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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Customer Acquisition, Business Dynamism and Aggregate Growth

Marek Ignaszak and Petr Sedláček

Business dynamism — the process of firm entry, growth and exit — lies at the heart of modern endogenous growth models. While productivity differences have traditionally been seen as the main driving forces of business dynamism, a growing body of evidence suggests that customer acquisition is at least as important. In light of this evidence, we propose a novel endogenous growth model in which innovating firms must first acquire customers to sell their products.

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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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Under Smooth Diagnostic Expectations overreaction increases smoothly with uncertainty, providing a micro-foundation for key properties of survey data and the business cycle.

New paper by @Francesco_Bia, @CosminIlut, and @hpfilter

https://www.restud.com/smooth-diagnostic-expectations/

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New paper by Kwak

https://www.restud.com/when-is-separate-sales-optimal/

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New paper by Kaila:

https://www.restud.com/how-do-people-react-to-income-based-fines-evidence-from-speeding-tickets-discontinuities/

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The UK’s post-1963 Robbins Report university boom brought in less able students from advantaged backgrounds. Future expansions should target talented students facing socioeconomic barriers.

New paper by Ichino, Rustichini, and @giulio_zanella:

https://www.restud.com/college-cognitive-ability-and-socioeconomic-disadvantage-policy-lessons-from-the-uk-in-1960-2004/

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