2期

最新文章

• The effects of health, wealth, and wages on labour supply and retirement behaviour AI翻译
  作者：French, E
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
  摘要：This paper estimates a life cycle model of labour supply, retirement, and savings behaviour in which future health status and wages are uncertain. Individuals face a fixed cost of work and cannot borrow against future labour, pension, or Social Security income. The method of simulated moments is used to match the life cycle profiles of labour force participation, hours worked, and assets that are estimated from the data to those that are generated by the model. The model establishes that the t...
• A Bayesian approach to uncertainty aversion AI翻译
  作者：Halevy, Y; Feltkamp, V
  作者单位：University of British Columbia; Maastricht University
  摘要：The Ellsberg paradox demonstrates that people's beliefs over uncertain events might not be representable by subjective probability. We show that if a risk averse decision maker, who has a well defined Bayesian prior, perceives an Ellsberg type decision problem as possibly composed of a bundle of several positively correlated problems, she will be uncertainty averse. We generalize this argument and derive sufficient conditions for uncertainty aversion.
• Generalized spectral tests for conditional mean models in time series with conditional heteroscedasticity of unknown form AI翻译
  作者：Hong, YM; Lee, YJ
  作者单位：Cornell University
  摘要：Economic theories in time series contexts usually have implications on and only on the conditional mean dynamics of underlying economic variables. We propose a new class of specification tests for time series conditional mean models, where the dimension of the conditioning information set may be infinite. Both linear and nonlinear conditional mean specifications are covered. The tests can detect a wide range of model misspecifications in mean while being robust to conditional heteroscedasticit...
• Endogenous games and mechanisms: Side payments among players AI翻译
  作者：Jackson, MO; Wilkie, S
  作者单位：California Institute of Technology
  摘要：We characterize the outcomes of games when players may make binding offers of strategy contingent side payments before the game is played. This does not always lead to efficient outcomes, despite complete information and costless contracting. The characterizations are illustrated in a series of examples, including voluntary contribution public good games, Cournot and Bertrand oligopoly, principal-agent problems, and commons games, among others.
• The cost of recessions revisited: A reverse-liquidationist view AI翻译
  作者：Caballero, RJ; Hammour, ML
  作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
  摘要：The observation that liquidations are concentrated in recessions has long been the subject of controversy. One view holds that liquidations are beneficial in that they result in increased restructuring. Another view holds that this rise in restructuring is costly since liquidations are privately inefficient and essentially wasteful. This paper proposes an alternative perspective. On the basis of a combination of theory with empirical evidence on gross job flows and on financial and labour mark...
• Measurement error models with auxiliary data AI翻译
  作者：Chen, XH; Hong, H; Tamer, E
  作者单位：New York University; Duke University; Northwestern University
  摘要：We study the problem of parameter inference in (possibly non-linear and non-smooth) econometric models when the data are measured with error. We allow for arbitrary correlation between the true variables and the measurement errors. To solve the identification problem, we require the existence of an auxiliary data-set that contains information about the conditional distribution of the true variables given the mismeasured variables. Our main assumption requires that the conditional distribution ...