Seminar in Economics

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February 2020

Roberto Galbiati (Sciences Po)

February 18 @ 12:00 - 13:15

"J’Accuse...! Antisemitism and Financial Markets in 19th Century France"

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December 2019

Lucio Sarno (Cass Business School)

17 December 2019 @ 12:00 - 13:15

“Foreign Exchange Volume”

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November 2019

Joseph-Simon Goerlach (Università Bocconi)

29 November 2019 @ 12:00 - 13:15

Borrowing Constraints, Migrant Selection, and the Dynamics of Return and Repeat Migration

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Fabio Michelucci (Ca’ Foscari, Venice and CERGE-EI, Prague)

27 November 2019 @ 12:00 - 13:15

How to Pick a Winner

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Giovanni Maggi (Yale University)

20 November 2019 @ 12:00 - 13:15

"Are Trade Agreements Good For You?"

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Harry J. Paarsch (University of Central Florida)

19 November 2019 @ 12:00 - 13:15

"Hui: A Case Study of a Sequential Double Auction of Capital"

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Marco Ottaviani (Università Bocconi)

13 November 2019 @ 12:00 - 13:15

"Resource Allocation across Fields: Proportionality, Demand Relativity, and Benchmarking"

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Jan Zapal (CERGE-EI)

6 November 2019 @ 12:00 - 13:15

"Sequential Vote Buying"

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Paul Heidhues (University of Dusseldorf)

5 November 2019 @ 12:00 - 13:15

"Identifying Present-Bias from the Timing of Choices"

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October 2019

Jaromir Nosal (Boston College)

30 October 2019 @ 12:00 - 13:15

"Market Power and Price Informativeness"

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Samuel Bazzi (Boston University)

24 October 2019 @ 14:00 - 15:30

"Deterring Illegal Entry: Migrant Sanctions and Recidivism in Border Apprehensions"
jointly organised by Centro Studi Luca d’Agliano and Collegio Carlo Alberto within the Migration Observatory

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Virginia Sanchez Marcos (Universidad de Cantabria)

22 October 2019 @ 12:00 - 13:15

"Labor Market Frictions and Lowest Low Fertility"

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Sohnke Bartram (Warwick Business School)

16 October 2019 @ 12:00 - 13:15

"Real Effects of Climate Policy: Financial Constraints and Spillovers"

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Santiago Oliveros (University of Essex)

15 October 2019 @ 12:00 - 13:15

"Sequential Learning"

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Bertil Tungodden (Norwegian School of Economics)

9 October 2019 @ 12:00 - 13:15

"Fairness Across the World: Preferences and Beliefs"

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Andrew Ellul (Indiana University Kelley School of Business)

1 October 2019 @ 14:30 - 15:45

"Insurers as Asset managers and Systemic Risk"

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September 2019

Anastasia V. Kartasheva (Wharton Alternative Investments Initiative)

18 September 2019 @ 12:00 - 13:15

"Structure and complexity of global insurers"

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June 2019

Daniela Iorio (University of Bologna)

20 June 2019 @ 12:00 - 13:15

"Disparities in the battle against infertility: Evidence from IVF success"

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Enrico Moretti (Berkeley)

18 June 2019 @ 12:00 - 13:15

"The Effect of  High Tech Clusters on the Productivity of Top Inventors"

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Uta Schoenberg (University College London)

5 June 2019 @ 12:00 - 13:15

"Like mother, like daughter? Societal Determinants of Maternal Labor Supply – Evidence from the German reunification"

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Paola Giuliano (UCLA Anderson)

4 June 2019 @ 12:00 - 13:15

"Diversity in Schools: Immigrants and the Educational Performance of Natives"

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May 2019

Nicolas Gendron-Carrier (McGill)

28 May 2019 @ 12:00 - 13:15

"Subways and Urban Air Pollution"

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Dirk Krueger (University of Pennsylvania)

22 May 2019 @ 12:00 - 13:15

"Intergenerational Redistribution in the Great Recession"

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Alex Smolin (Bonn)

21 May 2019 @ 12:00 - 13:15

"Disclosure and Pricing of Attributes"

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Sonia Bhalotra (University of Essex)

15 May 2019 @ 12:00 - 13:15

"Infant Health, Cognitive Performance and Earnings: Evidence from Inception of the Welfare State in Sweden"

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Janet Currie (Princeton University)

14 May 2019 @ 12:00 - 13:15

"Understanding Physician Decision Making:  The Case of Depression Treatment"

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Nina Bobkova (EUI)

8 May 2019 @ 12:00 - 13:15

"Information Choice in Auctions"

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Steve Tadelis (Haas School of Business University of California Berkeley)

7 May 2019 @ 12:00 - 13:15

"Sequential Bargaining in the Field: Evidence from Millions of Online Bargaining Interactions"

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April 2019

Xianwen Shi (University of Toronto)

30 April 2019 @ 12:00 - 13:15

"Monotonic Norms and Orthogonal Issues in Multi-Dimensional Voting"

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Erich Battistin (University of Maryland)

24 April 2019 @ 12:00 - 13:15

"School Performance, Score Inflation and Economic Geography"

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Aureo De Paula (University College London)

23 April 2019 @ 12:00 - 13:15

"Spillovers in Social Programme Participation: Evidence from Chile"

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Alp Atakan (Queen Mary University)

17 April 2019 @ 12:00 - 13:15

"Price Discovery in a Large Auction with Costly Information" Abstract: We study a common-value auction in which a large number of identical, indivisible object are sold to a large number of ex-ante identical bidders with unit demand. There is costly information acquisition or costly entry. We derive the limit price distribution. This allows us to quantify the information content of price and provide necessary and sufficient conditions for information aggregation.

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Marie Briere (Amundi Asset Management; Paris Dauphine University; Université Libre de Bruxelles)

16 April 2019 @ 12:00 - 13:15

"Blackrock vs Norway Fund at Shareholder Meetings: Institutional Investors’ Votes on Corporate Externalities"

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Salvatore Piccolo (University of Bergamo)

9 April 2019 @ 12:00 - 13:15

"Environmental Damages, Biased Regulators and the Role of Discretion"

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Jakub Steiner (CERGE-EI and the University of Zurich)

3 April 2019 @ 12:00 - 13:15

"Attention Please!"

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Markus Reisinger (Frankfurt School of Finance & Management)

2 April 2019 @ 12:00 - 13:15

"Sequencing bilateral negotiations with externalities"

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March 2019

Gianmarco Daniele (Bocconi)

27 March 2019 @ 12:00 - 13:15

"Doing Business Below the Line: Screening, Mafias and Public Funds"

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Ronny Razin (London School of Economics and Political Science)

13 March 2019 @ 12:00 - 13:15

"Persuasion with Correlation Neglect"

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Raffaele Saggio (UBC, Princeton)

11 March 2019 @ 12:00 - 13:15

"The Effects of Partial Employment Protection Reforms: Evidence from Italy"

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Brad Larsen (Stanford University)

7 March 2019 @ 12:00 - 13:15

"Consumer Protection in an Online World: When Does Occupational Licensing Matter?"

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Peter Norman (UNC)

4 March 2019 @ 12:00 - 13:15

"Sequential Persuasion" Abstract This paper studies sequential move persuasion games with multiple senders. We use convex analysis to transform a problem with innite action spaces to a nite action model. This way we prove the existence of equilibria by the Zermelo-Kuhn backward induction algorithm, show that equilibrium outcomes are generically unique, and obtain a simple algorithm for nding equilibrium outcomes. We also obtain a simple condition for when full revelation is the unique equilibrium outcome and some comparative statics results.…

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Roberto Galbiati (Science Po)

1 March 2019 @ 12:00 - 13:15

"When in Rome... On Local Norms and Sentencing Decisions"

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February 2019

Tobias Broer (IIES Stockholm)

27 February 2019 @ 12:00 - 13:15

"Heterogenous Information Choice in General Equilibrium"

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Esther Eiling (University of Amsterdam)

26 February 2019 @ 12:00 - 13:15

"Sectoral Labor Reallocation and Return Predictability"

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December 2018

Ben Brooks (Chicago University)

5 December 2018 @ 12:00 - 13:15

"Labor Market Competition and the Assimilation of Immigrants"

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Luigi Guiso (EIEF)

4 December 2018 @ 12:00 - 13:15

"Populism: Demand and Supply"

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November 2018

Albrecht Glitz (Universitat Pompeu Fabra)

27 November 2018 @ 12:00 - 13:15

"Labor Market Competition and the Assimilation of Immigrants"

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Andrea Attar (Toulouse School of Economics and Università di Roma Tor Vergata)

21 November 2018 @ 12:00 - 13:15

"Entry-Proofness and Market Breakdown under Adverse Selection"

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Marcin Kacperczyk (Imperial College London)

20 November 2018 @ 12:00 - 13:15

"Do Foreign Investors Improve Market Efficiency?" Abstract We study the impact of foreign institutional investors on global capital allocation and welfare using firm-level international data. Using MSCI index inclusion as an exogenous shock to foreign ownership, we show that greater foreign ownership leads to more informative stock prices and this effect arises more from increased price efficiency than from improved firm governance. We further show that the impact of capital flows on price efficiency is due to real efficiency gains,…

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Gordon Dahl (UC Berkeley)

6 November 2018 @ 12:00 - 13:15

"Intergenerational Spillovers in Disability Insurance"

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October 2018

Balazs Szentes (LSE)

24 October 2018 @ 12:00 - 13:15

"Optimal Monitoring Design"

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Loriana Pelizzon (Universita Ca Foscari Venice and SAFE-Goethe University Frankfurt)

23 October 2018 @ 12:00 - 13:15

"Residential mortgage defaults and positive equity: Lessons from Europe" abstract We empirically investigate mortgage default behavior in the European market where mortgages are recourse loans, i.e. borrowers are responsible upon default for the difference between the value of the outstanding debt and the value of the house. We show that the majority of defaults happen when collateral would be in principle enough to repay the debt. We find that equity at default is significantly negatively related with the households income…

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Giorgio Brunello (University of Padova)

15 October 2018 @ 12:00 - 13:15

"The Long Term Payoffs of Having Privileged Peers. Evidence from Siblings in School" abstract By comparing siblings attending the same school at different points of time, we estimate the effects of schoolmates’ average parental education on lifetime earnings and other medium and long-term outcomes and investigate whether these effects vary with individual parental education. We find that exposure to privileged peers increases lifetime earnings and the probability of completing tertiary education. These effects are mainly concentrated among “disadvantaged” students. Lifetime…

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Aislinn Bohren (Carnegie Mellon university and University of Pennsylvania)

10 October 2018 @ 12:00 - 13:15

"Social Learning with Model Misspecification: A Framework and a Robustness Result"

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Imran Rasul (UCL)

3 October 2018 @ 12:00 - 13:15

"The Mechanics of Job Search Behavior: Evidence from a Field Experiment in Uganda"

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Francesco Amodio (McGill University)

2 October 2018 @ 12:00 - 13:15

"Bribes vs. Taxes: Market Structure and Incentives"

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September 2018

Martin Pesendorfer (LSE)

26 September 2018 @ 12:00 - 13:15

"Price Reference Effects in Consumer Demand"

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Geert Rouwenhorst (Yale School of Management)

19 September 2018 @ 12:00 - 13:15

"A Tale of Two Premiums: The Role of Hedgers and Speculators in Commodity Futures Markets"

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Eliana La Ferrara (Bocconi University)

18 September 2018 @ 12:00 - 13:15

"Revealing stereotypes: Evidence from grading in schools"

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Takuo Sugaya (Stanford Graduate School of Business)

12 September 2018 @ 12:00 - 13:15

"The Revelation Principle in Multistage Games"

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May 2018

CANCELLED: Martin Pesendorfer (LSE)

29 May 2018 @ 12:00

"Reference dependence, limited attention, and intertemporal substitution in consumer choice" Abstract We develop a discrete-choice demand model accommodating expectations-based reference effects following Koszegi and Rabin . Applying this model to panel data on household ketchup purchases, we find substantial evidence of reference effects. We then extend this model to fully dynamic setting accommodating limited attention and forward-looking search, finding robust evidence of estimated reference effects within this substantially richer setting. Using these estimates to explore the interaction between reference effects,…

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Laurent Bouton (Georgetown University)

23 May 2018 @ 12:00

"Electoral Systems and Inequalities in Government Interventions" abstract This paper revisits the economic effects of constitutions. We propose a model ofgovernmental resource allocation under political competition and contrast majori-tarian and proportional representation systems. We derive predictions regardingthe relationship between local –sub-district– level characteristics and inequality ingovernment intervention. Looking at a local level and introducing heterogeneityallows us to uncover a novel sprinkling effect of electoral competition. This effectcan incentivize politician to allocate resources more equally under multi-district ma-joritarian elections than under…

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Gustavo Manso (Haas School of Business, University of California at Berkeley)

22 May 2018 @ 12:00

"Shareholder Litigation and Corporate Innovation"

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Simone Galperti (UC San Diego)

16 May 2018 @ 12:00

"Shared Knowledge and Competition for Attention in Information Markets"

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Luigi Pistaferri (Stanford University)

15 May 2018 @ 12:00

"Wealth Returns Persistence and Heterogeneity"

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Huseyin Yildirim (Duke University)

10 May 2018 @ 12:00

"Social Pressure, Transparency, and Voting in Committees"

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CANCELLED: Geert Rouwenhorst (Yale School of Management)

9 May 2018 @ 12:00

"A Tale of Two Premiums: The Role of Hedgers andSpeculators in Commodity Futures Markets"

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Francesco Drago (Università degli Studi di Messina)

8 May 2018 @ 12:00

"Voters' Response to Public Policies: Evidence from a Natural Experiment" abstract How do voters assess policy makers in the presence of incomplete information? We address this question by providing quasi-experimental evidence on voters' electoral response to the realized effects of public policies and by also unmasking the underlying mechanism linking public policies and electoral behavior (voters’ information and beliefs). We exploit a natural experiment arising from the Italian 2006 collective pardon promoted and implemented by the national government. The pardon…

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April 2018

Gautam Gowrisankaran (University of Arizona)

23 April 2018 @ 12:00

“Escalation of Scrutiny: The Gains from Dynamic Enforcement of Environmental Regulations” abstract In the United States, federal and state governments spent nearly $21 billion in 2014 on the enforcement of environmental regulations and laws, including the Clean Air Act and Amendments and the Clean Water Act. The Environmental Protection Agency uses a dynamic approach to enforcement, including by designating repeat offenders as high priority violators and targeting them with elevated scrutiny and penalties, which may allow it to mitigate the costs of…

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Gur Huberman (Columbia University) and Monica Paiella (Università Parthenope)

18 April 2018 @ 10:30

10.30-11.30 Gur Huberman (Columbia University): "Monopoly Without a Monopolist: An Economic Analysis of the Bitcoin Payment System" 12.00-13.00 Monica Paiella (Università Parthenope): "P2P Lending: Information Externalities, Social Networks and Loans' Substitution"    

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Mariano Massimiliano Croce (UNC Kenan-Flagler Business School)

17 April 2018 @ 12:00

"The Leading Premium"

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Federico Ravenna (The Central Bank of Denmark)

4 April 2018 @ 12:00

"Everyday Reference Prices and Nominal Rigidities"

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March 2018

Laura Doval (Caltech)

28 March 2018 @ 12:00

"Sequential Information Design"

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Ingo Isphording (IZA)

27 March 2018 @ 12:00

"Achievement Rank Affects Perfomance and Major Choices in College" abstract We study how students' performance and educational choices are affected by their relative academic ability among direct peers. In a quasi-experimental setting we show that students perform better when they rank highly in randomly assigned peer groups. We reject that effects operate through an adjustments of students study efforts. We further show that small random variation in relative rank affects consecutive subject specialization choices. Our results suggest that relative rank comparisons…

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Steven Callander (Stanford Graduate School of Business)

21 March 2018 @ 12:00

"Communication in a Complicated World" Abstract A layperson seeks advice from an expert about a decision he has to make.  The expert is privately informed about the mapping from feasible decisions to outcomes, which takes the form of a realization of a Brownian motion with drift.  For each decision, the expert has a hard piece of information that proves the outcome. The expert prefers smaller decisions and the layperson prefers decisions that generate outcomes that are closer to his preferred…

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Wilbert Van Der Klaauw (Federal Reserve Bank New York)

20 March 2018 @ 12:00

"Echoes of Rising Tuition in Students’ Borrowing, Educational Attainment, and Homeownership in Post-Recession America" Abstract State average enrollment-weighted public college tuition and fees per school year rose by $3,843 (or 81 percent) between 2001 and 2009. How are recent cohorts absorbing this surge in college costs, and what effect is it having on their post-schooling consumption? Our analysis of tuition, educational attainment, and debt patterns for nine youth cohorts across all fifty states indicates that the tuition hike accounted for…

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Alessandro Pavan (Northwstern University)

6 March 2018 @ 12:00

"Robust predictions in dynamic screening" Abstract We characterize properties of optimal dynamic mechanisms using a variational approach thatpermits us to tackle directly the full program. This allows us to make predictions for a considerably broader class of stochastic processes than can be handled by the first order, Myersonian,approach", which focuses on local incentive compatibility constraints and has become standardin the literature. Among other things, we characterize the dynamics of optimal allocations whenthe agent's type evolves according to a stationary Markov…

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February 2018

Ruben Durante (Universitat Pompeu Fabra / Sciences Po)

28 February 2018 @ 12:00

"Advertising Spending and Media Bias: Evidence from news Coverage of Car Safety Recalls"

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Jonathan Berk (Stanford Graduate School of Business)

27 February 2018 @ 12:00

"Regulation of Charlatans in High-Skill Professions"

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Laura Grigolon (McMaster University)

5 February 2018 @ 12:00

"Blurred boundaries: a flexible approach for segmentation applied to the car market" Abstract Prominent features of differentiated product markets are segmentation and product proliferation that blurs the boundaries between segments. I develop a tractable demand model, the Ordered Nested Logit, which allows for overlap between neighboring segments. I apply the model to the automobile market where segments are ordered from small to luxury. I find that consumers, when substituting outside their vehicle segment, are more likely to switch to a…

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December 2017

Marco Casari (University of Bologna)

20 December 2017 @ 11:00

"Carbon is Forever: a Climate Change Experiment on Cooperation"

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Francesco Sangiorgi (Frankfurt School)

19 December 2017 @ 12:00

"Why is capital slow moving? Liquidity hysteresis and the dynamics of limited arbitrage" Abstract Will arbitrage capital flow into a market experiencing a liquidity shock, mitigating the adverse effect of the shock on liquidity? Using a stochastic dynamic model of equilibrium pricing with privately informed capital-constrained arbitrageurs, we show that arbitrage capital may actually flow out of the illiquid market. When some arbitrage capital flows out, the remaining capital in the market becomes trapped because it becomes too illiquid for…

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Naveen Gondhi (INSEAD)

6 December 2017 @ 12:00

"Feedback Effect and Investor Information Acquisition: Implications for Agency Problems" 

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Seth Sanders (Duke University)

5 December 2017 @ 12:00

"Using Response Time Data from Social Science Surveys to Model Cognition and Cognitive Decline"

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November 2017

Helena Perrone (Barcelona Graduate School of Economics)

29 November 2017 @ 12:00

"Consumers' Costly Responses to Product-Harm Crises"

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Irma Clots Figueras (University Carlos III de Madrid)

21 November 2017 @ 12:00

"Leader Identity and Coordination Failure" Abstract This paper investigates the role of leader identity in addressing coordination failure. It uses data from an artefactual field experiment and survey conducted in 44 towns in the Indian state of Uttar Pradesh, sampling individuals from among the minority Muslim and the majority Hindu communities. We find that Muslim leaders encourage greater coordination than Hindu leaders, consistent with in-group bias. We then investigate how coordination behaviour is influenced by affirmative action and cross-group contact interventions,…

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Diego Garcia (University of North Carolina at Chapel Hill)

15 November 2017 @ 12:00

"The kinks of financial journalism" Abstract This paper studies the content of financial news as a function of past market returns.  As a proxy for media content we use positive andnegative word counts from general financial news columns from the Wall Street Journal and the New York Times. Our empirical analysis allows us to discriminate between theories that predict hyping good stock performance to those that emphasize negative news. The evidence is conclusive: negative market returns taint the ink of…

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Salvatore Nunnari (Bocconi University)

8 November 2017 @ 12:00

"A Model of Focusing in Political Choice"

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Sergei Severinov (University of British Columbia)

7 November 2017 @ 12:00

"Bilateral Communication and Matching/Partnership Formation" Abstract We consider match formation between two parties, such as marriage, merger or partnership formation. Each party has private information about the value of the match, which creates friction in the matching process. We focus on the role of bilateral communication in this setting and investigate how such communication should be organized in order to improve the matching process. Different communication protocols are considered, and their outcomes are characterized. Our main results indicate that a…

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October 2017

Matthias Parey (University of Essex)

31 October 2017 @ 12:00

"Diverted dreams: Estimating the effect of assignment to Higher Education institutions"

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Philipp Strack (University of California Berkeley)

25 October 2017 @ 12:00

"Unrealistic Expectations and Misguided Learning"

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Bradyn Breon-Drish (University of California San Diego)

24 October 2017 @ 12:00

"Dynamic Information Acquisition and Strategic Trading"

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Robert Sauer (University of London)

17 October 2017 @ 12:00

"The Dynamics of Domestic Violence: Learning about the Match"

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Rafael DiTella (Harvard Business School)

3 October 2017 @ 12:00

"Meet the Oligarchs: Business Legitimacy, State Capacity and Taxation"

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June 2017

Pedro Dal Bò (Brown University)

22 June 2017 @ 12:00

"The Demand for Bad Policy when Voters Underappreciate Equilibrium Effects"

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Axel Borsch Supan (Munich Center for the Economics of Aging)

15 June 2017 @ 14:00

"Human errors and pension reform" abstract The talk will discuss the microeconomic, macroeconomic and public policy implications when many households make mistakes due to myopia, procrastination and/or mispredictions. I will start with the motivation and background for this topic: aging and the general strategy of pension reforms in Europe, including more saving for old-age in order to compensate for benefit cuts in the pay-as-you-go systems. I will then review the evidence whether this strategy has worked in Germany, and especially…

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Pablo Schenone (Arizona State University)

5 June 2017 @ 12:00

"Networks, Frictions, and Price Dispersion" Note: this seminar is on Monday

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May 2017

Maher Said (NYU Stern School of Business)*

24 May 2017 @ 12:00

"Evaluating Strategic Forecasters"

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Gian Luca Clementi (NYU Stern School of Business)

23 May 2017 @ 12:00

"Equilibrium Corporate Finance and Intermediation"

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Simon Board (UCLA)*

17 May 2017 @ 12:00

"Recruiting Talent"

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