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作者：Miller, David A.; Watson, Joel
作者单位：University of Michigan System; University of Michigan; University of California System; University of California San Diego
摘要：This paper proposes a new approach to equilibrium selection in repeated games with transfers, supposing that in each period the players bargain over how to play. Although the bargaining phase is cheap talk (following a generalized alternating-offer protocol), sharp predictions arise from three axioms. Two axioms allow the players to meaningfully discuss whether to deviate from their plan; the third embodies a theory of disagreementthat play under disagreement should not vary with the manner in...
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作者：Bai, Jushan
作者单位：Columbia University; Central University of Finance & Economics
摘要：We consider the estimation of dynamic panel data models in the presence of incidental parameters in both dimensions: individual fixed-effects and time fixed-effects, as well as incidental parameters in the variances. We adopt the factor analytical approach by estimating the sample variance of individual effects rather than the effects themselves. In the presence of cross-sectional heteroskedasticity, the factor method estimates the average of the cross-sectional variances instead of the indivi...
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作者：Bossert, Walter; Sprumont, Yves
作者单位：Universite de Montreal; Universite de Montreal
摘要：A choice function is backwards-induction rationalizable if there exists a finite perfect-information extensive-form game such that for each subset of alternatives, the backwards-induction outcome of the restriction of the game to that subset of alternatives coincides with the choice from that subset. We prove that every choice function is backwards-induction rationalizable.
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作者：Sweeting, Andrew
作者单位：University System of Maryland; University of Maryland College Park; Duke University; National Bureau of Economic Research
摘要：This article predicts how radio station formats would change if, as was recently proposed, music stations were made to pay fees for musical performance rights. It does so by estimating and solving, using parametric approximations to firms' value functions, a dynamic model that captures important features of the industry such as vertical and horizontal product differentiation, demographic variation in programming tastes, and multi-station ownership. The estimated model predicts that high fees w...
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作者：Che, Yeon-Koo; Kim, Jinwoo; Mierendorff, Konrad
作者单位：Columbia University; Yonsei University; Seoul National University (SNU); University of Zurich
摘要：We develop a network-flow approach for characterizing interim-allocation rules that can be implemented by ex post allocations. Our method can be used to characterize feasible interim allocations in general multi-unit auctions where agents face capacity constraints, both ceilings and floors. Applications include a variety of settings of practical interest, ranging from individual and group-specific capacity constraints, set-aside sale, partnership dissolution, and government license reallocation.
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作者：Abel, Andrew B.; Eberly, Janice C.; Panageas, Stavros
作者单位：University of Pennsylvania; National Bureau of Economic Research; Northwestern University; University of Chicago
摘要：Information costs, which comprise costs of gathering and processing information about stock values and costs of deciding how to respond to this information, induce a consumer to remain inattentive to the stock market for finite intervals of time. Whether, and how much, a consumer transfers assets between accounts depends on the costs of undertaking such transactions. In general, optimal behavior by a consumer facing both information costs and transactions costs is state-dependent, with the tim...
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作者：Cassola, Nuno; Hortacsu, Ali; Kastl, Jakub
作者单位：European Central Bank; University of Chicago; National Bureau of Economic Research; Stanford University
摘要：We study European banks' demand for short-term funds (liquidity) during the summer 2007 subprime market crisis. We use bidding data from the European Central Bank's auctions for one-week loans, their main channel of monetary policy implementation. Our analysis provides a high-frequency, disaggregated perspective on the 2007 crisis, which was previously studied through comparisons of collateralized and uncollateralized interbank money market rates which do not capture the heterogeneous impact o...
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作者：Gautier, Eric; Kitamura, Yuichi
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Yale University
摘要：This paper considers random coefficients binary choice models. The main goal is to estimate the density of the random coefficients nonparametrically. This is an ill-posed inverse problem characterized by an integral transform. A new density estimator for the random coefficients is developed, utilizing FourierLaplace series on spheres. This approach offers a clear insight on the identification problem. More importantly, it leads to a closed form estimator formula that yields a simple plug-in pr...
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作者：Holzman, Ron; Moulin, Herve
作者单位：Technion Israel Institute of Technology; Rice University
摘要：A group of peers must choose one of them to receive a prize; everyone cares only about winning, not about who gets the prize if someone else. An award rule is impartial if one's message never influences whether or not one wins the prize. We explore the consequences of impartiality when each agent nominates a single (other) agent for the prize. On the positive side, we construct impartial nomination rules where both the influence of individual messages and the requirements to win the prize are ...
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作者：Simsek, Alp
作者单位：Harvard University
摘要：Belief disagreements have been suggested as a major contributing factor to the recent subprime mortgage crisis. This paper theoretically evaluates this hypothesis. I assume that optimists have limited wealth and take on leverage so as to take positions in line with their beliefs. To have a significant effect on asset prices, they need to borrow from traders with pessimistic beliefs using loans collateralized by the asset itself. Since pessimists do not value the collateral as much as optimists...
