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作者：Pavoni, Nicola; Sleet, Christopher; Messner, Matthias
作者单位：Bocconi University; Bocconi University; Carnegie Mellon University; University of Cologne
摘要：We develop a recursive dual method for solving dynamic economic problems. The method uses a Lagrangian to pair a dynamic recursive economic problem with a dual problem. We show that such dual problems can be recursively decomposed with costates (i.e., Lagrange multipliers on laws of motion) functioning as state variables. In dynamic contracting and policy settings, the method often replaces an endogenous state space of forward-looking utilities with an exogenously given state space of costates...
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作者：Heckman, James J.; Pinto, Rodrigo
作者单位：University of Chicago; University of California System; University of California Los Angeles
摘要：This paper defines and analyzes a new monotonicity condition for the identification of counterfactuals and treatment effects in unordered discrete choice models with multiple treatments, heterogeneous agents, and discrete-valued instruments. Unordered monotonicity implies and is implied by additive separability of choice of treatment equations in terms of observed and unobserved variables. These results follow from properties of binary matrices developed in this paper. We investigate condition...
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作者：Chen, Xiaohong; Santos, Andres
作者单位：Yale University; University of California System; University of California Los Angeles
摘要：In the unconditional moment restriction model of Hansen (1982), specification tests and more efficient estimators are both available whenever the number of moment restrictions exceeds the number of parameters of interest. We show that a similar relationship between potential refutability of a model and existence of more efficient estimators is present in much broader settings. Specifically, a condition we name local overidentification is shown to be equivalent to both the existence of specific...
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作者：Crawford, Gregory S.; Lee, Robin S.; Whinston, Michael D.; Yurukoglu, Ali
作者单位：University of Zurich; Harvard University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Stanford University
摘要：We investigate the welfare effects of vertical integration of regional sports networks (RSNs) with programming distributors in U.S. multichannel television markets. Vertical integration can enhance efficiency by reducing double marginalization and increasing carriage of channels, but can also harm welfare due to foreclosure and incentives to raise rivals' costs. We estimate a structural model of viewership, subscription, distributor pricing, and affiliate fee bargaining using a rich data set o...
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作者：Mueller, Ulrich K.; Watson, Mark W.
作者单位：Princeton University
摘要：We develop inference methods about long-run comovement of two time series. The parameters of interest are defined in terms of population second moments of low-frequency transformations (low-pass filtered versions) of the data. We numerically determine confidence sets that control coverage over a wide range of potential bivariate persistence patterns, which include arbitrary linear combinations of I(0), I(1), near unit roots, and fractionally integrated processes. In an application to U.S. econ...
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作者：Miravete, Eugenio J.; Seim, Katja; Thurk, Jeff
作者单位：University of Texas System; University of Texas Austin; Center for Economic & Policy Research (CEPR); University of Pennsylvania; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Notre Dame
摘要：We study commodity taxation and characterize the Laffer curve, a trade-off between tax rates and revenue, in noncompetitive markets. Pricing in these markets leads to incomplete tax pass-through and agents re optimize their purchase and pricing decisions in response to any tax change. We use detailed data from Pennsylvania, a state that monopolizes retail sales of alcoholic beverages, to estimate a model of demand for horizontally differentiated products that ties consumers' demographic charac...
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作者：Chambers, Christopher P.; Echenique, Federico
作者单位：Georgetown University; California Institute of Technology
摘要：We study the problem of resolving conflicting discount rates via a social choice approach. We introduce several axioms, seeking to capture the tension between allowing for intergenerational comparisons of utility, and imposing intergenerational fairness. Depending on which axioms are judged appropriate, we are led to one of several conclusions: a utilitarian, maxmin, or a multi-utilitarian rule, whereby a utility stream is judged by the worst in a set of utilitarian weighting schemes across di...
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作者：Mogstad, Magne; Santos, Andres; Torgovitsky, Alexander
作者单位：University of Chicago; National Bureau of Economic Research; University of California System; University of California Los Angeles; University of Chicago
摘要：We propose a method for using instrumental variables (IV) to draw inference about causal effects for individuals other than those affected by the instrument at hand. Policy relevance and external validity turn on the ability to do this reliably. Our method exploits the insight that both the IV estimand and many treatment parameters can be expressed as weighted averages of the same underlying marginal treatment effects. Since the weights are identified, knowledge of the IV estimand generally pl...
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作者：Toussaert, Severine
作者单位：University of London; London School Economics & Political Science
摘要：Unlike present-biased individuals, agents who suffer self-control costs as in Gul and Pesendorfer, 2001 may choose to restrict their choice set even when they expect to resist temptation. To identify these self-control types, I design an experiment in which the temptation was to read a story during a tedious task. The identification strategy relies on a two-step procedure. First, I measure commitment demand by eliciting subjects' preferences over menus that did or did not allow access to the s...
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作者：Araujo, Aloisio; Chateauneuf, Alain; Gama, Juan Pablo; Novinski, Rodrigo
作者单位：Instituto Nacional de Matematica Pura e Aplicada (IMPA); IPAG Business School; heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics; Faculdade de Economia e Financas do Ibmec
摘要：More and more economists are finding both empirical and experimental evidence of economic behavior that is well beyond classical economics. In particular, empirical evidence (Jullien and Salanie (2000)) and experimental evidence (Kahneman and Tversky (1979)) supported the importance of risk loving, ambiguity loving, and related behavior in economics. However, these types of preferences have not been analyzed in the general equilibrium literature with a finite number of agents because non-conve...
