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作者：Chen, Yi-Chun; He, Wei; Li, Jiangtao; Sun, Yeneng
作者单位：National University of Singapore; Chinese University of Hong Kong; Singapore Management University; National University of Singapore
摘要：We consider a general social choice environment that has multiple agents, a finite set of alternatives, independent types, and atomless type distribution. We show that for any Bayesian incentive compatible mechanism, there exists an equivalent deterministic mechanism that (1) is Bayesian incentive compatible; (2) delivers the same interim expected allocation probabilities and the same interim expected utilities for all agents; and (3) delivers the same ex ante expected social surplus. This res...
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作者：Hill, Brian
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS)
摘要：Many decision situations involve two or more of the following divergences from subjective expected utility: imprecision of beliefs (or ambiguity), imprecision of tastes (or multi-utility), and state dependence of utility. This paper proposes and characterizes a model of uncertainty averse preferences that can simultaneously incorporate all three phenomena. The representation supports a principled separation of (imprecise) beliefs and (potentially state-dependent, imprecise) tastes. Moreover, t...
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作者：Kaido, Hiroaki; Molinari, Francesca; Stoye, Jorg
作者单位：Boston University; Cornell University
摘要：We propose a bootstrap-based calibrated projection procedure to build confidence intervals for single components and for smooth functions of a partially identified parameter vector in moment (in)equality models. The method controls asymptotic coverage uniformly over a large class of data generating processes. The extreme points of the calibrated projection confidence interval are obtained by extremizing the value of the function of interest subject to a proper relaxation of studentized sample ...
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作者：Andreou, E.; Gagliardini, P.; Ghysels, E.; Rubin, M.
作者单位：University of Cyprus; Center for Economic & Policy Research (CEPR); Universita della Svizzera Italiana; Swiss Finance Institute (SFI); University of North Carolina; University of North Carolina Chapel Hill; Universite Catholique de Lille; EDHEC Business School
摘要：We derive asymptotic properties of estimators and test statistics to determine-in a grouped data setting-common versus group-specific factors. Despite the fact that our test statistic for the number of common factors, under the null, involves a parameter at the boundary (related to unit canonical correlations), we derive a parameter-free asymptotic Gaussian distribution. We show how the group factor setting applies to mixed-frequency data. As an empirical illustration, we address the question ...
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作者：Hosseini, Roozbeh; Shourideh, Ali
作者单位：University System of Georgia; University of Georgia; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Carnegie Mellon University
摘要：We study Pareto optimal policy reforms aimed at overhauling retirement financing as an integral part of the tax and transfer system. Our framework for policy analysis is a heterogeneous-agent overlapping-generations model that performs well in matching the aggregate and distributional features of the U.S. economy. We present a test of Pareto optimality that identifies the main source of inefficiency in the status quo policies. Our test suggests that lack of asset subsidies late in life is the ...
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作者：Abeler, Johannes; Nosenzo, Daniele; Raymond, Collin
作者单位：University of Oxford; Leibniz Association; Ifo Institut; University of Nottingham; Purdue University System; Purdue University
摘要：Private information is at the heart of many economic activities. For decades, economists have assumed that individuals are willing to misreport private information if this maximizes their material payoff. We combine data from 90 experimental studies in economics, psychology, and sociology, and show that, in fact, people lie surprisingly little. We then formalize a wide range of potential explanations for the observed behavior, identify testable predictions that can distinguish between the mode...
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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：Kleiner, Andreas; Manelli, Alejandro
作者单位：Arizona State University; Arizona State University-Tempe
摘要：The main result in Daskalakis, Deckelbaum, and Tzamos (2017) establishes strong duality in the monopoly problem with an argument based on transportation theory. We provide a short, alternative proof using linear programming.
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作者：Gentzkow, Matthew; Shapiro, Jesse M.; Taddy, Matt
作者单位：Stanford University; National Bureau of Economic Research; Brown University; Amazon.com
摘要：We study the problem of measuring group differences in choices when the dimensionality of the choice set is large. We show that standard approaches suffer from a severe finite-sample bias, and we propose an estimator that applies recent advances in machine learning to address this bias. We apply this method to measure trends in the partisanship of congressional speech from 1873 to 2016, defining partisanship to be the ease with which an observer could infer a congressperson's party from a sing...
