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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：Holzman, Ron; Moulin, Herve
作者单位：Technion Israel Institute of Technology; Rice University
摘要：A group of peers must choose one of them to receive a prize; everyone cares only about winning, not about who gets the prize if someone else. An award rule is impartial if one's message never influences whether or not one wins the prize. We explore the consequences of impartiality when each agent nominates a single (other) agent for the prize. On the positive side, we construct impartial nomination rules where both the influence of individual messages and the requirements to win the prize are ...
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作者：Simsek, Alp
作者单位：Harvard University
摘要：Belief disagreements have been suggested as a major contributing factor to the recent subprime mortgage crisis. This paper theoretically evaluates this hypothesis. I assume that optimists have limited wealth and take on leverage so as to take positions in line with their beliefs. To have a significant effect on asset prices, they need to borrow from traders with pessimistic beliefs using loans collateralized by the asset itself. Since pessimists do not value the collateral as much as optimists...
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作者：Godefroy, Raphael; Perez-Richet, Eduardo
作者单位：Universite de Montreal; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We study selection rules: voting procedures used by committees to choose whether to place an issue on their agenda. At the selection stage of the model, committee members are uncertain about their final preferences. They only have some private information about these preferences. We show that voters become more conservative when the selection rule itself becomes more conservative. The decision rule has the opposite effect. We compare these voting procedures to the designation of an agenda sett...
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作者：Martin, Ian
作者单位：Stanford University
摘要：This paper investigates the behavior of asset prices in an endowment economy in which a representative agent with power utility consumes the dividends of multiple assets. The assets are Lucas trees; a collection of Lucas trees is a Lucas orchard. The model generates return correlations that vary endogenously, spiking at times of disaster. Since disasters spread across assets, the model generates large risk premia even for assets with stable cashflows. Very small assets may comove endogenously ...
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作者：Michalopoulos, Stelios; Papaioannou, Elias
作者单位：Brown University; University of London; London Business School
摘要：We investigate the role of deeply rooted pre-colonial ethnic institutions in shaping comparative regional development within African countries. We combine information on the spatial distribution of ethnicities before colonization with regional variation in contemporary economic performance, as proxied by satellite images of light density at night. We document a strong association between pre-colonial ethnic political centralization and regional development. This pattern is not driven by differ...
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作者：Gershkov, Alex; Goeree, Jacob K.; Kushnir, Alexey; Moldovanu, Benny; Shi, Xianwen
作者单位：Hebrew University of Jerusalem; University of Zurich; University of Bonn; University of Toronto
摘要：We consider a standard social choice environment with linear utilities and independent, one-dimensional, private types. We prove that for any Bayesian incentive compatible mechanism there exists an equivalent dominant strategy incentive compatible mechanism that delivers the same interim expected utilities for all agents and the same ex ante expected social surplus. The short proof is based on an extension of an elegant result due to Gutmann, Kemperman, Reeds, and Shepp (1991). We also show th...
