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作者：[Anonymous]
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作者：Opp, Marcus M.; Zhu, John Y.
作者单位：University of California System; University of California Berkeley; University of Pennsylvania
摘要：This paper studies the dynamics of long-term contracts in repeated principal-agent relationships with an impatient agent. Despite the absence of exogenous uncertainty, Pareto-optimal dynamic contracts generically oscillate between favoring the principal and favoring the agent.
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作者：Chen, Xiaohong; Pouzo, Demian
作者单位：Yale University; University of California System; University of California Berkeley
摘要：This paper considers inference on functionals of semi/nonparametric conditional moment restrictions with possibly nonsmooth generalized residuals, which include all of the (nonlinear) nonparametric instrumental variables (IV) as special cases. These models are often ill-posed and hence it is difficult to verify whether a (possibly nonlinear) functional is root-n estimable or not. We provide computationally simple, unified inference procedures that are asymptotically valid regardless of whether...
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作者：Berger, David; Vavra, Joseph
作者单位：Northwestern University; University of Chicago; National Bureau of Economic Research
摘要：Are there times when durable spending is less responsive to economic stimulus? We argue that aggregate durable expenditures respond more sluggishly to economic shocks during recessions because microeconomic frictions lead to declines in the frequency of households' durable adjustment. We show this by first using indirect inference to estimate a heterogeneous agent incomplete markets model with fixed costs of durable adjustment to match consumption dynamics in PSID microdata. We then show that ...
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作者：Costa-Gomes, Miguel A.; Shimoji, Makoto
作者单位：University of St Andrews; University of York - UK
摘要：Ivanov, Levin, and Niederle (2010) use a common-value second-price auction experiment to reject beliefs-based explanations for the winner's curse. ILN's conclusion, however, stems from the misuse of theoretical arguments. Beliefs-based models are even compatible with some observations from ILN's experiment.
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作者：Myerson, Roger B.
作者单位：University of Chicago
摘要：Both aristocratic privileges and constitutional constraints in traditional monarchies can be derived from a ruler's incentive to minimize expected costs of moral-hazard rents for high officials. We consider a dynamic moral-hazard model of governors serving a sovereign prince, who must deter them from rebellion and hidden corruption which could cause costly crises. To minimize costs, a governor's rewards for good performance should be deferred up to the maximal credit that the prince can be tru...
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作者：Handel, Ben; Hendel, Igal; Whinston, Michael D.
作者单位：University of California System; University of California Berkeley; Northwestern University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：This paper studies regulated health insurance markets known as exchanges, motivated by the increasingly important role they play in both public and private insurance provision. We develop a framework that combines data on health outcomes and insurance plan choices for a population of insured individuals with a model of a competitive insurance exchange to predict outcomes under different exchange designs. We apply this framework to examine the effects of regulations that govern insurers' abilit...
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作者：Fudenberg, Drew; Iijima, Ryota; Strzalecki, Tomasz
作者单位：Harvard University
摘要：Perturbed utility functions-the sum of expected utility and a nonlinear perturbation function-provide a simple and tractable way to model various sorts of stochastic choice. We provide two easily understood conditions each of which characterizes this representation: One condition generalizes the acyclicity condition used in revealed preference theory, and the other generalizes Luce's IIA condition. We relate the discrimination or selectivity of choice rules to properties of their associated pe...
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作者：Halevy, Yoram
作者单位：University of British Columbia
摘要：A sequence of experiments documents static and dynamic preference reversals between sooner-smaller and later-larger rewards, when the sooner reward could be immediate. The theoretically motivated design permits separate identification of time consistent, stationary, and time invariant choices. At least half of the subjects are time consistent, but only three-quarters of them exhibit stationary choices. About half of subjects with time inconsistent choices have stationary preferences. These res...
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作者：Caetano, Carolina
作者单位：University of Rochester
摘要：This paper presents a test of the exogeneity of a single explanatory variable in a multivariate model. It does not require the exogeneity of the other regressors or the existence of instrumental variables. The fundamental maintained assumption is that the model must be continuous in the explanatory variable of interest. This test has power when unobservable confounders are discontinuous with respect to the explanatory variable of interest, and it is particularly suitable for applications in wh...
