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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New

A Dynamic Theory of Random Price Discounts

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.

New

Brokering Votes with Information Spread Via Social Networks

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.

New

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

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.

New

A Walrasian Mechanism with Markups for Nonconvex Markets

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.

New

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

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

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

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.

New

Policy Diffusion and Polarization across U.S. States

Stefano DellaVigna and Woojin Kim

Economists have studied the impact of numerous state laws, from welfare rules to voting ID requirements. Yet for all this policy evaluation, what do we know about policy diffusion—how these policies are introduced and spread from state to state? We present a series of facts based on a data set of 602 U.S. state policies spanning the past 7 decades. First, proxies of state capacity do not predict a higher likelihood of innovating new policies, but the political leaning of the state does predict a higher likelihood of introducing partisan laws since 1990.

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"Supply disruptions shapes the global internet backbone: new paper shows diversification drives cable entry & surplus, but markets may underprovide diversity."

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"Serfdom in early modern Russia wasn’t inevitable—it was driven by landholding soldiers on the southern frontier. To defend against nomads, the state tied peasants to land, cementing coercive labor."

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"A new method for identifying and estimating consumer preferences when choice sets are constrained due to selection or search, but are not observed"

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Cities surrounded by expensive farmland are denser and agricultural productivity growth has lowered urban density over time in France. Our multi-region structural change framework can explain it.

New paper by Coeurdacier, @teignier & @FlorianOswald

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