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volume 130, issue 8, augst 2022
1. title: the allocation of food to food banks.
authors: prendergast, canice.
abstract: feeding america allocates donated food to over 200 food banks. in 2005, it transitioned from a queueing mechanism to one where food banks use a specialized currency to bid for food. food banks chose very different food than they received before. small food banks acquired 72% more pounds per client than large food banks at little nutritional cost. this reallocation of food is estimated to have increased its value by 21%, or $115 million per annum. food banks also sourced food much closer, saving an additional $16 million per annum. finally, donations of food rose by over 100 million pounds.
2. title: designing incentives for heterogeneous researchers.
authors: yoder, nathan.
abstract: a principal (e.g., the us government) contracts with a researcher with unknown costs (e.g., a vaccine developer) to conduct a costly experiment. this contracting problem has a novel feature that captures the difference between the form of an experiment and the strength of its results: researchers face a problem of information design rather than optimal effort. using a novel comparative static for bayesian persuasion settings, i characterize the optimal contract and show how experimentation is distorted by the need to screen researchers. moreover, i show that there is no loss from contracting on the experiment's result rather than the experiment itself.
3. title: asymmetric information and sovereign debt: theory meets mexican data.
authors: cole, harold; neuhann, daniel; ordo�ez, guillermo.
abstract: using bid-level data from discriminatory auctions for mexican government bonds, we demonstrate that asymmetric information about default risk is a key friction in sovereign bond markets. we document that large bidders achieve higher bid-acceptance rates than other bidders despite paying no more for executed bids. we then propose a new model of primary markets in which investors may differ in wealth, risk aversion, market power, and information. only asymmetric information can qualitatively account for our empirical finding, and asymmetric information about rare disasters can quantitatively match bidding and yield moments. counterfactuals reveal substantial effects of asymmetric information on yields.
4. title: sorting or steering: the effects of housing discrimination on neighborhood choice.
authors: christensen, peter; timmins, christopher.
abstract: growing evidence indicates that neighborhoods affect human capital accumulation, raising concern that the exclusionary effects of housing discrimination could contribute to persistent inequality in the united states. using data from hud's most recent housing discrimination study and microlevel data on neighborhood attributes in 28 us cities, we find that minorities are steered toward neighborhoods with less economic opportunity and greater exposures to crime and pollution. holding preferences and income constant, discriminatory steering alone can explain a disproportionate number of minority households found in high-poverty neighborhoods in the united states and the higher exposure of african american mothers to toxic pollutants.
5. title: instrumental variable identification of dynamic variance decompositions.
authors: plagborg-m�ller, mikkel; wolf, christian k.
abstract: macroeconomists increasingly use external sources of exogenous variation for causal inference. however, unless such external instruments (proxies) capture the underlying shock without measurement error, existing methods are silent on the importance of that shock for macroeconomic fluctuations. we show that, in a general moving-average model with external instruments, variance decompositions for the instrumented shock are interval-identified, with informative bounds. various additional restrictions guarantee point identification of both variance and historical decompositions. unlike structural vector autoregression analysis, our methods do not require invertibility. applied to us data, they give a tight upper bound on the importance of monetary shocks for inflation dynamics.
6. title: dissecting the equity premium.
authors: beason, tyler; schreindorfer, david.
abstract: we use option prices and realized returns to decompose risk premia into different parts of the return state space. in the data, 8/10 of the average equity premium is attributable to monthly returns below "10%, $'/0257:<=>@in��ʻʬʚ��|h`se7hnn�hnn�5�ojqj^jh�"�hu<�5�ojqj^jh�ud5�ojqj^jo(h�"�h�"�o(&h�"�h�"�5�cjojqj^jajo(h�n�5�cjojqj^jajh
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