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作者：Gossner, Olivier; Kalai, Ehud; Weber, Robert
作者单位：Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Paris School of Economics; Universite PSL; Ecole Normale Superieure (ENS); Ecole des Hautes Etudes en Sciences Sociales (EHESS); Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Northwestern University
摘要：Conditions studied are (i) subjective independence (the opponents' types are independent conditional on one's own) and (ii) type disassociation under common knowledge (the agents' types are independent, conditional on some common-knowledge variable). Subjective independence is motivated by its implications in Bayesian games and in studies of equilibrium concepts. We find that a variable that disassociates types is more informative than any common-knowledge variable. With three or more agents, ...
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作者：Arellano, Manuel; Bonhomme, Stephane
摘要：Many approaches to estimation of panel models are based on an average or integrated likelihood that assigns weights to different values of the individual effects. Fixed effects, random effects, and Bayesian approaches all fall into this category. We provide a characterization of the class of weights (or priors) that produce estimators that are first-order unbiased. We show that such bias-reducing weights will depend on the data in general unless an orthogonal reparameterization or an essential...
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作者：Kleven, Henrik Jacobsen; Kreiner, Claus Thustrup; Saez, Emmanuel
作者单位：University of London; London School Economics & Political Science; University of Copenhagen; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This paper analyzes the general nonlinear optimal income tax for couples, a multidimensional screening problem. Each couple consists of a primary earner who always participates in the labor market, but makes an hours-of-work choice, and a secondary earner who chooses whether or not to work. If second-earner participation is a signal of the couple being better (worse) off, we prove that optimal tax schemes display a positive tax (subsidy) on secondary earnings and that the tax (subsidy) on seco...
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作者：Chiappori, P. -A.; Ekeland, I.
作者单位：Columbia University; University of British Columbia; University of British Columbia; University of British Columbia
摘要：Consider a group consisting of S members facing a common budget constraint p'xi=1: any demand vector belonging to the budget set can be (privately or publicly) consumed by the members. Although the intragroup decision process is not known, it is assumed to generate Pareto-efficient outcomes; neither individual consumptions nor intragroup transfers are observable. The paper analyzes when, to what extent, and under which conditions it is possible to recover the underlying structure-individual pr...
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作者：Onatski, Alexei
作者单位：Columbia University
摘要：In this paper we study high-dimensional time series that have the generalized dynamic factor structure. We develop a test of the null of k(0) factors against the alternative that the number of factors is larger than k(0) but no larger than k(1) > k(0) Our test statistic equals max(h0<= h) (gamma(k) - gamma(h+1))/(gamma(h+1) - gamma(h+2)), where gamma, is the ith largest eigen-value of the smoothed periodogram estimate of the spectral density matrix of data at a prespecified frequency. We descr...
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作者：Echenique, Federico; Komunjer, Ivana
作者单位：California Institute of Technology; University of California System; University of California San Diego
摘要：This paper proposes a method for testing complementarities between explanatory and dependent variables in a large class of economic models. The proposed test is based on the monotone comparative statics (MCS) property of equilibria. Our main result is that MCS produces testable implications on the (small and large) quantiles of the dependent variable, despite the presence of multiple equilibria. The key features of our approach are that (i) we work with a nonparametric structural model of a co...
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作者：Pablo Rincon-Zapatero, Juan; Rodriguez-Palmero, Carlos
作者单位：Universidad Carlos III de Madrid; Universidad de Valladolid
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作者：Alvarez, Fernando; Lippi, Francesco
作者单位：University of Chicago; University of Sassari
摘要：We document cash management patterns for households that are at odds with the predictions of deterministic inventory models that abstract from precautionary motives. We extend the Baumol-Tobin cash inventory model to a dynamic environment that allows for the possibility of withdrawing cash at random times at a low cost. This modification introduces a precautionary motive for holding cash and naturally captures developments in withdrawal technology, such as the increasing diffusion of bank bran...
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作者：Hirano, Keisuke; Porter, Jack R.
作者单位：University of Arizona; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper develops asymptotic optimality theory for statistical treatment rides in smooth parametric and semiparametric models Manski (2000, 2002, 2004) and Dehejia (2005) have argued that the problem of choosing treatments to maximize social welfare is distinct from the point estimation and hypothesis testing problems usually considered in the treatment effects literature, and advocate formal analysis of, decision procedures that map empirical data into treatment choices We develop large-sam...
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作者：Hellwig, Christian; Lorenzoni, Guido
作者单位：University of California System; University of California Los Angeles; Centre for Economic Policy Research - UK; Massachusetts Institute of Technology (MIT)
摘要：We characterize equilibria with endogenous debt constraints for a general equilibrium economy with limited commitment in which the only consequence of default is losing the ability to borrow in future periods. First, we show that equilibrium debt limits must satisfy a simple condition that allows agents to exactly roll over existing debt period by period. Second, we provide an equivalence result, whereby the resulting set of equilibrium allocations with self-enforcing private debt is equivalen...
