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作者：Athey, S
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper analyzes a class of games of incomplete information where each agent has private information about her own type, and the types are drawn from an atomless joint probability distribution. The main result establishes existence of pure strategy Nash equilibria (PSNE) under a condition we call the single crossing condition (SCC), roughly described as follows: whenever each opponent uses a nondecreasing strategy (in the sense that higher types choose higher actions), a player's best respo...
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作者：Duffie, D; Lando, D
作者单位：Stanford University; University of Copenhagen
摘要：We study the implications of imperfect information for term structures of credit spreads on corporate bonds. We suppose that bond investors cannot observe the issuer's assets directly, and receive instead only periodic and imperfect accounting reports. For a setting in which the assets of the firm are a geometric Brownian motion until informed equityholders optimally liquidate, we derive the conditional distribution of the assets, given accounting data and survivorship. Contrary to the perfect...
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作者：Epple, D; Romer, T; Sieg, H
作者单位：Carnegie Mellon University; Princeton University
摘要：The goal of this paper is to provide a comprehensive empirical analysis of majority rule and Tiebout sorting within a system of local jurisdictions. The idea behind the estimation procedure is to investigate whether observed levels of public expenditures satisfy necessary conditions implied by majority rule in a general equilibrium model of residential choice. The estimator controls for observed and unobserved heterogeneity among households, observed and unobserved characteristics of communiti...
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作者：Card, D
作者单位：University of California System; University of California Berkeley
摘要：This paper reviews a set of recent studies that have attempted to measure the causal effect of education on labor market earnings by using institutional features of the supply side of the education system as exogenous determinants of schooling outcomes. A simple theoretical model that highlights the role of comparative advantage in the optimal schooling decision is presented and used to motivate an extended discussion of econometric issues, including the properties of ordinary least squares an...
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作者：Nevo, A
作者单位：University of California System; University of California Berkeley
摘要：The ready-to-eat cereal industry is characterized by high concentration, high price-cost margins, large advertising-to-sales ratios, acid numerous introductions of new products. Previous researchers have concluded that the ready-to-eat cereal industry is a classic example of an industry with nearly collusive pricing behavior and intense nonprice competition. This paper empirically examines this conclusion. In particular, I estimate price-cost margins, but more importantly I am able empirically...
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作者：Cochrane, JH
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research
摘要：The fiscal theory says that the price level is determined by the ratio of nominal debt to the present value of real primary surpluses. I analyze long-term debt and optimal policy in the fiscal theory. I find that the maturity structure of the debt matters. For example, it determines whether news of future deficits implies current inflation or future inflation. When long-term debt is present, the government can trade current inflation for future inflation by debt operations: this tradeoff is no...
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作者：Hirano, K; Imbens, GW; Ridder, G; Rubin, DB
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作者：Kamihigashi, T
作者单位：State University of New York (SUNY) System; Stony Brook University; Kobe University
摘要：This paper studies necessity of transversality conditions for the continuous time, reduced form model. By generalizing Benveniste and Scheinkman's (1982) envelope condition and Michel's (1990) version of the squeezing argument, we show a generalization of Michel's (1990, Theorem 1) necessity result that does not assume concavity. The generalization enables us to generalize Ekeland and Scheinkman's (1986) result as well as to establish a new result that does not require the objective functional...
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作者：Jehiel, P; Moldovanu, B
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech; University of London; University College London; University of Mannheim
摘要：We study efficient, Bayes-Nash incentive compatible mechanisms in a social choice setting that allows for informational and allocative externalities. We show that such mechanisms exist only if a congruence condition relating private and social rates of information substitution is satisfied. If signals are multi-dimensional, the congruence condition is determined by an integrability constraint, and it can hold only in nongeneric cases where values are private or a certain symmetry assumption ho...
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作者：Harris, C; Laibson, D
作者单位：University of London; King's College London; Harvard University
摘要：Laboratory and field studies of time preference find that discount rates are much greater in the short-run than in the long-run, Hyperbolic discount functions capture this property. This paper solves the decision problem of a hyperbolic consumer who faces stochastic income and a burrowing constraint. The paper uses the bounded variation calculus to derive the Hyperbolic Euler Relation, a natural generalization of the standard Exponential Euler Relation. The Hyperbolic Euler Relation implies th...
