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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Retractions: Updating from Complex Information

Duarte Gonçalves, Jonathan Libgober, and Jack Willis

We modify a canonical experimental design to identify the effectiveness of retractions. Comparing beliefs after retractions to beliefs (a) without the retracted information and (b) after equivalent new information, we find that retractions result in diminished belief updating in both cases. We propose this reflects updating from retractions being more complex, and our analysis supports this: we find longer response times, lower accuracy, and higher variability.

Attention Utility: Evidence From Individual Investors

Edika Quispe–Torreblanca, John Gathergood, George Loewenstein, and Neil Stewart

We study attention utility, the hedonic pleasure or pain derived purely from paying attention to information, which differs from the news utility that arises from gaining new information. The main, field, study examines brokerage account login data to show that investors pay disproportionate attention to already-known positive information on their stocks. Through its effect on logins, this selective attention affects their trading activity.

Trauma at School: The Impacts of Shootings on Students’ Human Capital and Economic Outcomes

Marika Cabral, Bokyung Kim, Maya Rossin-Slater, Molly Schnell, and Hannes Schwandt

We examine how shootings at schools—an increasingly common form of gun violence in the United States—impact the educational and economic trajectories of students. Using linked schooling and labor market data in Texas from 1992 to 2018, we compare within-student and across-cohort changes in outcomes following a shooting to those experienced by students at matched control schools. We find that school shootings increase absenteeism and grade repetition; reduce high school graduation, college enrollment, and college completion; and reduce employment and earnings at ages 24–26.

Creating Cohesive Communities: A Youth Camp Experiment in India

Arkadev Ghosh, Prerna Kundu, Matt Lowe, and Gareth Nellis

Non-family-based institutions for socializing young people may play a vital role in creating close-knit, inclusive communities. We study the potential for youth camps—integrating rituals, sports, and civics training—to strengthen intergroup cohesion. We randomly assigned Hindu and Muslim adolescent boys, from West Bengal, India, to two-week camps or to a pure control arm. To isolate mechanisms, we cross-randomized collective rituals (such as singing the national anthem, wearing uniforms, chanting support during matches, and synchronous dancing) and the intensity of intergroup contact.

The Value of Privacy in Cartels: An Analysis of the Inner Workings of a Bidding Ring

Kei Kawai, Jun Nakabayashi, and Juan Ortner

We study how incentive constraints can be relaxed by randomization in a repeated-game setting. Our study is motivated by the workings of a detected bidding cartel that adopted a protocol of keeping the winning bid secret from the designated losers when defection was a concern. Keeping the winning bid secret makes accurately undercutting the winning bid more difficult and makes defection less attractive as potential defectors risk not winning the auction even if they deviate.

How People Use Statistics

Pedro Bordalo, John Conlon, Nicola Gennaioli, Spencer Kwon, and Andrei Shleifer

For standard statistical problems, we provide new evidence documenting i) multi-modality and ii) instability in probability estimates, including from irrelevant changes in problem description. The evidence motivates a model in which, when solving a problem, people represent each hypothesis by attending to its salient features while neglecting other, potentially more relevant, ones. Only the statistics associated with salient features are used.

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"How to make decisions that are robust to sampling noise but also to misspecification and related concerns? We analyze this problem as one of minimax regret decision making under partial identification."

New paper by Montiel Olea, Qiu & @JoergStoye:

https://www.restud.com/decision-theory-for-treatment-choice-problems-with-partial-identification/

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How should regulators target their limit enforcement budgets? We quantify the benefits of linked regulation, where regulators dynamically target plants co-owned with other plants with poor compliance records.

New paper by @leistenecon & Vreugdenhil

https://www.restud.com/dynamic-regulation-with-firm-linkages-evidence-from-texas/

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