The NBER Reporter 2012 Number 4: Program and Working Group Meetings

The NBER's Working Group on the Chinese Economy met in Cambridge on October 5 and 6, 2012. Hanming Fang, University of Pennsylvania and NBER, and Shang-Jin Wei of Columbia University who directs the group, organized the conference. These papers were discussed:

David Dollar, U.S. Treasury, and Benjamin Jones, Northwestern University and NBER, "Understanding China: An Explanation for an Unusual Macroeconomy"

Russell Cooper, Pennsylvania State University and NBER; Guan Gong, Shanghai University of Finance and Economics; and Ping Yan, CCER, "Costly Labor Adjustment: Effects of China's Employment Regulations" (NBER Working Paper No 17948)

Douglas Almond, Columbia University and NBER; Hongbin Li, Tsinghua University; and Shuang Zhang, Cornell University, "Income and Sex Selection: A Cautionary Tale of Land Reform and Sex Ratios in China"

Harrison Hong, Princeton University and NBER; Wenxi Jiang, Yale University; and Bin Zhao, Shanghai Advanced Institute of Finance, "Trading for Status"

Jing Wu, Tsinghua University; Yongheng Deng and Bernard Yeung, National University of Singapore; Jun Huang, Shanghai University of Finance and Economics; and Randall Morck, University of Alberta and NBER, "Incentives and Outcome: The 'Environmental' Bias in China"

Lily Fang, INSEAD; Jun Qian, Boston College; and Huiping Zhang, Shanghai University of Finance & Economics, "Out of the Limelight but In Play: Trading and Liquidity of Media and Off-media Stocks"

Yongheng Deng, National University of Singapore; Joseph Gyourko, University of Pennsylvania and NBER; and Jing Wu, Tsinghua University, "Should We Fear an Adverse Collateral Effect on Investment in China?"

Liugang Sheng, University of California, Davis, and Dennis Tao Yang, University of Virginia, "The Ownership Structure of Offshoring and Wage Inequality: Theory and Evidence from China"

Nicholas Bloom, Stanford University and NBER, and James Liang, John Roberts, and Zhichun (Jenny) Ying, Stanford University, "Does Working from Home Work? Evidence from a Chinese Experiment"

Daniel Berkowitz, University of Pittsburgh; Chen Lin, Chinese University of Hong Kong; and Yue Ma, Lingnan University, "The Real and Financial Implications of Property Rights Protection: Evidence from a Natural Experiment?"

Raymond Fisman, Columbia University and NBER, and Yasushi Hamao and Yongxiang Wang, University of Southern California, "The Impact of Cultural Aversion on Economic Exchange: Evidence from Shocks to Sino-Japanese Relations"

Summaries of these papers may be found here.

The NBER's Working Group on Market Design, directed by Susan Athey and Parag Pathak of NBER and MIT, met in Cambridge on October 19 and 20, 2012. These papers were discussed:

William Fuchs, University of California at Berkeley, and Andrzej Skrzypacz, Stanford University, "Costs and Benefits of Dynamic Trading in a Lemons Market"

Jacob Leshno, Microsoft Research, "Dynamic Matching in Overloaded Systems"

Kenneth Hendricks, University of Wisconsin, Madison and NBER, and Daniel Quint, University of Wisconsin, "Selecting Bidders Via Non-Binding Bids When Entry Is Costly"

Sergiu Hart and Noam Nisan, Hebrew University, "The Menu-Size Complexity of Auctions"

Yeon-Koo Che, Columbia University; Jinwoo Kim, Yonsei University; and Fuhito Kojima, Stanford University, "Efficient Assignment with Interdependent Values"

Itai Ashlagi, MIT, and Alvin Roth, Stanford University and NBER, "Kidney Exchange in Time and Space"

Tayfun Sonmez and M. Utku Unver, Boston College, "Welfare Consequences of Transplant Organ Allocation Policies"

Peter Cramton, University of Maryland; Ulrich Gall, Stanford University; Pacharasut Sujarittanonta, Cramton Associates LLC; and Robert Wilson, Stanford University, "The Applicant Auction for Top-Level Domains: Resolving Conflicts Efficiently"

Lawrence Ausubel, University of Maryland; Jonathan D. Levin, Stanford University and NBER; and Paul Milgrom and Ilya Segal, Stanford University, "Incentive Auction Rules Proposal"

Aditya Bhave and Eric Budish, University of Chicago, "Primary-Market Auctions for Event Tickets: Eliminating the Rents of 'Bob the Broker'"

Atila Abdulkadiroglu, Duke University; Nikhil Agarwal, Harvard University; and Parag Pathak, "Centralized vs. Decentralized School Assignment: Evidence from NYC"

Qingmin Liu, Columbia University, and Marek Pycia, University of California at Los Angeles, "Ordinal Efficiency, Fairness, and Incentives in Large Markets"

Scott Duke Kominers, University of Chicago, and Tayfun Sonmez, "Designing for Diversity in Matching"

Elisa Celis, University of Washington; Gregory Lewis, Harvard University and NBER; Markus Mobius, Iowa State University and NBER; and Hamid Nazerzadeh, University of Southern California, "Buy-it-now or Take-a-chance: Price Discrimination through Randomized Auctions"

Michael Kearns, Mallesh Pai, and Aaron Roth, University of Pennsylvania, and Jonathan Ullman, Harvard University, "Mechanism Design in Large Games: Incentives and Privacy"

David Rothschild and David Pennock, Microsoft Research, "The Extent of Price Misalignment in Prediction Markets"

Summaries of these papers may be found here.

The NBER's Program on Asset Pricing met at Stanford University on October 26, 2012.NBER Research Associates Hanno Lustig of UCLA's Anderson School of Management and Stefan Nagel of Stanford University's Graduate School of Business organized the meeting and chose these papers to discuss:

David Lucca and Emanuel Moench, Federal Reserve Bank of New York, "The Pre-FOMC Announcement Drift"

Lubos Pastor and Pietro Veronesi, University of Chicago and NBER, "Political Uncertainty and Risk Premia" (NBER Working Paper No. 17464)

Jack Favilukis, London School of Economics, and Xiaoji Lin, Ohio State University, "Wage Rigidity: A Solution to Several Asset Pricing Puzzles"

Tobias Adrian, Federal Reserve Bank of New York; Tyler Muir, Northwestern University; and Erkko Etula, Goldman, Sachs & Co., "Financial Intermediaries and the Cross-Section of Asset Returns"

Snehal Banerjee, Northwestern University, and Jeremy Graveline, University of Minnesota, "Trading in Derivatives when the Underlying is Scarce"

Dong Lou and Christopher Polk, London School of Economics, "Co-momentum: Inferring Arbitrage Capital from Return Correlations"

Summaries of these papers may be found here.

The NBER's Program on Economic Fluctuations and Growth met in New York on October 26, 2012. NBER Research Associates Paul Beaudry, University of British Columbia, and John Leahy, New York University, organized the meeting. These papers were discussed:

Chang-Tai Hsieh and Erik Hurst, University of Chicago and NBER, and Charles Jones and Peter Klenow, Stanford University and NBER, "The Allocation of Talent and U.S. Economic Growth"

Fatih Guvenen, University of Minnesota and NBER; Serdar Ozkan, Federal Reserve Board; and Jae Song, Social Security Administration, "The Nature of Countercyclical Income Risk" (NBER Working Paper No. 18035)

Loukas Karabarbounis and Brent Neiman, University of Chicago and NBER, "Declining Labor Shares and the Global Rise of Corporate Savings" (NBER Working Paper No. 18154)

Stephanie Schmitt-Grohe and Martin Uribe, Columbia University and NBER, "Prudential Policy for Peggers" (NBER Working Paper No. 18031)

Eric Swanson and John Williams, Federal Reserve Bank of San Francisco, "Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates"

Alisdair McKay, Boston University, and Ricardo Reis, Columbia University and NBER, "The Role of Automatic Stabilizers in the U.S. Business Cycle"

Summaries of these papers may be found here.

The NBER's Program on Labor Studies, directed by David Card of the University of California, Berkeley, met in Cambridge on October 26, 2012. These papers were discussed:

Hunt Allcott, New York University and NBER, and Sendhil Mullainathan, Harvard University and NBER, "External Validity and Partner Selection Bias" (NBER Working Paper No. 18373)

Stefan Bender, Institute for Employment Research; Johannes Schmieder, Boston University and NBER; Till von Wachter, Columbia University and NBER, "The Effect of Unemployment Insurance Extensions on Reemployment Wages"

Thomas Buser and Hessel Oosterbeek, University of Amsterdam, and Muriel Niederle, Stanford University and NBER, "Gender, Competitiveness, and Career Choices"

Andrew Shephard, Princeton University, and Richard Blundell, University College, London, "Taxation in an Empirical Life-Cycle Model of Labor Supply"

Supreet Kaur, Harvard University, "Nominal Wage Rigidity in Village Labor Markets"

Costas Meghir, Yale University and NBER; Renata Narita, World Bank; and Jean-Marc Robin, "Wages and Informality in Developing Countries" (NBER Working Paper No. 18347)

Summaries of these papers may be found here.

The NBER's Program on Public Economics met in Cambridge on November 1 and 2, 2012. Research Associates Raj Chetty of Harvard University and Justine Hastings of Brown University organized the meeting. These papers were discussed:

Sara LaLumia, Williams College; Nicholas Turner, Department of the Treasury; and James Sallee, University of Chicago and NBER, "New Evidence on Taxes and the Timing of Birth"

John Sabelhaus, Federal Reserve Board, "Early Withdrawals from Retirement Accounts in the Great Recession"

Jason DeBacker and Alex Yuskavage, Department of the Treasury, and Bradley Heim and Anh Tran, Indiana University, "The Lasting Impact of Enforcement: An Analysis of Corporate Tax Aggressiveness Following Audit"

Eytan Sheshinski, Hebrew University, "Limits on Individual Choice"

Lorenz Kueng, Northwestern University, "Tax News: Identifying the Household Consumption Response to Tax Expectations using Municipal Bond Prices"

Henrik Kleven and Camille Landais, London School of Economics, and Emmanuel Saez, University of California at Berkeley and NBER, "Taxes, Wage Bargaining, and Migration: Evidence from Top-Income Foreigners in Denmark"

John Friedman and Raj Chetty, Harvard University and NBER, and Soren Leth-Petersen, Torben Nielsen, and Tore Olsen, University of Copenhagen, "Active vs. Passive Decisions and Crowd-out in Retirement Savings Accounts: Evidence from Denmark"

Michael Dinerstein and Pablo Villanueva, Stanford University; Caroline Minter Hoxby, Stanford University and NBER; and Jonathan Meer, Texas A&M University, "Did the Fiscal Stimulus Work for Universities?"

Ralph Koijen, University of Chicago and NBER, and Motohiro Yogo, Federal Reserve Bank of Minneapolis, "The Cost of Financial Frictions for Life Insurers"

John Karl Scholz, University of Wisconsin, Madison and NBER, and Ananth Seshadri, University of Wisconsin, Madison, "Health and Wealth in a Lifecycle Model"

Justine Hastings, and Christopher Neilson and Seth Zimmerman, Yale University, "Determinants of Causal Returns to Postsecondary Education in Chile: What's Luck Got to do with it?"

Summaries of these papers may be found here.

The NBER's Program on Corporate Finance met in Cambridge on November 2, 2012. NBER Research Associate Malcolm Baker of Harvard Business School organized the meeting. These papers were discussed:

Carola Frydman, Boston University and NBER; Eric Hilt, Wellesley College and NBER; and Lily Zhou, Federal Reserve Bank of New York, "“Economic Effects of Runs on Early 'Shadow Banks': Trust Companies and the Impact of the Panic of 1907"

Sumit Agarwal, National University of Singapore; Itzhak Ben-David, Ohio State University; and Vincent Yao, Fannie Mae, "Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real-Estate Market"

Kingsley Fong, University of New South Wales; Harrison Hong, Princeton University and NBER; Marcin Kacperczyk, New York University and NBER; and Jeffrey Kubik, Syracuse University, "Do Security Analysts Discipline Credit Rating Agencies?"

Anil Kashyap, University of Chicago and NBER, and Natalia Kovrijnykh, Arizona State University, "Who Should Pay for Credit Ratings and How?"

Victoria Ivashina and David Scharfstein, Harvard University and NBER, and Jeremy Stein, Federal Reserve Board of Governors, "Dollar Funding and the Lending Behavior of Global Banks"

Gregor Matvos, University of Chicago and NBER, "Estimating the Benefits of Contractual Completeness"

Frederic Panier and Pablo Villanueva, Stanford University; Francisco Perez-Gonzalez, Stanford University and NBER, "Capital Structure and Taxes: What Happens When You (Also) Subsidize Equity?"

Summaries of these papers may be found here.

The Behavioral Economics Working Group held a meeting on Behavioral Finance in Cambridge on November 3, 2012. NBER Research Associates Nicholas Barberis, Yale School of Management, and Xavier Gabaix, New York University's Stern School of Business, organized the meeting and chose these papers to discuss:

Robin Greenwood and Andrei Shleifer, Harvard University and NBER, "Expectations of Returns and Expected Returns"

Milo Bianchi, University Paris-Dauphine, and Philippe Jehiel, PSE and UCL, "Financial Reporting and Market Efficiency with Extrapolative Investors"

Lauren Cohen, Harvard University and NBER, and Huaizhi Chen and Dong Lou, London School of Economics, "Industry Window Dressing"

Stefano Giglio, University of Chicago and NBER, and Kelly Shue, University of Chicago, "No News is News: Do Markets Underreact to Nothing?"

Markus Brunnermeier, Princeton University and NBER; Alp Simsek, Harvard University and NBER; and Wei Xiong, Princeton University and NBER, "A Welfare Criterion for Models with Distorted Beliefs"

Harrison Hong, Princeton University and NBER, and David Sraer, Princeton University and NBER, "Speculative Betas"

These summaries may be found here.

The NBER's Program on International Finance and Macroeconomics met in Cambridge on November 9, 2012. NBER Research Associates Charles Engel, University of Wisconsin, and Linda Tesar, University of Michigan, organized the meeting. These papers were discussed:

Anton Korinek, University of Maryland and NBER, "Capital Controls and Currency Wars"

Gazi Kara, University of North Carolina at Chapel Hill, "Systemic Risk, International Regulation, and the Limits of Coordination"

Logan Lewis, Federal Reserve Board of Governors, "Menu Costs, Trade Flows, and Exchange Rate Volatility"

Mary Amiti, Federal Reserve Bank of New York; Oleg Itskhoki, Princeton University and NBER; and Jozef Konings, Katholieke Universiteit, "Importers, Exporters, and Exchange Rate Disconnect"

Christopher Erceg and Jesper Linde, Federal Reserve Board, "Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes"

Matteo Cacciatore, HEC Montreal; Giuseppe Fiori, North Carolina State University; and Fabio Ghironi, Boston College and NBER, "Market Deregulation and Optimal Monetary Policy in a Monetary Union"

Summaries of these papers may be found here.

The NBER's Monetary Economics Program met in Cambridge on November 9, 2012. NBER Research Associates Guido Lorenzoni and Jonathan Parker, Northwestern University, organized this program:

Emmanuel Farhi, Harvard University and NBER, and Ivan Werning, MIT and NBER, "Fiscal Unions"

Itamar Drechsler, New York University; Thomas Drechsel and David Marques-Ibanez, European Central Bank; and Philipp Schnabl, New York University and NBER, "Who Borrows from the Lender of Last Resort? Evidence from the European Financial Crisis"

Susanto Basu, Boston College and NBER, "Productivity and the Welfare of Nations"

Stefano Eusepi, Federal Reserve Bank of New York, and Bruce Preston, Monash University and NBER, "Fiscal Foundations of Inflation: Imperfect Knowledge",

Chao He and Yu Zhu, University of Wisconsin, Madison, and Randall Wright, University of Wisconsin, Madison and NBER, "Housing and Liquidity"

Rodney Ramcharan, Stephane Verani, and Skander Van Den Heuvel, Federal Reserve Board, "From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply"

Summaries of these papers may be found here.

The NBER's Program on Education, directed by Caroline Hoxby of Stanford University, met in Washington on November 15-16, 2012. The following papers were discussed:

Guido Schwerdt, Ifo Institute for Economic Research, and Martin West, Harvard University, "The Effects of Test-based Retention on Student Outcomes over Time: Regression Discontinuity Evidence from Florida"

Benjamin Castleman, Harvard University, and Bridget Long, Harvard University and NBER, "Looking Beyond Enrollment: The Causal Effect of Need-Based Grants on College Access, Persistence, and Graduation"

Lindsay Daugherty and Francisco Martorell, RAND Corporation, and Isaac McFarlin, University of Michigan, "Percent Plans, Automatic Admissions, and College Enrollment Outcomes"

Sarah Cohodes and Joshua Goodman, Harvard University, "First Degree Earns: The Impact of College Quality on College Graduation Rates"

Maria Fitzpatrick, Cornell University, and Michael Lovenheim, Cornell University and NBER, "Early Retirement Incentives and Student Achievement"

Caroline Hoxby, and Sarah Turner, University of Virginia and NBER, "Expanding College Opportunities for Low-Income, High-Achieving Students"

Joshua Angrist and Parag Pathak, MIT and NBER, and Christopher Walters, MIT, "Explaining Charter School Effectiveness" (NBER Working Paper No. 17332)

Peter Arcidiacono, Duke University and NBER, and Cory Koedel, University of Missouri, "Race and College Success: Evidence from Missouri"

Timothy Bartik and Marta Lachowska, W.E. Upjohn Institute for Employment Research, "The Short-Term Effects of the Kalamazoo Promise Scholarship on Student Outcomes"

Kasey Buckles, University of Notre Dame; Ofer Malamud, University of Chicago and NBER; Melinda Morrill, North Carolina State University; and Abigail Wozniak, University of Notre Dame and NBER, "The Effect of College Education on Health"

Karthik Muralidharan, University of California at San Diego and NBER, "The Aggregate Effect of School Choice: Evidence from a Two-stage Experiment in India"

Summaries of these papers may be found here.

The NBER's Program on Political Economy, directed by Alberto Alesina of Harvard University, met in Cambridge on November 16, 2012. These papers were discussed:

Yann Algan, Camille Hémet, and David Laitin, Sciences Po, "Diversity and Local Public Good: A Natural Experiment with Exogeneous Residential Allocation"

Gerard Padro i Miquel, London School of Economics and NBER; Nancy Qian, Yale University and NBER; and Yang Yao, Peking University, China, "Homogeneity as a Pre-Condition for Democracy: The Influence of Religious Fragmentation on the Effect of Electoral Reforms on Public Goods in China"

Maxim Mironov, IE Business School, and Ekaterina Zhuravskaya, Paris School of Economics, "Corruption in Procurement and Shadow Campaign Financing: Evidence from Russia"

Leonard Wantchekon, Princeton University, and Natalija Novta and Marko Klasnja, New York University, "Education and Human Capital Externalities Evidence from Colonial Benin"

Luigi Guiso, Einaudi Institute for Economics and Finance; Helios Herrera, SIPA Columbia University; and Massimo Morelli, Columbia University, "A Culture Based Theory of Fiscal Union Desirability"

Melissa Dell, Harvard University and NBER, "Trafficking Networks and the Mexican Drug War"

Summaries of these papers may be found here.

The NBER's Working Group on Market Microstructure met in Cambridge on November 30, 2012. Tarun Chordia and Amit Goyal, Emory University; Charles Jones, Columbia Business School; Bruce Lehmann, University of California, San Diego and NBER; Gideon Saar, Cornell University, and Avanidhar Subrahmanyam, University of California, San Diego, organized the program. These papers were discussed:

Carole Comerton-Forde, Australian National University, and Talis Putnins, University of Technology, Sydney, "Dark Trading and Price Discovery"

Jean-Edouard Colliard, European Central Bank, "Catching Falling Knives: Speculating on Market Overreaction"

Pete Kyle and Anna Obizhaeva, University of Maryland, "Large Bets and Stock Market Crashes"

David Easley and Maureen O'Hara, Cornell University, and Liyan Yang, University of Toronto, "Opaque Trading, Disclosure, and Asset Prices: Implications for Hedge Fund Regulation"

Burton Hollifield and Artem Neklyudov, Carnegie Mellon University, and Chester Spatt, Carnegie Mellon University and NBER, "Bid-Ask Spreads and the Pricing of Securitizations: 144a vs. Registered Securitizations"

Matthew Baron, Princeton University; Jonathan Brogaard, University of Washington; and Andrei Kirilenko, Commodity Futures Trading Commission, "The Trading Profits of High Frequency Traders"

Summaries of these papers may be found here.

The NBER's Program on International Trade and Investment met at Stanford University on November 30 and December 1, 2012. Program Director Robert Feenstra of University of California, Davis, organized the meeting. These papers were discussed:

Mary Amiti, Federal Reserve Bank of New York; Oleg Itskhoki, Princeton University and NBER; and Jozef Konings, University of Leuven, "Importers, Exporters, and Exchange Rate Disconnect"

Logan Lewis, Federal Reserve Board of Governors, "Menu Costs, Trade Flows, and Exchange Rate Volatility"

Donald Davis, Columbia University and NBER, and Jonathan Dingel, Columbia University, "A Spatial Knowledge Economy" (NBER Working Paper No. 18188)

Olga Timoshenko, George Washington University, "Product Switching in a Model of Learning"

Ralph Ossa, University of Chicago and NBER, "Why Trade Matters After All" (NBER Working Paper No. 18113)

Lauren Cohen and Christopher Malloy, Harvard University and NBER, and Umit Gurun, University of Texas at Dallas, "Channels of Influence" (NBER Working Paper No. 18312)

Wolfgang Keller and Carol H. Shiue, University of Colorado-Boulder and NBER, and Ben Li, Boston College, "Shanghai's Trade, China's Growth: Continuity, Recovery, and Change since the Opium War" (NBER Working Paper No. 17754)

Antoine Gervais, University of Notre Dame, and J. Bradford Jensen, Georgetown University and NBER, "Are Services Tradable? Evidence from U.S. Microdata"

Summaries of these papers may be found here.

The NBER's Working Group on Entrepreneurship met in Cambridge on December 7, 2012. Working Group Directors Josh Lerner of Harvard Business School and Antoinette Schoar of MIT chose these papers for discussion:

Annamaria Conti and Jerry Thursby, Georgia Institute of Technology, and Marie Thursby, Georgia Institute of Technology and NBER, "Are Patents Endogenous or Exogenous to Startup Financing?"

Jing Chen, Copenhagen Business School, and Peter Thompson, Emory University, "New Firm Performance and the Replacement of Founder-CEOs"

Johan Hombert and Adrien Matray, HEC-Paris, "The Real Effects of Hurting Lending Relationships: Evidence From Banking Deregulation and Innovation"

Michael Roach, Duke University, and Henry Sauermann, Georgia Institute of Technology, "Founder or Joiner? The Role of Preferences and Context in Shaping Entrepreneurial Orientations"

Teresa Fort, Dartmouth College; John Haltiwanger, University of Maryland and NBER; and Ron Jarmin and Javier Miranda, Bureau of the Census, "How Firms Respond to Business Cycles: The Role of Firm Age and Firm Size"

Manuel Adelino, Duke University; Antoinette Schoar; and Felipe Severino, MIT, "House Prices, Collateral and Self Employment"

Summaries of these papers may be found here.

The NBER's Working Group on Organizational Economics met in Cambridge on December 7 and 8, 2012. The program was organized by Working Group Director Robert S. Gibbons of MIT. The papers discussed were:

Brigham Frandsen, MIT, and James B. Rebitzer, Boston University and NBER, "Structuring Incentives within Organizations: The Case of Accountable Care Organizations"

Amitabh Chandra, Harvard University and NBER; Amy Finkelstein, MIT and NBER; Adam Sacarny, MIT; and Chad Syverson, University of Chicago and NBER, "Healthcare Exceptionalism? Productivity and Allocation in the U.S. Healthcare Sector"

Roland G. Fryer, Jr, Harvard University and NBER, "Injecting Successful Charter School Strategies into Traditional Public Schools: Early Results from an Experiment in Houston*"

Michael L. Powell, Northwestern University, "An Influence-Cost Model of Firm Boundaries and Organizational Practices"

Lorenzo Caliendo, Yale University and NBER; Ferdinando Monte, Johns Hopkins University; and Esteban Rossi-Hansberg, Princeton University and NBER, "The Anatomy of French Production Hierarchies"

Nicholas Bloom, Stanford University and NBER; Raffaella Sadun, Harvard University and NBER; and John Van Reenen, London School of Economics and NBER, "Management as a Technology?"

Rema Hanna and Sendhil Mullainathan, Harvard University and NBER, and Joshua Schwartzstein, Dartmouth College, "Learning Through Noticing: Theory and Experimental Evidence in Farming"

Ulrike Malmendier, University of California at Berkeley and NBER, and Klaus Schmidt, University of Munich, "You Owe Me"

Joyee Deb, New York University; Jin Li, Northwestern University; and Arijit Mukherjee, Michigan State University, "Relational Contracts with Subjective Peer Evaluations"

Renee Bowen, David Kreps, and Andrzej Skrzypacz, Stanford University, "Rules With Discretion and Local Information"

Summaries of these papers are available here.