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作者：Mazzocco, Maurizio
作者单位：University of California System; University of California Los Angeles; University of Wisconsin System; University of Wisconsin Madison
摘要：In this paper, a formal test of intra-household commitment is derived and performed. To that end, two models of household intertemporal behaviour are developed. In both models, household members are characterized by individual preferences. In the first formulation, household decisions are always on the ex ante Pareto frontier. In the second model, the assumption of intra-household commitment required by ex ante efficiency is relaxed. It is shown that the full-efficiency household Euler equatio...
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作者：Nakajima, Ryo
作者单位：University of Tsukuba
摘要：This paper examines the role of peer effects in teenagers' smoking behaviour in the U.S.A. I present a random utility model that incorporates complementarity between individual and peer smoking. A Markov process model of smoking interactions between individuals is presented. I estimate the structural parameters of the model using a steady-state distribution that is determined by the Markov process. The empirical results strongly support the presence of positive peer effects. Interestingly, pee...
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作者：Koop, Gary; Potter, Simon M.
作者单位：University of Strathclyde; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper develops a new approach to change-point modelling that allows the number of change-points in the observed sample to be unknown. The model we develop assumes that regime durations have a Poisson distribution. It approximately nests the two most common approaches: the time-varying parameter (TVP) model with a change-point every period and the change-point model with a small number of regimes. We focus considerable attention on the construction of reasonable hierarchical priors both fo...
