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作者：Bastianello, Lorenzo; LiCalzi, Marco
作者单位：Universite Paris-Pantheon-Assas; Universita Ca Foscari Venezia
摘要：We revisit the Nash bargaining model and axiomatize a procedural solution that maximizes the probability of successful bargaining. Our characterization spans several known solution concepts, including the special cases of the Nash, egalitarian, and utilitarian solutions. Using a probability-based language, we offer a natural interpretation for the product operator underlying the Nash solution: when the bargainers' individual acceptance probabilities are independent, their product recovers the ...
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作者：Baldwin, Elizabeth; Klemperer, Paul
作者单位：University of Oxford; University of Oxford
摘要：An Equivalence Theorem between geometric structures and utility functions allows new methods for understanding preferences. Our classification of valuations into Demand Types incorporates existing definitions (substitutes, complements, strong substitutes, etc.) and permits new ones. Our Unimodularity Theorem generalizes previous results about when competitive equilibrium exists for any set of agents whose valuations are all of a demand type. Contrary to popular belief, equilibrium is guarantee...
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作者：Hara, Kazuhiro; Ok, Efe A.; Riella, Gil
作者单位：Getulio Vargas Foundation; New York University; New York University; Getulio Vargas Foundation
摘要：This paper begins by observing that any reflexive binary (preference) relation (over risky prospects) that satisfies the independence axiom admits a form of expected utility representation. We refer to this representation notion as the coalitional minmax expected utility representation. By adding the remaining properties of the expected utility theorem, namely, continuity, completeness, and transitivity, one by one, we find how this representation gets sharper and sharper, thereby deducing the...
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作者：Caliendo, Lorenzo; Dvorkin, Maximiliano; Parro, Fernando
作者单位：Yale University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Johns Hopkins University
摘要：We develop a dynamic trade model with spatially distinct labor markets facing varying exposure to international trade. The model captures the role of labor mobility frictions, goods mobility frictions, geographic factors, and input-output linkages in determining equilibrium allocations. We show how to solve the equilibrium of the model and take the model to the data without assuming that the economy is at a steady state and without estimating productivities, migration frictions, or trade costs...
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作者：Kock, Anders Bredahl; Preinerstorfer, David
作者单位：University of Oxford; CREATES; Aarhus University; Universite Libre de Bruxelles
摘要：Fan, Liao, and Yao (2015) recently introduced a remarkable method for increasing the asymptotic power of tests in high-dimensional testing problems. If applicable to a given test, their power enhancement principle leads to an improved test that has the same asymptotic size, has uniformly non-inferior asymptotic power, and is consistent against a strictly broader range of alternatives than the initially given test. We study under which conditions this method can be applied and show the followin...
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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 ...
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作者：Bonhomme, Stephane; Lamadon, Thibaut; Manresa, Elena
作者单位：University of Chicago; New York University
摘要：We propose a framework to identify and estimate earnings distributions and worker composition on matched panel data, allowing for two-sided worker-firm unobserved heterogeneity and complementarities in earnings. We introduce two models: a static model that allows for nonlinear interactions between workers and firms, and a dynamic model that allows, in addition, for Markovian earnings dynamics and endogenous mobility. We show that this framework nests a number of structural models of wages and ...
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作者：Braun, R. Anton; Kopecky, Karen A.; Koreshkova, Tatyana
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Concordia University - Canada; Universite de Montreal
摘要：Half of U.S. 50-year-olds will experience a nursing home stay before they die, and one in ten will incur out-of-pocket long-term care expenses in excess of $200,000. Surprisingly, only about 10% of individuals over age 62 have private long-term care insurance (LTCI) and LTCI takeup rates are low at all wealth levels. We analyze the contributions of Medicaid, administrative costs, and asymmetric information about nursing home entry risk to low LTCI takeup rates in a quantitative equilibrium con...
