{"title":"Auction Research Evolving: Theorems and Market Designs","authors":"Paul R. Milgrom","doi":"10.1257/AER.111.5.1383","DOIUrl":"https://doi.org/10.1257/AER.111.5.1383","url":null,"abstract":"","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"111 1","pages":"1383-1405"},"PeriodicalIF":10.7,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42404628","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}
{"title":"When Does Regulation Distort Costs? Lessons from Fuel Procurement in US Electricity Generation: Comment","authors":"J. Han, J. Houde, A. V. Benthem, J. Abito","doi":"10.1257/AER.20200679","DOIUrl":"https://doi.org/10.1257/AER.20200679","url":null,"abstract":"We revisit one of the results in Cicala (2015) and show that the previously estimated large and significant effects of US electricity restructuring on fuel procurement are not robust to the presence of outliers. Using methodologies from the robust statistics literature, we estimate the effect to be less than one-half of the previous estimate and not statistically different from zero. The robust methodology also identifies as outliers the plants owned by a single company whose coal contracts were renegotiated before discussions about restructuring even started. (JEL D83, O13, O33, Q16)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"111 1","pages":"1356-1372"},"PeriodicalIF":10.7,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44243091","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}
{"title":"When Should There Be Vertical Choice in Health Insurance Markets?","authors":"Victoria R Marone, Adrienne Sabety","doi":"10.2139/SSRN.3807444","DOIUrl":"https://doi.org/10.2139/SSRN.3807444","url":null,"abstract":"We study the welfare effects of offering choice over coverage levels-\"vertical choice\"-in regulated health insurance markets. We emphasize that heterogeneity in efficient coverage level is not sufficient to motivate choice. When premiums cannot reflect individuals' costs, it may not be in consumers' best interest to select their efficient coverage level. We show that vertical choice is efficient only if consumers with higher willingness-to-pay have a higher efficient level of coverage. We investigate this condition empirically and find that as long as a minimum coverage level can be enforced, the welfare gains from vertical choice are either zero or economically small.","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"112 1 1","pages":"304-342"},"PeriodicalIF":10.7,"publicationDate":"2021-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46919992","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}
{"title":"Knowledge Spillovers and Corporate Investment in Scientific Research","authors":"A. Arora, Sharon Belenzon, Lia Sheer","doi":"10.1257/AER.20171742","DOIUrl":"https://doi.org/10.1257/AER.20171742","url":null,"abstract":"Using data on 800,000 corporate publications and patent citations to these publications between 1980 and 2015, we study how corporate investment in research is linked to its use in the firm's inventions, and to spillovers to rivals. We find that private returns to corporate research depend on the balance between two opposing forces: the benefits from the use of science in own downstream inventions, and the costs of spillovers to rivals. Consistent with this, firms produce more research when it is used internally, but less research when it is used by rivals. As firms become more sensitive to rivals using their science, they are likely to reduce the share of research in R&D.","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"111 1","pages":"871-898"},"PeriodicalIF":10.7,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47687648","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}
{"title":"Leadership in Social Movements: Evidence from the “Forty-Eighters” in the Civil War","authors":"C. Dippel, Stephan Heblich","doi":"10.1257/AER.20191137","DOIUrl":"https://doi.org/10.1257/AER.20191137","url":null,"abstract":"This paper studies the role of leaders in the social movement against slavery that culminated in the U.S. Civil War. Our analysis is organized around a natural experiment: leaders of the failed German revolution of 1848-49 were expelled to the U.S. and became anti-slavery campaigners who helped mobilize Union Army volunteers. Towns where Forty-Eighters settled show two-thirds higher Union Army enlistments. Their influence worked thought local newspapers and social clubs. Going beyond enlistment decisions, Forty-Eighters reduced their companies' desertion rate during the war. In the long run, Forty-Eighter towns were more likely to form a local chapter of the NAACP.","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"111 1","pages":"472-505"},"PeriodicalIF":10.7,"publicationDate":"2021-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44565075","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}
Liran Einav, Amy Finkelstein, Tamar Oostrom, Abigail Ostriker, Heidi Williams
{"title":"Screening and Selection: The Case of Mammograms.","authors":"Liran Einav, Amy Finkelstein, Tamar Oostrom, Abigail Ostriker, Heidi Williams","doi":"10.1257/aer.20191191","DOIUrl":"10.1257/aer.20191191","url":null,"abstract":"<p><p>We analyze selection into screening in the context of recommendations that breast cancer screening start at age 40. Combining medical claims with a clinical oncology model, we document that compliers with the recommendation are less likely to have cancer than younger women who select into screening or women who never screen. We show this selection is quantitatively important: shifting the recommendation from age 40 to 45 results in three times as many deaths if compliers were randomly selected than under the estimated patterns of selection. The results highlight the importance of considering characteristics of compliers when making and designing recommendations.</p>","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"110 12","pages":"3836-3870"},"PeriodicalIF":10.5,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8300583/pdf/nihms-1641763.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"39218789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ryan A. Decker, J. Haltiwanger, Ron S. Jarmin, Javier Miranda
{"title":"Changing Business Dynamism and Productivity: Shocks versus Responsiveness","authors":"Ryan A. Decker, J. Haltiwanger, Ron S. Jarmin, Javier Miranda","doi":"10.1257/AER.20190680","DOIUrl":"https://doi.org/10.1257/AER.20190680","url":null,"abstract":"The pace of job reallocation has declined in all U.S. sectors since 2000. In standard models, aggregate job reallocation depends on (a) the dispersion of idiosyncratic productivity shocks faced by businesses and (b) the marginal responsiveness of businesses to those shocks. Using several novel empirical facts from business microdata, we infer that the pervasive post-2000 decline in reallocation reflects weaker responsiveness in a manner consistent with rising adjustment frictions and not lower dispersion of shocks. The within-industry dispersion of TFP and output per worker has risen, while the marginal responsiveness of employment growth to business-level productivity has weakened. The responsiveness in the post-2000 period for young firms in the high-tech sector is only about half (in manufacturing) to two thirds (economy wide) of the peak in the 1990s. Counterfactuals show that weakening productivity responsiveness since 2000 accounts for a significant drag on aggregate productivity.","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"110 1","pages":"3952-3990"},"PeriodicalIF":10.7,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44890536","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}
{"title":"Detecting Potential Overbilling in Medicare Reimbursement via Hours Worked: Comment","authors":"Brett Matsumoto","doi":"10.1257/aer.20180812","DOIUrl":"https://doi.org/10.1257/aer.20180812","url":null,"abstract":"Fang and Gong (2017) develop a procedure to detect potential over-billing of Medicare by physicians. In their empirical analysis, they use aggregated claims data that can overstate the number of services performed due to features of Medicare billing. In this comment, I show how auditors can use detailed claims-level data to better target improper overbilling. (JEL H51, I13, I18, J22, J44)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"110 1","pages":"3991-4003"},"PeriodicalIF":10.7,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42363821","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}
{"title":"What Makes a Rule Complex?","authors":"Ryan Oprea","doi":"10.1257/aer.20191717","DOIUrl":"https://doi.org/10.1257/aer.20191717","url":null,"abstract":"We study the complexity of rules by paying experimental subjects to implement a series of algorithms and then eliciting their willingness-to-pay to avoid implementing them again in the future. The design allows us to examine hypotheses from the theoretical “automata” literature about the characteristics of rules that generate complexity costs. We find substantial aversion to complexity and a number of regularities in the characteristics of rules that make them complex and costly for subjects. Experience with a rule, the way a rule is represented, and the context in which a rule is implemented (mentally versus physically) also influence complexity. (JEL C73, D11, D12, D83, D91)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"110 1","pages":"3913-3951"},"PeriodicalIF":10.7,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1257/aer.20191717","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45790257","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}