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作者：Kasa, Kenneth; Walker, Todd B.; Whiteman, Charles H.
作者单位：Simon Fraser University; Indiana University System; Indiana University Bloomington; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：This article develops a dynamic asset pricing model with persistent heterogeneous beliefs. The model features competitive traders who receive idiosyncratic signals about an underlying fundamentals process. We adapt Futia's (1981) frequency domain methods to derive conditions on the fundamentals that guarantee non-invertibility of the mapping between observed market data and the underlying shocks to agents' information sets. When these conditions are satisfied, agents remain asymmetrically info...
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作者：Papageorgiou, Theodore
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：While employed, workers learn their comparative advantage and eventually choose occupations that best match their abilities. This learning process is consistent with a number of key facts about occupational mobility, such as the offsetting worker flows across occupations, the non-random patterns of occupational transitions, and the decline of occupational switching with age. We illustrate how search frictions delay learning and lead to mismatch, thereby reducing worker productivity. Moreover, ...
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作者：Brocas, Isabelle; Carrillo, Juan D.; Wang, Stephanie W.; Camerer, Colin F.
作者单位：University of Southern California; Center for Economic & Policy Research (CEPR); Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; California Institute of Technology
摘要：To understand the thinking process in private information games, we use Mousetracking to record which payoffs subjects attend to. The games have three information states and vary in strategic complexity. Subjects consistently deviate from Nash equilibrium choices and often fail to look at payoffs which they need to in order to compute an equilibrium response. Choices and lookups are similar when stakes are higher. When cluster analysis is used to group subjects according to lookup patterns and...
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作者：Kramarz, Francis; Skans, Oskar Nordstrom
作者单位：Uppsala University; IZA Institute Labor Economics
摘要：The conditions under which young workers find their first real post-graduation jobs are important for their future careers and insufficiently documented given their potential importance for young workers welfare. To study these conditions, and in particular the role played by social ties, we use a Swedish population-wide linked employer-employee data set of graduates from all levels of schooling that includes detailed information on family ties, neighbourhoods, schools, class composition, and ...
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作者：Fleurbaey, Marc; Tadenuma, Koichi
作者单位：Princeton University; Hitotsubashi University
摘要：We introduce the concept of a universal social ordering, defined on the set of pairs of an allocation and a preference profile of any finite population. It is meant to unify evaluations and comparisons of welfare (living standards) for individuals and populations of possibly different sizes and preferences. It can be used for policy evaluation, international comparisons, growth assessment, and inequality measurement. It even makes it possible to evaluate policy options that affect the size of ...
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作者：Norets, A.; Tang, X.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Pennsylvania
摘要：We introduce an approach for semiparametric inference in dynamic binary choice models that does not impose distributional assumptions on the state variables unobserved by the econometrician. The proposed framework combines Bayesian inference with partial identification results. The method is applicable to models with finite space of observed states. We demonstrate the method on Rust's model of bus engine replacement. The estimation experiments show that the parametric assumptions about the dis...
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作者：Chade, Hector; Lewis, Gregory; Smith, Lones
作者单位：Arizona State University; Arizona State University-Tempe; Harvard University; University of Wisconsin System; University of Wisconsin Madison
摘要：We develop a decentralized Bayesian model of college admissions with two ranked colleges, heterogeneous students, and two realistic match frictions: students find it costly to apply to college, and college evaluations of their applications are uncertain. Students thus face a portfolio choice problem in their application decision, while colleges choose admissions standards that act like market-clearing prices. Enrollment at each college is affected by the standards at the other college through ...
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作者：Eizenberg, Alon
作者单位：Hebrew University of Jerusalem
摘要：This article investigates the welfare implications of the rapid innovation in central processing units (CPUs), and asks whether it results in inefficient elimination of basic personal computer (PC) products. I analyse a game in which firms make multiple discrete product choices, and tackle challenges such as partial identification and sample selection. Estimation results demonstrate that the demand for PCs is highly segmented, and that fixed costs consume a substantial portion of the per-unit ...
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作者：Gourio, Francois; Rudanko, Leena
作者单位：Boston University; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Firms spend substantial resources on marketing and selling. Interpreting this as evidence of frictions in product markets, which require firms to spend resources on customer acquisition, this article develops a search theoretic model of firm dynamics in frictional product markets. Introducing search frictions generates long-term customer relationships, rendering the customer base a state variable for firms, which is sluggish to adjust. This affects: the level and volatility of firm investment,...
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作者：Faber, Benjamin
作者单位：University of California System; University of California Berkeley
摘要：Large-scale transport infrastructure investments connect both large metropolitan centres of production as well as small peripheral regions. Are the resulting trade cost reductions a force for the diffusion of industrial and total economic activity to peripheral regions, or do they reinforce the concentration of production in space? This article exploits China's National Trunk Highway System as a large-scale natural experiment to contribute to our understanding of this question. The network was...
