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作者：Echenique, Federico; Saito, Kota
作者单位：California Institute of Technology
摘要：We develop a behavioral axiomatic characterization of subjective expected utility (SEU) under risk aversion. Given is an individual agent's behavior in the market: assume a finite collection of asset purchases with corresponding prices. We show that such behavior satisfies a revealed preference axiom if and only if there exists a SEU model (a subjective probability over states and a concave utility function over money) that accounts for the given asset purchases.
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作者：Galperti, Simone
作者单位：University of California System; University of California San Diego
摘要：This paper develops a theory of optimal provision of commitment devices to people who value both commitment and flexibility and whose preferences differ in the degree of time inconsistency. If time inconsistency is observable, both a planner and a monopolist provide devices that help each person commit to the efficient level of flexibility. However, the combination of unobservable time inconsistency and preference for flexibility causes an adverse-selection problem. To solve this problem, the ...
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作者：Jacobson, Tor; von Schedvin, Erik
作者单位：Sveriges Riksbank
摘要：Using an exhaustive data set on claims held by trade creditors (suppliers) on failed trade debtors (customers), we quantify the importance of trade credit chains for the propagation of corporate bankruptcy. We show that trade creditors experience significant trade credit losses due to trade debtor failures and that creditors' bankruptcy risks increase in the size of incurred losses. By exploring the roles of financial constraints and creditor-debtor dependences, we infer that the trade credit ...
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作者：Moon, Hyungsik Roger; Weidner, Martin
作者单位：University of Southern California; University of Southern California; Yonsei University; University of London; University College London
摘要：In this paper, we study the least squares (LS) estimator in a linear panel regression model with unknown number of factors appearing as interactive fixed effects. Assuming that the number of factors used in estimation is larger than the true number of factors in the data, we establish the limiting distribution of the LS estimator for the regression coefficients as the number of time periods and the number of cross-sectional units jointly go to infinity. The main result of the paper is that und...
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作者：Chen, Jing; Micali, Silvio; Pass, Rafael
作者单位：State University of New York (SUNY) System; Stony Brook University; Massachusetts Institute of Technology (MIT); Cornell University
摘要：Mechanism design enables a social planner to obtain a desired outcome by leveraging the players' rationality and their beliefs. It is thus a fundamental, but yet unproven, intuition that the higher the level of rationality of the players, the better the set of obtainable outcomes. In this paper, we prove this fundamental intuition for players with possibilistic beliefs, a model long considered in epistemic game theory. Specifically, center dot We define a sequence of monotonically increasing r...
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作者：Fan, Jianqing; Liao, Yuan; Yao, Jiawei
作者单位：Princeton University; Capital University of Economics & Business; Sun Yat Sen University; University System of Maryland; University of Maryland College Park
摘要：We propose a novel technique to boost the power of testing a high-dimensional vector H:=0 against sparse alternatives where the null hypothesis is violated by only a few components. Existing tests based on quadratic forms such as the Wald statistic often suffer from low powers due to the accumulation of errors in estimating high-dimensional parameters. More powerful tests for sparse alternatives such as thresholding and extreme value tests, on the other hand, require either stringent condition...
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作者：Opp, Marcus M.; Zhu, John Y.
作者单位：University of California System; University of California Berkeley; University of Pennsylvania
摘要：This paper studies the dynamics of long-term contracts in repeated principal-agent relationships with an impatient agent. Despite the absence of exogenous uncertainty, Pareto-optimal dynamic contracts generically oscillate between favoring the principal and favoring the agent.
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作者：Handel, Ben; Hendel, Igal; Whinston, Michael D.
作者单位：University of California System; University of California Berkeley; Northwestern University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：This paper studies regulated health insurance markets known as exchanges, motivated by the increasingly important role they play in both public and private insurance provision. We develop a framework that combines data on health outcomes and insurance plan choices for a population of insured individuals with a model of a competitive insurance exchange to predict outcomes under different exchange designs. We apply this framework to examine the effects of regulations that govern insurers' abilit...
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作者：Caetano, Carolina
作者单位：University of Rochester
摘要：This paper presents a test of the exogeneity of a single explanatory variable in a multivariate model. It does not require the exogeneity of the other regressors or the existence of instrumental variables. The fundamental maintained assumption is that the model must be continuous in the explanatory variable of interest. This test has power when unobservable confounders are discontinuous with respect to the explanatory variable of interest, and it is particularly suitable for applications in wh...
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作者：Choo, Eugene
作者单位：University of Calgary
摘要：This paper develops a new model for empirically analyzing dynamic matching in the marriage market and then applies that model to recent changes in the U.S. marriage distribution. Its primary objective is to estimate gains by age from being married today (till death of at least one spouse) relative to remaining single for that same time period. An empirical methodology that relies on the model's equilibrium outcomes identifies the marriage gains using a single cross-section of observed aggregat...
