-
作者：Dahl, GB
作者单位：University of Rochester
摘要：Self-selected migration presents one potential explanation for why observed returns to a college education in local labor markets vary widely even though U.S. workers are highly mobile. To assess the impact of self-selection on estimated returns, this paper first develops a Roy model of mobility and earnings where workers choose in which of the 50 states (plus the District of Columbia) to live and work. Available estimation methods are either infeasible for a selection model with so many alter...
-
作者：Hu, LJ
作者单位：Northwestern University; Northwestern University
-
作者：Marinacci, M
作者单位：University of Turin
-
作者：Andrews, DWK
作者单位：Yale University
摘要：This paper establishes the higher-order equivalence of the k-step bootstrap, introduced recently by Davidson and MacKinnon (1999), and the standard bootstrap. The k-step bootstrap is a very attractive alternative computationally to the standard bootstrap for statistics based on nonlinear extremum estimators, such as generalized method of moment and maximum likelihood estimators. The paper also extends results of Hall and Horowitz (1996) to provide new results regarding the higher-order improve...
-
作者：Hofbauer, J; Sandholm, WH
作者单位：University of Vienna; University of Wisconsin System; University of Wisconsin Madison
摘要：We establish global convergence results for stochastic fictitious play for four classes of games: games with an interior ESS, zero sum games, potential games, and supermodular games. We do so by appealing to techniques from stochastic approximation theory, which relate the limit behavior of a stochastic process to the limit behavior of a differential equation defined by the expected motion of the process. The key result in our analysis of supermodular games is that the relevant differential eq...
-
作者：Hirano, K
作者单位：University of California System; University of California Los Angeles; University of Miami
-
作者：Rust, J; Traub, JF; Wozniakowski, H
作者单位：University System of Maryland; University of Maryland College Park; University System of Maryland; University of Maryland College Park; University of Warsaw; Columbia University
摘要：This paper analyzes the complexity of the contraction fixed point problem: compute an epsilon-approximation to the fixed point V* = Gamma(V*) of a contraction mapping Gamma that maps a Banach space B-d of continuous functions of d variables into itself. We focus on quasi linear contractions where Gamma is a nonlinear functional of a finite number of conditional expectation operators. This class includes contractive Fredholm integral equations that arise in asset pricing applications and the co...
-
作者：Aghion, P
作者单位：Harvard University; University of London; University College London
摘要：In this lecture, it is argued that Schumpeterian Growth Theory, in which growth is driven by a sequence of quality-improving innovations, can shed light on two important puzzles raised by the recent evolution of wage inequality in developed economies. The first puzzle concerns wage inequality between educational groups, which has substantially risen in the US and the UK during the past two decades following a sharp increase in the supply of educated labor. The second puzzle concerns wage inequ...
-
作者：Bénabou, R
作者单位：Princeton University; Princeton University; National Bureau of Economic Research
摘要：This paper studies the effects of progressive income taxes and education finance in a dynamic heterogeneous-agent economy. Such redistributive policies entail distortions to labor supply and savings, but also serve as partial substitutes for missing credit and insurance markets. The resulting tradeoffs for growth and efficiency are explored, both theoretically and quantitatively, in a model that yields complete analytical solutions. Progressive education finance always leads to higher income g...
-
作者：van Veelen, M
作者单位：Vrije Universiteit Amsterdam; Vrije Universiteit Amsterdam; Tinbergen Institute
