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Double Marginalization, Market Foreclosure, and Vertical Integration 双重边缘化、市场止赎与垂直整合
IF 3.6 2区 经济学
Journal of the European Economic Association Pub Date : 2023-11-20 DOI: 10.1093/jeea/jvad069
Philippe Choné, Laurent Linnemer, Thibaud Vergé
{"title":"Double Marginalization, Market Foreclosure, and Vertical Integration","authors":"Philippe Choné, Laurent Linnemer, Thibaud Vergé","doi":"10.1093/jeea/jvad069","DOIUrl":"https://doi.org/10.1093/jeea/jvad069","url":null,"abstract":"Double marginalization is a robust phenomenon in procurement under asymmetric information when sophisticated contracts can be implemented. In this context, vertical integration causes merger-specific elimination of double marginalization but biases the make-or-buy decision against independent suppliers. If the buyer has full bargaining power over prices and quantities, a vertical merger benefits final consumers even when it results in the exclusion of efficient suppliers. If on the contrary the buyer’s bargaining power is reduced after she has committed to deal exclusively with a limited set of suppliers, exclusion of efficient suppliers may harm final consumers.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138494671","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
An Adaptive Targeted Field Experiment: Job Search Assistance for Refugees in Jordan 适应性针对性的实地实验:约旦难民求职援助
IF 3.6 2区 经济学
Journal of the European Economic Association Pub Date : 2023-11-17 DOI: 10.1093/jeea/jvad067
A Stefano Caria, Grant Gordon, Maximilian Kasy, Simon Quinn, Soha Shami, Alexander Teytelboym
{"title":"An Adaptive Targeted Field Experiment: Job Search Assistance for Refugees in Jordan","authors":"A Stefano Caria, Grant Gordon, Maximilian Kasy, Simon Quinn, Soha Shami, Alexander Teytelboym","doi":"10.1093/jeea/jvad067","DOIUrl":"https://doi.org/10.1093/jeea/jvad067","url":null,"abstract":"We introduce an adaptive targeted treatment assignment methodology for field experiments. Our Tempered Thompson Algorithm balances the goals of maximizing the precision of treatment effect estimates and maximizing the welfare of experimental participants. A hierarchical Bayesian model allows us to adaptively target treatments. We implement our methodology in Jordan, testing policies to help Syrian refugees and local jobseekers to find work. The immediate employment impacts of a small cash grant, information and psychological support are small, but targeting raises employment by 1 percentage-point (20%). After four months, cash has a sizable effect on employment and earnings of Syrians.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138494669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Academic Market and the Rise of Universities in Medieval and Early Modern Europe (1000-1800) 学术市场与中世纪和近代早期欧洲大学的兴起(1000-1800)
IF 3.6 2区 经济学
Journal of the European Economic Association Pub Date : 2023-11-17 DOI: 10.1093/jeea/jvad061
David de la Croix, Frédéric Docquier, Alice Fabre, Robert Stelter
{"title":"The Academic Market and the Rise of Universities in Medieval and Early Modern Europe (1000-1800)","authors":"David de la Croix, Frédéric Docquier, Alice Fabre, Robert Stelter","doi":"10.1093/jeea/jvad061","DOIUrl":"https://doi.org/10.1093/jeea/jvad061","url":null,"abstract":"We argue that market forces shaped the geographic distribution of upper-tail human capital across Europe during the Middle Ages, and contributed to bolstering universities at the dawn of the Humanistic and Scientific Revolutions. We build a unique database of thousands of scholars from university sources covering all of Europe, construct an index of their ability, and map the academic market in the medieval and early modern periods. We show that scholars tended to concentrate in the best universities (agglomeration), that better scholars were more sensitive to the quality of the university (positive sorting) and migrated over greater distances (positive selection). Agglomeration, selection and sorting patterns testify to an integrated academic market, made possible by the use of a common language (Latin).","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138494670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 42
Preventing Violence in the Most Violent Contexts: Behavioral and Neurophysiological Evidence from El Salvador 在最暴力的情况下预防暴力:来自萨尔瓦多的行为和神经生理证据
2区 经济学
Journal of the European Economic Association Pub Date : 2023-11-14 DOI: 10.1093/jeea/jvad068
Lelys Dinarte-Diaz, Pablo Egana-delSol
{"title":"Preventing Violence in the Most Violent Contexts: Behavioral and Neurophysiological Evidence from El Salvador","authors":"Lelys Dinarte-Diaz, Pablo Egana-delSol","doi":"10.1093/jeea/jvad068","DOIUrl":"https://doi.org/10.1093/jeea/jvad068","url":null,"abstract":"Abstract Violence and delinquency levels in Central America are among the highest in the world and constrain human capital acquisition. We designed and conducted a randomized experiment in El Salvador to measure the impacts of an after-school program aimed at reducing school violence. The program combines a behavioral intervention with extracurricular activities for 10 to 16 year old students. We find the program reduced the participants’ violent behavior both inside and outside of school and indirectly improved their attendance, attitudes toward school and learning, and academic outcomes. Using state-of-the-art technology, we measured participant brain activity and show that the intervention fosters emotion regulation, enabling treated adolescents to remain calmer when faced with external stimuli.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134957759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Cohabitation VS. Marriage: Mating Strategies by Education in the Usa 同居VS.婚姻:美国教育背景下的择偶策略
2区 经济学
Journal of the European Economic Association Pub Date : 2023-11-07 DOI: 10.1093/jeea/jvad065
Fabio Blasutto
{"title":"Cohabitation <i>VS.</i> Marriage: Mating Strategies by Education in the Usa","authors":"Fabio Blasutto","doi":"10.1093/jeea/jvad065","DOIUrl":"https://doi.org/10.1093/jeea/jvad065","url":null,"abstract":"Abstract In this paper I analyze the determinants of cohabitation, marriage, and divorce in the US. I first document that college graduates are more likely to marry, and less likely to cohabit and divorce, than non-college educated individuals. To account for these facts within a unified framework, I build and estimate a life-cycle model of partnership formation and dissolution where income processes differ by gender and education. I find that the main driver of education-based differences in mating strategies is that the gender wage gap is larger among college graduates. Since divorce is more costly than ending a cohabitation, marriages tend to be more stable and therefore offer women more protection from human capital depreciation during nonemployment. Consequently, marriage is a more effective means of enforcing household specialization. Since college graduates have more room for household specialization, they are more likely to choose marriage. The variance of income shocks, which affects the demand for consumption insurance, is larger among college graduates. Even if the variance of income shocks could potentially explain partnership choices, simulations suggest a small role of income volatility.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135431077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Higher Education and Mortality: Legacies of an Authoritarian College Contraction 高等教育与死亡:威权主义学院收缩的遗产
2区 经济学
Journal of the European Economic Association Pub Date : 2023-11-06 DOI: 10.1093/jeea/jvad066
Felipe González, Luis R Martínez, Pablo Muñoz, Mounu Prem
{"title":"Higher Education and Mortality: Legacies of an Authoritarian College Contraction","authors":"Felipe González, Luis R Martínez, Pablo Muñoz, Mounu Prem","doi":"10.1093/jeea/jvad066","DOIUrl":"https://doi.org/10.1093/jeea/jvad066","url":null,"abstract":"Abstract We provide new evidence on the causal effect of higher education on mortality. Our empirical strategy exploits the reduction in college openings introduced by the Pinochet regime after the 1973 coup in Chile, which led to a sharp downward kink in college enrollment among those cohorts reaching college age in the following years. Using administrative data from the vital statistics, we document an upward kink in the age-specific yearly mortality rate of individuals in the affected cohorts. We estimate a negative effect of college on mortality between ages 34-74, which is larger for men, but also sizable for women. Individuals in the affected cohorts experience worse labor market outcomes, are more likely to be enrolled in the public health system, and report lower consumption of health services. This suggests that economic disadvantage and limited access to care play an important mediating role in the link between higher education and mortality.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135685630","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Stereotypes and Belief Updating 刻板印象与信念更新
2区 经济学
Journal of the European Economic Association Pub Date : 2023-10-30 DOI: 10.1093/jeea/jvad063
Katherine B. Coffman, Manuela Collis, Leena Kulkarni
{"title":"Stereotypes and Belief Updating","authors":"Katherine B. Coffman, Manuela Collis, Leena Kulkarni","doi":"10.1093/jeea/jvad063","DOIUrl":"https://doi.org/10.1093/jeea/jvad063","url":null,"abstract":"Abstract We explore how feedback shapes, and perpetuates, gender gaps in self-assessments. Participants in our experiment take tests of their ability across different domains. We elicit their beliefs of their performance before and after feedback. We _nd that, even after the provision of highly informative feedback, gender stereotypes in_uence posterior beliefs, beyond what a Bayesian model would predict. This is primarily because both men and women update their beliefs more positively in response to good news when it arrives in a more gender congruent domain (i.e. more male-typed domains for men, more female-typed domains for women), fueling persistence in gender gaps.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136018094","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 26
Hard-to-Interpret Signals 难于理解的信号
2区 经济学
Journal of the European Economic Association Pub Date : 2023-10-20 DOI: 10.1093/jeea/jvad062
Larry G Epstein, Yoram Halevy
{"title":"Hard-to-Interpret Signals","authors":"Larry G Epstein, Yoram Halevy","doi":"10.1093/jeea/jvad062","DOIUrl":"https://doi.org/10.1093/jeea/jvad062","url":null,"abstract":"Abstract Decisions under uncertainty are often made with information whose interpretation is uncertain because multiple interpretations are possible. Individuals may perceive and handle uncertainty about interpretation differently and in ways that are not directly observable to a modeler. This paper identifies and experimentally examines behavior that can be interpreted as reflecting an individual’s attitude towards such uncertainty.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135567601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Beauty of Uncertainty: The Rise of Insurance Contracts and Markets in Medieval Europe 不确定性之美:中世纪欧洲保险合同和市场的兴起
2区 经济学
Journal of the European Economic Association Pub Date : 2023-10-16 DOI: 10.1093/jeea/jvad059
Maristella Botticini, Pietro Buri, Massimo Marinacci
{"title":"The Beauty of Uncertainty: The Rise of Insurance Contracts and Markets in Medieval Europe","authors":"Maristella Botticini, Pietro Buri, Massimo Marinacci","doi":"10.1093/jeea/jvad059","DOIUrl":"https://doi.org/10.1093/jeea/jvad059","url":null,"abstract":"Abstract Maritime insurance developed in medieval Europe is the ancestor of all forms of insurance that appeared subsequently. We address the question of why modern insurance was first invented in medieval Europe, and neither earlier nor elsewhere. Drawing from insights from the literature on uncertainty aversion, we show that medieval merchants had to bear more frequently natural risks (they traveled longer distances) and new human risks with unknown probabilities (they faced unpredictable attacks by corsairs due to increased political fragmentation and commercial competition in Europe). The increased demand for protection in medieval seaborne trade met the supply of protection by a small group of wealthy merchants with a broad information network who could pool risks and profit from selling protection through a novel business device: the insurance contract. A new market—the market for insurance—was then born. Next, analyzing more than seven thousand insurance contracts redacted by notaries and about one hundred court proceedings housed in the archives of Barcelona, Florence, Genoa, Palermo, Prato, and Venice, we study the main features of medieval trade, the type of risks faced by merchants, and the characteristics of insurance contracts and markets from 1340 to 1500. The empirical analysis delivers two main findings. First, risks related to human activities (e.g., attacks by corsairs) seem to have had a relatively greater impact on insurance premia compared to natural risks (proxied by seasonal risks). Second, distance mattered but the route seems to have had a greater impact on insurance premia. Specific routes (e.g., in the Tyrrenian and the western Mediterranean) were more plagued by human risks, which were harder to avoid for the majority of merchants who did not have a broad information network compared to the few wealthy merchants, who became the key players in selling insurance in the early stages of the development of insurance markets.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136178133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Behavioral Macroeconomics VIA Sparse Dynamic Programming 基于稀疏动态规划的行为宏观经济学
2区 经济学
Journal of the European Economic Association Pub Date : 2023-10-11 DOI: 10.1093/jeea/jvad057
Xavier Gabaix
{"title":"Behavioral Macroeconomics VIA Sparse Dynamic Programming","authors":"Xavier Gabaix","doi":"10.1093/jeea/jvad057","DOIUrl":"https://doi.org/10.1093/jeea/jvad057","url":null,"abstract":"Abstract This paper proposes a tractable way to model boundedly rational dynamic programming. The agent uses an endogenously simplified, or “sparse,” model of the world and the consequences of his actions and acts according to a behavioral Bellman equation. The framework yields a behavioral version of some of the canonical models in macroeconomics and finance. In the life-cycle model, the agent initially does not pay much attention to retirement and undersaves; late in life, he progressively saves more, generating realistic dynamics. In the consumption-savings model, the consumer decides to pay little or no attention to the interest rate and more attention to his income. Ricardian equivalence and the Lucas critique partially fail because the consumer may not pay full attention to taxes and policy changes. In a Merton-style dynamic portfolio choice problem, the agent endogenously pays limited or no attention to the varying equity premium and hedging demand terms. Finally, in the neoclassical growth model, agents act on a simplified model of the macroeconomy; in equilibrium, fluctuations are larger and more persistent.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136058225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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