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作者：Cheng, Xu; Dou, Winston Wei; Liao, Zhipeng
作者单位：University of Pennsylvania; University of Pennsylvania; University of California System; University of California Los Angeles
摘要：This paper shows that robust inference under weak identification is important to the evaluation of many influential macro asset pricing models, including (time-varying) rare-disaster risk models and long-run risk models. Building on recent developments in the conditional inference literature, we provide a novel conditional specification test by simulating the critical value conditional on a sufficient statistic. This sufficient statistic can be intuitively interpreted as a measure capturing th...
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作者：Dunn, Abe; Hall, Anne; Dauda, Seidu
作者单位：United States Department of the Treasury; The World Bank
摘要：More than two decades ago, a well-known study on heart attack treatments provided evidence suggesting that, when appropriately adjusted for quality, medical care prices were actually declining (Cutler, McClellan, Newhouse, and Remler (1998)). Our paper revisits this subject by leveraging estimates from more than 8000 cost-effectiveness studies across a broad range of conditions and treatments. We find large quality-adjusted price declines associated with treatment innovations. To incorporate t...
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作者：Somerville, Jason
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper investigates whether the range of an attribute's outcomes in the choice set alters its relative importance. I derive distinguishing predictions of two prominent theories of range-dependent attribute weighting: the focusing model of Koszegi and Szeidl (2013) and the relative thinking model of Bushong, Rabin, and Schwartzstein (2021). I test these predictions in a laboratory experiment in which I vary the prices of high- and low-quality variants of multiple products. The data provide ...
