Review of Economic Studies最新文献

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Optimal Long-Term Health Insurance Contracts: Characterization, Computation, and Welfare Effects 最优长期健康保险合同:特征、计算和福利效应
1区 经济学
Review of Economic Studies Pub Date : 2023-05-11 DOI: 10.1093/restud/rdad054
Soheil Ghili, Ben Handel, Igal Hendel, Michael D. Whinston
{"title":"Optimal Long-Term Health Insurance Contracts: Characterization, Computation, and Welfare Effects","authors":"Soheil Ghili, Ben Handel, Igal Hendel, Michael D. Whinston","doi":"10.1093/restud/rdad054","DOIUrl":"https://doi.org/10.1093/restud/rdad054","url":null,"abstract":"Abstract Reclassification risk is a major concern in health insurance where contracts are typically 1 year in length but health shocks often persist for much longer. While most health systems with private insurers pair short-run contracts with substantial pricing regulations to reduce reclassification risk, long-term contracts with one-sided insurer commitment have significant potential to reduce reclassification risk without the negative side effects of price regulation, such as adverse selection. We theoretically characterize optimal long-term insurance contracts with one-sided commitment, extending the literature in directions necessary for studying health insurance markets. We leverage this characterization to provide a simple algorithm for computing optimal contracts from primitives. We estimate key market fundamentals using data on all under-65 privately insured consumers in Utah. We find that dynamic contracts are very effective at reducing reclassification risk for consumers who arrive at the market in good health, but they are ineffective for consumers who come to the market in bad health, demonstrating that there is a role for the government insurance of pre-market health risks. Individuals with steeply rising income profiles find front-loading costly, and thus relatively prefer ACA-type exchanges. Switching costs enhance, while myopia moderately compromises, the performance of dynamic contracts.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135473939","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
Vacancy Durations and Entry Wages: Evidence from Linked Vacancy–Employer–Employee Data 空缺期和入职工资:来自相关空缺-雇主-雇员数据的证据
1区 经济学
Review of Economic Studies Pub Date : 2023-05-09 DOI: 10.1093/restud/rdad051
Andreas Kettemann, Andreas I. Mueller, Josef Zweimüller
{"title":"Vacancy Durations and Entry Wages: Evidence from Linked Vacancy–Employer–Employee Data","authors":"Andreas Kettemann, Andreas I. Mueller, Josef Zweimüller","doi":"10.1093/restud/rdad051","DOIUrl":"https://doi.org/10.1093/restud/rdad051","url":null,"abstract":"Abstract This article explores the relationship between the duration of a vacancy and the starting wage of a new job, using linked data on vacancies, the posting establishments, and the workers eventually filling the vacancies. The unique combination of large-scale, administrative worker, establishment, and vacancy data is critical for separating establishment- and job-level determinants of vacancy duration from worker-level heterogeneity. Conditional on observables, we find that vacancy duration is negatively correlated with the starting wage and its establishment component, with precisely estimated elasticities of −0.07 and −0.21, respectively. While the negative relationship is qualitatively consistent with search-theoretic models where firms use the wage as a recruiting device, these elasticities are small, suggesting that firms’ wage policies can account only for a small fraction of the variation in vacancy filling across establishments.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135711523","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
Correction: Hinterlands, City Formation and Growth: Evidence from the U.S. Westward Expansion 修正:腹地,城市形成和增长:来自美国西部扩张的证据
1区 经济学
Review of Economic Studies Pub Date : 2023-04-28 DOI: 10.1093/restud/rdad049
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引用次数: 0
Income Growth and the Distributional Effects of Urban Spatial Sorting 收入增长与城市空间分异的分配效应
1区 经济学
Review of Economic Studies Pub Date : 2023-04-25 DOI: 10.1093/restud/rdad048
Victor Couture, Cecile Gaubert, Jessie Handbury, Erik Hurst
{"title":"Income Growth and the Distributional Effects of Urban Spatial Sorting","authors":"Victor Couture, Cecile Gaubert, Jessie Handbury, Erik Hurst","doi":"10.1093/restud/rdad048","DOIUrl":"https://doi.org/10.1093/restud/rdad048","url":null,"abstract":"Abstract We explore the impact of rising incomes at the top of the distribution on spatial sorting patterns within large U.S. cities. We develop and quantify a spatial model of a city with heterogeneous agents and non-homothetic preferences for neighbourhoods with endogenous amenity quality. As the rich get richer, demand increases for the high-quality amenities available in downtown neighbourhoods. Rising demand drives up house prices and spurs the development of higher quality neighbourhoods downtown. This gentrification of downtowns makes poor incumbents worse off, as they are either displaced to the suburbs or pay higher rents for amenities that they do not value as much. We quantify the corresponding impact on well-being inequality. Through the lens of the quantified model, the change in the income distribution between 1990 and 2014 led to neighbourhood change and spatial resorting within urban areas that increased the welfare of richer households relative to that of poorer households, above and beyond rising nominal income inequality.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135017690","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: 2
Fair Matching under Constraints: Theory and Applications 约束下的公平匹配:理论与应用
IF 5.8 1区 经济学
Review of Economic Studies Pub Date : 2023-04-21 DOI: 10.1093/restud/rdad046
Yuichiro Kamada, F. Kojima
{"title":"Fair Matching under Constraints: Theory and Applications","authors":"Yuichiro Kamada, F. Kojima","doi":"10.1093/restud/rdad046","DOIUrl":"https://doi.org/10.1093/restud/rdad046","url":null,"abstract":"\u0000 This paper studies a general model of matching with constraints. Observing that a stable matching typically does not exist, we focus on feasible, individually rational, and fair matchings. We characterize such matchings by fixed points of a certain function. Building on this result, we characterize the class of constraints on individual schools under which there exists a student-optimal fair matching (SOFM), the matching that is the most preferred by every student among those satisfying the three desirable properties. We study the numerical relevance of our theory using data on government-organized daycare allocation.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"45 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78742034","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: 29
Diversity in Schools: Immigrants and the Educational Performance of U.S.-Born Students 学校的多样性:移民与美国出生学生的教育表现
1区 经济学
Review of Economic Studies Pub Date : 2023-04-21 DOI: 10.1093/restud/rdad047
David Figlio, Paola Giuliano, Riccardo Marchingiglio, Umut Ozek, Paola Sapienza
{"title":"Diversity in Schools: Immigrants and the Educational Performance of U.S.-Born Students","authors":"David Figlio, Paola Giuliano, Riccardo Marchingiglio, Umut Ozek, Paola Sapienza","doi":"10.1093/restud/rdad047","DOIUrl":"https://doi.org/10.1093/restud/rdad047","url":null,"abstract":"Abstract We study the effect of exposure to immigrants on the educational outcomes of U.S.-born students, using a unique dataset combining population-level birth and school records from Florida. This research question is complicated by the substantial school selection of U.S.-born students, especially among White and comparatively affluent students, in response to the presence of immigrant students in the school. We propose a new identification strategy, comparing sibling outcomes with the inclusion of family fixed effects, to partial out the unobserved non-random selection of native-born families into schools. We find that the presence of immigrant students has a positive effect on the academic achievement of U.S.-born students, especially for students from disadvantaged backgrounds. Moreover, the presence of immigrants does not negatively affect the performance of affluent U.S.-born students, who typically show a higher academic achievement compared to immigrant students. We provide suggestive evidence on potential channels.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135463330","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 2000s Housing Cycle with 2020 Hindsight: A Neo-Kindlebergerian View 2000年住房周期与2020年的后见之明:新金德尔伯格的观点
1区 经济学
Review of Economic Studies Pub Date : 2023-04-18 DOI: 10.1093/restud/rdad045
Gabriel Chodorow-Reich, Adam M Guren, Timothy J McQuade
{"title":"The 2000s Housing Cycle with 2020 Hindsight: A Neo-Kindlebergerian View","authors":"Gabriel Chodorow-Reich, Adam M Guren, Timothy J McQuade","doi":"10.1093/restud/rdad045","DOIUrl":"https://doi.org/10.1093/restud/rdad045","url":null,"abstract":"Abstract With “2020 hindsight,” the 2000s housing cycle is not a boom–bust but a boom–bust–rebound. Using a spatial equilibrium regression in which house prices are determined by income, amenities, urbanization, and supply, we show that long-run city-level fundamentals predict not only 1997–2019 price and rent growth but also the amplitude of the boom–bust–rebound. This evidence motivates our model of a cycle rooted in fundamentals. Households learn about fundamentals by observing “dividends” but become over-optimistic in the boom due to diagnostic expectations. A bust ensues when beliefs start to correct, exacerbated by a price–foreclosure spiral that drives prices below their long-run level. The rebound follows as prices converge to a path commensurate with higher fundamental growth. The estimated model explains the boom–bust–rebound with a single shock and accounts quantitatively for the dynamics of prices, rents, and foreclosures in cities with the largest cycles. We draw implications for asset cycles more generally.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135862716","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
House Price Dynamics, Optimal LTV Limits and the Liquidity Trap 房价动态、最优LTV限制与流动性陷阱
1区 经济学
Review of Economic Studies Pub Date : 2023-04-18 DOI: 10.1093/restud/rdad040
Andrea Ferrero, Richard Harrison, Benjamin Nelson
{"title":"House Price Dynamics, Optimal LTV Limits and the Liquidity Trap","authors":"Andrea Ferrero, Richard Harrison, Benjamin Nelson","doi":"10.1093/restud/rdad040","DOIUrl":"https://doi.org/10.1093/restud/rdad040","url":null,"abstract":"Abstract This paper studies the optimal design of a macro-prudential instrument, a loan-to-value (LTV) limit, and its implications for monetary policy in a model with nominal rigidities and financial frictions. The analysis accounts for both an effective lower bound on the nominal interest rate and an upper bound on the ability of LTV limits to stimulate credit demand. The welfare-based loss function features a role for macro-prudential policy to enhance risk-sharing. Optimal LTV limits are strongly countercyclical. In a house price boom-bust episode, the active use of LTV limits alleviates debt-deleveraging dynamics and prevents the economy from falling into a liquidity trap.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135861967","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
Financial Cycles with Heterogeneous Intermediaries 异质性中介的金融周期
1区 经济学
Review of Economic Studies Pub Date : 2023-04-13 DOI: 10.1093/restud/rdad039
Nuno Coimbra, Hélène Rey
{"title":"Financial Cycles with Heterogeneous Intermediaries","authors":"Nuno Coimbra, Hélène Rey","doi":"10.1093/restud/rdad039","DOIUrl":"https://doi.org/10.1093/restud/rdad039","url":null,"abstract":"Abstract We develop a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. Time-varying endogenous macroeconomic risk arises from the risk-shifting behaviour of the cross-section of financial intermediaries. When interest rates are high, a decrease in interest rates stimulates investment and decreases aggregate risk. In contrast, when they are low, further stimulus can increase financial instability while inducing a fall in the risk premium. In this case, there is a trade-off between stimulating the economy and financial stability. This provides a model of the risk-taking channel of monetary policy.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135127223","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 Value of Data Records 数据记录的价值
1区 经济学
Review of Economic Studies Pub Date : 2023-04-12 DOI: 10.1093/restud/rdad044
Simone Galperti, Aleksandr Levkun, Jacopo Perego
{"title":"The Value of Data Records","authors":"Simone Galperti, Aleksandr Levkun, Jacopo Perego","doi":"10.1093/restud/rdad044","DOIUrl":"https://doi.org/10.1093/restud/rdad044","url":null,"abstract":"Abstract Many e-commerce platforms use buyers’ personal data to intermediate their transactions with sellers. How much value do such intermediaries derive from the data record of each single individual? We characterize this value and find that one of its key components is a novel externality between records, which arises when the intermediary pools some records to withhold the information they contain. Our analysis has several implications about compensating individuals for the use of their data, guiding companies’ investments in data acquisition, and more broadly studying the demand side of data markets. Our methods combine modern information design with classic duality theory and apply to a large class of principal-agent problems.","PeriodicalId":48449,"journal":{"name":"Review of Economic Studies","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135289338","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
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