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作者：Gossner, Olivier
作者单位：Paris School of Economics; University of London; London School Economics & Political Science
摘要：We introduce entropy techniques to study the classical reputation model in which a long-run player faces a series of short-run players. The long-run player's actions are possibly imperfectly observed. We derive explicit lower and upper bounds on the equilibrium payoffs to the long-run player.
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作者：Benoit, Jean-Pierre; Dubra, Juan
作者单位：University of London; London Business School; Universidad de Montevideo
摘要：It is common for a majority of people to rank themselves as better than average on simple tasks and worse than average on difficult tasks. The literature takes for granted that this apparent misconfidence is problematic. We argue, however, that this behavior is consistent with purely rational Bayesian updaters. In fact, better-than-average data alone cannot be used to show overconfidence; we indicate which type of data can be used. Our theory is consistent with empirical patterns found in the ...
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作者：Barro, Robert J.; Jin, Tao
作者单位：Harvard University
摘要：The coefficient of relative risk aversion is a key parameter for analyses of behavior toward risk, but good estimates of this parameter do not exist. A promising place for reliable estimation is rare macroeconomic disasters, which have a major influence on the equity premium. The premium depends on the probability and size distribution of disasters, gauged by proportionate declines in per capita consumption or gross domestic product. Long-term national-accounts data for 36 countries provide a ...
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作者：Darolles, S.; Fan, Y.; Florens, J. P.; Renault, E.
作者单位：Universite PSL; Universite Paris-Dauphine; Vanderbilt University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Brown University; Tilburg University
摘要：The focus of this paper is the nonparametric estimation of an instrumental regression function phi defined by conditional moment restrictions that stem from a structural econometric model E[Y - phi(Z) vertical bar W] = 0, and involve endogenous variables Y and Z and instruments W. The function phi is the solution of an ill-posed inverse problem and we propose an estimation procedure based on Tikhonov regularization. The paper analyzes identification and overidentification of this model, and pr...
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作者：Kaboski, Joseph P.; Townsend, Robert M.
作者单位：University of Notre Dame; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This paper uses a structural model to understand, predict, and evaluate the impact of an exogenous microcredit intervention program, the Thai Million Baht Village Fund program. We model household decisions in the face of borrowing constraints, income uncertainty, and high-yield indivisible investment opportunities. After estimation of parameters using preprogram data, we evaluate the model's ability to predict and interpret the impact of the village fund intervention. Simulations from the mode...
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作者：Eaton, Jonathan; Kortum, Samuel; Kramarz, Francis
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Chicago; Institut Polytechnique de Paris; ENSAE Paris
摘要：We examine the sales of French manufacturing firms in 113 destinations, including France itself. Several regularities stand out: (i) the number of French firms selling to a market, relative to French market share, increases systematically with market size; (ii) sales distributions are similar across markets of very different size and extent of French participation; (iii) average sales in France rise systematically with selling to less popular markets and to more markets. We adopt a model of fi...
