Dan Zeltzer, Liran Einav, Joseph Rashba, Ran D. Balicer
Abstract We estimate the impact of increased access to telemedicine following widespread adoption during the March–April 2020 COVID-19 lockdown period. We focus on the post-lockdown period, which was characterized by near-complete reopening. Using a difference-in-differences framework, we compare primary care episodes before and after the lockdown between patients with high and low access to telemedicine, as defined by their primary care physician adoption. Our results show that access to telemedicine leads to slightly more primary care visits but lower spending. Visits involve fewer prescriptions and more follow-ups, but we find no evidence of missed diagnoses or adverse outcomes. Results suggest that telemedicine does not compromise care quality or raise costs.
{"title":"The Impact of Increased Access to Telemedicine","authors":"Dan Zeltzer, Liran Einav, Joseph Rashba, Ran D. Balicer","doi":"10.1093/jeea/jvad035","DOIUrl":"https://doi.org/10.1093/jeea/jvad035","url":null,"abstract":"Abstract We estimate the impact of increased access to telemedicine following widespread adoption during the March–April 2020 COVID-19 lockdown period. We focus on the post-lockdown period, which was characterized by near-complete reopening. Using a difference-in-differences framework, we compare primary care episodes before and after the lockdown between patients with high and low access to telemedicine, as defined by their primary care physician adoption. Our results show that access to telemedicine leads to slightly more primary care visits but lower spending. Visits involve fewer prescriptions and more follow-ups, but we find no evidence of missed diagnoses or adverse outcomes. Results suggest that telemedicine does not compromise care quality or raise costs.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135741164","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}
Abstract Recruitment intensity is important for the matching process in the labor market. Using unique linked survey–administrative data, we investigate the relationships between hiring and recruitment policies at the establishment level. Faster hiring goes along with higher search effort, lower hiring standards, and more generous wages. We develop a directed search model that links these patterns to the employment adjustments of heterogeneous firms. The model provides a novel structural decomposition of the matching function that we use to evaluate the relative importance of these recruitment policies at the aggregate level. The calibrated model shows that hiring standards play an important role in explaining differences in matching efficiency across labor markets defined as region/skill cross-products and for the impact of labor market policy, whereas search effort and wage policies play only a minor role.
{"title":"Recruitment Policies, Job-Filling Rates, and Matching Efficiency","authors":"Carlos Carrillo-Tudela, Hermann Gartner, Leo Kaas","doi":"10.1093/jeea/jvad034","DOIUrl":"https://doi.org/10.1093/jeea/jvad034","url":null,"abstract":"Abstract Recruitment intensity is important for the matching process in the labor market. Using unique linked survey–administrative data, we investigate the relationships between hiring and recruitment policies at the establishment level. Faster hiring goes along with higher search effort, lower hiring standards, and more generous wages. We develop a directed search model that links these patterns to the employment adjustments of heterogeneous firms. The model provides a novel structural decomposition of the matching function that we use to evaluate the relative importance of these recruitment policies at the aggregate level. The calibrated model shows that hiring standards play an important role in explaining differences in matching efficiency across labor markets defined as region/skill cross-products and for the impact of labor market policy, whereas search effort and wage policies play only a minor role.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135945397","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}
Daniel J Benjamin, Jakina Debnam Guzman, Marc Fleurbaey, Ori Heffetz, Miles Kimball
Abstract What utility notion—e.g. flow/lifetime, self/family-centered—do self-reported well-being (SWB) questions measure? Existing applications make different assumptions regarding the (i) life domains, (ii) time horizons, and (iii) other-regarding preferences captured by SWB data. To obtain relevant evidence, we ask survey respondents what they had in mind regarding (i)–(iii) when answering commonly used—life satisfaction, happiness, ladder—and new SWB questions. We find that respondents’ self-reports differ from researchers’ assumptions and differ across SWB questions and sociodemographic groups. At the same time, simple SWB-question wording tweaks are effective in moving self-reports toward desired interpretations. We outline actionable suggestions for SWB researchers. (JEL: D69, D90, I31)
{"title":"What do Happiness Data Mean? Theory and Survey Evidence","authors":"Daniel J Benjamin, Jakina Debnam Guzman, Marc Fleurbaey, Ori Heffetz, Miles Kimball","doi":"10.1093/jeea/jvad026","DOIUrl":"https://doi.org/10.1093/jeea/jvad026","url":null,"abstract":"Abstract What utility notion—e.g. flow/lifetime, self/family-centered—do self-reported well-being (SWB) questions measure? Existing applications make different assumptions regarding the (i) life domains, (ii) time horizons, and (iii) other-regarding preferences captured by SWB data. To obtain relevant evidence, we ask survey respondents what they had in mind regarding (i)–(iii) when answering commonly used—life satisfaction, happiness, ladder—and new SWB questions. We find that respondents’ self-reports differ from researchers’ assumptions and differ across SWB questions and sociodemographic groups. At the same time, simple SWB-question wording tweaks are effective in moving self-reports toward desired interpretations. We outline actionable suggestions for SWB researchers. (JEL: D69, D90, I31)","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134920983","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}
This paper introduces a model of individual behavior based on identity, a person’s sense of self. The individual evaluates situations, i.e., sets of available actions given a belief about the actions’ uncertain payoffs. In some situations, a psychological cost arises because the individual’s identity prescribes an action that differs from the one maximizing material benefits. The model shows that a common process of weighing psychological costs and material benefits drives the choice of both information and future opportunities. As a result, information avoidance is akin to preferring fewer opportunities, such as crossing the street to avoid a fundraiser. The model provides a coherent rationalization for diverse behaviors, including willful ignorance, opting out of social dilemmas, and excess entry into competitive environments. The psychological cost varies non-monotonically with the quality of information or with having more opportunities. Non-monotonicity complicates the identification of prescriptions from behavior, a difficulty that is partially resolvable by observing specific choices.
{"title":"Identity, Information and Situations","authors":"Daniele Pennesi","doi":"10.1093/jeea/jvad033","DOIUrl":"https://doi.org/10.1093/jeea/jvad033","url":null,"abstract":"\u0000 This paper introduces a model of individual behavior based on identity, a person’s sense of self. The individual evaluates situations, i.e., sets of available actions given a belief about the actions’ uncertain payoffs. In some situations, a psychological cost arises because the individual’s identity prescribes an action that differs from the one maximizing material benefits. The model shows that a common process of weighing psychological costs and material benefits drives the choice of both information and future opportunities. As a result, information avoidance is akin to preferring fewer opportunities, such as crossing the street to avoid a fundraiser. The model provides a coherent rationalization for diverse behaviors, including willful ignorance, opting out of social dilemmas, and excess entry into competitive environments. The psychological cost varies non-monotonically with the quality of information or with having more opportunities. Non-monotonicity complicates the identification of prescriptions from behavior, a difficulty that is partially resolvable by observing specific choices.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48738164","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}
Consistent evidence across important domains shows that people’s decisions can depend on the order or emphasis with which the attributes of the available options are presented to them. We introduce the first model of such framing effects, which we characterize in terms of observable behavior. We apply the model to study how the strategic use of attribute framing affects the outcomes of negotiations and competition in markets. We extend the model to stochastic-choice frameworks, which are often used in practice.
{"title":"Listing Specs: The Effect of Framing Attributes on Choice","authors":"S. Galperti, Francesco Cerigioni","doi":"10.1093/jeea/jvad032","DOIUrl":"https://doi.org/10.1093/jeea/jvad032","url":null,"abstract":"\u0000 Consistent evidence across important domains shows that people’s decisions can depend on the order or emphasis with which the attributes of the available options are presented to them. We introduce the first model of such framing effects, which we characterize in terms of observable behavior. We apply the model to study how the strategic use of attribute framing affects the outcomes of negotiations and competition in markets. We extend the model to stochastic-choice frameworks, which are often used in practice.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42345922","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}
Georg Duernecker, Berthold Herrendorf, Á. Valentinyi
Baumol (1967) observed that developed economies suffer from cost disease, i.e., aggregate productivity growth falls because structural change reallocates production to services with low productivity growth. We document that cost disease importantly contributed to the productivity growth slowdown in the postwar U.S. To assess how severe cost disease may become, we build a model of structural change among the goods sector and broad services sectors. Calibrating the model to the postwar U.S. implies that broad categories of services are substitutes and the services with low productivity growth do not take over production. Simulating the calibrated model forward implies that future cost disease will be less severe than past one.
{"title":"Structural Change within the Services Sector and the Future of Cost Disease","authors":"Georg Duernecker, Berthold Herrendorf, Á. Valentinyi","doi":"10.1093/jeea/jvad030","DOIUrl":"https://doi.org/10.1093/jeea/jvad030","url":null,"abstract":"\u0000 Baumol (1967) observed that developed economies suffer from cost disease, i.e., aggregate productivity growth falls because structural change reallocates production to services with low productivity growth. We document that cost disease importantly contributed to the productivity growth slowdown in the postwar U.S. To assess how severe cost disease may become, we build a model of structural change among the goods sector and broad services sectors. Calibrating the model to the postwar U.S. implies that broad categories of services are substitutes and the services with low productivity growth do not take over production. Simulating the calibrated model forward implies that future cost disease will be less severe than past one.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42525441","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}
When financial contracts are not fully enforceable and firms observe their own nominal sales before the observation of the aggregate nominal price, the optimal financial contract is not fully indexed to inflation. Because of the limited nominal indexation, which is endogenous in the model, unanticipated inflation affects aggregate investment and future economic activity. The macroeconomic volatility induced by price uncertainty, however, is not monotone: it first increases and then decreases with nominal price uncertainty. We also show that the degree of nominal indexation declines with real idiosyncratic volatility and the impact of an inflation shock decreases with nominal indexation. Using firm-level data from Canada, we find that both predictions are supported by the data.
{"title":"Limited Nominal Indexation of Optimal Financial Contracts","authors":"Césaire Meh, Vincenzo Quadrini, Yaz Terajima","doi":"10.1093/jeea/jvad029","DOIUrl":"https://doi.org/10.1093/jeea/jvad029","url":null,"abstract":"\u0000 When financial contracts are not fully enforceable and firms observe their own nominal sales before the observation of the aggregate nominal price, the optimal financial contract is not fully indexed to inflation. Because of the limited nominal indexation, which is endogenous in the model, unanticipated inflation affects aggregate investment and future economic activity. The macroeconomic volatility induced by price uncertainty, however, is not monotone: it first increases and then decreases with nominal price uncertainty. We also show that the degree of nominal indexation declines with real idiosyncratic volatility and the impact of an inflation shock decreases with nominal indexation. Using firm-level data from Canada, we find that both predictions are supported by the data.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76006958","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}
Laura Alfaro, Nicholas Bloom, Paola Conconi, Harald Fadinger, Patrick Legros, Andrew Newman, Raffaella Sadun, John Van Reenen
Abstract We jointly study firm boundaries and the allocation of decision rights within them by confronting an incomplete-contracts model with data on vertical integration and delegation for thousands of firms around the world. Integration has an option value: it confers authority to delegate or centralize decision rights, depending on who can best solve problems that arise in the course of an uncertain production process. In line with the model’s predictions, we find that firms are more likely to integrate suppliers that produce more valuable inputs and operate in industries with more dispersed productivity, and that firms delegate more decisions to integrated suppliers that produce more valuable inputs and operate in more productive industries.
{"title":"Come Together: Firm Boundaries and Delegation","authors":"Laura Alfaro, Nicholas Bloom, Paola Conconi, Harald Fadinger, Patrick Legros, Andrew Newman, Raffaella Sadun, John Van Reenen","doi":"10.1093/jeea/jvad027","DOIUrl":"https://doi.org/10.1093/jeea/jvad027","url":null,"abstract":"Abstract We jointly study firm boundaries and the allocation of decision rights within them by confronting an incomplete-contracts model with data on vertical integration and delegation for thousands of firms around the world. Integration has an option value: it confers authority to delegate or centralize decision rights, depending on who can best solve problems that arise in the course of an uncertain production process. In line with the model’s predictions, we find that firms are more likely to integrate suppliers that produce more valuable inputs and operate in industries with more dispersed productivity, and that firms delegate more decisions to integrated suppliers that produce more valuable inputs and operate in more productive industries.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135473941","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}
Abstract This article uses China’s family planning policies to quantify and explain spillovers in fertility decisions. We test whether ethnic minorities decreased their fertility in response to the policies, although only the majority ethnic group, the Han Chinese, were subject to birth quotas. We exploit the policy rollout and variation in pre-policy age-specific fertility levels to construct a measure of the negative shock to Han fertility. Combining this measure with variation in the local share of Han, we estimate that a woman gives birth to 0.63 fewer children if the average completed fertility among her peers is exogenously reduced by one child. The fertility response of minorities is driven by cultural proximity with the Han and by higher educational investments, suggesting that spillovers operate through both social and economic channels. These results provide evidence that social multipliers can accelerate fertility transitions.
{"title":"Spillovers in Childbearing Decisions and Fertility Transitions: Evidence from China","authors":"Pauline Rossi, Yun Xiao","doi":"10.1093/jeea/jvad025","DOIUrl":"https://doi.org/10.1093/jeea/jvad025","url":null,"abstract":"Abstract This article uses China’s family planning policies to quantify and explain spillovers in fertility decisions. We test whether ethnic minorities decreased their fertility in response to the policies, although only the majority ethnic group, the Han Chinese, were subject to birth quotas. We exploit the policy rollout and variation in pre-policy age-specific fertility levels to construct a measure of the negative shock to Han fertility. Combining this measure with variation in the local share of Han, we estimate that a woman gives birth to 0.63 fewer children if the average completed fertility among her peers is exogenously reduced by one child. The fertility response of minorities is driven by cultural proximity with the Han and by higher educational investments, suggesting that spillovers operate through both social and economic channels. These results provide evidence that social multipliers can accelerate fertility transitions.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135802662","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}
Abstract We propose a new measure of deviations from expected utility theory. For any positive number e, we give a characterization of the datasets with a rationalization that is within e (in beliefs, utility, or perceived prices) of expected utility (EU) theory, under the assumption of risk aversion. The number e can then be used as a measure of how far the data is to EU theory. We apply our methodology to data from three large-scale experiments. Many subjects in these experiments are consistent with utility maximization, but not with EU maximization. Our measure of distance to expected utility is correlated with the subjects’ demographic characteristics.
{"title":"Approximate Expected Utility Rationalization","authors":"Federico Echenique, Taisuke Imai, Kota Saito","doi":"10.1093/jeea/jvad028","DOIUrl":"https://doi.org/10.1093/jeea/jvad028","url":null,"abstract":"Abstract We propose a new measure of deviations from expected utility theory. For any positive number e, we give a characterization of the datasets with a rationalization that is within e (in beliefs, utility, or perceived prices) of expected utility (EU) theory, under the assumption of risk aversion. The number e can then be used as a measure of how far the data is to EU theory. We apply our methodology to data from three large-scale experiments. Many subjects in these experiments are consistent with utility maximization, but not with EU maximization. Our measure of distance to expected utility is correlated with the subjects’ demographic characteristics.","PeriodicalId":48297,"journal":{"name":"Journal of the European Economic Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135802664","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}
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