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Mary Hogan wins solar array in "Way to Go!" competition | Addison County Independent
Vermont's only twice-weekly newspaper, serving the 23 towns of Addison County
allearth  aer  powerflower  earned  media  addison  county  june  2019 
7 days ago by wmaceyka
American Economic Association
This paper builds a model of the two-way interaction between democratic values and institutions to bridge sociological research, focusing on values, with economics research, which studies strategic decisions. Some citizens hold values that make them protest to preserve democracy with the share of such citizens evolving endogenously over time. There is then a natural complementarity between values and institutions creating persistence without assuming any form of commitment. The approach unifies ideas in the literature, explains observed patterns in the data on democratic values and political institutions, and suggests new insights into sources of heterogeneity in values.
culture  beliefs  torsten.persson  tim.besley  economics  AER 
21 days ago by MarcK
American Economic Association
"Mexican manufacturing job loss induced by competition with China increases cocaine trafficking and violence, particularly in municipalities with transnational criminal organizations. When it becomes more lucrative to traffic drugs because changes in local labor markets lower the opportunity cost of criminal employment, criminal organizations plausibly fight to gain control. The evidence supports a Becker-style model in which the elasticity between legitimate and criminal employment is particularly high where criminal organizations lower illicit job search costs, where the drug trade implies higher pecuniary returns to violent crime, and where unemployment disproportionately affects low-skilled men."
economic-naturalist  AER  melissa.dell  crime  mexico 
21 days ago by MarcK
American Economic Association
"A debt trap occurs when someone takes on a high-interest-rate loan and is barely able to pay back the interest, and thus perpetually finds themselves in debt (often by refinancing). Studying such practices is important for understanding financial decision-making of households in dire circumstances, and also for setting appropriate consumer protection policies. We conduct a simple experiment in three sites in which we paid off high-interest moneylender debt of individuals. Most borrowers returned to debt within six weeks. One to two years after intervention, treatment individuals were borrowing at the same rate as control households."
present-bias  sendhil.mullainathan  dean.karlan  debt  AER  to:read 
21 days ago by MarcK
American Economic Association
"Which policies are protectionist and which ones are not? The Lerner Symmetry Theorem establishes that import tariffs and export taxes are equally protectionist. In this paper we provide a modern treatment of this classical result, highlighting the importance of multinational firms, global imbalances, and imperfect competition. Under perfect competition, the result follows from the separability of consumption and production across countries, ruling out tourism and some forms of multinational firms, but not others. Though we do not require trade balance, the role of initial assets is subtle: our result rules out foreign ownership of domestic assets, but does not constrain domestic ownership of foreign assets. Under imperfect competition, our result effectively rules out all multinational firms. We conclude by discussing the implications for border adjustment taxes."
trade  ivan.werning  arnaud.costinot  AER 
21 days ago by MarcK
American Economic Association
"Existing economic models show how new technology can cause large changes in relative wages and inequality. But there are also claims, based largely on verbal expositions, that new technology can harm workers on average or even all workers. This paper shows—under plausible assumptions—that new technology is unlikely to cause wages for all workers to fall and will cause average wages to rise if the prices of investment goods fall relative to consumer goods (a condition supported by the data). We outline how results may change with different assumptions. "
economics  aiconomics  labour-economics  AER 
21 days ago by MarcK
American Economic Association
" We present a framework for understanding the effects of automation and other types of technological changes on labor demand, and use it to interpret changes in US employment over the recent past. At the center of our framework is the allocation of tasks to capital and labor—the task content of production. Automation, which enables capital to replace labor in tasks it was previously engaged in, shifts the task content of production against labor because of a displacement effect. As a result, automation always reduces the labor share in value added and may reduce labor demand even as it raises productivity. The effects of automation are counterbalanced by the creation of new tasks in which labor has a comparative advantage. The introduction of new tasks changes the task content of production in favor of labor because of a reinstatement effect, and always raises the labor share and labor demand. We show how the role of changes in the task content of production—due to automation and new tasks—can be inferred from industry-level data. Our empirical decomposition suggests that the slower growth of employment over the last three decades is accounted for by an acceleration in the displacement effect, especially in manufacturing, a weaker reinstatement effect, and slower growth of productivity than in previous decades. "
aer  daron.acemoglu  pascual.restrepo  ai  automation 
6 weeks ago by MarcK
American Economic Association
"We revisit the revenue comparison of standard auction formats, including first-price, second-price, and English auctions. We rank auctions according to their revenue guarantees, i.e., the greatest lower bound of revenue across all informational environments, where we hold fixed the distribution of bidders' values. We conclude that if we restrict attention to the symmetric affiliated models of Milgrom and Weber (1982) and monotonic pure-strategy equilibria, first-price, second-price, and English auctions are revenue guarantee equivalent: they have the same revenue guarantee, which is equal to that of the first-price auction as characterized by Bergemann, Brooks, and Morris (2017). If we consider all equilibria or if we allow more general models of information, then first-price auctions have a greater revenue guarantee than all other auctions considered."
auctions  mechanism-design  stephen.morris  AER  dirk.bergemann  benjamin.brooks  information-economics 
6 weeks ago by MarcK
American Economic Association
"We propose a generalization of the rational expectations framework to allow for temporarily unstable paths. Our approach introduces multiplicative sunspot shocks and it yields drifting parameters and stochastic volatility. Then, we provide an econometric strategy to estimate this generalized model on the data. The methodology allows the data to choose between different possible alternatives: determinacy, indeterminacy, and temporary instability. We apply our methodology to US inflation dynamics in the 1970s through the lens of a simple New Keynesian model. When temporarily unstable paths are allowed, the data unambiguously select them to explain the stagflation period in the 1970s."
sunspots  multiple-equilibria  out-of-equilibrium  disequilibrium  AER  macroeconomics  beliefs 
6 weeks ago by MarcK
American Economic Association
"Partnering with the US Census Bureau, we implement a new survey of "structured" management practices in two waves of 35,000 manufacturing plants in 2010 and 2015. We find an enormous dispersion of management practices across plants, with 40 percent of this variation across plants within the same firm. Management practices account for more than 20 percent of the variation in productivity, a similar, or greater, percentage as that accounted for by R&D, ICT, or human capital. We find evidence of two key drivers to improve management. The business environment, as measured by right-to-work laws, boosts incentive management practices. Learning spillovers, as measured by the arrival of large "Million Dollar Plants" in the country, increase the management scores of incumbents."
nick.bloom  john.vanReenen  management  organizations  economics  AER 
6 weeks ago by MarcK
Why EU Regions are Redrawing Their Borders
This regional breakdown is what the EU uses to distribute its “catch-up funds,” which is used to fund a subset of a country’s projects in transportation infrastructure, schools, and hospitals, as well as development of small firms, investments in a low-carbon economy, environmental projects, and training and education. The least developed regions get a bigger share of the 50 billion euros distributed annually and, as a result, have to cofund less of total project costs. More developed regions receive less money and pay more toward project costs. Yet how does the EU decide whether a region is less developed? Where are the lines drawn?
EU  Europa  politics  local  regions  CEMR-CCRE  AER  COR  Euroregion  EGLEG  regional-development  infographics  infoviz  pudding 
8 weeks ago by zzkt
American Economic Association
"We analyze how separations responded to arbitrary differences in own and peer wages at a large US retailer. Regression-discontinuity estimates imply large causal effects of own-wages on separations, and on quits in particular. However, this own-wage response could reflect comparisons either to market wages or to peer wages. Estimates using peer-wage discontinuities show large peer-wage effects and imply the own-wage separation response mostly reflects peer comparisons. The peer effect is driven by comparisons with higher-paid peers—suggesting concerns about fairness. Separations appear fairly insensitive when raises are similar across peers—suggesting search frictions and monopsony are relevant in this low-wage sector. "
fairness  wages  AER 
9 weeks ago by MarcK
American Economic Association
"Despite extensive evidence that preferences are often time-inconsistent, there is only scarce evidence of willingness to pay for commitment. Infrequent payments for frequently provided goods and services are a common feature of many markets and they may naturally provide commitment to save for lumpy expenses. Multiple experiments in the Kenyan dairy sector show that: (i) farmers are willing to incur sizable costs to receive infrequent payments as a commitment device, (ii) poor contract enforcement, however, limits competition among buyers in the supply of infrequent payments. We then present a model of demand and supply of infrequent payments and test its additional predictions. "
time-preferences  AER 
9 weeks ago by MarcK
American Economic Association
"Does the impact of teachers extend beyond the students in their classroom? Using the natural transitions of students from multiple elementary schools into a single middle school, this paper provides a new method for isolating and quantifying peer spillover effects of teaching and shows that ignoring these spillovers underestimates a teacher's value by at least 30 percent. Because the spillovers also affect teacher value-added estimates, I develop a method of moments estimator of teacher value-added and show that accounting for the spillovers does not have a large impact on the ranking of teachers in New York City. I conclude by showing that the spillovers occur within groups of students who share the same race and gender, which suggests that social networks play a critical role in disseminating the effect. "
teacher-quality  value-added  AER 
9 weeks ago by MarcK
Community Solar Opportunities
Interest in joining a community solar project? Fill out the form below to see if you're a good fit for our Offtaker Program!
AER  cornerstone  community  solar  form  data  web 
12 weeks ago by wmaceyka

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