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作者：Small, KA; Winston, C; Yan, J
作者单位：University of California System; University of California Irvine; Brookings Institution; Hong Kong Polytechnic University
摘要：We apply recent econometric advances to study the distribution of commuters' preferences for speedy and reliable highway travel. Our analysis applies mixed logit to combined revealed and stated preference data on commuter choices of whether to pay a toll for congestion-free express travel. We find that motorists exhibit high values of travel time and reliability, and substantial heterogeneity in those values. We suggest that road pricing policies designed to cater to such varying preferences c...
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作者：Chernozhukov, V; Hansen, C
作者单位：Massachusetts Institute of Technology (MIT); University of Chicago
摘要：The ability of quantile regression models to characterize the heterogeneous impact of variables on different points of an outcome distribution makes them appealing in many economic applications. However, in observational studies, the variables of interest (e.g., education, prices) are often endogenous, making conventional quantile regression inconsistent and hence inappropriate for recovering the causal effects of these variables on the quantiles of economic outcomes. In order to address this ...
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作者：Nöldeke, G; Samuelson, L
作者单位：University of Bonn; University of Wisconsin System; University of Wisconsin Madison
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作者：Sprumont, Y
作者单位：Universite de Montreal; Universite de Montreal
摘要：Each agent in a finite set requests an integer quantity of an idiosyncratic good; the resulting total cost must be shared among the participating agents. The Aumann-Shapley prices are given by the Shapley value of the game where each unit of each good is regarded as a distinct player. The Aumann-Shapley cost-sharing method charges to an agent the sum of the prices attached to the units she consumes. We show that this method is characterized by the two standard axioms of Additivity and Dummy, a...
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作者：Rocheteau, G; Wright, R
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Australian National University; University of Pennsylvania
摘要：We compare three market structures for monetary economies: bargaining (search equilibrium); price taking (competitive equilibrium); and price posting (competitive search equilibrium). We also extend work on the microfoundations of money by allowing a general matching technology and entry. We study how equilibrium and the effects of policy depend on market structure. Under bargaining, trade and entry are both inefficient, and inflation implies first-order welfare losses. Under price taking, the...
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作者：Alvarez, F; Jermann, UJ
作者单位：University of Chicago; University of Pennsylvania; National Bureau of Economic Research
摘要：We derive a lower bound for the volatility of the permanent component of investors' marginal utility of wealth or, more generally, asset pricing kernels. The bound is based on return properties of long-term zero-coupon bonds, risk-free bonds, and other risky securities. We find the permanent component of the pricing kernel to be very volatile; its volatility is about at least as large as the volatility of the stochastic discount factor. A related measure for the transitory component suggest it...
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作者：Calin, OL; Chen, Y; Cosimano, TF; Himonas, AA
作者单位：Eastern Michigan University; Idaho State University; University of Notre Dame; University of Notre Dame
摘要：We present a new method for solving asset pricing models, which yields an analytic price-dividend function of one state variable. To illustrate our method we give a detailed analysis of Abel's asset pricing model. A function is analytic in an open interval if it can be represented as a convergent power series near every point of that interval. In addition to allowing us to solve for the exact equilibrium price-dividend function, the analyticity property also lets us assess the accuracy of any ...
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作者：Crawford, GS; Shum, M
作者单位：University of Arizona; Johns Hopkins University
摘要：Exploiting a rich panel data set on anti-ulcer drug prescriptions, we measure the effects of uncertainty and learning in the demand for pharmaceutical drugs. We estimate a dynamic matching model of demand under uncertainty in which patients learn from prescription experience about the effectiveness of alternative drugs. Unlike previous models, we allow drugs to have distinct symptomatic and curative effects, and endogenize treatment length by allowing drug choices to affect patients' underlyin...
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作者：Ely, JC; Hörner, J; Olszewski, W
作者单位：Northwestern University; Northwestern University; Hautes Etudes Commerciales (HEC) Paris
摘要：We introduce a class of strategies that generalizes examples constructed in two-player games under imperfect private monitoring. A sequential equilibrium is belief-free if, after every private history, each player's continuation strategy is optimal independently of his belief about his opponents' private histories. We provide a simple and sharp characterization of equilibrium payoffs using those strategies. While such strategies support a large set of payoffs, they are not rich enough to gener...
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作者：Kubler, I; Schmedders, K
作者单位：University of Mannheim; Northwestern University
摘要：This paper develops theoretical foundations for an error analysis of approximate equilibria in dynamic stochastic general equilibrium models with heterogeneous agents and incomplete financial markets. While there are several algorithms that compute prices and allocations for which agents' first-order conditions are approximately satisfied (approximate equilibria), there are few results on how to interpret the errors in these candidate solutions and how to relate the computed allocations and pr...
