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作者：Beresteanu, Arie; Molinari, Francesca
作者单位：Duke University; Cornell University
摘要：We propose inference procedures for partially identified population features for which the population identification region can be written as a transformation of the Aumann expectation of a properly defined set valued random variable (SVRV). An SVRV is a mapping that associates a set (rather than a real number) with each element of the sample space. Examples of population features in this class include interval-identified scalar parameters, best linear predictors with interval outcome data, an...
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作者：Florens, J. P.; Heckman, J. J.; Meghir, C.; Vytlacil, E.
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; University College Dublin; University of Chicago; University of London; London School Economics & Political Science; University College London; University of London; University College London; Yale University
摘要：We use the control function approach to identify the average treatment effect and the effect of treatment on the treated in models with a continuous endogenous regressor whose impact is heterogeneous. We assume a stochastic polynomial restriction on the form of the heterogeneity, but unlike alternative nonparametric control function approaches, our approach does not require large support assumptions.
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作者：Goeree, Michelle Sovinsky
作者单位：University of Southern California; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
摘要：Traditional discrete-choice models assume buyers are aware of all products for sale. In markets where products change rapidly, the full information assumption is untenable. I present a discrete-choice model of limited consumer information, where advertising influences the set of products from which consumers choose to purchase. I apply the model to the U.S. personal computer market where top firms spend over $2 billion annually on advertising. I find estimated markups of 19% over production co...
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作者：Acemoglu, Daron; Golosov, Michael; Tsyvinski, Aleh
作者单位：Massachusetts Institute of Technology (MIT); Harvard University
摘要：We study the provision of dynamic incentives to self-interested politicians who control the allocation of resources in the context of the standard neoclassical growth model. Citizens discipline politicians using elections. We show that the need to provide incentives to the politician in power creates political economy distortions in the structure of production, which resemble aggregate tax distortions. We provide conditions under which the political economy distortions persist or disappear in ...
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作者：Weintraub, Gabriel Y.; Benkard, C. Lanier; Van Roy, Benjamin
作者单位：Columbia University; Stanford University; Stanford University
摘要：We propose an approximation method for analyzing Ericson and Pakes (1995)-style dynamic models of imperfect competition. We define a new equilibrium concept that we call oblivious equilibrium, in which each firm is assumed to make decisions based only on its own state and knowledge of the long-run average industry state, but where firms ignore current information about competitors' states. The great advantage of oblivious equilibria is that they are much easier to compute than are Markov perfe...
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作者：Hurvich, Clifford M.; Moulines, Eric; Soulier, Philippe
作者单位：New York University; IMT - Institut Mines-Telecom; IMT Atlantique; Universite Paris Nanterre
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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper presents three sets of results about equilibrium bias of technology. First, I show that when the menu of technological possibilities only allows for factor-augmenting technologies, the increase in the supply of a factor induces technological change relatively biased toward that factor-meaning that the induced technological change increases the relative marginal product of the factor becoming more abundant. Moreover, this induced bias can be strong enough to make the relative margina...
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作者：Chamberlain, Gary
摘要：This paper applies some general concepts in decision theory to a simple instrumental variables model. There are two endogenous variables linked by a single structural equation; k of the exogenous variables are excluded from this structural equation and provide the instrumental variables (IV). The reduced-form distribution of the endogenous variables conditional on the exogenous variables corresponds to independent draws from a bivariate normal distribution with linear regression functions and ...
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作者：Kling, Jeffrey R.; Liebman, Jeffrey B.; Katz, Lawrence F.
作者单位：Brookings Institution; Harvard University; Harvard University
摘要：Families, primarily female-headed minority households with children, living in high-poverty public housing projects in five U.S. cities were offered housing vouchers by lottery in the Moving to Opportunity program. Four to seven years after random assignment, families offered vouchers lived in safer neighborhoods that had lower poverty rates than those of the control group not offered vouchers. We find no significant overall effects of this intervention on adult economic self-sufficiency or ph...
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作者：Chatterjee, Satyajit; Corbae, Dean; Nakaiima, Makoto; Rios-Rull, Jose-Victor
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign; University of Pennsylvania; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Minnesota System; University of Minnesota Twin Cities
摘要：We study, theoretically and quantitatively, the general equilibrium of an economy in which households smooth consumption by means of both a riskless asset and unsecured loans with the option to default. The default option resembles a bankruptcy filing under Chapter 7 of the U.S. Bankruptcy Code. Competitive financial intermediaries offer a menu of loan sizes and interest rates wherein each loan makes zero profits. We prove the existence of a steady-state equilibrium and characterize the circum...
