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作者：Aradillas-Lopez, Andres; Gandhi, Amit; Quint, Daniel
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：We introduce and apply a new nonparametric approach to identification and inference on data from ascending auctions. We exploit variation in the number of bidders across auctions to nonparametrically identify useful bounds on seller profit and bidder surplus using a general model of correlated private values that nests the standard independent private values (IPV) model. We also translate our identified bounds into closed form and asymptotically valid confidence intervals for several economic ...
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作者：Canay, Ivan A.; Santos, Andres; Shaikh, Azeem M.
作者单位：Northwestern University; University of California System; University of California San Diego; University of Chicago
摘要：This paper examines three distinct hypothesis testing problems that arise in the context of identification of some nonparametric models with endogeneity. The first hypothesis testing problem we study concerns testing necessary conditions for identification in some nonparametric models with endogeneity involving mean independence restrictions. These conditions are typically referred to as completeness conditions. The second and third hypothesis testing problems we examine concern testing for id...
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作者：Miller, David A.; Watson, Joel
作者单位：University of Michigan System; University of Michigan; University of California System; University of California San Diego
摘要：This paper proposes a new approach to equilibrium selection in repeated games with transfers, supposing that in each period the players bargain over how to play. Although the bargaining phase is cheap talk (following a generalized alternating-offer protocol), sharp predictions arise from three axioms. Two axioms allow the players to meaningfully discuss whether to deviate from their plan; the third embodies a theory of disagreementthat play under disagreement should not vary with the manner in...
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作者：Bai, Jushan
作者单位：Columbia University; Central University of Finance & Economics
摘要：We consider the estimation of dynamic panel data models in the presence of incidental parameters in both dimensions: individual fixed-effects and time fixed-effects, as well as incidental parameters in the variances. We adopt the factor analytical approach by estimating the sample variance of individual effects rather than the effects themselves. In the presence of cross-sectional heteroskedasticity, the factor method estimates the average of the cross-sectional variances instead of the indivi...
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作者：Bossert, Walter; Sprumont, Yves
作者单位：Universite de Montreal; Universite de Montreal
摘要：A choice function is backwards-induction rationalizable if there exists a finite perfect-information extensive-form game such that for each subset of alternatives, the backwards-induction outcome of the restriction of the game to that subset of alternatives coincides with the choice from that subset. We prove that every choice function is backwards-induction rationalizable.
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作者：Sweeting, Andrew
作者单位：University System of Maryland; University of Maryland College Park; Duke University; National Bureau of Economic Research
摘要：This article predicts how radio station formats would change if, as was recently proposed, music stations were made to pay fees for musical performance rights. It does so by estimating and solving, using parametric approximations to firms' value functions, a dynamic model that captures important features of the industry such as vertical and horizontal product differentiation, demographic variation in programming tastes, and multi-station ownership. The estimated model predicts that high fees w...
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作者：Che, Yeon-Koo; Kim, Jinwoo; Mierendorff, Konrad
作者单位：Columbia University; Yonsei University; Seoul National University (SNU); University of Zurich
摘要：We develop a network-flow approach for characterizing interim-allocation rules that can be implemented by ex post allocations. Our method can be used to characterize feasible interim allocations in general multi-unit auctions where agents face capacity constraints, both ceilings and floors. Applications include a variety of settings of practical interest, ranging from individual and group-specific capacity constraints, set-aside sale, partnership dissolution, and government license reallocation.
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作者：Abel, Andrew B.; Eberly, Janice C.; Panageas, Stavros
作者单位：University of Pennsylvania; National Bureau of Economic Research; Northwestern University; University of Chicago
摘要：Information costs, which comprise costs of gathering and processing information about stock values and costs of deciding how to respond to this information, induce a consumer to remain inattentive to the stock market for finite intervals of time. Whether, and how much, a consumer transfers assets between accounts depends on the costs of undertaking such transactions. In general, optimal behavior by a consumer facing both information costs and transactions costs is state-dependent, with the tim...
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作者：Cassola, Nuno; Hortacsu, Ali; Kastl, Jakub
作者单位：European Central Bank; University of Chicago; National Bureau of Economic Research; Stanford University
摘要：We study European banks' demand for short-term funds (liquidity) during the summer 2007 subprime market crisis. We use bidding data from the European Central Bank's auctions for one-week loans, their main channel of monetary policy implementation. Our analysis provides a high-frequency, disaggregated perspective on the 2007 crisis, which was previously studied through comparisons of collateralized and uncollateralized interbank money market rates which do not capture the heterogeneous impact o...
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作者：Gautier, Eric; Kitamura, Yuichi
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Yale University
摘要：This paper considers random coefficients binary choice models. The main goal is to estimate the density of the random coefficients nonparametrically. This is an ill-posed inverse problem characterized by an integral transform. A new density estimator for the random coefficients is developed, utilizing FourierLaplace series on spheres. This approach offers a clear insight on the identification problem. More importantly, it leads to a closed form estimator formula that yields a simple plug-in pr...
