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作者：Zame, William R.
作者单位：University of California System; University of California Los Angeles
摘要：This paper takes steps toward integrating firm theory in the spirit of Alchian and Demsetz (1972) and Grossman and Hart (1986), contract theory in the spirit of Holmstrom (1979), and general equilibrium theory in the spirit of Arrow and Debreu (1954) and McKenzie ( 1959). In the model presented here, the set of firms that form and the contractual arrangements that appear, the assignments of agents to firms, the prices faced by firms for inputs and outputs, and the incentives to agents are all ...
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作者：Schennach, Susanne M.
作者单位：University of Chicago
摘要：This paper establishes that instruments enable the identification of nonparametric regression models in the presence of measurement error by providing a closed form solution for the regression function in terms of Fourier transforms of conditional expectations of observable variables. For parametrically specified regression functions, we propose a root n consistent and asymptotically normal estimator that takes the familiar form of a generalized method of moments estimator with a plugged-in no...
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作者：Angeletos, George-Marios; Pavan, Alessandro
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University; National Bureau of Economic Research
摘要：This paper analyzes equilibrium and welfare for a tractable class of economies (games) that have externalities, strategic complementarity or substitutability, and heterogeneous information. First, we characterize the equilibrium use of information: complementarity heightens the sensitivity of equilibrium actions to public information, raising aggregate volatility, whereas substitutability heightens the sensitivity to private information, raising cross-sectional dispersion. Next, we define and ...
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作者：Milgrom, Paul
作者单位：Stanford University
摘要：We report recent advances concerning the package allocation problem, in which traders seek to buy or sell combinations of goods. The problems are most difficult when some goods are not substitutes. In that case, competitive equilibrium typically fail to exist but the core is non-empty and comprises the competitive solutions. Also in that case, the Vickrey auction fails to select core allocations and yield revenues that are less than competitive. The Ausubel-Milgrom auction generally selects co...
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作者：Phillips, Peter C. B.; Sul, Donggyu
作者单位：Yale University; University of Auckland; University of York - UK; University of Auckland
摘要：A new panel data model is proposed to represent the behavior of economies in transition, allowing for a wide range of possible time paths and individual heterogeneity. The model has both common and individual specific components, and is formulated as a nonlinear time varying factor model. When applied to a micro panel, the decomposition provides flexibility in idiosyncratic behavior over time and across section, while retaining some commonality across the panel by means of an unknown common gr...
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作者：Chari, V. V.; Kehoe, Patrick J.; McGrattan, Ellen R.
摘要：We propose a simple method to help researchers develop quantitative models of economic fluctuations. The method rests on the insight that many models are equivalent to a prototype growth model with time-varying wedges that resemble productivity, labor and investment taxes, and government consumption. Wedges that correspond to these variables-efficiency, labor, investment, and government consumption wedges-are measured and then fed back into the model so as to assess the fraction of various flu...
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作者：Harrison, Glenn W.; List, John A.; Towe, Charles
作者单位：State University System of Florida; University of Central Florida; University of Chicago; University System of Maryland; University of Maryland College Park
摘要：Does individual behavior in a laboratory setting provide a reliable indicator of behavior in a naturally occurring setting? We consider this general methodological question in the context of eliciting risk attitudes. The controls that are typically employed in laboratory settings, such as the use of abstract lotteries, could lead subjects to employ behavioral rules that differ from the ones they employ in the field. Because it is field behavior that we are interested in understanding, those co...
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作者：Golosov, Mikhail; Jones, Larry E.; Tertilt, Michele
作者单位：Massachusetts Institute of Technology (MIT); University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Stanford University
摘要：In this paper, we generalize the notion of Pareto efficiency to make it applicable to environments with endogenous populations. Two efficiency concepts are proposed: -efficiency and -efficiency. The two concepts differ in how they treat potential agents that are not born. We show that these concepts are closely related to the notion of Pareto efficiency when fertility is exogenous. We prove a version of the first welfare theorem for Barro-Becker type fertility choice models and discuss how thi...
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作者：Blundell, Richard; Chen, Xiaohong; Kristensen, Dennis
作者单位：University of London; University College London; Yale University; Columbia University
摘要：This paper studies a shape-invariant Engel curve system with endogenous total expenditure, in which the shape-invariant specification involves a common shift parameter for each demographic group in a pooled system of nonparametric Engel curves. We focus on the identification and estimation of both the nonparametric shapes of the Engel curves and the parametric specification of the demographic scaling parameters. The identification condition relates to the bounded completeness and the estimatio...
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作者：Blundell, Richard; Gosling, Amanda; Ichimura, Hidehiko; Meghir, Costas
作者单位：University of London; University College London; University of London; London School Economics & Political Science; University of Kent; Centre for Economic Policy Research - UK; University of Tokyo; University of Tokyo
摘要：This paper examines changes in the distribution of wages using bounds to allow for the impact of nonrandom selection into work. We show that worst case bounds can be informative. However, because employment rates in the United Kingdom are often low, they are not informative about changes in educational or gender wage differentials. Thus we explore ways to tighten these bounds using restrictions motivated from economic theory. With these assumptions, we find convincing evidence of all increase ...
