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volume 131, issue 6, june 2023
1. title: partial default.
authors: arellano, cristina; mateos-planas, xavier; r�os-rull, jos�-v�ctor.
abstract: we document that countries partially default often and with varying intensity, resulting in lengthy episodes and hump-shaped patterns for partial default and debt. default episodes lead to haircuts for lenders but not to reductions in debt, because the defaulted debt accumulates and borrowing continues. we present a theory of partial default rationalizing these patterns and the heterogeneity of partial default, and partial default�s comovements with spreads, debt, and output that are absent in standard sovereign default theory. we include policy counterfactuals in the form of pari passu and no-dilution clauses and debt-relief policies, and their welfare implications.
2. title: the equilibrium existence duality.
authors: baldwin, elizabeth; jagadeesan, ravi; klemperer, paul; teytelboym, alexander.
abstract: we show that with indivisible goods, the existence of competitive equilibrium fundamentally depends on agents� substitution effects, not their income effects. our equilibrium existence duality allows us to transport results on the existence of competitive equilibrium from settings with transferable utility to settings with income effects. one consequence is that net substitutability�which is a strictly weaker condition than gross substitutability�is sufficient for the existence of competitive equilibrium. further applications give new existence results beyond the case of (net) substitutes. our results have implications for auction design.
3. title: the lasting effects of early-childhood education on promoting the skills and social mobility of disadvantaged african americans and their children.
authors: garc�a, jorge luis; heckman, james j.; ronda, victor.
abstract: this paper demonstrates the long-term intra- and intergenerational benefits of the highscope perry preschool project, which targeted disadvantaged african american children. we use newly collected data on the original participants through late middle age and on their children into their midtwenties. we document long-lasting improvements in the original participants� skills, marriage stability, earnings, criminal behavior, and health. beneficial program impacts through the child-rearing years translate into better family environments for their children, leading to intergenerational gains. children of the original participants have higher levels of education and employment, lower levels of criminal activity, and better health than children of the controls.
4. title: the mainstreaming of marx: measuring the effect of the russian revolution on karl marx�s influence.
authors: magness, phillip w.; makovi, michael.
abstract: karl marx�s high academic stature outside of economics diverges sharply from his peripheral influence within the discipline, particularly after nineteenth-century developments rendered the labor theory of value obsolete. we hypothesize that the 1917 russian revolution is responsible for elevating marx into the academic mainstream. using the synthetic control method, we construct a counterfactual for marx�s citation patterns in google ngram data. this allows us to predict how often marx would have been cited if the russian revolution had not happened. we find a significant treatment effect, meaning that marx�s academic stature today owes a substantial debt to political happenstance.
5. title: pareto-improving segmentation of multiproduct markets.
authors: haghpanah, nima; siegel, ron.
abstract: we investigate whether a market served by a multiproduct monopolistic seller can be segmented in a way that benefits all consumers and the seller. the seller can offer a different product menu in each market segment, combining second- and third-degree price discrimination. we show that markets for which profit maximization leads to inefficiency can, generically, be segmented into two market segments in a way that increases the surplus of all consumers weakly and of some consumers and the seller strictly. our constructive proof is based on deriving implications of binding incentive compatibility constraints when profit maximization implies inefficiency.
6. title: voluntary interaction and the principle of mutual benefit.
authors: isoni, andrea; sugden, robert; jiwei zheng.
abstract: most social preference theories are based on observations of nonvoluntary interactions. nonselfish behavior may take fundamentally different forms in voluntary interactions, such as market transactions. we investigate the �principle of mutual benefit��an injunctive norm requiring individuals who enter interactions voluntarily to conform to common expectations about behavior within them. this norm induces patterns of behavior inconsistent with existing social preference theories and allows extrinsic incentives to crowd in trustworthiness. we embed this norm in a model consistent with evidence about promise keeping, gift exchange, and �avoiding the ask.� we present new experimental evidence that people adhere to it.
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