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��ࡱ�>�� \^����[�������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� �r�(bjbj!.!.20cd�gcd�g �������66������������8<z�}n�nnnnn����m�m�m�m�m�m�m$cp�sf"n������"n��nn47nrrr���n�n�mr��mrrrn�����l�ّ8�����h(r�mmn0}nr_spr_srr�0_s��j��r�����"n"n�����}n������������������������������������������������������������������������_s���������6b �: journal of political economy volume 131, issue 12, dec 2023 1. title: intermediation and voluntary exposure to counterparty risk. authors: farboodi, maryam. abstract: i study a model of the financial sector in which intermediation among debt-financed banks gives rise to an endogenous core-periphery network. endogenous intermediation generates excessive systemic risk in the financial network. financial institutions have incentives to capture intermediation spreads through strategic borrowing and lending decisions. by doing so, they tilt the division of surplus along an intermediation chain in their favor, while at the same time reducing aggregate surplus. the network is inefficient relative to a constrained-efficient benchmark, since banks that make risky investments "overconnect," exposing themselves to excessive counterparty risk, while banks that mainly provide funding end up with too few connections. 2. title: centralizing over-the-counter markets? authors: allen, jason; wittwer, milena. abstract: in traditional over-the-counter markets, investors trade bilaterally through intermediaries. we assess whether and how to shift trades on a centralized platform with trade-level data on the canadian government bond market. we document that intermediaries charge a markup when trading with investors and specify a model to quantify price and welfare effects from market centralization. we find that many investors would not use the platform, even if they could, because it is costly, competition for investors is low, and investors value relationships with intermediaries. market centralization can even decrease welfare, unless competition is sufficiently strong. 3. title: reserve prices in internet advertising auctions: a field experiment. authors: ostrovsky, michael; schwarz, michael. abstract: we present the results of a large field experiment on setting reserve prices in auctions for online advertisements, guided by the theory of optimal auction design suitably adapted to the sponsored search setting. consistent with the theory, revenues increased substantially after the new reserve prices were introduced. 4. title: learning efficiency of multiagent information structures. authors: frick, mira; iijima, ryota; ishii, yuhta. abstract: which information structures are more effective at eliminating first- and higher-order uncertainty and hence at facilitating efficient play in coordination games? we consider a learning setting where players observe many private signals about the state. first, we characterize multiagent learning efficiency, that is, the rate at which players approximate common knowledge. we find that this coincides with the rate at which first-order uncertainty disappears, as higher-order uncertainty vanishes faster than first-order uncertainty. second, we show that with enough signal draws, information structures with higher learning efficiency induce higher equilibrium welfare. we highlight information design implications for games in data-rich environments. 5. title: experimental tests of rational inattention. authors: dean, mark; neligh, nathaniel. abstract: we use laboratory experiments to test models of rational inattention, in which people acquire information to maximize utility net of information costs. we show that subjects adjust their attention in response to changes in incentives, in line with the rational inattention model. however, our results are qualitatively inconsistent with information costs that are linear in shannon entropy, as is often assumed in applied work. our data are best fit by a generalization of the shannon model, which allows for a more flexible response to incentives and for some states of the world to be harder to distinguish than others. 6. title: supply chain resilience: should policy promote international diversification or reshoring? authors: grossman, gene m.; helpman, elhanan; lhuillier, hugo. abstract: little is known about optimal policy in the face of global supply chain disruptions. should governments promote resilience by subsidizing backup sources of input supply in multiple countries? should they encourage firms to source from safer domestic suppliers? we address these questions in a model of production with a critical input and exogenous risks of supply disturbances. with constant elasticity of substitution preferences, a subsidy for diversification achieves the constrained social optimum. when the demand elasticity rises with price, private investments in resilience may be socially excessive and the social planner may wish to discourage diversification while favoring sourcing from abroad. 7. title: multidimensional sorting under random search. authors: lindenlaub, ilse; postel-vinay, fabien. abstract: we analyze sorting in a frictional labor market when workers and jobs have multidimensional characteristics. we say that matching is positive assortative in dimension (j, k) if workers with higher endowment in skill k are matched to a job distribution with higher values of attribute j in the first-order stochastic dominance sense. crucial for sorting is a single-crossing property of technology. sorting is positive between worker-job attributes with strong complementarities but negative in other dimensions. finally, 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