-
作者：Hong, H; Shum, M
作者单位：Princeton University; Johns Hopkins University
摘要：We assess empirically the effects of the winner's curse which, in common-value auctions, counsels more conservative bidding as the number of competitors increases. First, we construct an econometric model of an auction in which bidders' preferences have both common- and private-value components, and propose a new monotone quantile approach which facilitates estimation of this model. Second, we estimate the model using bids from procurement auctions held by the State of New Jersey. For a large ...
-
作者：Abadir, K; Talmain, G
作者单位：University of York - UK; Tilburg University; University of York - UK
摘要：We introduce firm heterogeneity into the standard monopolistically competitive real business cycle (RBC) model. The fundamental equilibrium path is derived and the time-series properties of aggregate GDP are studied analytically. Although firms' productivities are subject to temporary shocks, the aggregate process displays a surprising novel form of nonlinearity and long memory which had not been built into the model at the outset. This aggregate GDP turns out to have very different properties...
-
作者：Ligon, E; Thomas, JP; Worrall, T
作者单位：University of California System; University of California Berkeley; University of St Andrews; Keele University
摘要：Recent work on consumption allocations in village economics finds that idiosyncratic variation in consumption is systematically related to idiosyncratic variation in income, thus rejecting the hypothesis of full risk-pooling. We attempt to explain these observations by adding limited commitment as an impediment to risk-pooling. We provide a general dynamic model and completely characterise efficient informal insurance arrangements constrained by limited commitment, and test the model using dat...
-
作者：Chari, VV; Kehoe, PJ; McGrattan, ER
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：The central puzzle in international business cycles is that fluctuations in real exchange rates are volatile and persistent. We quantify the popular story for real exchange rate fluctuations: they are generated by monetary shocks interacting with sticky goods prices. If prices are held fixed for at least one year, risk aversion is high, and preferences are separable in leisure, then real exchange rates generated by the model are as volatile as in the data and quite persistent, but less so than...
-
作者：Legros, P; Newman, AF
作者单位：Universite Libre de Bruxelles; University of London; University College London
摘要：We study frictionless matching in large economies with and without market imperfections, providing sufficient conditions for monotone matching that are weaker than those previously known. Necessary conditions, which depend on a key analytical object we call the surplus function, are also offered. Changes in the surplus yield valuable information about the comparative statics of matching patterns across environments. We apply our framework to some examples adapted from the literature, accountin...
-
作者：Offerman, T; Potters, J; Sonnemans, J
作者单位：University of Amsterdam; Tilburg University
摘要：We examine the force of three types of behavioural dynamics in quantity-setting triopoly experiments: (1) mimicking the successful firm, (2) rules based on following the exemplary firm, and (3) rules based on belief learning. Theoretically, these three types of rules lead to the competitive, the collusive, and the Cournot-Nash outcome, respectively. In the experiment we employ three information treatments, each of which is hypothesized to be conducive to the force of one of the three dynamic r...
-
作者：Chesher, A; Schluter, C
作者单位：University of London; University College London; University of Bristol
摘要：The approximate effects of measurement error on a variety of measures of inequality and poverty are derived. They are shown to depend on the measurement error variance and functionals of the error-contaminated income distribution, but not on the form of the measurement error distribution, and to be accurate within a rich class of error-free income distributions and measurement error distributions. The functionals of the error-contaminated income distribution that approximate the measurement er...
-
作者：Danthine, JP; Donaldson, JB
作者单位：University of Lausanne; Columbia University
摘要：This paper proposes a dynamic GE model with standard business cycle properties that also achieves a satisfactory replication of the major financial stylized facts. We ride on two major ideas. First, we show that operating leverage, originating in the priority status of wage claims given the observed business cycle characteristics of the latter, magnifies the risk properties of the residual payments to firm owners and justifies a substantial risk premium. Further we build on the observation tha...
-
作者：Miravete, EJ
作者单位：University of Pennsylvania
摘要：In this paper, I study the theoretical and econometric implications of agents' uncertainty concerning their future consumption when a monopolist offers them either a unique, mandatory nonlinear tariff or a choice in advance from a menu of optional two-part tariffs. Agents' uncertainty is resolved through individual and privately known shocks to their types. In such a situation the principal may screen agents according to their ex ante or ex post type, by offering either a menu of optional tari...
-
作者：Chesher, A; Silva, JMCS
作者单位：University of London; University College London; Universidade de Lisboa
摘要：This paper develops an extension of the classical multinomial logit model which approximates a class of models obtained when there is uncontrolled taste variation across agents and choices in addition to the stochastic noise inherent in the logit model. Unlike semiparametric and parametric alternatives, the extended logit model is easy to estimate even when there are many potential choices, Unlike parametric alternatives, it does not require the specification of a distribution of varying taste...
