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作者：Merlo, Antonio; De Paula, Aureo
作者单位：Rice University; University of London; University College London; Getulio Vargas Foundation
摘要：This article studies the non-parametric identification and estimation of voters' preferences when voters are ideological. We establish that voter preference distributions and other parameters of interest can be identified from aggregate electoral data. We also show that these objects can be consistently estimated and illustrate our analysis by performing an actual estimation using data from the 1999 European Parliament elections.
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作者：Pagel, Michaela
作者单位：Columbia University
摘要：This study incorporates a recent preference specification of expectations-based loss aversion, which has been applied broadly in microeconomics, into a classic macro model to offer a unified explanation for three empirical observations about life-cycle consumption. First, loss aversion explains excess smoothness and sensitivity-that is, the empirical observation that consumption responds to income shocks with a lag. Intuitively, such lagged responses allow the agent to delay painful losses in ...
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作者：Vives, Xavier
作者单位：University of Navarra; IESE Business School
摘要：This article performs a welfare analysis of markets with private information in which agents condition on prices in the rational expectations tradition. Price-contingent strategies introduce two externalities in the use of private information: a pecuniary externality and a learning externality. The pecuniary externality induces agents to put too much weight on private information and in the standard case, when the allocation role of the price prevails over its informational role, overwhelms th...
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作者：Demarzo, Peter M.; Sannikov, Yuliy
作者单位：Stanford University; Princeton University
摘要：We study a principal-agent setting in which both sides learn about future profitability from output, and the project can be abandoned/terminated if profitability is too low. With learning, shirking by the agent both reduces output and lowers the principal's estimate of future profitability. The agent can exploit this belief discrepancy and earn information rents, reducing his incentives to exert effort. The optimal contract controls information rents to improve incentives by distorting the ter...
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作者：Du, Songzi; Zhu, Haoxiang
作者单位：Simon Fraser University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This article studies the impact of increasing trading frequency in financial markets on allocative efficiency. We build and solve a dynamic model of sequential double auctions in which traders trade strategically with demand schedules. Trading needs are generated by time-varying private information about the asset value and private values for owning the asset, as well as quadratic inventory costs. We characterize a linear equilibrium with stationary strategies and its efficiency properties in ...
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作者：Mankart, Jochen; Oikonomou, Rigas
作者单位：Deutsche Bundesbank; Universite Catholique Louvain
摘要：We develop a theoretical model with labour market frictions, incomplete financial markets, and with households which have two members. Households face unemployment risks, but their members adjust their labour supplies to insure against unemployment. We use the model to explain the cyclical properties of aggregate employment and participation. As in the U.S. data, the model predicts that the participation rate (the fraction of individuals that want jobs) is not strongly correlated with aggregat...
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作者：Condorelli, Daniele; Galeotti, Andrea; Renou, Ludovic
作者单位：University of Essex; European University Institute; University of Essex
摘要：In many markets, goods flow from initial producers to final customers travelling through many layers of intermediaries and information is asymmetric. We study a dynamic model of bargaining in networks that captures these features. We show that the equilibrium price demanded over time is non-monotonic, but the sequence of transaction prices declines over time, with the possible exception of the last period. The price dynamic is, therefore, reminiscent of fire-sales and hot-potato trading. Trade...
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作者：Cloyne, James S.; Surico, Paolo
作者单位：Bank of England; Centre for Economic Policy Research - UK; University of London; London Business School
摘要：Using a new narrative measure of fiscal policy shocks for the U.K., we show that households with mortgage debt exhibit large and significant consumption responses to tax changes. Homeowners without a mortgage, in contrast, do not adjust their expenditure, with responses not statistically different from zero at all horizons. We compare our findings to the predictions of traditional and newer theories of liquidity constraints, providing a novel interpretation for the aggregate effects of tax cha...
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作者：Spiegler, Ran
作者单位：Tel Aviv University; University of London; University College London
摘要：I present a behavioural model of a data analyst who extrapolates a fully specified probability distribution over observable variables from a collection of statistical data sets that cover partially overlapping sets of variables. The analyst employs an iterative extrapolation procedure, whose individual rounds are akin to the stochastic regression method of imputing missing data. Users of the procedure's output fail to distinguish between raw and imputed data, and it functions as their practica...
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作者：Cordoba, Juan Carlos; Ripoll, Marla
作者单位：Iowa State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We show that state non-separable preferences a la Epstein-Zin-Weil (EZW) provide a tractable and flexible framework to study the economics of health and longevity. This utility representation: (1) admits a preference for timing of resolution of uncertainty regarding mortality risks; (2) links the marginal valuation of survival to the level of survival; (3) can preserve homotheticity even for low degrees of intertemporal substitution without generating implausible predictions regarding the valu...
