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作者：Chiappori, Pierre-Andre; Salanie, Bernard; Salanie, Francois; Gandhi, Amit
作者单位：Columbia University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; INRAE; University of Pennsylvania
摘要：We show that even in the absence of data on individual decisions, the distribution of individual attitudes towards risk can be identified from the aggregate conditions that characterize equilibrium on markets for risky assets. Taking parimutuel horse races as a textbook model of contingent markets, we allow for heterogeneous bettors with very general risk preferences, including non-expected utility. Under a standard single-crossing condition on preferences, we identify the distribution of pref...
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作者：Itskhoki, Oleg; Moll, Benjamin
作者单位：Princeton University
摘要：Is there a role for governments in emerging countries to accelerate economic development by intervening in product and factor markets? To address this question, we study optimal dynamic Ramsey policies in a standard growth model with financial frictions. The optimal policy intervention involves pro-business policies like suppressed wages in early stages of the transition, resulting in higher entrepreneurial profits and faster wealth accumulation. This, in turn, relaxes borrowing constraints in...
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作者：Che, Yeon-Koo; Kim, Jinwoo; Kojima, Fuhito
作者单位：Columbia University; Seoul National University (SNU); Stanford University
摘要：We study stability of two-sided many-to-one matching in which firms' preferences for workers may exhibit complementarities. Although such preferences are known to jeopardize stability in a finite market, we show that a stable matching exists in a large market with a continuum of workers, provided that each firm's choice is convex and changes continuously as the set of available workers changes. We also study the existence and structure of stable matchings under preferences exhibiting substitut...
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作者：Borgers, Tilman; Li, Jiangtao
作者单位：University of Michigan System; University of Michigan; Singapore Management University
摘要：We define and investigate a property of mechanisms that we call strategic simplicity, and that is meant to capture the idea that, in strategically simple mechanisms, strategic choices require limited strategic sophistication. We define a mechanism to be strategically simple if choices can be based on first-order beliefs about the other agents' preferences and first-order certainty about the other agents' rationality alone, and there is no need for agents to form higher-order beliefs, because s...
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作者：Marcet, Albert; Marimon, Ramon
作者单位：University of London; University College London; European University Institute; European University Institute
摘要：We obtain a recursive formulation for a general class of optimization problems with forward-looking constraints which often arise in economic dynamic models, for example, in contracting problems with incentive constraints or in models of optimal policy. In this case, the solution does not satisfy the Bellman equation. Our approach consists of studying a recursive Lagrangian. Under standard general conditions, there is a recursive saddle-point functional equation (analogous to a Bellman equatio...
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作者：Allen, Roy; Rehbeck, John
作者单位：Western University (University of Western Ontario); University System of Ohio; Ohio State University
摘要：This paper provides nonparametric identification results for a class of latent utility models with additively separable unobservable heterogeneity. These results apply to existing models of discrete choice, bundles, decisions under uncertainty, and matching. Under an independence assumption, such models admit a representative agent. As a result, we can identify how regressors alter the desirability of goods using only average demands. Moreover, average indirect utility (welfare) is identified ...
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作者：Eckstein, Zvi; Keane, Michael; Lifshitz, Osnat
作者单位：Reichman University; University of New South Wales Sydney
摘要：Comparing the 1935 and 1975 U.S. birth cohorts, wages of married women grew twice as fast as for married men, and the wage gap between married and single women turned from negative to positive. The employment rate of married women also increased sharply, while that of other groups remained quite stable. To better understand these diverse patterns, we develop a life-cycle model incorporating individual and household decisions about education, employment, marriage/divorce, and fertility. The mod...
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作者：Bonhomme, Stephane; Lamadon, Thibaut; Manresa, Elena
作者单位：University of Chicago; New York University
摘要：We propose a framework to identify and estimate earnings distributions and worker composition on matched panel data, allowing for two-sided worker-firm unobserved heterogeneity and complementarities in earnings. We introduce two models: a static model that allows for nonlinear interactions between workers and firms, and a dynamic model that allows, in addition, for Markovian earnings dynamics and endogenous mobility. We show that this framework nests a number of structural models of wages and ...
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作者：Casella, Alessandra; Palfrey, Thomas
作者单位：Columbia University; Columbia University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); California Institute of Technology
摘要：We develop a framework to study the dynamics of vote trading over multiple binary issues. We prove that there always exists a stable allocation of votes that is reachable in a finite number of trades, for any number of voters and issues, any separable preference profile, and any restrictions on the coalitions that may form. If at every step all blocking trades are chosen with positive probability, convergence to a stable allocation occurs in finite time with probability 1. If coalitions are un...
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作者：Besley, Tim
