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作者：Hendricks, K; Piccione, M; Tan, GF
作者单位：University of British Columbia; University of Southampton; Hong Kong University of Science & Technology
摘要：We study a model in which two carriers choose networks to connect cities and compete for customers. We show that if carriers compete aggressively (e.g., Bertrand-like behavior), one carrier operating a single hub-spoke network is an equilibrium outcome. Competing hub-spoke networks are not an equilibrium outcome, although duopoly equilibria in nonhub networks can exist. If carriers do not compete aggressively, an equilibrium with competing hub-spoke networks exists as long as the number of cit...
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作者：Wooldridge, JM
作者单位：Michigan State University
摘要：I provide a systematic treatment of the asymptotic properties of weighted M-estimators under variable probability stratified sampling. The characterization of the sampling scheme and representation of the objective function allow for a straightforward analysis. Simple, consistent asymptotic variance matrix estimators are proposed for a large class of problems. When stratification is based on exogenous variables, I show that the unweighted M-estimator is more efficient than the weighted estimat...
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作者：Al-Najjar, NI
作者单位：Northwestern University
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作者：Ciccone, A; Matsuyama, K
作者单位：University of California System; University of California Berkeley; Northwestern University
摘要：When do dynamic nonconvexities at the disaggregate level translate into dynamic nonconvexities at the aggregate level? We address this question in a framework where the production of differentiated intermediate inputs is subject to dynamic nonconvexities, and we show that the answer depends on the degree of Hicks-Alien complementarity (substitutability) between differentiated inputs. In our simplest model, a generalization of judd (1985) and Grossman and Helpman (1991) among many others, there...
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作者：Phillips, PCB; Moon, HR
作者单位：Yale University; University of California System; University of California Santa Barbara
摘要：This paper develops a regression limit theory for nonstationary panel data with large numbers of cross section (n) and time series (T) observations. The limit theory allows for both sequential limits, wherein T --> infinity followed by n --> infinity, and joint limits where T, n --> infinity simultaneously; and the relationship between these multidimensional limits is explored. The panel structures considered allow for no time series cointegration, heterogeneous cointegration, homogeneous coin...
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作者：Dhillon, A; Mertens, JF
作者单位：University of Warwick; Universite Catholique Louvain
摘要：In a framework of preferences over lotteries, we show that an axiom system consisting of weakened versions of Arrow's axioms has a unique solution. Relative Utilitarianism consists of first normalizing individual von Neumann-Morgenstern utilities between 0 and 1 and then summing them.
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作者：Sims, CA; Zha, T
作者单位：Princeton University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：We show how correctly to extend known methods for generating error bands in reduced form VAR's to overidentified models. We argue that the conventional pointwise bands common in the literature should be supplemented with measures of shape uncertainty, and we show how to generate such measures. We focus an bands that characterize the shape of the likelihood. Such bands are not classical confidence regions. We explain that classical confidence regions mix information about parameter location wit...
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作者：Chiappori, PA; Ekeland, I
作者单位：University of Chicago; Universite PSL; Universite Paris-Dauphine; Universite PSL; Universite Paris-Dauphine
摘要：We analyze under which conditions a given vector field can be disaggregated as a linear combination of gradients. This problem is typical of aggregation theory, as illustrated by the literature on the characterization of aggregate market demand and excess demand. We argue that exterior differential calculus provides very useful tools to address these problems. In particular, we show, using these techniques, that any analytic mapping in R-n satisfying Walras Law can be locally decomposed as the...
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作者：Tirole, J
摘要：The paper takes stock of the advances and directions for research on the incomplete contracting front. It first illustrates some of the main ideas of the incomplete contract literature through an example. It then offers methodological insights on the standard approach to modeling incomplete contracts; in particular it discusses a tension between two assumptions made in the literature, namely rationality and the existence of transaction costs. Last, it argues that, contrary to what is commonly ...
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作者：Jackson, MO; Kalai, E; Smorodinsky, R
作者单位：California Institute of Technology; Northwestern University; Technion Israel Institute of Technology
摘要：A probability distribution governing the evolution of a stochastic process has infinitely many Bayesian representations of the form mu = S(Theta)mu(theta) d lambda(theta). Among these, a natural representation is one whose components (mu(theta)'s) are learnable (one can approximate mu(theta), by conditioning mu on observation of the process) and sufficient for prediction (mu(theta)'s predictions are not aided by conditioning on observation of the process). We show the existence and uniqueness ...
