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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：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：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：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...
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作者：Billot, A; Gilboa, I; Samet, D; Schmeidler, D
作者单位：Universite Paris-Pantheon-Assas; Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Tel Aviv University; Yale University; University System of Ohio; Ohio State University
摘要：A decision maker is asked to express her beliefs by assigning probabilities to certain possible states. We focus on the relationship between her database and her beliefs. We show that if beliefs given a union of two databases are a convex combination of beliefs given each of the databases, the belief formation process follows a simple formula: beliefs are a similarity-weighted average of the beliefs induced by each past case.
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作者：Gomes, A
作者单位：University of Pennsylvania
摘要：This paper proposes a model for multilateral contracting, where contracts are written and renegotiated over time, and where contracts may impose externalities on other agents. Equilibria always exist and the equilibrium value function is linear and monotonically increasing on the contracts. If the grand coalition, or contracting among all agents, is inefficient, we show that bargaining delays arise in positive-externality games and equilibrium inefficiency may remain bounded away from zero eve...
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作者：Hurvich, CM; Moulines, E; Soulier, P
作者单位：New York University
摘要：We consider semiparametric estimation of the memory parameter in a model that includes as special cases both long-memory stochastic volatility and fractionally integrated exponential GARCH (FIEGARCH) models. Under our general model the logarithms of the squared returns can be decomposed into the sum of a long-memory signal and a white noise. We consider periodogram-based estimators using a local Whittle criterion function. We allow the optional inclusion of an additional term to account for po...
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作者：Abrevaya, J; Haung, J
作者单位：Purdue University System; Purdue University; University of Iowa
摘要：This paper shows that the bootstrap does not consistently estimate the asymptotic distribution of the maximum score estimator. The theory developed also applies to other estimators within a cube-root convergence class. For some single-parameter estimators in this class, the results suggest a simple method for inference based upon the bootstrap.
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作者：Altonji, JG; Matzkin, RL
作者单位：Yale University; Northwestern University
摘要：We propose two new methods for estimating models with nonseparable errors and endogenous regressors. The first method estimates a local average response. One estimates the response of the conditional mean of the dependent variable to a change in the explanatory variable while conditioning on an external variable and then undoes the conditioning. The second method estimates the nonseparable function and the joint distribution of the observable and unobservable explanatory variables. An external...
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作者：Dufour, JM; Taamouti, M
作者单位：Universite de Montreal; Universite de Montreal; Universite de Montreal
摘要：It is well known that standard asymptotic theory is not applicable or is very unreliable in models with identification problems or weak instruments. One possible way out consists of using a variant of the Anderson-Rubin ((1949), AR) procedure. The latter allows one to build exact tests and confidence sets only for the full vector of the coefficients of the endogenous explanatory variables in a structural equation, but not for individual coefficients. This problem may in principle be overcome b...
