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A Dynamic Theory of Random Price Discounts

19 August 2025

Francesc Dilmé and Daniel F. Garrett

A seller with commitment power sets prices over time. Risk-averse buyers arrive to the market and decide when to purchase. We show that it is optimal for the seller to choose a constant high price punctuated by occasional episodes of sequential discounts that occur at random times. This optimal price path has the property that the price a buyer ends up paying is independent of his arrival and purchase times, and only depends on his valuation.

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Brokering Votes with Information Spread Via Social Networks

19 August 2025

Raul Duarte, Frederico Finan, Horacio Larreguy, and Laura Schechter

Politicians rely on political brokers to buy votes throughout much of the developing world. We investigate how social networks facilitate these vote-buying exchanges. Our conceptual framework suggests brokers should be particularly well-placed within the network to learn about non-copartisans’ reciprocity in order to target transfers effectively. As a result, parties should recruit brokers who are central among non-copartisans.

REStud North America Tours - tourists announced

REStud North America Tour – tourists announced

5 August 2025

The 2025 REStud North America tourists have been announced

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The impact of EITC on education, labor market trajectories, and inequalities

5 August 2025

Albertini Julien, Arthur Poirier, and Anthony Terriau

As a complement to the federal earned income tax credit (EITC), some states offer their own EITC, typically calculated as a percentage of the federal EITC. In this paper, we analyze the effect of state EITC on education using policy discontinuities at US state borders. Our estimates reveal that an increase in the state EITC leads to a statistically significant increase in the high school dropout rate.

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A Walrasian Mechanism with Markups for Nonconvex Markets

3 August 2025

Paul Milgrom and Mitchell Watt

We introduce markup equilibrium—an extension of Walrasian equilibrium in which consumers pay a fixed percentage markup over producer prices. In quasilinear markets, markup equilibria exist despite non-convexities. They are resource-feasible and envy-free, incur no budget deficit, and require little more communication and computation than ordinary Walrasian equilibrium. The associated markup mechanism is asymptotically incentive-compatible.

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The Effect of Provider Diversity on Racial Health Disparities: Evidence from the Military

3 August 2025

Michael Frakes and Jonathan Gruber

We assess the relationship between the racial diversity of medical providers and racial health disparities in the use of preventive care and in patient outcomes. We use unique data from the Military Health System, where we observe providers as patients so that we can identify their race, and where moves across bases change exposure to provider race in a plausibly exogenous fashion.

New

Religion, Education, and the State

3 August 2025

Samuel Bazzi, Masyhur Hilmy, and Benjamin Marx

This paper explores how state and religious providers of education compete during the nation building process. Using novel administrative data, we characterize the evolution of Indonesia’s Islamic education system and religious school choice after the introduction of mass public primary schooling in the 1970s. Funded through informal taxation, Islamic schools competed with the state by entering in the same markets. While primary enrollment shifted towards state schools, religious education increased overall as Islamic schools absorbed growing demand for secondary education.

New

Homeownership, Polarization, and Inequality

3 August 2025

Andrii Parkhomenko

Why are job polarization and income inequality higher in large U.S. cities? I offer a new explanation: when house prices grow faster in large cities, middle-income households increasingly cannot afford to own a house there. They move to smaller cities and the middle of the income distribution in large cities hollows out, making them more polarized and unequal. I document that (1) cities with higher price growth experienced larger polarization and increase in inequality since 1980 and (2) middle-income households migrate more often to cheaper locations for housing-related reasons than low- or high-income households.

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