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作者：Wolinsky, A
作者单位：Northwestern University; Hebrew University of Jerusalem; Hebrew University of Jerusalem; Autonomous University of Barcelona; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：This paper examines an employment relation in which individual workers enjoy some bargaining power-vis-g-vis the firm although they are not unionized. The main elements of the situations studied here are that the employment contracts are non-binding across periods of production and that the firm has opportunities to replace workers. The paper analyzes a dynamic model in which the processes of contracting and recontracting between the firm and its workers are intertwined with the dynamic evolut...
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作者：Chari, VV; Kehoe, PJ; McGrattan, ER
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania; National Bureau of Economic Research
摘要：We construct a quantitative equilibrium model with firms setting prices in a staggered fashion and use it to ask whether monetary shocks can generate business cycle fluctuations. These fluctuations include persistent movements in output along with the other defining features of business cycles, like volatile investment and smooth consumption. We assume that prices are exogenously sticky for a short time. Persistent output fluctuations require endogenous price stickiness in the sense that firms...
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作者：Hart, S; Mas-Colell, A
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：We propose a new and simple adaptive procedure for playing a game: regret-matching. In this procedure, players may depart from their current play with probabilities that are proportional to measures of regret for not having used other strategies in the past. It is shown that our adaptive procedure guarantees that, with probability one, the empirical distributions of play converge to the set of correlated equilibria of the game.
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作者：Hall, AR
作者单位：North Carolina State University
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作者：Biais, B; Martimort, D; Rochet, JC
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Universite de Pau et des Pays de l'Adour
摘要：Consider strategic risk-neutral traders competing in schedules to supply liquidity to a risk-averse agent who is privately informed about the value of the asset and his hedging needs. Imperfect competition in this common value environment is analyzed as a multi-principal game in which liquidity suppliers offer trading mechanisms in a decentralized way. Each liquidity supplier behaves as a monopolist facing a residual demand curve resulting from the maximizing behavior of the informed agent and...
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作者：Feltovich, N
作者单位：University of Houston System; University of Houston
摘要：This paper examines the abilities of learning models to describe subject behavior in experiments. A new experiment involving multistage asymmetric-information games is conducted, and the experimental data are compared with the predictions of Nash equilibrium and two types of learning model: a reinforcement-based model similar to that used by Roth and Erev (1995), and belief-based models similar to the cautious fictitious play of Fudenberg and Levine (1995, 1998). These models make predictions...
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作者：Duffie, D; Pan, J; Singleton, K
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：In the setting of affine jump-diffusion state processes, this paper provides an analytical treatment of a class of transforms, including various Laplace and Fourier transforms as special cases, that allow an analytical treatment of a range of valuation and econometric problems. Example applications include fixed-income pricing models, with a role for intensity-based models of default, as well as a wide range of option-pricing applications. An illustrative example examines the implications of s...
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作者：Krusell, P; Ohanian, LE; Ríos-Rull, JV; Violante, GL
作者单位：University of Rochester; University of California System; University of California Los Angeles; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania; University of London; University College London
摘要：The supply and price of skilled labor relative to unskilled labor have changed dramatically over the postwar period. The relative quantity of skilled labor has increased substantially, and the skill premium, which is the wage of skilled labor relative to that of unskilled labor, has grown significantly since 1980. Many studies have found that accounting for the increase in the skill premium on the basis of observable variables is difficult and have concluded implicitly that latent skill-biased...
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作者：White, H
作者单位：University of California System; University of California San Diego
摘要：Data snooping occurs when a given set of data is used more than once for purposes of inference or model selection. When such data reuse occurs, there is always the possibility that any satisfactory results obtained may simply be due to chance rather than to any merit inherent in the method yielding the results. This problem is practically unavoidable in the analysis of time-series data, as typically only a single history measuring a given phenomenon of interest is available for analysis: It is...
