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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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New

Auctions with Frictions: Recruitment, Entry, and Limited Commitment

15 June 2025

Stephan Lauermann and Asher Wolinsky

Auction models are convenient abstractions of informal price-formation processes that arise in markets for assets or services. These processes involve frictions like bidder recruitment costs for sellers, participation costs for bidders, and limitations on sellers’ commitment abilities. This paper develops an auction model that captures such frictions.

New

Search Direction: Position Externalities and Position Auction Bias

15 June 2025

Simon P. Anderson and Régis Renault

We formulate a tractable model of pricing under directed search with heterogeneous firm demands. Demand characteristics drive bids in a position auction and enable us to bridge insights from the ordered search literature to those in the position auction literature. Equilibrium pricing implies that the marginal consumer’s surplus decreases down the search order, so consumers optimally follow the firms’ position ordering. A firm suffers from “business stealing” by firms that precede it and “search appeal” from subsequent firms.

New

Revisiting the Non-Parametric Analysis of Time-Inconsistent Preferences

9 June 2025

Federico Echenique and Gerelt Tserenjigmid

We revisit the recent revealed preference analysis of sophisticated quasi-hyperbolic consumers by Blow, Browning, and Crawford (2021) (BBC). We show that BBC’s revealed preference test is too lax. There are non-rationalizable data that would pass their test. A basic problem with their test is that it requires finding a certain endogenous elasticity, without regard to the rationalizing utility. Their approach motivates a more stringent test, also based on first-order conditions, that would connect the endogenous elasticity and utility: We show that this test is also too lax.

New

Overconfidence and Prejudice

9 June 2025

Paul Heidhues, Botond Kőszegi, and Philipp Strack

We develop a model of multi-dimensional misspecified learning in which an overconfident agent learns about groups in society from observations of his and others’ successes. We show that the average person sees his group relative to other groups too positively, and this in-group bias exhibits systematic comparative-statics patterns. First, a person is most likely to have negative opinions about other groups he competes with. Second, while information about another group’s achievements does not lower a person’s prejudice, information about economic or social forces affecting the group can, and personal contact with group members has a beneficial effect that is larger than in classical settings.

New

Community Enforcement with Endogenous Records

9 June 2025

Harry Pei

I study repeated games with anonymous random matching where players can add or remove signals from their records. The ability to manipulate records introduces monotonicity constraints on players’ continuation values, under which sufficiently long-lived players will almost never cooperate. When players’ expected lifespans are intermediate, their ability to sustain cooperation depends on (i) whether their actions are complements or substitutes and (ii) whether manipulation takes the form of adding or removing signals.

New

Behavioral Causal Inference

9 June 2025

Ran Spiegler

When inferring causal effects from correlational data, a common practice by professional researchers but also lay people is to control for potential confounders. Inappropriate controls produce erroneous causal inferences. I model decision-makers who use endogenous observational data to learn actions’ causal effect on payoff-relevant outcomes. Different decision-maker types use different controls. Their resulting choices affect the very correlations they learn from, thus calling for equilibrium analysis of the steady-state welfare cost of bad controls.

New

Making Decisions under Model Misspecification

9 June 2025

Simone Cerreia-Vioglio, Lars Peter Hansen, Fabio Maccheroni, and Massimo Marinacci

We use decision theory to confront uncertainty that is sufficiently broad to incorporate “models as approximations.” We presume the existence of a featured collection of what we call “structured models” that have explicit substantive motivations. The decision maker confronts uncertainty through the lens of these models, but also views these models as simplifications, and hence, as misspecified.

New

Demand Shocks as Technology Shocks

9 June 2025

Yan Bai, José-Víctor Ríos-Rull, and Kjetil Storesletten

We provide a macroeconomic theory where demand for goods has a productive role. A search friction prevents perfect matching between producers and potential customers. Larger demand induces more search, which in turn increases GDP and measured TFP. We embed the product-market friction in a standard neoclassical model and estimate it using Bayesian techniques.

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Recently accepted to #REStud, "Revisiting the Non-Parametric Analysis of Time-Inconsistent Preferences," from Echenique and Tserenjigmid:

https://www.restud.com/revisiting-the-non-parametric-analysis-of-time-inconsistent-preferences/

#econtwitter

Reply on Twitter 1937209745099669891 Retweet on Twitter 1937209745099669891 1 Like on Twitter 1937209745099669891 8 Twitter 1937209745099669891

Recently accepted to #REStud, "Overconfidence and Prejudice," from Heidhues, Kőszegi and Strack:

https://www.restud.com/overconfidence-and-prejudice/

#econtwitter

Reply on Twitter 1937208422417498443 Retweet on Twitter 1937208422417498443 12 Like on Twitter 1937208422417498443 66 Twitter 1937208422417498443

"Can communities sustain cooperation when players can add or erase signals from their records?
Sufficiently long-lived players can hardly sustain any cooperation, but players w/ intermediate lifespans can sustain some cooperation."

From @harry_toulouse:

https://www.restud.com/community-enforcement-with-endogenous-records/

Reply on Twitter 1937205478775312793 Retweet on Twitter 1937205478775312793 5 Like on Twitter 1937205478775312793 12 Twitter 1937205478775312793

Recently accepted to #REStud, "Behavioral Causal Inference," from Ran Spiegler:

https://www.restud.com/behavioral-causal-inference/

#econtwitter

Reply on Twitter 1937202593920385202 Retweet on Twitter 1937202593920385202 30 Like on Twitter 1937202593920385202 189 Twitter 1937202593920385202
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The Review of Economic Studies

The Review was founded in 1933 by a group of Economists from leading UK and US departments. It is now managed by European-based economists.

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