-
作者：Frankel, Alex
摘要：A firm selects applicants to hire based on hard information, such as a test result, and soft information, such as a manager's evaluation of an interview. The contract that the firm offers to the manager can be thought of as a restriction on acceptance rates as a function of test results. I characterize optimal acceptance rate functions both when the firm knows the manager's mix of information and biases and when the firm is uncertain. These contracts may admit a simple implementation in which ...
-
作者：Plagborg-Moller, Mikkel; Wolf, Christian K.
作者单位：Princeton University; University of Chicago
摘要：We prove that local projections (LPs) and Vector Autoregressions (VARs) estimate the same impulse responses. This nonparametric result only requires unrestricted lag structures. We discuss several implications: (i) LP and VAR estimators are not conceptually separate procedures; instead, they are simply two dimension reduction techniques with common estimand but different finite-sample properties. (ii) VAR-based structural identification-including short-run, long-run, or sign restrictions-can e...
-
作者：Onatski, Alexei; Wang, Chen
作者单位：University of Cambridge; University of Hong Kong
摘要：This paper draws parallels between the principal components analysis of factorless high-dimensional nonstationary data and the classical spurious regression. We show that a few of the principal components of such data absorb nearly all the data variation. The corresponding scree plot suggests that the data contain a few factors, which is corroborated by the standard panel information criteria. Furthermore, the Dickey-Fuller tests of the unit root hypothesis applied to the estimated idiosyncrat...
-
作者：Gottlieb, Daniel; Zhang, Xingtan
作者单位：University of London; London School Economics & Political Science; University of Colorado System; University of Colorado Boulder
摘要：We study contracts between naive present-biased consumers and risk-neutral firms. We show that the welfare loss from present bias vanishes as the contracting horizon grows. This is true both when bargaining power is on the consumers' and on the firms' side, when consumers cannot commit to long-term contracts, and when firms do not know the consumers' naivete. However, the welfare loss from present bias does not vanish when firms do not know the consumers' present bias or when they cannot offer...
-
作者：Oberfield, Ezra; Raval, Devesh
作者单位：Princeton University
摘要：We develop a framework to estimate the aggregate capital-labor elasticity of substitution by aggregating the actions of individual plants. The aggregate elasticity reflects substitution within plants and reallocation across plants; the extent of heterogeneity in capital intensities determines their relative importance. We use micro data on the cross-section of plants to build up to the aggregate elasticity at a point in time. Interpreting our econometric estimates through the lens of several d...
-
作者：Dal Bo, Ernesto; Finan, Frederico; Li, Nicholas Y.; Schechter, Laura
作者单位：University of California System; University of California Berkeley; University of Wisconsin System; University of Wisconsin Madison
摘要：Standard models of hierarchy assume that agents and middle managers are better informed than principals. We estimate the value of the informational advantage held by supervisors-middle managers-when ministerial leadership-the principal-introduced a new monitoring technology aimed at improving the performance of agricultural extension agents (AEAs) in rural Paraguay. Our approach employs a novel experimental design that elicited treatment-priority rankings from supervisors before randomization ...
-
作者：Hausman, Jerry; Liu, Haoyang; Luo, Ye; Palmer, Christopher
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York; University of Hong Kong; Massachusetts Institute of Technology (MIT)
摘要：We study the consequences of measurement error in the dependent variable of random-coefficients models, focusing on the particular case of quantile regression. The popular quantile regression estimator of Koenker and Bassett (1978) is biased if there is an additive error term. Approaching this problem as an errors-in-variables problem where the dependent variable suffers from classical measurement error, we present a sieve maximum likelihood approach that is robust to left-hand-side measuremen...
-
作者：Kaji, Tetsuya
作者单位：University of Chicago
摘要：We provide general formulation of weak identification in semiparametric models and an efficiency concept. Weak identification occurs when a parameter is weakly regular, that is, when it is locally homogeneous of degree zero. When this happens, consistent or equivariant estimation is shown to be impossible. We then show that there exists an underlying regular parameter that fully characterizes the weakly regular parameter. While this parameter is not unique, concepts of sufficiency and minimali...
-
作者：Kline, Patrick; Walters, Christopher
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This paper develops methods for detecting discrimination by individual employers using correspondence experiments that send fictitious resumes to real job openings. We establish identification of higher moments of the distribution of job-level callback rates as a function of the number of resumes sent to each job and propose shape-constrained estimators of these moments. Applying our methods to three experimental data sets, we find striking job-level heterogeneity in the extent to which callba...
-
作者：Wilson, Robert B.
作者单位：Stanford University
