-
作者：[Anonymous]
-
作者：Ray, Debraj; Vohra, Rajiv
作者单位：New York University; University of Warwick; Brown University
摘要：Harsanyi (1974) and Ray and Vohra (2015) extended the stable set of von Neumann and Morgenstern to impose farsighted credibility on coalitional deviations. But the resulting farsighted stable set suffers from a conceptual drawback: while coalitional moves improve on existing outcomes, coalitions might do even better by moving elsewhere. Or other coalitions might intervene to impose their favored moves. We show that every farsighted stable set satisfying some reasonable and easily verifiable pr...
-
作者：Hsieh, Chang-Tai; Hurst, Erik; Jones, Charles I.; Klenow, Peter J.
作者单位：University of Chicago; National Bureau of Economic Research; Stanford University; Stanford University
摘要：In 1960, 94 percent of doctors and lawyers were white men. By 2010, the fraction was just 62 percent. Similar changes in other highly-skilled occupations have occurred throughout the U.S. economy during the last 50 years. Given that the innate talent for these professions is unlikely to have changed differently across groups, the change in the occupational distribution since 1960 suggests that a substantial pool of innately talented women and black men in 1960 were not pursuing their comparati...
-
作者：Balbuzanov, Ivan; Kotowski, Maciej H.
作者单位：University of Melbourne; Harvard University
摘要：We propose a new solution for discrete exchange economies and resource-allocation problems, the exclusion core. The exclusion core rests upon a foundational idea in the legal understanding of property, the right to exclude others. By reinterpreting endowments as a distribution of exclusion rights, rather than as bundles of goods, our analysis extends to economies with qualified property rights, joint ownership, and social hierarchies. The exclusion core is characterized by a generalized top tr...
-
作者：Garcia-Macia, Daniel; Hsieh, Chang-Tai; Klenow, Peter J.
作者单位：International Monetary Fund; University of Chicago; National Bureau of Economic Research; Stanford University
摘要：Entrants and incumbents can create new products and displace the products of competitors. Incumbents can also improve their existing products. How much of aggregate productivity growth occurs through each of these channels? Using data from the U.S. Longitudinal Business Database on all nonfarm private businesses from 1983 to 2013, we arrive at three main conclusions: First, most growth appears to come from incumbents. We infer this from the modest employment share of entering firms (defined as...
-
作者：Jha, Saumitra; Shayo, Moses
作者单位：Stanford University; Hebrew University of Jerusalem
摘要：Can participation in financial markets lead individuals to reevaluate the costs of conflict, change their political attitudes, and even their votes? Prior to the 2015 Israeli elections, we randomly assigned Palestinian and Israeli financial assets to likely voters and incentivized them to actively trade for up to 7 weeks. No political messages or nonfinancial information were included. The treatment systematically shifted vote choices toward parties more supportive of the peace process. This e...
-
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...
-
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 ...
-
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...
-
作者：Jochmans, Koen; Weidner, Martin
作者单位：University of Cambridge; University of London; University College London
摘要：This paper considers inference on fixed effects in a linear regression model estimated from network data. An important special case of our setup is the two-way regression model. This is a workhorse technique in the analysis of matched data sets, such as employer-employee or student-teacher panel data. We formalize how the structure of the network affects the accuracy with which the fixed effects can be estimated. This allows us to derive sufficient conditions on the network for consistent esti...
