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作者：In, Younghwan; Wright, Julian
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作者：Dominitz, Jeff; Manski, Charles F.
作者单位：Northwestern University; Northwestern University
摘要：When designing data collection, crucial questions arise regarding how much data to collect and how much effort to expend to enhance the quality of the collected data. To make choice of sample design a coherent subject of study, it is desirable to specify an explicit decision problem. We use theWald framework of statistical decision theory to study allocation of a budget between two or more sampling processes. These processes all draw random samples from a population of interest and aim to coll...
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作者：Ozdenoren, Emre; Yuan, Kathy
作者单位：University of London; London Business School; Center for Economic & Policy Research (CEPR); University of London; London School Economics & Political Science
摘要：We study effort and risk-taking behaviour in an economy with a continuum of principal-agent pairs where each agent exerts costly hidden effort. Principals write contracts based on both absolute and relative performance evaluations (APE and RPE, respectively) to make individually optimal risk-return trade-offs but do not take into account their impact on endogenously determined aggregate variables. This results in contractual externalities when these aggregate variables are used as benchmarks i...
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作者：Dellavigna, Stefano; Hermle, Johannes
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Media outlets are increasingly owned by conglomerates, inducing a conflict of interest: a media outlet can bias its coverage to benefit companies in the same group. We test for bias by examining movie reviews in media outlets owned by News Corp, such as the Wall Street Journal, and Time Warner, such as Time. We find higher ratings for 20th Century Fox movies in News Corp. outlets compared to movies by other studios. To disentangle bias from correlation of taste, we introduce and validate a nov...
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作者：Dingel, Jonathan I.
作者单位：University of Chicago
摘要：A growing literature suggests that high-income countries export high-quality goods. Two hypotheses may explain such specialization, with different implications for welfare, inequality, and trade policy. Fajgelbaum et al. formalize the Linder hypothesis that home demand determines the pattern of specialization and, therefore, predict that high-income locations export high-quality products. The factor-proportions model also predicts that skill-abundant, high-income locations export skill-intensi...
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作者：Chen, Yi-Chun; Di Tillio, Alfredo; Faingold, Eduardo; Xiong, Siyang
作者单位：National University of Singapore; Bocconi University; Bocconi University; Yale University; Yale University; University of Bristol
摘要：Previous research has established that the predictions of game theory are quite sensitive to the assumptions made about the players' beliefs. We evaluate the severity of this robustness problem by characterizing conditions on the primitives of the model-the players' beliefs and higher-order beliefs about the payoff-relevant parameters-for the behaviour of a given Harsanyi type to be approximated by the behaviour of (a sequence of) perturbed types. This amounts to providing belief-based charact...
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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：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...
