Abstract: In economies with a continuum of agents of different types, pecuniary externalities are removed with market exchanges. Agents choose from among various possible prices they want to prevail in the future and buy or sell rights in these market exchanges for future trade. Each agent can choose the exchange it wants without regard to what any other agent is doing. But crucially, the right to trade in each and every exchange is priced. The fee structure has a per-unit price and quantity decomposition: a price, as determined by the exchange chosen, times the quantity of rights acquired.
参考文献：Kilenthong, W. T., & Townsend, R. M. (2021). A Market-Based Solution for Fire Sales and Other Pecuniary Externalities. Journal of Political Economy, 129(4), 981–1010.
2、内生估值的拍卖理论
A Theory of Auctions with Endogenous Valuations
摘要：我们通过推导得出在代理人间实现对称且最大化收益的多单元分配方式，这些代理人采取成本高昂的措施来对价值产生影响。这一问题等价于一个简化的模型，其中代理人具有非期望效用。统一价格拍卖与反应供求状况的歧视性拍卖构成了对称的最优机制。我们还证实了全局最优机制的条件的确是对称的，并说明了当条件不满足时最优非对称机制的结构。我们的分析工具主要以Fan and Lorentz (1954)提出的积分不等式为基础。
Abstract: We derive the symmetric, revenue-maximizing allocation of several units among agents who take costly actions that influence their values. The problem is equivalent to a reduced-form model where agents have nonexpected utility. The uniform-price auction and the discriminatory pay-your-bid auction with reserve prices that react to both demand and supply constitute symmetric, optimal mechanisms. We also identify a condition under which the overall optimal mechanism is indeed symmetric and illustrate the structure of the optimal asymmetric mechanism when the condition fails. The main tool in our analysis is an integral inequality based on Fan and Lorentz (1954).
参考文献：Gershkov, A., Moldovanu, B., Strack, P., & Zhang, M. (2021). A theory of auctions with endogenous valuations. Journal of Political Economy, 129(4), 1011–1051.
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3、同伴人格对学业成就的影响
The Impact of Peer Personality on Academic Achievement
Abstract: This paper provides evidence of a novel facet of peer effects by showing that peer personality influences academic achievement. We exploit random assignment of students to university sections and find that students perform better in the presence of persistent peers. The impact of peer persistence is enduring, as students exposed to persistent peers at the beginning of their studies continue to achieve higher grades in subsequent periods. The personality peer effects that we document are distinct from other observable peer characteristics and suggest that peer personality traits affect human capital accumulation.
参考文献：Golsteyn, B. H., Non, A., & Zölitz, U. (2021). The impact of peer personality on academic achievement. Journal of Political Economy, 129(4), 1052–1099.
Abstract: This paper proposes a theory of endogenous differences in liquidity of assets based on the interaction between differences in their risk and differences in liquidity needs of agents. An equilibrium of the model displays a class structure, where agents sort themselves across different types of assets according to their types. High-liquidity-need agents hold on to safer portfolios than lower-liquidity-need agents whenever the variation in the value of liquidity across states raises the value of safe assets more than that of riskier assets, and vice versa. I also derive capital asset pricing model–like formulas for excess returns where the risk and liquidity premia are interdependent and specific to each type of agent.
参考文献：Jacquet, N. L. (2021). Asset classes. Journal of Political Economy, 129(4), 1100–1156.
Abstract: A central challenge in securing property rights is the subversion of justice. We present a model of a polluter whose discharges harm multiple owners, and we compare property rules, liability rules, and regulation on efficiency grounds. We provide conditions under which property rules are preferred to liability rules, thus verifying the Calabresi-Melamed conjecture. Regulation that enforces partial abatement may be preferred to either of the extreme rules. An empirical analysis of water quality in the United States before and after the Clean Water Act shows that the effects of regulation are consistent with several predictions of the model.
参考文献：Behrer, A. P., Glaeser, E. L., Ponzetto, G. A., & Shleifer, A. (2021). Securing property rights. Journal of Political Economy, 129(4), 1157–1192.
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6、我们如何选定自己的身份？基于食物消费的显示偏好方法
How Do We Choose Our Identity? A Revealed Preference Approach Using Food Consumption
Abstract: Are identities fungible? How do people come to identify with specific groups? This paper proposes a revealed preference approach, using food consumption to uncover ethnic and religious identity choices in India. We first show that consumption of identity goods responds to forces suggested by social identity research: group status and group salience. Moreover, identity choices respond to the cost of following the group’s prescribed behaviors. We propose and estimate a demand system to quantify the identity changes that followed India’s 1991 reforms. While social identity research has focused on status and salience, our results suggest that economic costs also play an important role.
参考文献：Atkin, D., Colson-Sihra, E., & Shayo, M. (2021). How do we choose our identity? a revealed preference approach using food consumption. Journal of Political Economy, 129(4), 1193–1251.
7、商品统一代码的影响及上下游的扩散效应
Upstream, Downstream: Diffusion and Impacts of the Universal Product Code
Abstract: We study the adoption, diffusion, and impacts of the Universal Product Code (UPC) between 1975 and 1992, during the initial years of the bar code system. We find evidence of network effects in the diffusion process. Matched-sample difference-in-differences estimates show that firm size and trademark registrations increase following UPC adoption by manufacturers. Industry-level import penetration also increases with domestic UPC adoption. Our findings suggest that bar codes, scanning, and related technologies helped stimulate variety-enhancing product innovation and encourage the growth of international retail supply chains.
参考文献：Basker, E., & Simcoe, T. (2021). Upstream, Downstream: Diffusion and Impacts of the Universal Product Code. Journal of Political Economy, 129(4), 1252–1286.
8、 国际服务贸易协定的经济结构
The Economic Structure of International Trade-in-Services Agreements
Abstract: The existing economics literature on international trade agreements focuses on tariff agreements covering trade in goods and explains core features of the General Agreement on Tariffs and Trade (GATT). Tariffs play almost no role in services markets, however, and the literature cannot account for the strikingly different approach to trade liberalization in agreements such as the World Trade Organization’s General Agreement on Trade in Services (GATS). We develop a model through which key features of GATS, including its emphasis on “deep integration” can be understood. And we use this model to suggest that there may also be a middle ground for services trade liberalization between the GATS deep-integration approach and the traditional “shallow-integration” approach of GATT.
