Eaton, Kortum, and Kramarz (2011) (EKK) discovered empirical patterns from French manufacturing firms that a baseline firm heterogeneity model could not explain. The authors proposed and estimated a model that closely matches the patterns observed in French data. This paper successfully replicates their findings using author-provided data, re-implementing their algorithms in Python and leveraging graphics processing unit computing to significantly boost computational speed. Applying the model to Chinese manufacturing data, despite differences in context, showed that the model explains most observed patterns well.
Eaton, Kortum, and Kramarz (2011) （EKK）从法国制造企业中发现了基线企业异质性模型无法解释的经验模式。作者提出并估计了一个与法国数据中观察到的模式密切匹配的模型。本文使用作者提供的数据成功地复制了他们的发现，在Python中重新实现了他们的算法，并利用图形处理单元计算显着提高了计算速度。尽管背景不同，但将该模型应用于中国制造业数据表明，该模型很好地解释了大多数观察到的模式。
{"title":"Reducing the replication time for structural estimations: A successful replication of “An Anatomy of International Trade” using GPU computing","authors":"Jiatong Zhong","doi":"10.1111/ecin.13257","DOIUrl":"https://doi.org/10.1111/ecin.13257","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <p>Eaton, Kortum, and Kramarz (2011) (EKK) discovered empirical patterns from French manufacturing firms that a baseline firm heterogeneity model could not explain. The authors proposed and estimated a model that closely matches the patterns observed in French data. This paper successfully replicates their findings using author-provided data, re-implementing their algorithms in Python and leveraging graphics processing unit computing to significantly boost computational speed. Applying the model to Chinese manufacturing data, despite differences in context, showed that the model explains most observed patterns well.</p>\u0000 </section>\u0000 </div>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 2","pages":"424-440"},"PeriodicalIF":1.7,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13257","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143629898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Markets are information aggregators. But how do they incorporate new data into their pricing? We examine the response of prediction markets to a novel information shock in a quasi-natural experiment: How did the absence announcements of elite soccer players influence the betting odds of affected matches? Analyzing the first four statistical moments of 117,174 odds from 32 bookmakers, we identify initial inertia followed by a lagged reaction that we cannot reason with learning. Our findings raise questions about how bettors and bookmakers incorporate new information into their beliefs. It has broader implications regarding information processing in markets.
{"title":"Pricing in response to new information: The case of betting markets","authors":"Kai Fischer, W. Benedikt Schmal","doi":"10.1111/ecin.13258","DOIUrl":"https://doi.org/10.1111/ecin.13258","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <p>Markets are information aggregators. But how do they incorporate new data into their pricing? We examine the response of prediction markets to a novel information shock in a quasi-natural experiment: How did the absence announcements of elite soccer players influence the betting odds of affected matches? Analyzing the first four statistical moments of 117,174 odds from 32 bookmakers, we identify initial inertia followed by a lagged reaction that we cannot reason with learning. Our findings raise questions about how bettors and bookmakers incorporate new information into their beliefs. It has broader implications regarding information processing in markets.</p>\u0000 </section>\u0000 </div>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 1","pages":"236-264"},"PeriodicalIF":1.7,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13258","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143118383","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Agents' beliefs regarding future monetary policy changes influence their current decisions. However, these expectations may not always materialize in the future. This study shows that the monetary fundamental shocks (exogenous changes consistent with expectations) stabilize output and inflation, while the noise shocks (biased beliefs that fail to be realized in the future) increase economic fluctuations. Moreover, factors that amplify financial frictions—the spread between the capital return of entrepreneurs and the risk-free interest rate of a central bank—can increase anticipation effects associated with these two types of monetary policy shocks.
{"title":"Measuring the U.S. monetary noise shocks","authors":"Yi-Hua Wu, Ching-Chong Lai","doi":"10.1111/ecin.13262","DOIUrl":"https://doi.org/10.1111/ecin.13262","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <p>Agents' beliefs regarding future monetary policy changes influence their current decisions. However, these expectations may not always materialize in the future. This study shows that the monetary fundamental shocks (exogenous changes consistent with expectations) stabilize output and inflation, while the noise shocks (biased beliefs that fail to be realized in the future) increase economic fluctuations. Moreover, factors that amplify financial frictions—the spread between the capital return of entrepreneurs and the risk-free interest rate of a central bank—can increase anticipation effects associated with these two types of monetary policy shocks.</p>\u0000 </section>\u0000 </div>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 1","pages":"98-124"},"PeriodicalIF":1.7,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143118384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Adam Bloomfield, Kyung Min Lee, Jay Philbrick, Sita Nataraj Slavov
We investigate how state “Auto-IRA” mandates affect firm offerings of employer-sponsored retirement plans (ESRPs). These policies require firms without ESRPs to facilitate automatic employee contributions to state-created individual retirement accounts. We find that these policies increase an individual's probability of working for a firm with an ESRP by 6%–9% and of being included in the ESRP by 8%–13%. At the firm level, these policies increase the probability of offering an ESRP by 7%, the probability of establishing a new ESRP by 41%–44%, and the number of ESRP participants by 6 percent.
{"title":"How do firms respond to state retirement plan mandates?","authors":"Adam Bloomfield, Kyung Min Lee, Jay Philbrick, Sita Nataraj Slavov","doi":"10.1111/ecin.13259","DOIUrl":"https://doi.org/10.1111/ecin.13259","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <p>We investigate how state “Auto-IRA” mandates affect firm offerings of employer-sponsored retirement plans (ESRPs). These policies require firms without ESRPs to facilitate automatic employee contributions to state-created individual retirement accounts. We find that these policies increase an individual's probability of working for a firm with an ESRP by 6%–9% and of being included in the ESRP by 8%–13%. At the firm level, these policies increase the probability of offering an ESRP by 7%, the probability of establishing a new ESRP by 41%–44%, and the number of ESRP participants by 6 percent.</p>\u0000 </section>\u0000 </div>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 1","pages":"265-288"},"PeriodicalIF":1.7,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13259","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143118381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We analyze a sample of consumer-electronics products sold by the US NewEgg online-retailer to study the impact of price-matching guarantees (PMGs) on prices. By applying a difference-in-differences approach, we find that the price of the policy-adopting retailer increases by 4.7% during the policy validity period and up to 5 days after the treatment, while those of the non-adopting competitor are not affected. Results are mainly driven by highly-rated, visible, and expensive products, whereas the policy does not affect low-rated, less visible, and cheaper products. These findings are consistent with the hypotheses that PMGs act as price discrimination or signaling tools.
{"title":"Price matching in online retail","authors":"Anna Bottasso, Simone Robbiano, Paolo Marocco","doi":"10.1111/ecin.13255","DOIUrl":"https://doi.org/10.1111/ecin.13255","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <p>We analyze a sample of consumer-electronics products sold by the US NewEgg online-retailer to study the impact of price-matching guarantees (PMGs) on prices. By applying a difference-in-differences approach, we find that the price of the policy-adopting retailer increases by 4.7% during the policy validity period and up to 5 days after the treatment, while those of the non-adopting competitor are not affected. Results are mainly driven by highly-rated, visible, and expensive products, whereas the policy does not affect low-rated, less visible, and cheaper products. These findings are consistent with the hypotheses that PMGs act as price discrimination or signaling tools.</p>\u0000 </section>\u0000 </div>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 1","pages":"206-235"},"PeriodicalIF":1.7,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13255","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143118382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Politically motivated boycotts aim to harm the sales of goods associated with foreign rivals, but can also harm the domestic economy if the goods are domestically produced. This paper examines the unintended effects of the 2012 Chinese boycott of Japanese cars on China's automobile supply chain. By comparing changes in employment between auto parts and non-parts industries located at various distances from Japanese joint ventures (JV), I find that auto parts manufacturers near the Japanese JVs experienced a 10%–17% reduction in employment after the boycott.
{"title":"Who bears the cost of nationalism? A spatial analysis on the unintended spillover effects of boycotts","authors":"Huiyi Chen","doi":"10.1111/ecin.13254","DOIUrl":"https://doi.org/10.1111/ecin.13254","url":null,"abstract":"<p>Politically motivated boycotts aim to harm the sales of goods associated with foreign rivals, but can also harm the domestic economy if the goods are domestically produced. This paper examines the unintended effects of the 2012 Chinese boycott of Japanese cars on China's automobile supply chain. By comparing changes in employment between auto parts and non-parts industries located at various distances from Japanese joint ventures (JV), I find that auto parts manufacturers near the Japanese JVs experienced a 10%–17% reduction in employment after the boycott.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 1","pages":"4-46"},"PeriodicalIF":1.7,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13254","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143114054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Motivated reasoning can serve to help resolve emotional discomfort, which suggests emotion as a likely moderator of such reasoning. This paper addresses a gap in the literature by examining emotion and confirmation bias in the political domain. Results from two preregistered studies, which involved over 900 unique participants, document a confirmation bias across distinct dimensions of belief and preference formation. Also, ideologically dissonant information significantly worsens self-reported emotion. With some exceptions, the evidence generally supports the hypothesis that negative emotion moderates the strength of the bias, which highlights the importance of emotion response in understanding and potentially counteracting confirmation bias.
{"title":"Political ideology, emotion response, and confirmation bias","authors":"David L. Dickinson","doi":"10.1111/ecin.13253","DOIUrl":"https://doi.org/10.1111/ecin.13253","url":null,"abstract":"<p>Motivated reasoning can serve to help resolve emotional discomfort, which suggests emotion as a likely moderator of such reasoning. This paper addresses a gap in the literature by examining emotion and confirmation bias in the political domain. Results from two preregistered studies, which involved over 900 unique participants, document a confirmation bias across distinct dimensions of belief and preference formation. Also, ideologically dissonant information significantly worsens self-reported emotion. With some exceptions, the evidence generally supports the hypothesis that negative emotion moderates the strength of the bias, which highlights the importance of emotion response in understanding and potentially counteracting confirmation bias.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 1","pages":"181-205"},"PeriodicalIF":1.7,"publicationDate":"2024-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13253","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143113135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Many pension schemes offer annuities pooling mortality risk across members. Such pooling has been criticized for having a regressive bias benefitting risk classes with the longest expected longevity. However, knowledge on mortality risk unfolds over the life-course, and it is optimal for risk averse households to annuitize all old-age consumption already as young buying pooled contracts, even if fair annuities are available later in life or risk class is private information. Borrowing constraints impair such frontloading but are lessened by a mandated pooled annuity targeting the middle-aged, improving welfare for all risk classes and the first-best allocation may be implementable.
{"title":"Hedging mortality risk over the life-cycle—The role of information and borrowing constraints","authors":"Torben M. Andersen","doi":"10.1111/ecin.13250","DOIUrl":"10.1111/ecin.13250","url":null,"abstract":"<p>Many pension schemes offer annuities pooling mortality risk across members. Such pooling has been criticized for having a regressive bias benefitting risk classes with the longest expected longevity. However, knowledge on mortality risk unfolds over the life-course, and it is optimal for risk averse households to annuitize all old-age consumption already as young buying pooled contracts, even if fair annuities are available later in life or risk class is private information. Borrowing constraints impair such frontloading but are lessened by a mandated pooled annuity targeting the middle-aged, improving welfare for all risk classes and the first-best allocation may be implementable.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"62 4","pages":"1449-1466"},"PeriodicalIF":1.7,"publicationDate":"2024-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13250","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142182008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study the Tullock contest model with loss aversion and endogenously formed reference points. In a contest with n possibly heterogeneous players and convex effort costs, we establish sufficient conditions for a unique Nash equilibrium in pure strategies. Subsequently, we analyze the impact of loss aversion on players' spending behavior, probability of winning, and rent dissipation.
我们研究了具有损失厌恶和内生参考点的塔洛克竞赛模型。在一个有 n 个可能是异质的参与者和凸努力成本的竞赛中，我们建立了在纯策略中唯一纳什均衡的充分条件。随后，我们分析了损失规避对玩家消费行为、获胜概率和租金耗散的影响。
{"title":"Tullock contest with reference-dependent preferences","authors":"Francesco Fallucchi, Francesco Trevisan","doi":"10.1111/ecin.13251","DOIUrl":"10.1111/ecin.13251","url":null,"abstract":"<p>We study the Tullock contest model with loss aversion and endogenously formed reference points. In a contest with <i>n</i> possibly heterogeneous players and convex effort costs, we establish sufficient conditions for a unique Nash equilibrium in pure strategies. Subsequently, we analyze the impact of loss aversion on players' spending behavior, probability of winning, and rent dissipation.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"62 4","pages":"1618-1628"},"PeriodicalIF":1.7,"publicationDate":"2024-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13251","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142182135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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