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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：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：Karni, Edi
作者单位：Johns Hopkins University
摘要：This paper describes a direct revelation mechanism for eliciting agents' subjective probabilities. The game induced by the mechanism has a dominant strategy equilibrium in which the players reveal their subjective probabilities.
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作者：Ellison, Glenn; Ellison, Sara Fisher
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We examine the competition between a group of Internet retailers who operate in an environment where a price search engine plays a dominant role. We show that for some products in this environment, the easy price search makes demand tremendously price-sensitive. Retailers, though, engage in obfuscation-practices that frustrate consumer search or make it less damaging to firms-resulting in much less price sensitivity on some other products. We discuss several models of obfuscation and examine i...
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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：Lagos, Ricardo; Rocheteau, Guillaume
作者单位：New York University; University of California System; University of California Irvine; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：We develop a search-theoretic model of financial intermediation in an over-the-counter market and study how trading frictions affect the distribution of asset holdings and standard measures of liquidity. A distinctive feature of our theory is that it allows for unrestricted asset holdings, so market participants can accommodate trading frictions by adjusting their asset positions. We show that these individual responses of asset demands constitute a fundamental feature of illiquid markets: the...
