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作者：Doepke, Matthias; Zilibotti, Fabrizio
作者单位：Northwestern University; Yale University
摘要：We develop a theory of parent-child relations that rationalizes the choice between alternative parenting styles (as set out in Baumrind, 1967). Parents maximize an objective function that combines Beckerian altruism and paternalism towards children. They can affect their children's choices via two channels: either by influencing children's preferences or by imposing direct restrictions on their choice sets. Different parenting styles (authoritarian, authoritative, and permissive) emerge as equ...
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作者：Rothe, Christoph
作者单位：Columbia University
摘要：Limited overlap between the covariate distributions of groups with different treatment assignments does not only make estimates of average treatment effects rather imprecise, but can also lead to substantially distorted confidence intervals. This paper argues that this is because the coverage error of traditional confidence intervals is driven by the number of observations in the areas of limited overlap. Some of these local sample sizes can be very small in applications, up to the point that ...
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作者：Chesher, Andrew; Rosen, Adam M.
作者单位：University of London; University College London; Duke University
摘要：This paper develops characterizations of identified sets of structures and structural features for complete and incomplete models involving continuous or discrete variables. Multiple values of unobserved variables can be associated with particular combinations of observed variables. This can arise when there are multiple sources of heterogeneity, censored or discrete endogenous variables, or inequality restrictions on functions of observed and unobserved variables. The models generalize the cl...
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作者：Brumm, Johannes; Scheidegger, Simon
作者单位：Helmholtz Association; Karlsruhe Institute of Technology; University of Zurich
摘要：We present a flexible and scalable method for computing global solutions of high-dimensional stochastic dynamic models. Within a time iteration or value function iteration setup, we interpolate functions using an adaptive sparse grid algorithm. With increasing dimensions, sparse grids grow much more slowly than standard tensor product grids. Moreover, adaptivity adds a second layer of sparsity, as grid points are added only where they are most needed, for instance, in regions with steep gradie...
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作者：Arellano, Manuel; Bonhomme, Stephane
作者单位：University of Chicago
摘要：We propose a method to correct for sample selection in quantile regression models. Selection is modeled via the cumulative distribution function, or copula, of the percentile error in the outcome equation and the error in the participation decision. Copula parameters are estimated by minimizing a method-of-moments criterion. Given these parameter estimates, the percentile levels of the outcome are readjusted to correct for selection, and quantile parameters are estimated by minimizing a rotate...
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作者：Miller, Nathan H.; Weinberg, Matthew C.
作者单位：Georgetown University; Drexel University
摘要：We document abrupt increases in retail beer prices just after the consummation of the MillerCoors joint venture, both for MillerCoors and its major competitor, Anheuser-Busch. Within the context of a differentiated-products pricing model, we test and reject the hypothesis that the price increases can be explained by movement from one Nash-Bertrand equilibrium to another. Counterfactual simulations imply that prices after the joint venture are 6%-8% higher than they would have been with Nash-Be...
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作者：Jacod, Jean; Li, Yingying; Zheng, Xinghua
作者单位：Universite Paris Cite; Sorbonne Universite; Centre National de la Recherche Scientifique (CNRS); CNRS - National Institute for Mathematical Sciences (INSMI); Sorbonne Universite; Hong Kong University of Science & Technology; Hong Kong University of Science & Technology
摘要：We study the estimation of (joint) moments of microstructure noise based on high frequency data. The estimation is conducted under a nonparametric setting, which allows the underlying price process to have jumps, the observation times to be irregularly spaced, and the noise to be dependent on the price process and to have diurnal features. Estimators of arbitrary orders of (joint) moments are provided, for which we establish consistency as well as central limit theorems. In particular, we prov...
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作者：Azevedo, Eduardo M.; Gottlieb, Daniel
作者单位：University of Pennsylvania; Microsoft; Washington University (WUSTL)
摘要：This paper proposes a perfectly competitive model of a market with adverse selection. Prices are determined by zero-profit conditions, and the set of traded contracts is determined by free entry. Crucially for applications, contract characteristics are endogenously determined, consumers may have multiple dimensions of private information, and an equilibrium always exists. Equilibrium corresponds to the limit of a differentiated products Bertrand game. We apply the model to establish theoretica...
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作者：Honore, Bo E.; Hu, Luojia
作者单位：Princeton University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：The bootstrap is a convenient tool for calculating standard errors of the parameter estimates of complicated econometric models. Unfortunately, the fact that these models are complicated often makes the bootstrap extremely slow or even practically infeasible. This paper proposes an alternative to the bootstrap that relies only on the estimation of one-dimensional parameters. We introduce the idea in the context of M and GMM estimators. A modification of the approach can be used to estimate the...
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作者：Calford, Evan; Oprea, Ryan
作者单位：Purdue University System; Purdue University; University of California System; University of California Santa Cruz
摘要：The theory of continuous time games (Simon and Stinchcombe (1989), Bergin and MacLeod (1993)) shows that continuous time interactions can generate very different equilibrium behavior than conventional discrete time interactions. We introduce new laboratory methods that allow us to eliminate natural inertia in subjects' decisions in continuous time experiments, thereby satisfying critical premises of the theory and enabling a first-time direct test. Applying these new methods to a simple timing...
