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Unpacking Aggregate Welfare in a Spatial Economy

Donald, Eric; Fukui, Masao; Miyauchi, Yuhei - National Bureau of Economic Research - 2025

How do regional productivity shocks or transportation infrastructure improvements affect aggregate welfare? In a general class of spatial equilibrium models, we provide a formula for aggregate welfare changes, decomposed into terms associated with (i) technology (Fogel 1964, Hulten 1978), (ii)...

Persistent link: https://www.econbiz.de/10015438299

Aggregate Efficiency with Heterogeneous Agents

Baqaee, David; Burstein, Ariel T. - National Bureau of Economic Research - 2025

We study aggregate efficiency when households have heterogeneous preferences and outcomes. We generalize the consumption-equivalent variation of Lucas (1987) to a multi-agent setting, asking: how much can the consumption-possibility set shrink while keeping every agent at least as well off as in...

Persistent link: https://www.econbiz.de/10015450931

Unanimous Rules in the Laboratory

Bouton, Laurent - 2016

We study the information aggregation properties of unanimous voting rules in the laboratory. In line with theoretical …

Persistent link: https://www.econbiz.de/10012456730

Aggregating Elasticities : Intensive and Extensive Margins of Female Labour Supply

Attanasio, Orazio - 2015

We estimate labour supply elasticities at the micro level and show what we can learn from possibly very heterogeneous elasticities for aggregate behaviour. We consider both intertemporal and intratemporal choices, and identify intensive and extensive responses in a consistent life-cycle...

Persistent link: https://www.econbiz.de/10012457352

Treasure Hunt : Social Learning in the Field

Mobius, Markus - 2015

aggregation jointly shape social learning. Our environment features substantial social learning. We show that learning occurs via … transmitted noisily. We then compare two theories of information aggregation: a naive model in which people double-count signals … source of information. We show that to distinguish between these models of aggregation, it is critical to explicitly account …

Persistent link: https://www.econbiz.de/10012457654

Micro Data and Macro Technology

Oberfield, Ezra - 2014

We develop a framework to estimate the aggregate capital-labor elasticity of substitution by aggregating the actions of individual plants, and use it to assess the decline in labor's share of income in the US manufacturing sector. The aggregate elasticity reflects substitution within plants and...

Persistent link: https://www.econbiz.de/10012458216

Information Aggregation in a DSGE Model

Hassan, Tarek A. - 2014

We introduce the information microstructure of a canonical noisy rational expectations model (Hellwig, 1980) into the framework of a conventional real business cycle model. Each household receives a private signal about future productivity. In equilibrium, the stock price serves to aggregate and...

Persistent link: https://www.econbiz.de/10012458471

Intra-national Trade Costs : Measurement and Aggregation

Agnosteva, Delina E. - 2014

comparative statics except in a neutral case rejected by the data. Consistent trade cost aggregation procedures are developed and …

Persistent link: https://www.econbiz.de/10012458791

Aggregation and The Estimated Effects of Local Economic Conditions on Health

Lindo, Jason M. - 2013

to geographic aggregation. After reviewing the tradeoffs associated with more- and less-disaggregated analyses … of geographic aggregation. This analysis reveals that more-disaggregated analyses severely understate the extent to which …

Persistent link: https://www.econbiz.de/10012459620

Aggregating Local Preferences to Guide Marginal Policy Adjustments

Benjamin, Daniel J. - 2013

We propose a social choice rule for aggregating preferences elicited from surveys into a marginal adjustment of policy from the status quo. The mechanism is: (i) symmetric in its treatment of survey respondents; (ii) ordinal, using only the orientation of respondents' indifference surfaces;...

Persistent link: https://www.econbiz.de/10012459875