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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Insurer Risk and Public Risk-Sharing: Quantifying the Value of Reinsurance

Paul H.S. Kim and Anran Li

We study the role of public risk-sharing in markets where firms face substantial cost uncertainty, focusing on public reinsurance in health insurance. We develop a model where insurers internalize cost uncertainty through risk charges that raise effective marginal costs, and create a role for reinsurance. Public reinsurance lowers both expected costs and cost volatility, particularly for smaller insurers, reducing prices and enhancing competition.

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Peer Effects in Consideration and Preferences

Nail Kashaev, Natalia Lazzati, and Ruli Xiao

We develop a general model of discrete choice that incorporates peer effects in preferences and consideration sets. We characterize the equilibrium behavior and establish conditions under which all parts of the model can be recovered from a sequence of choices. We allow peers to affect preferences, consideration, or both. We show that these peer-effect mechanisms have different behavioral implications in the data.

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Spatial Implications of Telecommuting

Matthew J. Delventhal and Andrii Parkhomenko

We build a quantitative spatial model in which some workers can substitute on-site effort with work done from home. Ability and propensity to telecommute vary by education and industry. We quantify our framework to match the distribution of jobs and residents across 4,502 U.S. locations. Then we simulate permanent increases in the attractiveness and productivity of telework that lead to greater adoption of hybrid and fully remote work.

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A Temporary VAT Cut as Unconventional Fiscal Policy

Ruediger Bachmann, Benjamin Born, Olga Goldfayn-Frank, Georgi Kocharkov, Ralph Luetticke, and Michael Weber

We exploit Germany’s temporary three-percentage-point VAT cut in the second half of 2020 to study the spending response to unconventional fiscal policy. We use survey and scanner data on household consumption expenditures and their perceived pass-through of the tax change into prices, and a HANK model to quantify the effects of this VAT policy.

New

Competing under Information Heterogeneity: Evidence from Auto Insurance

Marco Cosconati, Yi Xin, Fan Wu, and Yizhou Jin

This paper studies competition under information heterogeneity in selection markets and examines the impact of public information regulations aimed at reducing information asymmetries between competing firms. We develop a novel model and introduce new empirical strategies to analyze imperfect competition in markets where firms have heterogeneous information about consumers, vary in cost structures, and offer differentiated products.

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Buyers often make choices between differentiated products and negotiate prices specific to the choice. This paper specifies a model for this setting and estimates it on transactions data for the UK brick market.

New paper by @howardwsmith, Beckert, and Takahashi

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🚨 NEW ECONOMICS JOURNAL 🚨

We are excited to announce the launch of The Review of Economic Studies: Insights, a new open-access journal in the REStud family.

Mission: publish concise, high-quality research on important questions across economics and economic policy.🧵1/13

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New paper by Saffie, Varela, and Yi

https://www.restud.com/the-micro-and-macro-dynamics-of-capital-flows/

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How does consumer data let platforms shape competition? Elliott, Galeotti, @andrewjkoh, and @Wenhao19921 show how platforms can use consumer data to segment markets for the benefit of firms or consumers.

https://www.restud.com/market-segmentation-through-information/

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