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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：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：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...
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作者：Guerre, Emmanuel; Perrigne, Isabelle; Vuong, Quang
作者单位：University of London; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：This paper studies the nonparametric identification of the first-price auction model with risk averse bidders within the private value paradigm. First, we show that the benchmark model is nonindentified from observed bids. We also derive the restrictions imposed by the model on observables and show that these restrictions are weak. Second, we establish the nonparametric identification of the bidders' utility function under exclusion restrictions. Our primary exclusion restriction takes the for...
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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：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 ...
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作者：Bai, Jushan
作者单位：New York University; Tsinghua University; Central University of Finance & Economics
摘要：This paper considers large N and large T panel data models with unobservable multiple interactive effects, which are correlated with the regressors. In earnings studies, for example, workers' motivation, persistence, and diligence combined to influence the earnings in addition to the usual argument of innate ability. In macroeconomics, interactive effects represent unobservable common shocks and their heterogeneous impacts on cross sections. We consider identification, consistency, and the lim...
