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作者：Guerdjikova, Ani; Quiggin, John
作者单位：Communaute Universite Grenoble Alpes; Universite Grenoble Alpes (UGA); University of Queensland
摘要：We analyze financial markets in which agents face differential constraints on the set of assets in which they can trade. In particular, the assets available to each agent span a partition of the state space that can be strictly coarser than the partition spanned by the assets available in the market. We first show that the existence of differential constraints has an impact on prices and allocations as compared to a complete financial market with unconstrained agents. We consider the implicati...
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作者：Torgovitsky, Alexander
作者单位：University of Chicago
摘要：This paper is about measuring state dependence in dynamic discrete outcomes. I develop a nonparametric dynamic potential outcomes (DPO) model and propose an array of parameters and identifying assumptions that can be considered in this model. I show how to construct sharp identified sets under combinations of identifying assumptions by using a flexible linear programming procedure. I apply the analysis to study state dependence in unemployment for working age high school educated men using an ...
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作者：Baqaee, David Rezza; Farhi, Emmanuel
作者单位：University of California System; University of California Los Angeles; Harvard University
摘要：We provide a nonlinear characterization of the macroeconomic impact of microeconomic productivity shocks in terms of reduced-form nonparametric elasticities for efficient economies. We also show how microeconomic parameters are mapped to these reduced-form general equilibrium elasticities. In this sense, we extend the foundational theorem of Hulten (1978) beyond the first order to capture nonlinearities. Key features ignored by first-order approximations that play a crucial role are: structura...
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作者：Greenwood, Jeremy; Kircher, Philipp; Santos, Cezar; Tertilt, Michele
作者单位：University of Pennsylvania; University of Edinburgh; University of Edinburgh; Getulio Vargas Foundation; Banco de Portugal; University of Mannheim
摘要：Twelve percent of the Malawian population is HIV infected. Eighteen percent of sexual encounters are casual. A condom is used a third of the time. To analyze the Malawian epidemic, a choice-theoretic general equilibrium search model is constructed. In the developed framework, people select between different sexual practices while knowing the inherent risk. The calibrated model is used to study several policy interventions, namely, ART, circumcision, better condoms, and the treatment of other S...
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作者：Chiappori, Pierre-Andre; Salanie, Bernard; Salanie, Francois; Gandhi, Amit
作者单位：Columbia University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; INRAE; University of Pennsylvania
摘要：We show that even in the absence of data on individual decisions, the distribution of individual attitudes towards risk can be identified from the aggregate conditions that characterize equilibrium on markets for risky assets. Taking parimutuel horse races as a textbook model of contingent markets, we allow for heterogeneous bettors with very general risk preferences, including non-expected utility. Under a standard single-crossing condition on preferences, we identify the distribution of pref...
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作者：Itskhoki, Oleg; Moll, Benjamin
作者单位：Princeton University
摘要：Is there a role for governments in emerging countries to accelerate economic development by intervening in product and factor markets? To address this question, we study optimal dynamic Ramsey policies in a standard growth model with financial frictions. The optimal policy intervention involves pro-business policies like suppressed wages in early stages of the transition, resulting in higher entrepreneurial profits and faster wealth accumulation. This, in turn, relaxes borrowing constraints in...
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作者：Che, Yeon-Koo; Kim, Jinwoo; Kojima, Fuhito
作者单位：Columbia University; Seoul National University (SNU); Stanford University
摘要：We study stability of two-sided many-to-one matching in which firms' preferences for workers may exhibit complementarities. Although such preferences are known to jeopardize stability in a finite market, we show that a stable matching exists in a large market with a continuum of workers, provided that each firm's choice is convex and changes continuously as the set of available workers changes. We also study the existence and structure of stable matchings under preferences exhibiting substitut...
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作者：Borgers, Tilman; Li, Jiangtao
作者单位：University of Michigan System; University of Michigan; Singapore Management University
摘要：We define and investigate a property of mechanisms that we call strategic simplicity, and that is meant to capture the idea that, in strategically simple mechanisms, strategic choices require limited strategic sophistication. We define a mechanism to be strategically simple if choices can be based on first-order beliefs about the other agents' preferences and first-order certainty about the other agents' rationality alone, and there is no need for agents to form higher-order beliefs, because s...
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作者：Marcet, Albert; Marimon, Ramon
作者单位：University of London; University College London; European University Institute; European University Institute
摘要：We obtain a recursive formulation for a general class of optimization problems with forward-looking constraints which often arise in economic dynamic models, for example, in contracting problems with incentive constraints or in models of optimal policy. In this case, the solution does not satisfy the Bellman equation. Our approach consists of studying a recursive Lagrangian. Under standard general conditions, there is a recursive saddle-point functional equation (analogous to a Bellman equatio...
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作者：Allen, Roy; Rehbeck, John
作者单位：Western University (University of Western Ontario); University System of Ohio; Ohio State University
摘要：This paper provides nonparametric identification results for a class of latent utility models with additively separable unobservable heterogeneity. These results apply to existing models of discrete choice, bundles, decisions under uncertainty, and matching. Under an independence assumption, such models admit a representative agent. As a result, we can identify how regressors alter the desirability of goods using only average demands. Moreover, average indirect utility (welfare) is identified ...
