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作者：Badev, Anton
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：In response to a change, individuals may choose to follow the responses of their friends or, alternatively, to change their friends. To model these decisions, consider a game where players choose their behaviors and friendships. In equilibrium, players internalize the need for consensus in forming friendships and choose their optimal strategies on subsets of k players-a form of bounded rationality. The k-player consensual dynamic delivers a probabilistic ranking of a game's equilibria, and via...
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作者：Chen, Liang; Dolado, Juan J.; Gonzalo, Jesus
作者单位：Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen); Universidad Carlos III de Madrid
摘要：Quantile factor models (QFM) represent a new class of factor models for high-dimensional panel data. Unlike approximate factor models (AFM), which only extract mean factors, QFM also allow unobserved factors to shift other relevant parts of the distributions of observables. We propose a quantile regression approach, labeled Quantile Factor Analysis (QFA), to consistently estimate all the quantile-dependent factors and loadings. Their asymptotic distributions are established using a kernel-smoo...
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作者：Mbakop, Eric; Tabord-Meehan, Max
作者单位：University of Calgary; University of Chicago
摘要：This paper studies a penalized statistical decision rule for the treatment assignment problem. Consider the setting of a utilitarian policy maker who must use sample data to allocate a binary treatment to members of a population, based on their observable characteristics. We model this problem as a statistical decision problem where the policy maker must choose a subset of the covariate space to assign to treatment, out of a class of potential subsets. We focus on settings in which the policy ...
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作者：Chambers, Christopher P.; Lambert, Nicolas S.
作者单位：Georgetown University; Massachusetts Institute of Technology (MIT)
摘要：At an initial time, an individual forms a belief about a future random outcome. As time passes, the individual may obtain, privately or subjectively, further information, until the outcome is eventually revealed. How can a protocol be devised that induces the individual, as a strict best response, to reveal at the outset his prior assessment of both the final outcome and the information flows he anticipates and, subsequently, what information he privately receives? The protocol can provide the...
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作者：Smeulders, Bart; Cherchye, Laurens; De Rock, Bram
作者单位：Eindhoven University of Technology; KU Leuven; Universite Libre de Bruxelles
摘要：Kitamura and Stoye (2018) recently proposed a nonparametric statistical test for random utility models of consumer behavior. The test is formulated in terms of linear inequality constraints and a quadratic objective function. While the nonparametric test is conceptually appealing, its practical implementation is computationally challenging. In this paper, we develop a column generation approach to operationalize the test. These novel computational tools generate considerable computational gain...
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作者：Benhabib, Jess; Perla, Jesse; Tonetti, Christopher
作者单位：New York University; National Bureau of Economic Research; University of British Columbia; Stanford University
摘要：We study how endogenous innovation and technology diffusion interact to determine the shape of the productivity distribution and generate aggregate growth. We model firms that choose to innovate, adopt technology, or produce with their existing technology. Costly adoption creates a spread between the best and worst technologies concurrently used to produce similar goods. The balance of adoption and innovation determines the shape of the distribution; innovation stretches the distribution, whil...
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作者：Archakov, Ilya; Hansen, Peter Reinhard
作者单位：University of Vienna; University of North Carolina; University of North Carolina Chapel Hill
摘要：We introduce a novel parametrization of the correlation matrix. The reparametrization facilitates modeling of correlation and covariance matrices by an unrestricted vector, where positive definiteness is an innate property. This parametrization can be viewed as a generalization of Fisher's Z-transformation to higher dimensions and has a wide range of potential applications. An algorithm for reconstructing the unique n x n correlation matrix from any vector in Rn(n-1)/2 is provided, and we deri...
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作者：Philippon, Thomas
作者单位：New York University
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作者：Bartholdi, Laurent; Hann-Caruthers, Wade; Josyula, Maya; Tamuz, Omer; Yariv, Leeat
作者单位：University of Gottingen; California Institute of Technology; University of California System; University of California San Diego; Princeton University
摘要：May's theorem (1952), a celebrated result in social choice, provides the foundation for majority rule. May's crucial assumption of symmetry, often thought of as a procedural equity requirement, is violated by many choice procedures that grant voters identical roles. We show that a weakening of May's symmetry assumption allows for a far richer set of rules that still treat voters equally. We show that such rules can have minimal winning coalitions comprising a vanishing fraction of the populati...
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作者：Mu, Xiaosheng; Pomatto, Luciano; Strack, Philipp; Tamuz, Omer
作者单位：Princeton University; California Institute of Technology; Yale University
摘要：We study repeated independent Blackwell experiments; standard examples include drawing multiple samples from a population, or performing a measurement in different locations. In the baseline setting of a binary state of nature, we compare experiments in terms of their informativeness in large samples. Addressing a question due to Blackwell (1951), we show that generically an experiment is more informative than another in large samples if and only if it has higher Renyi divergences. We apply ou...
