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作者:Chambers, Christopher P.; Echenique, Federico; Shmaya, Eran
作者单位:University of California System; University of California San Diego; California Institute of Technology; Northwestern University; Tel Aviv University
摘要:We define the empirical content of an economic theory as the least restrictive observationally equivalent theory. We show that the empirical content of a theory is captured by a certain kind of axiomatization, with axioms that are universal negations of conjunctions of atomic formulae.
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作者:McKernan, Signe-Mary; Ratcliffe, Caroline; Steuerle, Eugene; Zhang, Sisi
作者单位:Urban Institute; Shanghai University of Finance & Economics
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作者:McLure, Charles E., Jr.
作者单位:Stanford University
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作者:Vossmeyer, Angela
作者单位:University of California System; University of California Irvine
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作者:Ito, Koichiro
作者单位:Boston University; National Bureau of Economic Research
摘要:Nonlinear pricing and taxation complicate economic decisions by creating multiple marginal prices for the same good. This paper provides a framework to uncover consumers' perceived price of nonlinear price schedules. I exploit price variation at spatial discontinuities in electricity service areas, where households in the same city experience substantially different nonlinear pricing. Using household-level panel data from administrative records, I find strong evidence that consumers respond to...
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作者:Cipriani, Marco; Guarino, Antonio
作者单位:Federal Reserve System - USA; Federal Reserve Bank - New York; University of London; University College London
摘要:We develop a new methodology to estimate herd behavior in financial markets. We build a model of informational herding that can be estimated with financial transaction data. In the model, rational herding arises because of information-event uncertainty. We estimate the model using data on a NYSE stock (Ashland Inc.) during 1995. Herding occurs often and is particularly pervasive on some days. On average, the proportion of herd buyers is 2 percent; that of herd sellers is 4 percent. Herding als...
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作者:Murphy, Kevin M.; Topel, Robert H.
作者单位:University of Chicago; National Bureau of Economic Research
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作者:Winchester, Niven; Rausch, Sebastian
作者单位:Massachusetts Institute of Technology (MIT); Swiss Federal Institutes of Technology Domain; ETH Zurich
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作者:Khandelwal, Amit K.; Schott, Peter K.; Wei, Shang-Jin
作者单位:Columbia University; Yale University
摘要:If trade barriers are managed by inefficient institutions, trade liberalization can lead to greater-than-expected gains. We examine Chinese textile and clothing exports before and after the elimination of externally imposed export quotas. Both the surge in export volume and the decline in export prices following quota removal are driven by net entry. This outcome is inconsistent with a model in which quotas are allocated based on firm productivity, implying misallocation of resources. Removing...
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作者:Godlonton, Susan; Thornton, Rebecca L.
作者单位:University of Michigan System; University of Michigan