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作者：Dearing, Adam; Blevins, Jason R.
作者单位：Cornell University; National Bureau of Economic Research; University System of Ohio; Ohio State University
摘要：We propose a new sequential Efficient Pseudo-Likelihood (k-EPL) estimator for dynamic discrete choice games of incomplete information. k-EPL considers the joint behaviour of multiple players simultaneously, as opposed to individual responses to other agents' equilibrium play. This, in addition to reframing the problem from conditional choice probability (CCP) space to value function space, yields a computationally tractable, stable, and efficient estimator. We show that each iteration in the k...
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作者：Frakes, Michael; Gruber, Jonathan
作者单位：National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We assess the relationship between the racial diversity of medical providers and racial health disparities in the use of preventive care and in patient outcomes. We use unique data from the Military Health System, where we observe providers as patients so that we can identify their race, and where moves across bases change exposure to provider race in a plausibly exogenous fashion. We consider patients with four chronic, deadly, but manageable illnesses, where the relationship with the provide...
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作者：Echenique, Federico; Tserenjigmid, Gerelt
作者单位：University of California System; University of California Berkeley; University of California System; University of California Santa Cruz
摘要：We revisit the recent revealed preference analysis of sophisticated quasi-hyperbolic consumers by Blow et al. [(2021), Non-parametric Analysis of Time-Inconsistent Preferences, The Review of Economic Studies, 88, 2687-2734] (BBC). We show that BBC's revealed preference test is too lax. There are non-rationalizable data that would pass their test. A basic problem with their test is that it requires finding a certain endogenous elasticity, without regard to the rationalizing utility. Their appro...
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作者：Bordalo, Pedro; Conlon, John; Gennaioli, Nicola; Kwon, Spencer; Shleifer, Andrei
作者单位：University of Oxford; Carnegie Mellon University; Bocconi University; Bocconi University; Brown University; Harvard University
摘要：For standard statistical problems, we provide new evidence documenting (1) multimodality and (2) instability in probability estimates, including from irrelevant changes in problem description. The evidence motivates a model in which, when solving a problem, people represent each hypothesis by attending to its salient features while neglecting other, potentially more relevant, ones. Only the statistics associated with salient features are used. The model unifies biases in judgments about i.i.d....
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作者：Deneckere, Raymond; Quint, Daniel
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：We analyse the equilibrium effects of bid shopping-a contractor soliciting a subcontractor bid for part of a project prior to a procurement auction, then showing that bid to a competing subcontractor in an attempt to secure a lower price. Such conduct is widely criticized as unethical by professional organizations and has been the target of legislation at both the federal and state level but is widespread in procurement auctions in many places. We find that in equilibrium, a winning contractor...
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作者：Lundborg, Petter; Plug, Erik; Rasmussen, Astrid Wurtz
作者单位：Lund University; University of Amsterdam; Aarhus University
摘要：We introduce a novel strategy to study the intergenerational transmission of human capital skills, net of genetic skill transfers. For this purpose, we use unique Danish data on children conceived through sperm and egg donation in in vitro fertilization treatments to estimate the relationship between child test scores and parental years of schooling. Because the assignment of donors is not selective, these parental schooling estimates allow for a causal nurture interpretation. Once we take acc...
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作者：Dempsey, Kyle
作者单位：University System of Ohio; Ohio State University
摘要：I quantitatively analyse the macroeconomic impacts of raising capital requirements in a model in which heterogeneous firms may choose either intermediated or direct finance. Heterogeneous banks compete with other banks and the bond market, fund loans with insured deposits and costly equity (subject to a minimum capital-to-asset ratio), and monitor borrowers. I find that tighter capital requirements reduce costly bank failures while having only small effects on key macroeconomic aggregates, and...
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作者：Biroli, Pietro; Galama, Titus; von Hinke, Stephanie; van Kippersluis, Hans; Rietveld, Cornelius A.; Thom, Kevin
作者单位：University of Bologna; University of Southern California; Vrije Universiteit Amsterdam; University of Bristol; University of London; London School Economics & Political Science; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Wisconsin System; University of Wisconsin Madison
摘要：We discuss how to estimate the interplay between genes (nature) and environments (nurture), with an empirical illustration of the moderating effect of school starting age on one's genetic predisposition towards educational attainment. We argue that gene-environment (GxE) studies can be instrumental for (i) assessing treatment effect heterogeneity, (ii) testing theoretical predictions, and (iii) uncovering mechanisms, thereby improving understanding of how (policy) interventions affect populati...
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作者：Foerster, Hanno
作者单位：Boston College; IZA Institute Labor Economics; Aarhus University
摘要：In many countries, divorce law mandates post-marital maintenance payments (child support and alimony) to insure the lower earner in married couples against financial losses upon divorce. This paper studies how maintenance payments affect couples' intertemporal decisions and welfare. I develop a dynamic model of family labour supply, home production, savings, and divorce and estimate it using Danish register and survey data. The model captures the policy tradeoff between providing insurance to ...
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作者：Herkenhoff, Kyle F.; Raveendranathan, Gajendran
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; McMaster University
摘要：We measure the distribution of welfare losses from non-competitive behaviour in the U.S. credit card industry during the 1970s and 1980s. The early credit card industry was characterized by regional monopolies. Ensuing legal decisions led to competitive reforms that resulted in greater, but still limited, oligopolistic competition. We measure the distributional consequences of these reforms by developing and estimating a heterogeneous agent, defaultable debt framework with oligopolistic lender...
