Review of Economic Studies最新文献_第4页

Superiority-Seeking and the Preference for Exclusion 追求优势与排斥偏好

1区经济学

Review of Economic Studies Pub Date : 2023-08-16 DOI: 10.1093/restud/rdad079

Alex Imas, Kristó f Madarász

{"title":"Superiority-Seeking and the Preference for Exclusion","authors":"Alex Imas, Kristó f Madarász","doi":"10.1093/restud/rdad079","DOIUrl":"https://doi.org/10.1093/restud/rdad079","url":null,"abstract":"Abstract We propose that a person’s desire to consume an object or possess an attribute increases in how much others want but cannot have it. We term this motive imitative superiority-seeking and show that it generates preferences for exclusion that help explain a host of market anomalies and make novel predictions in a variety of domains. In bilateral exchange, trade becomes more zero-sum, leading to an endowment effect. People’s value of consuming a good increases in its scarcity, which generates a motive for firms and organizations to engage in exclusionary policies. A monopolist producing at constant marginal cost can increase profits by randomly excluding buyers relative to the standard optimal mechanism of posting a common price. In the context of auctions, a seller can extract greater revenues by randomly barring a subset of consumers from bidding. Moreover, such non-price-based exclusion leads to higher revenues than the classic optimal sales mechanism. A series of experiments provides direct support for these predictions. In basic exchange, a person’s willingness to pay for a good increases as more people are explicitly barred from the opportunity to acquire it. In auctions, randomly excluding people from the opportunity to bid substantially increases bids amongst those who retain this option. Consistent with our predictions, exclusion leads to bigger gains in expected revenue than increasing competition through inclusion. Our model of superiority-seeking generates “Veblen effects,” rationalizes attitudes against redistribution and provides a novel motive for social exclusion and discrimination.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"331 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136391087","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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 Transmission of Commodity Price Super-Cycles 商品价格超级周期的传导

1区经济学

Review of Economic Studies Pub Date : 2023-08-14 DOI: 10.1093/restud/rdad078

Felipe Benguria, Felipe Saffie, Sergio Urzúa

引用次数: 0

Correction to: Inference for Ranks with Applications to Mobility across Neighbourhoods and Academic Achievement across Countries 更正:应用跨社区流动性和跨国家学术成就对排名的推断

IF 5.8 1区经济学

Review of Economic Studies Pub Date : 2023-07-24 DOI: 10.1093/restud/rdad074

引用次数: 0

Correction to: Vintage-Specific Driving Restrictions 修正:特定年份的驾驶限制

IF 5.8 1区经济学

Review of Economic Studies Pub Date : 2023-07-16 DOI: 10.1093/restud/rdad076

引用次数: 0

How Responsive are Wages to Firm-Specific Changes in Labor Demand? Evidence from Idiosyncratic Export Demand Shocks 工资对企业特定劳动力需求变化的反应如何?来自特殊出口需求冲击的证据

IF 5.8 1区经济学

Review of Economic Studies Pub Date : 2023-07-12 DOI: 10.1093/restud/rdad069

A. Garin, Filipe Silvério

{"title":"How Responsive are Wages to Firm-Specific Changes in Labor Demand? Evidence from Idiosyncratic Export Demand Shocks","authors":"A. Garin, Filipe Silvério","doi":"10.1093/restud/rdad069","DOIUrl":"https://doi.org/10.1093/restud/rdad069","url":null,"abstract":"Do firms adjust wages in response to changes in their own demand level, or to changes in competitive pressure from rival employers? We study how exporters adjust wages in response to unexpected product demand shocks during the 2008–2009 Great Recession. Using rich data on Portuguese firms’ pre-recession export shipments, we measure firm-level shocks to export demand during the Recession. We show that shocks constructed at the firm level are not necessarily firm-specific and can be decomposed into a common component affecting all producers in a product market and an idiosyncratic component affecting individual firms within markets based on the locations of their pre-Recession customers. We demonstrate that while both components impact firms’ output and their workers’ wages, the common component spills over from firms to their labor market rivals, whereas the idiosyncratic component does not. We find that 10-15% of firms’ idiosyncratic demand passes through to their employees’ wage growth with no effect on retention rates, implying significant dependence of wages on noncompetitive quasi-rents. Moreover, we find that wages respond primarily to shifts in internal labor demand when labor markets are thin, but they respond more to competition from other employers when labor markets are fluid. These results indicate that employers’ ability to set wages hinges on the underlying competitiveness of the labor market.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"25 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2023-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83374077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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: 3

Dynamic Opinion Aggregation: Long-Run Stability and Disagreement 动态意见聚合:长期稳定与分歧

IF 5.8 1区经济学

Review of Economic Studies Pub Date : 2023-07-11 DOI: 10.1093/restud/rdad072

S. Cerreia-Vioglio, Roberto Corrao, Giacomo Lanzani

引用次数: 8

Heterogeneous Paths of Industrialization 工业化的异质性路径

1区经济学

Review of Economic Studies Pub Date : 2023-06-29 DOI: 10.1093/restud/rdad066

Federico Huneeus, Richard Rogerson

引用次数: 0

Changes in Social Network Structure in Response to Exposure to Formal Credit Markets 社会网络结构的变化对正规信贷市场的反应

1区经济学

Review of Economic Studies Pub Date : 2023-06-27 DOI: 10.1093/restud/rdad065

Abhijit Banerjee, Emily Breza, Arun G Chandrasekhar, Esther Duflo, Matthew O Jackson, Cynthia kinnan

{"title":"Changes in Social Network Structure in Response to Exposure to Formal Credit Markets","authors":"Abhijit Banerjee, Emily Breza, Arun G Chandrasekhar, Esther Duflo, Matthew O Jackson, Cynthia kinnan","doi":"10.1093/restud/rdad065","DOIUrl":"https://doi.org/10.1093/restud/rdad065","url":null,"abstract":"Abstract We show that the entry of formal financial institutions can have far-reaching and long-lasting impacts on informal lending and social networks more generally. We first study the introduction of microfinance in 75 villages in Karnataka, India, 43 of which were exposed to microfinance. Using difference-in-differences, we show that networks shrank more in exposed villages. Moreover, links between households that were both unlikely to borrow from microfinance were at least as likely to disappear as links involving likely borrowers. We replicate these surprising findings in the context of a randomised controlled trial (RCT) in Hyderabad, where a microfinance institution randomly selected 52 of 104 neighbourhoods to enter first. Four years after all neighbourhoods were treated, households in early-entry neighbourhoods had credit access longer and had larger loans. We again find fewer social relationships between households in these neighbourhoods, even among those ex-ante unlikely to borrow. Because the results suggest global spillovers, atypical in usual models of network formation, we develop a new dynamic model of network formation that emphasizes chance meetings, where efforts to socialize generate a global network-level externality. Finally, we analyse informal borrowing and the sensitivity of consumption to income fluctuations. Households unlikely to take up microcredit suffer the greatest loss of informal borrowing and risk sharing, underscoring the global nature of the externality.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135399699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Memory and Markets 记忆与市场

1区经济学

Review of Economic Studies Pub Date : 2023-06-27 DOI: 10.1093/restud/rdad067

Sergey Kovbasyuk, Giancarlo Spagnolo

引用次数: 0

Experimentation in Endogenous Organizations 内源性组织中的实验

IF 5.8 1区经济学

Review of Economic Studies Pub Date : 2023-06-26 DOI: 10.1093/restud/rdad064

Germán Gieczewski, Svetlana Kosterina

引用次数: 0