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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 ...
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作者：Mitra, T; Sorger, G
作者单位：Cornell University; University of Vienna
摘要：We derive necessary and sufficient conditions for a pair of functions to be: the optimal policy function and the optimal value function of a dynamic maximization problem with convex constraints and concave objective functional. It is shown that every Lipschitz continuous function can be the solution of such a problem. If the maintained assumptions include free disposal and monotonicity, then we obtain a complete characterization of all optimal policy and optimal value functions. This is the ca...
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作者：Hajivassiliou, VA; McFadden, DL
作者单位：University of London; London School Economics & Political Science; University of California System; University of California Berkeley
摘要：The method of simulated scores (MSS) is presented for estimating limited dependent variables models (LDV) with flexible correlation structure in the unobservables. We propose simulators that are continuous in the unknown parameter vectors, and hence standard optimization methods can be used to compute the MSS estimators that employ these simulators. The first continuous method relies on a recursive conditioning of the multivariate normal density through a Cholesky triangularization of its vari...
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作者：Blundell, R; Duncan, A; Meghir, C
作者单位：University of London; University College London; London School Economics & Political Science; University of London; University College London; University of York - UK; University of York - UK
摘要：The 1980's tax reforms and the changing dispersion of wages offer one of the best opportunities yet to estimate labor supply effects. Nevertheless, changing sample composition, aggregate shocks, the changing composition of the tax paying population, and discontinuities in the tax system create serious identification and estimation problems. We develop grouping estimators that address these issues. Our results reveal positive and moderately sized wage elasticities. We: also find negative income...
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作者：Browning, M; Chiappori, PA
作者单位：University of Copenhagen; McMaster University; University of Chicago
摘要：The neoclassical theory of demand applies to individuals, yet in empirical work it is usually taken as valid for households with many members. This paper explores what the theory of individuals implies for households that have more than one member. We make minimal assumptions about how the individual members of the household resolve conflicts. All we assume is that however decisions are made, outcomes are efficient. We refer to this as the collective setting. We show that in the collective set...
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作者：Dekel, E; Lipman, BL; Rustichini, A
作者单位：Northwestern University; Western University (University of Western Ontario); Tilburg University
