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作者：Gayle, George-Levi; Golan, Limor; Miller, Robert A.
作者单位：Washington University (WUSTL); Carnegie Mellon University
摘要：This paper develops a generalized Roy model with human capital accumulation, moral hazard, and career concerns. We identify and estimate the model with a large panel that matches data on publicly listed firms to information on their executives. The structural estimates obtained are used to decompose the firm-size pay gap. We find that although total compensation and incentive pay increase with firm size, certainty-equivalent pay decreases with firm size. In larger firms, and for more highly ra...
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作者：Atkeson, Andrew G.; Eisfeldt, Andrea L.; Weill, Pierre-Olivier
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of California System; University of California Los Angeles; University of California System; University of California Los Angeles; Center for Economic & Policy Research (CEPR)
摘要：We develop a parsimonious model to study the equilibrium and socially optimal decisions of banks to enter, trade in, and possibly exit, an OTC market. Although we endow all banks with the same trading technology, banks' optimal entry and trading decisions endogenously lead to a realistic market structure composed of dealers and customers with distinct trading patterns. We decompose banks' entry incentives into incentives to hedge risk and incentives to make intermediation profits. We show that...
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作者：Ackerberg, Daniel A.; Caves, Kevin; Frazer, Garth
作者单位：University of Michigan System; University of Michigan; University of Toronto; University Toronto Scarborough; University of Toronto; University of Toronto
摘要：This paper examines some of the recent literature on the estimation of production functions. We focus on techniques suggested in two recent papers, Olley and Pakes (1996) and Levinsohn and Petrin (2003). While there are some solid and intuitive identification ideas in these papers, we argue that the techniques can suffer from functional dependence problems. We suggest an alternative approach that is based on the ideas in these papers, but does not suffer from the functional dependence problems...
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作者：Card, David; Lee, David S.; Pei, Zhuan; Weber, Andrea
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; IZA Institute Labor Economics; Princeton University; Cornell University; University of Mannheim
摘要：We consider nonparametric identification and estimation in a nonseparable model where a continuous regressor of interest is a known, deterministic, but kinked function of an observed assignment variable. We characterize a broad class of models in which a sharp Regression Kink Design (RKD or RK Design) identifies a readily interpretable treatment-on-the-treated parameter (Florens, Heckman, Meghir, and Vytlacil (2008)). We also introduce a fuzzy regression kink design generalization that allows ...
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作者：Ahlfeldt, Gabriel M.; Redding, Stephen J.; Sturm, Daniel M.; Wolf, Nikolaus
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Princeton University; Princeton University; National Bureau of Economic Research; University of London; London School Economics & Political Science; Humboldt University of Berlin
摘要：This paper develops a quantitative model of internal city structure that features agglomeration and dispersion forces and an arbitrary number of heterogeneous city blocks. The model remains tractable and amenable to empirical analysis because of stochastic shocks to commuting decisions, which yield a gravity equation for commuting flows. To structurally estimate agglomeration and dispersion forces, we use data on thousands of city blocks in Berlin for 1936, 1986, and 2006 and exogenous variati...
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作者：Fostel, Ana; Geanakoplos, John
作者单位：University of Virginia; Yale University; The Santa Fe Institute
摘要：Our paper provides a complete characterization of leverage and default in binomial economies with financial assets serving as collateral. Our Binomial No-Default Theorem states that any equilibrium is equivalent (in real allocations and prices) to another equilibrium in which there is no default. Thus actual default is irrelevant, though the potential for default drives the equilibrium and limits borrowing. This result is valid with arbitrary preferences and endowments, contingent or noncontin...
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作者：Hansen, Peter Reinhard; Timmermann, Allan
作者单位：European University Institute; University of North Carolina; University of North Carolina Chapel Hill; CREATES; University of California System; University of California San Diego; University of California System; University of California San Diego
摘要：We demonstrate the asymptotic equivalence between commonly used test statistics for out-of-sample forecasting performance and conventional Wald statistics. This equivalence greatly simplifies the computational burden of calculating recursive out-of-sample test statistics and their critical values. For the case with nested models, we show that the limit distribution, which has previously been expressed through stochastic integrals, has a simple representation in terms of chi(2)-distributed rand...
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作者：Arellano, Manuel
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作者：Myerson, Roger B.
作者单位：University of Chicago
摘要：Both aristocratic privileges and constitutional constraints in traditional monarchies can be derived from a ruler's incentive to minimize expected costs of moral-hazard rents for high officials. We consider a dynamic moral-hazard model of governors serving a sovereign prince, who must deter them from rebellion and hidden corruption which could cause costly crises. To minimize costs, a governor's rewards for good performance should be deferred up to the maximal credit that the prince can be tru...
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作者：Fudenberg, Drew; Iijima, Ryota; Strzalecki, Tomasz
作者单位：Harvard University
摘要：Perturbed utility functions-the sum of expected utility and a nonlinear perturbation function-provide a simple and tractable way to model various sorts of stochastic choice. We provide two easily understood conditions each of which characterizes this representation: One condition generalizes the acyclicity condition used in revealed preference theory, and the other generalizes Luce's IIA condition. We relate the discrimination or selectivity of choice rules to properties of their associated pe...
