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作者：Chen, Yi-Chun; Xiong, Siyang
作者单位：National University of Singapore; Rice University
摘要：We study whether priors that admit full surplus extraction (FSE) are generic, an issue that becomes a gauge to evaluate the validity of the current mechanism design paradigm. We consider the space of priors on the universal type space, and thereby relax the assumption of a fixed finite number of types made by Cremer and McLean (1988). We show that FSE priors are topologically generic, contrary to the result of Heifetz and Neeman (2006) that FSE is generically impossible, both geometrically and...
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作者：Angeletos, George-Marios; La'O, Jennifer
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of Chicago
摘要：This paper develops a new theory of fluctuationsone that helps accommodate the notions of animal spirits and market sentiment in unique-equilibrium, rational-expectations, macroeconomic models. To this goal, we limit the communication that is embedded in a neoclassical economy by allowing trading to be random and decentralized. We then show that the business cycle may be driven by a certain type of extrinsic shocks which we call sentiments. These shocks formalize shifts in expectations of econ...
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作者：Chernozhukov, Victor; Lee, Sokbae; Rosen, Adam M.
作者单位：Massachusetts Institute of Technology (MIT); Seoul National University (SNU); University of London; London School Economics & Political Science; University College London
摘要：We develop a practical and novel method for inference on intersection bounds, namely bounds defined by either the infimum or supremum of a parametric or nonparametric function, or, equivalently, the value of a linear programming problem with a potentially infinite constraint set. We show that many bounds characterizations in econometrics, for instance bounds on parameters under conditional moment inequalities, can be formulated as intersection bounds. Our approach is especially convenient for ...
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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：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...
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作者：Soenmez, Tayfun; Switzer, Tobias B.
作者单位：Boston College; United States Department of Defense; United States Air Force
摘要：Branch selection is a key decision in a cadet's military career. Cadets at USMA can increase their branch priorities at a fraction of slots by extending their service agreement. This real-life matching problem fills an important gap in the market design literature, providing strong empirical legitimacy to a series of elegant theoretical works on matching with contracts. Although priorities fail a key substitutes condition, the agent-optimal stable mechanism is well defined, and in contrast to ...
