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作者：Carroll, Gabriel
作者单位：Stanford University
摘要：A principal wishes to screen an agent along several dimensions of private information simultaneously. The agent has quasilinear preferences that are additively separable across the various components. We consider a robust version of the principal's problem, in which she knows the marginal distribution of each component of the agent's type, but does not know the joint distribution. Any mechanism is evaluated by its worst-case expected profit, over all joint distributions consistent with the kno...
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作者：Steiner, Jakub; Stewart, Colin; Matejka, Filip
作者单位：Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague; University of Edinburgh; Charles University Prague; Czech Academy of Sciences; University of Toronto
摘要：We solve a general class of dynamic rational inattention problems in which an agent repeatedly acquires costly information about an evolving state and selects actions. The solution resembles the choice rule in a dynamic logit model, but it is biased toward an optimal default rule that is independent of the realized state. The model provides the same fit to choice data as dynamic logit, but, because of the bias, yields different counterfactual predictions. We apply the general solution to the s...
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作者：Doepke, Matthias; Zilibotti, Fabrizio
作者单位：Northwestern University; Yale University
摘要：We develop a theory of parent-child relations that rationalizes the choice between alternative parenting styles (as set out in Baumrind, 1967). Parents maximize an objective function that combines Beckerian altruism and paternalism towards children. They can affect their children's choices via two channels: either by influencing children's preferences or by imposing direct restrictions on their choice sets. Different parenting styles (authoritarian, authoritative, and permissive) emerge as equ...
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作者：Rothe, Christoph
作者单位：Columbia University
摘要：Limited overlap between the covariate distributions of groups with different treatment assignments does not only make estimates of average treatment effects rather imprecise, but can also lead to substantially distorted confidence intervals. This paper argues that this is because the coverage error of traditional confidence intervals is driven by the number of observations in the areas of limited overlap. Some of these local sample sizes can be very small in applications, up to the point that ...
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作者：Chesher, Andrew; Rosen, Adam M.
作者单位：University of London; University College London; Duke University
摘要：This paper develops characterizations of identified sets of structures and structural features for complete and incomplete models involving continuous or discrete variables. Multiple values of unobserved variables can be associated with particular combinations of observed variables. This can arise when there are multiple sources of heterogeneity, censored or discrete endogenous variables, or inequality restrictions on functions of observed and unobserved variables. The models generalize the cl...
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作者：Brumm, Johannes; Scheidegger, Simon
作者单位：Helmholtz Association; Karlsruhe Institute of Technology; University of Zurich
摘要：We present a flexible and scalable method for computing global solutions of high-dimensional stochastic dynamic models. Within a time iteration or value function iteration setup, we interpolate functions using an adaptive sparse grid algorithm. With increasing dimensions, sparse grids grow much more slowly than standard tensor product grids. Moreover, adaptivity adds a second layer of sparsity, as grid points are added only where they are most needed, for instance, in regions with steep gradie...
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作者：Arellano, Manuel; Bonhomme, Stephane
作者单位：University of Chicago
摘要：We propose a method to correct for sample selection in quantile regression models. Selection is modeled via the cumulative distribution function, or copula, of the percentile error in the outcome equation and the error in the participation decision. Copula parameters are estimated by minimizing a method-of-moments criterion. Given these parameter estimates, the percentile levels of the outcome are readjusted to correct for selection, and quantile parameters are estimated by minimizing a rotate...
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作者：Miller, Nathan H.; Weinberg, Matthew C.
作者单位：Georgetown University; Drexel University
摘要：We document abrupt increases in retail beer prices just after the consummation of the MillerCoors joint venture, both for MillerCoors and its major competitor, Anheuser-Busch. Within the context of a differentiated-products pricing model, we test and reject the hypothesis that the price increases can be explained by movement from one Nash-Bertrand equilibrium to another. Counterfactual simulations imply that prices after the joint venture are 6%-8% higher than they would have been with Nash-Be...
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作者：Jacod, Jean; Li, Yingying; Zheng, Xinghua
作者单位：Universite Paris Cite; Sorbonne Universite; Centre National de la Recherche Scientifique (CNRS); CNRS - National Institute for Mathematical Sciences (INSMI); Sorbonne Universite; Hong Kong University of Science & Technology; Hong Kong University of Science & Technology
摘要：We study the estimation of (joint) moments of microstructure noise based on high frequency data. The estimation is conducted under a nonparametric setting, which allows the underlying price process to have jumps, the observation times to be irregularly spaced, and the noise to be dependent on the price process and to have diurnal features. Estimators of arbitrary orders of (joint) moments are provided, for which we establish consistency as well as central limit theorems. In particular, we prov...
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作者：Azevedo, Eduardo M.; Gottlieb, Daniel
作者单位：University of Pennsylvania; Microsoft; Washington University (WUSTL)
摘要：This paper proposes a perfectly competitive model of a market with adverse selection. Prices are determined by zero-profit conditions, and the set of traded contracts is determined by free entry. Crucially for applications, contract characteristics are endogenously determined, consumers may have multiple dimensions of private information, and an equilibrium always exists. Equilibrium corresponds to the limit of a differentiated products Bertrand game. We apply the model to establish theoretica...
