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作者：Siniscalchi, Marciano
作者单位：Northwestern University
摘要：This paper proposes a model of decision under ambiguity deemed vector expected utility, or VEU. In this model, an uncertain prospect, or Savage act, is assessed according to (a) a baseline expected-utility evaluation, and (b) an adjustment that reflects the individual's perception of ambiguity and her attitudes toward it. The adjustment is itself a function of the act's exposure to distinct sources of ambiguity, as well as its variability. The key elements of the VEU model are a baseline proba...
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作者：Hansen, Lars Peter; Scheinkman, Jose A.
作者单位：University of Chicago; Princeton University
摘要：We create an analytical structure that reveals the long-run risk-return relationship for nonlinear continuous-time Markov environments. We do so by studying an eigenvalue problem associated with a positive eigenfunction for a conveniently chosen family of valuation operators. The members of this family are indexed by the elapsed time between payoff and valuation dates, and they are necessarily related via a mathematical structure called a semigroup. We represent the semigroup using a positive ...
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作者：Hazan, Moshe
作者单位：Hebrew University of Jerusalem
摘要：Conventional wisdom suggests that increased life expectancy had a key role in causing a rise in investment in human capital. I incorporate the retirement decision into a version of Ben-Porath's (1967) model and find that a necessary condition for this causal relationship to hold is that increased life expectancy will also increase lifetime labor supply. I then show that this condition does not hold for American men born between 1840 and 1970 and for the American population born between 1890 an...
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作者：Lee, Sokbae; Linton, Oliver; Whang, Yoon-Jae
作者单位：University of London; University College London; University of London; London School Economics & Political Science; Seoul National University (SNU)
摘要：We propose a test of the hypothesis of stochastic monotonicity. This hypothesis is of interest in many applications in economics. Our test is based on the supremum of a rescaled U-statistic. We show that its asymptotic distribution is Gumbel. The proof is difficult because the approximating Gaussian stochastic process contains both a stationary and a nonstationary part, and so we have to extend existing results that only apply to either one or the other case. We also propose a refinement to th...
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作者：Bandiera, Oriana; Barankay, Iwan; Rasul, Imran
作者单位：University of London; London School Economics & Political Science; University of Pennsylvania; University of London; University College London
摘要：We present evidence on the effect of social connections between workers and managers on productivity in the workplace. To evaluate whether the existence of social connections is beneficial to the firm's overall performance, we explore how the effects of social connections vary with the strength of managerial incentives and worker's ability. To do so, we combine panel data on individual worker's productivity from personnel records with a natural field experiment in which we engineered an exogen...
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作者：Sinclair-Desgagne, Bernard
作者单位：Universite de Montreal; HEC Montreal; Universite de Montreal; Institut Polytechnique de Paris; Ecole Polytechnique
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作者：Gneezy, Uri; Leonard, Kenneth L.; List, John A.
作者单位：University of California System; University of California San Diego; University System of Maryland; University of Maryland College Park; University of Chicago; National Bureau of Economic Research; Tilburg University
摘要：We use a controlled experiment to explore whether there are gender differences in selecting into competitive environments across two distinct societies: the Maasai in Tanzania and the Khasi in India One Unique aspect Of these Societies is that the Maasai represent a textbook example of a patriarchal society, whereas the Khasi Lire matrilineal Similar to the extant evidence drawn front experiments executed in Western Cultures, Maasai men opt to compete at roughly twice the rate as Maasai women....
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作者：Goncalves, Silvia; Meddahi, Nour
作者单位：Universite de Montreal; Universite de Montreal; Imperial College London
摘要：We propose bootstrap methods for a general class of nonlinear transformations of realized volatility which includes the raw version of realized volatility and its logarithmic transformation as special cases. We consider the independent and identically distributed (i.i.d.) bootstrap and the wild bootstrap (WB), and prove their first-order asymptotic validity under general assumptions on the log-price process that allow for drift and leverage effects. We derive Edgeworth expansions in a simpler ...
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作者：Currarini, Sergio; Jackson, Matthew O.; Pin, Paolo
作者单位：Universita Ca Foscari Venezia; Stanford University; The Santa Fe Institute; University of Siena; European University Institute
摘要：We develop a model of friendship formation that sheds light on segregation patterns observed in social and economic networks. Individuals have types and see type-dependent benefits from friendships. We examine the properties of a steady-state equilibrium of a matching process of friendship formation. We use the model to understand three empirical patterns of friendship formation: (i) larger groups tend to form more same-type ties and fewer other-type ties than small groups, (ii) larger groups ...
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作者：Costinot, Arnaud
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Comparative advantage, whether driven by technology or factor endowment, is at the core of neoclassical trade theory. Using tools from the mathematics of complementarity, this paper offers a simple yet unifying perspective on the fundamental forces that shape comparative advantage. The main results characterize sufficient conditions on factor productivity and factor supply to predict patterns of international specialization in a multifactor generalization of the Ricardian model which we refer ...
