Sequential Learning under Informational Ambiguity

By Jaden Yang Chen

American Economic Review, January 2026

This paper investigates a sequential social learning problem in which individuals face ambiguity about others' signal structures and have max-min expected utility preferences, thereby exhibiting ambiguity aversion. Unlike previous findings, which suggest ...

Gender-Biased Technological Change: Milking Machines and the Exodus of Women from Farming

By Philipp Ager, Marc Goñi, and Kjell G. Salvanes

American Economic Review, January 2026

This paper studies how gender-biased technological change in agriculture affected women's work in twentieth-century Norway. In the 1950s, dairy farms began widely adopting milking machines to replace milking cows by hand, a task typically performed by you...

Racial Disparities in Housing Returns

By Amir Kermani and Francis Wong

American Economic Review, January 2026

We show that higher rates of distressed home sales (i.e., foreclosures and short sales) among Black and Hispanic homeowners severely reduce realized housing returns for these groups—in particular, to a level below that realized by White homeowners. Yet ...

Tying with Network Effects

By Jay Pil Choi, Doh-Shin Jeon, and Michael D. Whinston

American Economic Review, January 2026

We develop a leverage theory of tying in markets with network effects. When a monopolist in one market cannot perfectly extract surplus from consumers, tying can be a mechanism through which unexploited consumer surplus is used as a demand-side leverage t...

Are Building Codes an Effective Adaptation to Wind Risk? Evidence from Remotely Detected Blue Tarps

By David Wolf and Kenji Takeuchi

American Economic Journal: Economic Policy

Hurricanes cause significant wind and water damage, yet economic research primarily focuses on the latter due to data limitations. We overcome this problem by analyzing photographs taken after Hurricane Irma (2017) to locate blue-tarped homes. Using a r...

Energy, the Stock Market, and the Putty-Clay Investment Model

By Chao Wei

American Economic Review, March 2003

Tax and Occupancy of Business Properties: Evidence from UK Business Rate Reliefs

By Ben Lockwood, Martin Simmler, and Eddy H.F. Tam

American Economic Journal: Economic Policy

We study how UK property tax rates impact commercial vacancies and rents, using new data, and exploiting exogenous variations in two major property tax reliefs, small business relief and retail relief. We estimate that both reliefs are effective at ach...

The Value of School Social Climate Information: Evidence from Chicago Housing Transactions

By Rene A. Crespin

American Economic Journal: Economic Policy

I study how publicly released school social climate information is capitalized into housing markets and affects household sorting. Using the initial release of school climate ratings in Chicago as a plausibly exogenous information shock, I combine a borde...

Estimating the Economic Value of Zoning Reform

By Santosh Anagol, Fernando Ferreira, and Jonah Rexer

American Economic Journal: Economic Policy

We estimate the economic value of zoning reform in São Paulo, which altered maximum permitted construction along transportation corridors. Developers increased filings for multifamily construction in blocks affected by the reform, leading to more housi...

Rainfall Inequality, Political Power, and Ethnic Conflict in Africa

By Andrea Guariso and Thorsten Rogall

American Economic Journal: Economic Policy

How are ethnic inequality and ethnic violence related? We empirically investigate this question using an innovative measure of resource inequality between ethnic groups, based on rainfall on ethnic homelands during the plant-growing season. Our main da...

Childhood Health Shocks and the Intergenerational Transmission of Inequality

By Tine M. Eriksen, Amanda P. Gaulke, Jannet Svensson, Niels Skipper, and Peter R. Thingholm

American Economic Journal: Economic Policy

This paper documents a socioeconomic gradient in adult labor market penalties stemming from a single chronic and treatable childhood health shock in a country with universal access to healthcare. Using childhood onset Type 1 Diabetes, Danish administrat...

How Effective Are R&D Tax Incentives? Reconciling the Micro and Macro Evidence

By Silvia Appelt, Matěj Bajgar, Chiara Criscuolo, and Fernando Galindo-Rueda

American Economic Journal: Economic Policy

Recent firm-level studies find R&D tax incentives to be much more effective at stimulating firms’ R&D investment than aggregate analyses suggest. Based on a distributed analysis of official R&D survey and administrative tax relief microdata for 19 OE...

Distortions, Producer Dynamics, and Aggregate Productivity: A General Equilibrium Analysis

By Stephen Ayerst, Loren Brandt, and Diego Restuccia

American Economic Journal: Macroeconomics

In less developed economies the allocation of factor inputs to more productive farms is often hindered. To analyze how distortions affect farm dynamics and agricultural productivity, we develop a model of heterogeneous farms investing in productivity impr...

Winter Blues: A SAD Stock Market Cycle

By Mark J. Kamstra, Lisa A. Kramer, and Maurice D. Levi

American Economic Review, March 2003

The Making of Modern Corporate Finance: A History of the Ideas and How They Help Build the Wealth of Nations by Donald H. Chew Jr.

By Yueran Ma

Journal of Economic Literature

Flood Risk Mapping and the Distributional Impacts of Climate Information

By Joakim A. Weill

American Economic Journal: Economic Policy

This paper examines the provision of official flood risk information in the United States and its distributional impacts on residential flood insurance take-up. Assembling all flood maps produced after Hurricane Katrina, I document that updated maps de...

When the Effects of Informational Interventions Are Driven by Salience – Evidence from School Parents in Brazil

By Guilherme Lichand, Nina Cunha, Ricardo A. Madeira, and Eric Bettinger

American Economic Journal: Economic Policy

Do informational interventions work because they lead subjects to merely update beliefs in the right direction or, to a large extent, because they increase the salience of the decision they target? We randomly assign parents to either an information gr...

Hurricanes, Climate Change Policies and Electoral Accountability

By Stefano Gagliarducci, M. Daniele Paserman, and Eleonora Patacchini

American Economic Journal: Economic Policy

This paper studies the conditions under which legislators promote policies that may be unpopular in the short term but yield long-term benefits. Using data on the universe of federal disaster declarations from 1989 to 2020, we document that representati...

The Pass-Through of Retail Crime

By Carl Hase and Johannes Kasinger

American Economic Journal: Economic Policy

This paper shows that retailers increase prices in response to organized retail crime. We match store-level crime data to scanner data from the universe of transactions for cannabis retailers in Washington state. Using quasi-experimental variation from...

The Option Value of Municipal Liquidity

By Andrew Haughwout, Benjamin Hyman, and Or Shachar

American Economic Journal: Economic Policy

States and localities are relied upon to implement macroeconomic stabilization policies and ensure service delivery in times of crisis. In April 2020, the introduction of the Municipal Liquidity Facility (MLF) added an emergency lending instrument to th...