at the current price whenever they are "clinched," and the price is incremented until the market clears. With private values, this (dynamic) auction yields the same outcome as the (sealed-bid) Vickrey auction, but has advantages of simplicity and privacy preservation. With interdependent values, this auction may retain efficiency, whereas the Vickrey auction suffers from a generalized Winner's Curse.
Опубликовано на портале: 22-03-2007Robert H. Porter, Kenneth Hendricks American Economic Review. 1988. Vol. 78. No. 5. P. 865-883.
This paper examines federal auctions for drain age leases on the Outer Continental Shelf from 1959 to 1969. These are leases that are adjacent to tracts on which a deposit has been discovered. The authors find that the data strongly support the hypotheses that neighbor firms are better informed about the value of a lease than nonneighbor firms; that neighbor firms coordinate their bidding decisions; and that both types of firms bid strategically in accordance with the Bayesian-Nash equilibrium model for first-price, sealed-bid auctions with asymmetric information.
Опубликовано на портале: 14-07-2005Ross Levine, David Renelt American Economic Review. 1992. Vol. 82. No. 4. P. 942-963.
A vast literature uses cross-country regressions to search for empirical linkages between long-run growth rates and a variety of economic policy, political, and institutional indicators. This paper examines whether the conclusions from existing studies are robust or fragile to small changes in the conditioning information set. The authors find that almost all results are fragile. They do, however, identify a positive, robust correlation between growth and the share of investment in GDP and between the investment share and the ratio of international trade to GDP. The authors clarify the conditions under which there is evidence of per capita output convergence.
Опубликовано на портале: 06-02-2007Robert M. Costrell American Economic Review. 1994. Vol. 84. No. 4. P. 956-71.
The author models standards for educational credentials, such as high-school diplomas. Standard-setters maximize their conception of social welfare, knowing that utility-maximizing students choose whether to meet the standard. The author shows that more egalitarian policymakers set lower standards, the median voter would prefer higher standards (under symmetric distributions), and decentralization lowers standards (among identical communities). Optimal standards do not necessarily fall with increased student preference for leisure, deterioration of nonstudent inputs to education, or increased student heterogeneity. Superseding binary credentials by perfect information increases average achievement and social welfare for plausible degrees of heterogeneity, egalitarianism, and pooling under decentralization.
Опубликовано на портале: 02-11-2007Andrew B. Abel American Economic Review. 1990. Vol. 80. No. 2. P. 38-42.
This paper introduces a utility function that nests three classes of utility functions: (1) time-separable utility functions; (2) "catching up with the Joneses" utility functions that depend on the consumer's level of consumption relative to the lagged cross-sectional average level of consumption; and (3) utility functions that display habit formation. Closed-form solutions for equilibrium asset prices are derived under the assumption that consumption growth is i.i.d. The equity premia under catching up with the Joneses and under habit formation are, for some parameter values, as large as the historically observed equity premium in the United States
Auctions versus Negotiations [статья]
Опубликовано на портале: 30-01-2007Paul D. Klemperer, Jeremy I. Bulow American Economic Review. 1996. Vol. 86. No. 1. P. 180-94.
Which is the more profitable way to sell a company: an auction with no reserve price or an optimally structured negotiation with one less bidder? The authors show, under reasonable assumptions, that the auction is always preferable when bidders' signals are independent. For affiliated signals, the result holds under certain restrictions on the seller's choice of negotiating mechanism. The result suggests that the value of negotiating skill is small relative to the value of additional competition. The paper also shows how the analogies between monopoly theory and auction theory can help derive new results in auction theory.
Bidding Rings [статья]
Опубликовано на портале: 31-01-2007John McMillan, R. Preston McAfee American Economic Review. 1992. Vol. 82. No. 3. P. 579-99.
The authors characterize coordinated bidding strategies in two cases: a weak cartel, in which the bidders cannot make side-payments; and a strong cartel, in which the cartel members can exclude new entrants and can make transfer payments. The weak cartel can do no better than have its members submit identical bids. The strong cartel in effect reauctions the good among the cartel members.
Bond Risk Premia [статья]
Опубликовано на портале: 15-11-2007John H. Cochrane, Monika Piazzesi American Economic Review. 2005. Vol. 95. No. 1. P. 138-160.
We study time variation in expected excess bond returns. We run regressions of one-year excess returns on initial forward rates. We find that a single factor, a single tent-shaped linear combination of forward rates, predicts excess returns on one- to five-year maturity bonds with R2 up to 0.44. The return-forecasting factor is countercyclical and forecasts stock returns. An important component of the returnforecasting factor is unrelated to the level, slope, and curvature movements described by most term structure models. We document that measurement errors do not affect our central results.
Опубликовано на портале: 12-07-2007Daron K. Acemoglu American Economic Review. 1999. Vol. 89. No. 5. P. 1259-1278.
I present a model where firms decide what types of jobs to create and then search for suitable workers. When there are few skilled workers and the skilled-unskilled productivity gap is small, firms create a single type of job and recruit all workers. An increase in the proportion of skilled workers or skill-biased technical change can create a qualitative change in the composition of jobs, increasing the demand for skills, wage inequality, and unemployment. I provide some evidence that there has been a change in the composition of jobs in the United States during the past two decades.
Опубликовано на портале: 05-02-2007Caroline Hoxby American Economic Review. 2000. Vol. 90. No. 5. P. 1209-1238.
Tiebout choice among districts is the most powerful market force in American public education. Naive estimates of its effects are biased by endogenous district formation. I derive instruments from the natural boundaries in a metropolitan area. My results suggest that metropolitan areas with greater Tiebout choice have more productive public schools and less private schooling. Little of the effect of Tiebout choice works through its effect on household sorting. This finding may be explained by another finding: students are equally segregated by school in metropolitan areas with greater and lesser degrees of Tiebout choice among districts.
Опубликовано на портале: 06-11-2008American Economic Review. 2004. Vol. 94. No. 2. P. 414-418 .
Опубликовано на портале: 05-06-2007Steven Klepper American Economic Review. 1996. Vol. 86. No. 3. P. 562-83.
Regularities concerning how entry, exit, market structure, and innovation vary from the birth of technologically progressive industries through maturity are summarized. A model emphasizing differences in firm innovative capabilities and the importance of firm size in appropriating the returns from innovation is developed to explain the regularities. The model also explains regularities regarding the relationship within industries between firm size and firm innovative effort, innovative productivity, cost, and profitability. It predicts that over time firms devote more effort to process innovation but the number of firms and the rate and diversity of product innovation eventually wither.
Опубликовано на портале: 15-11-2004Burton G. Malkiel American Economic Review. 1963. Vol. 53. No. 5. P. 1004-1031.
The first half of 1962 witnessed one of the most precipitous decliues in stock market prices in recent history. In terms of the volume of trading and the magnitude of the daily erosion of stock values, one must look back to the crashed of 1929 and 1937 to find parallels. Moreover, the decline was not confined to U. S. stock prices, for a world-wide revaluation of equity values was transmitted from New York. For most professional financial observers of these developments, two aspects of the decline served as the foci of their analysis. There was first the sharp drop in the level of share prices. Second, and perhaps more interesting, there was a marked change in the structure of share prices, i.e. the relationships among equities of different characteristics.
I Just Ran Two Million Regressions [статья]
Опубликовано на портале: 14-07-2005Xavier Sala-i-Martin American Economic Review. 1997. Vol. 87. No. 2. P. 178-183.
In this paper I try to move away from the Extreme Bounds method of identifying "robust" empirical relations in the economic growth literature. Instead of analyzing the extreme bounds of the estimates of the coefficient of a particular variable, I analyze the entire distribution. My claim in this paper is that, if we do this, the picture emerging from the empirical growth literature is not the pessimistic "Nothing is Robust" that we get with the extreme bound analysis. Instead, we find that a substantial number of variables can be found to be strongly related to growth.
Опубликовано на портале: 25-10-2007Avinash K. Dixit, Luisa Lambertini American Economic Review. 2003. Vol. 93. No. 5. P. 1522-1542.
We consider monetary-fiscal interaction when the monetary authority is more conservative than the fiscal. With both policies discretionary, (1) Nash equilibrium yields lower output and higher price than the ideal points of both authorities, (2) of the two leadership possibilities, fiscal leadership is generally better. With fiscal discretion, monetary commitment yields the same outcome as discretionary monetary leadership for all realizations of shocks. But fiscal commitment is not similarly negated by monetary discretion. Second-best outcomes require either joint commitment, or identical targets for the two authorities – output socially optimal and price level appropriately conservative – or complete separation of tasks.