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作者：Bajari, P; Benkard, CL
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; Stanford University
摘要：We reconsider the identification and estimation of Gorman-Lancasterstyle hedonic models of demand for differentiated products in the spirit of Sherwin Rosen. We generalize Rosen's first stage to account for product characteristics that are not observed and to allow the hedonic pricing function to have a general nonseparable form. We take an alternative semiparametric approach to Rosen's second stage in which we assume that the parametric form of utility is known, but we place no restrictions o...
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作者：Chay, KY; Greenstone, M
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：We exploit the structure of the Clean Air Act to provide new evidence on the capitalization of total suspended particulates (TSPs) air pollution into housing values. This legislation imposes strict regulations on polluters in nonattainment counties, which are defined by concentrations of TSPs that exceed a federally set ceiling. TSPs nonattainment status is associated with large reductions in TSPs pollution and increases in county-level housing prices. When nonattainment status is used as an i...
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作者：Bajari, P; Hortaçsu, A
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Chicago
摘要：Recently, economists have developed methods for structural estimation of auction models. Many researchers object to these methods because they find the strict rationality assumptions to be implausible. Using bid data from first-price auction experiments, we estimate four alternative structural models: (1) risk-neutral Bayes-Nash, (2) risk-averse Bayes-Nash, (3) a model of learning, and (4) a quantal response model of bidding. For each model, we compare the estimated valuations and the valuatio...
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作者：Altonji, JG; Elder, TE; Taber, CR
作者单位：Yale University; National Bureau of Economic Research; University of Illinois System; University of Illinois Urbana-Champaign; Northwestern University
摘要：In this paper we measure the effect of Catholic high school attendance on educational attainment and test scores. Because we do not have a good instrumental variable for Catholic school attendance, we develop new estimation methods based on the idea that the amount of selection on the observed explanatory variables in a model provides a guide to the amount of selection on the unobservables. We also propose an informal way to assess selectivity bias based on measuring the ratio of selection on ...
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作者：Parker, JA; Julliard, C
作者单位：Princeton University; National Bureau of Economic Research
摘要：This paper evaluates the central insight of the consumption capital asset pricing model that an asset's expected return is determined by its equilibrium risk to consumption. Rather than measure risk by the contemporaneous covariance of an asset's return and consumption growth, we measure risk by the covariance of an asset's return and consumption growth cumulated over many quarters following the return. While contemporaneous consumption risk explains little of the variation in average returns ...
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作者：Li, W; Yang, DT
作者单位：University of Virginia; Virginia Polytechnic Institute & State University
摘要：The Great Leap Forward disaster, characterized by a collapse in grain production and a widespread famine in China between 1959 and 1961, is found attributable to a systemic failure in central planning. Wishfully expecting a great leap in agricultural productivity from collectivization, the Chinese government accelerated its aggressive industrialization timetable. Grain output fell sharply as the government diverted agricultural resources to industry and imposed an excessive grain procurement b...
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作者：Christiano, LJ; Eichenbaum, M; Evans, CL
作者单位：National Bureau of Economic Research; Northwestern University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We present a model embodying moderate amounts of nominal rigidities that accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts that have an average duration of three quarters and variable capital utilization.
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作者：Chiquiar, D; Hanson, GH
作者单位：Bank of Mexico; University of California System; University of California San Diego; National Bureau of Economic Research
摘要：We use the 1990 and 2000 Mexican and U. S. population censuses to test Borjas's negative-selection hypothesis that the less skilled are those most likely to migrate from countries with high skill premia/earnings inequality to countries with low skill premia/earnings inequality. We find that Mexican immigrants in the United States are more educated than nonmigrants in Mexico; and were Mexican immigrants to be paid according to current skill prices in Mexico, they would be concentrated in the mi...
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作者：Teulings, CN
作者单位：University of Amsterdam
摘要：I apply Ricardo's principle of comparative advantage to a theory of factor substitutability in a model with a continuum of worker and job types. Highly skilled workers have a comparative advantage in complex jobs. The model satisfies the distance-dependent elasticity of substitution (DIDES) characteristic: substitutability between types declines with their skill distance. I analyze changes in relative wages due to human capital accumulation. The concept of a complexity dispersion parameter or ...
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作者：Oster, E
作者单位：Harvard University
摘要：In many Asian countries the ratio of male to female population is higher than in the West: as high as 1.07 in China and India, and even higher in Pakistan. A number of authors ( most notably Amartya Sen) have suggested that this imbalance reflects excess female mortality and have argued that as many as 100 million women are missing. This paper proposes an explanation for some of the observed over-representation of men: the hepatitis B virus. I present new evidence, consistent with an existing...
