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作者：Gul, Faruk; Natenzon, Paulo; Pesendorfer, Wolfgang
作者单位：Princeton University; Washington University (WUSTL)
摘要：We develop an extension of Luce's random choice model to study violations of the weak axiom of revealed preference. We introduce the notion of a stochastic preference and show that it implies the Luce model. Then, to address well-known difficulties of the Luce model, we define the attribute rule and establish that the existence of a well-defined stochastic preference over attributes characterizes it. We prove that the set of attribute rules and random utility maximizers are essentially the sam...
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作者：Bryan, Gharad; Chowdhury, Shyamal; Mobarak, Ahmed Mushfiq
作者单位：University of London; London School Economics & Political Science; University of Sydney; Yale University
摘要：Hunger during pre-harvest lean seasons is widespread in the agrarian areas of Asia and Sub-Saharan Africa. We randomly assign an $8.50 incentive to households in rural Bangladesh to temporarily out-migrate during the lean season. The incentive induces 22% of households to send a seasonal migrant, their consumption at the origin increases significantly, and treated households are 8-10 percentage points more likely to re-migrate 1 and 3 years after the incentive is removed. These facts can be ex...
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作者：Charness, Gary; Feri, Francesco; Melendez-Jimenez, Miguel A.; Sutter, Matthias
作者单位：University of California System; University of California Santa Barbara; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; University of London; Royal Holloway University London; University of Trieste; Universidad de Malaga; European University Institute; University of Innsbruck; University of Cologne
摘要：In this paper, we describe a series of laboratory experiments that implement specific examples of a general network structure. Specifically, actions are either strategic substitutes or strategic complements, and participants have either complete or incomplete information about the structure of a random network. Since economic environments typically have a considerable degree of complementarity or substitutability, this framework applies to a wide variety of settings. We examine behavior and eq...
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作者：Romano, Joseph P.; Shaikh, Azeem M.; Wolf, Michael
作者单位：Stanford University; University of Chicago; University of Zurich
摘要：This paper considers the problem of testing a finite number of moment inequalities. We propose a two-step approach. In the first step, a confidence region for the moments is constructed. In the second step, this set is used to provide information about which moments are negative. A Bonferonni-type correction is used to account for the fact that, with some probability, the moments may not lie in the confidence region. It is shown that the test controls size uniformly over a large class of distr...
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作者：Bose, Subir; Renou, Ludovic
作者单位：University of Leicester; University of Essex
摘要：This paper considers mechanism design problems in environments with ambiguity-sensitive individuals. The novel idea is to introduce ambiguity in mechanisms so as to exploit the ambiguity sensitivity of individuals. Deliberate engineering of ambiguity, through ambiguous mediated communication, can allow (partial) implementation of social choice functions that are not incentive compatible with respect to prior beliefs. We provide a complete characterization of social choice functions partially i...
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作者：Magnusson, Leandro M.; Mavroeidis, Sophocles
作者单位：University of Western Australia; University of Oxford; University of Oxford
摘要：This paper studies inference in models that are identified by moment restrictions. We show how instability of the moments can be used constructively to improve the identification of structural parameters that are stable over time. A leading example is macroeconomic models that are immune to the well-known (Lucas (1976)) critique in the face of policy regime shifts. This insight is used to develop novel econometric methods that extend the widely used generalized method of moments (GMM). The pro...
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作者：Deck, Cary; Schlesinger, Harris
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Chapman University System; Chapman University; University of Alabama System; University of Alabama Tuscaloosa
摘要：Risk aversion (a second-order risk preference) is a time-proven concept in economic models of choice under risk. More recently, the higher order risk preferences of prudence (third-order) and temperance (fourth-order) also have been shown to be quite important. While a majority of the population seems to exhibit both risk aversion and these higher order risk preferences, a significant minority does not. We show how both risk-averse and risk-loving behaviors might be generated by a simple type ...
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作者：Klibanoff, Peter; Mukerji, Sujoy; Seo, Kyoungwon
作者单位：Northwestern University; University of Oxford; Korea Advanced Institute of Science & Technology (KAIST)
摘要：We axiomatize preferences that can be represented by a monotonic aggregation of subjective expected utilities generated by a utility function and some set of i.i.d. probability measures over a product state space, S. For such preferences, we define relevant measures, show that they are treated as if they were the only marginals possibly governing the state space, and connect them with the measures appearing in the aforementioned representation. These results allow us to interpret relevant meas...
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作者：Halac, Marina; Yared, Pierre
作者单位：Columbia University; University of Warwick; National Bureau of Economic Research
摘要：This paper studies the optimal level of discretion in policymaking. We consider a fiscal policy model where the government has time-inconsistent preferences with a present bias toward public spending. The government chooses a fiscal rule to trade off its desire to commit to not overspend against its desire to have flexibility to react to privately observed shocks to the value of spending. We analyze the optimal fiscal rule when the shocks are persistent. Unlike under independent and identicall...
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作者：Berry, Steven T.; Haile, Philip A.
作者单位：Yale University; National Bureau of Economic Research
摘要：We present new identification results for nonparametric models of differentiated products markets, using only market level observables. We specify a nonparametric random utility discrete choice model of demand allowing rich preference heterogeneity, product/market unobservables, and endogenous prices. Our supply model posits nonparametric cost functions, allows latent cost shocks, and nests a range of standard oligopoly models. We consider identification of demand, identification of changes in...
