Accepted Papers

The Review of Economic Studies is one of the most highly respected academic journals in the field of economics. It is known for publishing leading research in all areas of economics, from microeconomics to macroeconomics. The journal is published by the Oxford University Press.

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Pigovian Transport Pricing in Practice

Beat Hintermann, Beaumont Schoeman, Joseph Molloy, Thomas Götschi, Alberto Castro, Christopher Tchervenkov, Uros Tomic, and Kay W. Axhausen

We implement Pigovian transport pricing in a field experiment in urban agglomerations of Switzerland over the course of 8 weeks. Our pricing considers the external costs from climate damages, health outcomes from pollution, accidents and physical activity, and congestion. It varies across time, space and mode of transport and is deducted from a budget provided to GPS-tracked participants.

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The Architecture of Social Networks and the Diffusion of Innovations

Bryony Reich

For many technologies and behaviors, an agent’s benefit from adopting depends on his contacts adopting, and the benefit to his contacts of adopting depends on their contacts adopting. This paper examines how the architecture of these connections shapes the success or failure of the diffusion of innovations. We start with a standard model of diffusion with the key addition that some agents can coordinate their decisions. This captures the idea that people often talk and make decisions together with friends or family to adopt technologies.

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Closing Gender Gaps Through Workplace Diversity: The Intergenerational Effects of World War I

Abhay Aneja, Silvia Farina, and Guo Xu

This paper combines personnel records of the U.S. government with census data to study how exposure to greater female representation at work can persistently reduce intergenerational gender gaps in labor market outcomes. Exploiting city-by-department variation in the sudden expansion of female employment during World War I, we find that daughters of civil servants exposed to female co-workers are more likely to work later in life.

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Technology Transfer and Early Industrial Development: Evidence from the Sino-Soviet Alliance

Michela Giorcelli and Bo Li

This paper studies the long-term effects of technology and know-how transfers on structural transformations. In the 1950s, the Soviet Union supported the construction of the 156 Projects, which were large-scale, capital-intensive industrial clusters in China. These projects included a technology transfer, consisting of state-of-the-art Soviet machinery and equipment, and a know-how transfer, via the training of Chinese engineers, production supervisors, and high-skilled technicians by Soviet experts.

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Jackknife Standard Errors for Clustered Regression

Bruce E. Hansen

This paper presents a theoretical case for replacement of conventional heteroskedasticity-consistent and cluster-robust variance estimators with jackknife variance estimators, in the context of linear regression with heteroskedastic and/or cluster-dependent observations. We examine the bias of variance estimation and the coverage probabilities of confidence intervals. Concerning bias, we show that conventional variance estimators have full downward worst-case bias, while our jackknife variance estimator is never downward biased.

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Markov-Perfect Equilibria in Differential Games — with an Application to Climate Policy

Niko S. Jaakkola and Florian O.O. Wagener

We analyse discontinuous Markovian strategies for differential games. The best response correspondence uniquely maps almost all profiles of opponents’ strategies back to the strategy space. We thus make Markov-perfect equilibria in a wide class of differential games well-behaved, resolving a long-standing open problem. We provide a readily applicable necessary and sufficient condition for best responses and Markov-perfect Nash equilibria.

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Eliciting Multiple Prior Beliefs

Mohammed Abdellaoui, Philippe Colo, and Brian Hill

Despite the increasing importance of multiple priors in various domains of economics, choice-based incentive-compatible multiple-prior elicitation remains an open problem. This paper develops a solution, comprising a preference-based identification of a subject’s probability interval for an event, and a method for eliciting it. The method applies under weak decision-theoretic assumptions, with no need for probabilistic sophistication.

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New paper by Grimm, Jordà, Schularick, and Taylor

https://www.restud.com/loose-monetary-policy-and-financial-instability/

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REStud is pleased to announce the winners of the Excellence in Refereeing Award.

We thank these exceptional referees for their timely, constructive, and insightful reports, and for their important contribution to the journal.

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New paper by Kocherlakota

https://www.restud.com/optimal-labor-income-taxation-a-flexible-moral-hazard-approach/

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New paper by Boissay, Collard, Galí, and Manea:

https://www.restud.com/monetary-policy-and-endogenous-financial-crises/

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