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作者：Konig, Michael D.; Rohner, Dominic; Thoenig, Mathias; Zilibotti, Fabrizio
作者单位：University of Zurich; University of Lausanne; Yale University
摘要：We study from both a theoretical and an empirical perspective how a network of military alliances and enmities affects the intensity of a conflict. The model combines elements from network theory and from the politico-economic theory of conflict. We obtain a closed-form characterization of the Nash equilibrium. Using the equilibrium conditions, we perform an empirical analysis using data on the Second Congo War, a conflict that involves many groups in a complex network of informal alliances an...
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作者：Lowes, Sara; Nunn, Nathan; Robinson, James A.; Weigel, Jonathan L.
作者单位：Bocconi University; Harvard University; University of Chicago; Harvard University
摘要：We use variation in historical state centralization to examine the long-term impact of institutions on cultural norms. The Kuba Kingdom, established in Central Africa in the early 17th century by King Shyaam, had more developed state institutions than the other independent villages and chieftaincies in the region. It had an unwritten constitution, separation of political powers, a judicial system with courts and juries, a police force, a military, taxation, and significant public goods provisi...
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作者：Kubler, Felix; Polemarchakis, Herakles
作者单位：University of Zurich; Swiss Finance Institute (SFI); University of Warwick
摘要：The demand for assets as prices and initial wealth vary identifies beliefs and attitudes towards risk. We derive conditions that guarantee identification with no knowledge either of the cardinal utility index (attitudes towards risk) or of the distribution of future endowments or payoffs of assets; the argument applies even if the asset market is incomplete and demand is observed only locally.
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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：Honore, Bo E.; Hu, Luojia
作者单位：Princeton University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：The bootstrap is a convenient tool for calculating standard errors of the parameter estimates of complicated econometric models. Unfortunately, the fact that these models are complicated often makes the bootstrap extremely slow or even practically infeasible. This paper proposes an alternative to the bootstrap that relies only on the estimation of one-dimensional parameters. We introduce the idea in the context of M and GMM estimators. A modification of the approach can be used to estimate the...
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作者：Galperti, Simone; Strulovici, Bruno
作者单位：University of San Diego; Northwestern University
摘要：Modeling intergenerational altruism is crucial to evaluate the long-term consequences of current decisions, and requires a set of principles guiding such altruism. We axiomatically develop a theory of pure, direct altruism: Altruism is pure if it concerns the total utility (rather than the mere consumption utility) of future generations, and direct if it directly incorporates the utility of all future generations. Our axioms deliver a new class of altruistic, forward-looking preferences, whose...
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作者：Graham, Bryan S.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：I introduce a model of undirected dyadic link formation which allows for assortative matching on observed agent characteristics (homophily) as well as unrestricted agent-level heterogeneity in link surplus (degree heterogeneity). Like in fixed effects panel data analyses, the joint distribution of observed and unobserved agent-level characteristics is left unrestricted. Two estimators for the (common) homophily parameter, beta(0), are developed and their properties studied under an asymptotic ...
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作者：Piacquadio, Paolo Giovanni
作者单位：University of Oslo; Statistics Norway
摘要：Differences in preferences are important to explain variation in individuals' behavior. There is, however, no consensus on how to take these differences into account when evaluating policies. While prominent in the economic literature, the standard utilitarian criterion is controversial. According to some, interpersonal comparability of utilities involves value judgments with little objective basis. Others argue that social justice is primarily about the distribution of commodities assigned to...
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作者：Chetverikov, Denis; Wilhelm, Daniel
作者单位：University of California System; University of California Los Angeles; University of London; University College London
摘要：The ill-posedness of the nonparametric instrumental variable (NPIV) model leads to estimators that may suffer from poor statistical performance. In this paper, we explore the possibility of imposing shape restrictions to improve the performance of the NPIV estimators. We assume that the function to be estimated is monotone and consider a sieve estimator that enforces this monotonicity constraint. We define a constrained measure of ill-posedness that is relevant for the constrained estimator an...
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作者：Chew, Soo Hong; Miao, Bin; Zhong, Songfa
作者单位：National University of Singapore; Shanghai University of Finance & Economics
摘要：We extend Ellsberg's two-urn paradox and propose three symmetric forms of partial ambiguity by limiting the possible compositions in a deck of 100 red and black cards in three ways. Interval ambiguity involves a symmetric range of 50- n to 50+ n red cards. Complementarily, disjoint ambiguity arises from two nonintersecting intervals of 0 to n and 100 - n to 100 red cards. Two-point ambiguity involves n or 100 - n red cards. We investigate experimentally attitudes towards partial ambiguity and ...
