{"title":"College Financial Aid Application Frictions","authors":"Emily G. Moschini, Gajendran Raveendranathan","doi":"10.1111/iere.70062","DOIUrl":"https://doi.org/10.1111/iere.70062","url":null,"abstract":"<p>We document that 11 percent of recent U.S. high school graduates did not apply for federal student aid due to difficulty in applying, mistaken beliefs, or lack of awareness. Not applying due to such application frictions negatively predicts college enrollment after controlling for other attributes. We represent application frictions as heterogeneous filing costs in a general equilibrium life cycle model of college enrollment. We find that eliminating these frictions generates modest gains on average because less than half of those affected would ultimately utilize aid. However, welfare gains are large for the affected few with high skill and poor parents.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 3","pages":"1015-1041"},"PeriodicalIF":1.8,"publicationDate":"2026-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70062","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148615532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sung-Ha Hwang, Philip R. Neary, Jonathan Newton, Ryoji Sawa
{"title":"Pairwise Imitation and Tournament Graphs","authors":"Sung-Ha Hwang, Philip R. Neary, Jonathan Newton, Ryoji Sawa","doi":"10.1111/iere.70059","DOIUrl":"https://doi.org/10.1111/iere.70059","url":null,"abstract":"<p>This paper investigates strategic dynamics under the behavioral rule of pairwise interact and imitate (PII), which requires minimal information and emphasizes outperforming opponents in pairwise interactions. We characterize PII using weak tournament graphs and, for a broad class of dynamics, establish a one-shot stability result for stochastic stability. Applications include Cournot competition, strategic complements and substitutes, externalities, Nash demand games, and status-seeking contests. The analysis highlights the competing roles of spite effects and perturbations in favoring relative success versus efficiency.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 3","pages":"937-955"},"PeriodicalIF":1.8,"publicationDate":"2026-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70059","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148615226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"2024 Klein Lecture - Monies, Transactions, and Inflation: Part 1","authors":"Pradeep Dubey, John Geanakoplos","doi":"10.1111/iere.70049","DOIUrl":"https://doi.org/10.1111/iere.70049","url":null,"abstract":"<div>\u0000 \u0000 <p>Modern macroeconomics ignores the recent proliferation of new monies. We show in our model that new monies like credit cards or stable coins or crypto currencies or helicopter money can cause a huge increase in prices, like the 1970s inflation when credit cards emerged in full use. These monies are not perfect substitutes, so shrinking conventional money supply to compensate for the growth of new monies comes at a welfare cost. Price levels are determined by money chasing goods, measured by the separate quantities of each kind of money and the scale of individual transactions. In Part I we introduce a one period version of our model in which we concentrate on the transactions role of monies. We show how fiat wealth (net of taxes) can be positive if there are enough gains to trade. Monies that raise fiat wealth (such as helicopter money) cause more inflation—eventually even hyperinflation—by increasing the interest rate, which reduces transactions. In contrast, credit cards (and central bank purchases of bonds) also cause inflation, but they enhance transactions and welfare. In Part II we present a multiperiod version in which the store-of-value role of money, and expectations about future policy, also affect inflation.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 1","pages":"3-33"},"PeriodicalIF":1.3,"publicationDate":"2026-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146162757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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