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作者：Gossner, Olivier; Hernandez, Penelope; Neyman, Abraham
作者单位：Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Universite PSL; Ecole Normale Superieure (ENS); Ecole des Hautes Etudes en Sciences Sociales (EHESS); Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Northwestern University; Universitat d'Alacant; Hebrew University of Jerusalem; Hebrew University of Jerusalem
摘要：We study a repeated game with asymmetric information about a dynamic state of nature. In the course of the game, the better-informed player can communicate some or all of his information to the other. Our model covers costly and/or bounded communication. We characterize the set of equilibrium payoffs and contrast these with the communication equilibrium payoffs, which by definition entail no communication costs.
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作者：Pesaran, M. Hashem
作者单位：University of Cambridge
摘要：This paper presents a new approach to estimation and inference in panel data models with a general multifactor error structure. The unobserved factors and the individual-specific errors are allowed to follow arbitrary stationary processes, and the number of unobserved factors need not be estimated. The basic idea is to filter the individual-specific regressors by means of cross-section averages such that asymptotically as the cross-section dimension (N) tends to infinity, the differential effe...
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作者：Hong, CS; Sagi, JS
作者单位：Hong Kong University of Science & Technology; National University of Singapore; University of California System; University of California Berkeley
摘要：Building on the Ramsey-de Finetti idea of event exchangeability, we derive a characterization of probabilistic sophistication without requiring any of the various versions of monotonicity, continuity, or comparative likelihood assumptions imposed by Savage (1954), Machina and Schrneidler (1992), and Grant (1995). Our characterization identifies a unique and finitely-additive subjective probability measure over an algebra of events.
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作者：Moreno-Ternero, Juan D.; Roemer, John E.
作者单位：Universidad de Malaga; Universite Catholique Louvain; Yale University; Yale University
摘要：The ethic of priority is a compromise between the extremely compensatory ethic of outcome equality and the needs-blind ethic of resource equality. We propose an axiom of priority and characterize resource-allocation rules that are impartial, prioritarian, and solidaristic. They comprise a class of rules that equalize across individuals some index of outcome and resources. Consequently, we provide an ethical rationalization for the many applications in which such indices have been used (e.g., t...
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作者：Epple, Dennis; Romano, Richard; Sieg, Holger
作者单位：Carnegie Mellon University; State University System of Florida; University of Florida
摘要：We present an equilibrium model of the market for higher education. Our model simultaneously predicts student selection into institutions of higher education, financial aid, educational expenditures, and educational outcomes. We show that the model gives rise to a strict hierarchy of colleges that differ by the educational quality provided to the students. We also develop a new estimation procedure that exploits the observed variation in prices within colleges. Identification is based on varia...
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作者：Honore, BE; Tamer, E
作者单位：Princeton University; Northwestern University
摘要：Identification of dynamic nonlinear panel data models is an important and delicate problem in econometrics. In this paper we provide insights that shed light on the identification of parameters of some commonly used models. Using these insights, we are able to show through simple calculations that point identification often fails in these models. On the other hand, these calculations also suggest that the model restricts the parameter to lie in a region that is very small in many cases, and th...
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作者：Christopeit, N; Hoderlein, SGN
作者单位：University of Bonn; University of Mannheim
摘要：In this paper, we introduce a kernel-based estimation principle for nonparametric models named local partitioned regression (LPR). This principle is a nonparametric generalization of the familiar partition regression in linear models. It has several key advantages: First, it generates estimators for a very large class of semi- and nonparametric models. A number of examples that are particularly relevant for economic applications will be discussed in this paper. This class contains the additive...
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作者：Cahuc, P; Postel-Vinay, F; Robin, JM
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Institut Polytechnique de Paris; ENSAE Paris; Universite PSL; Ecole Normale Superieure (ENS); Ecole des Hautes Etudes en Sciences Sociales (EHESS); Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Centre National de la Recherche Scientifique (CNRS); University of Bristol; University of London; University College London
摘要：Most applications of Nash bargaining over wages ignore between-employer competition for labor services and attribute all of the workers' rent to their bargaining power. In this paper, we write and estimate an equilibrium model with strategic wage bargaining and on-the-job search and use it to take another look at the determinants of wages in France. There are three essential determinants of wages in our model: productivity, competition between employers resulting from on-the-job search, and th...
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作者：Heifetz, A; Neeman, Z
作者单位：Open University Israel; Boston University; Hebrew University of Jerusalem; Hebrew University of Jerusalem
摘要：A number of studies, most notably Cremer and McLean (1985, 1988), have shown that in generic type spaces that admit a common prior and are of a fixed finite size, an uninformed seller can design mechanisms that extract all the surplus from privately informed bidders. We show that this result hinges on the nonconvexity of such a family of priors. When the ambient family of priors is convex, generic priors do not allow for full surplus extraction provided that for at least one prior in this fami...
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作者：Rubinstein, Ariel
摘要：What on earth are economic theorists like me trying to accomplish? This paper discusses four dilemmas encountered by an economic theorist: The dilemma of absurd conclusions: Should we abandon a model if it produces absurd conclusions or should we regard a model as a very limited set of assumptions that will inevitably fail in some contexts? The dilemma of responding to evidence: Should our models be judged according to experimental results? The dilemma of modelless regularities: Should models ...
