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作者：Caetano, Gregorio; Maheshri, Vikram
作者单位：University of Rochester; University of Houston System; University of Houston
摘要：Does crime in a neighborhood cause future crime? Without a source of quasi-experimental variation in local crime, we develop an identification strategy that leverages a recently developed test of exogeneity (Caetano (2015)) to select a feasible regression model for causal inference. Using a detailed incident-based data set of all reported crimes in Dallas from 2000 to 2007, we find some evidence of dynamic spillovers within certain types of crimes, but no evidence that lighter crimes cause mor...
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作者：Epple, Dennis; Jha, Akshaya; Sieg, Holger
作者单位：Carnegie Mellon University; National Bureau of Economic Research; Carnegie Mellon University; University of Pennsylvania
摘要：Many urban school districts in the United States and OECD countries confront the necessity of closing schools due to declining enrollments. To address this important policy question, we formulate a sequential game where a superintendent is tasked with closing down a certain percentage of student capacity; parents respond to these school closings by sorting into the remaining schools. We estimate parents' preferences for each school in their choice set using 4 years of student-level data from a...
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作者：Komarova, Tatiana; Sanches, Fabio; Silva, Daniel, Jr.; Srisuma, Sorawoot
作者单位：University of London; London School Economics & Political Science; Pontificia Universidade Catolica do Rio de Janeiro; City St Georges, University of London; University of Surrey
摘要：Most empirical and theoretical econometric studies of dynamic discrete choice models assume the discount factor to be known. We show the knowledge of the discount factor is not necessary to identify parts, or even all, of the payoff function. We show the discount factor can be generically identified jointly with the payoff parameters. On the other hand, it is known the payoff function cannot be nonparametrically identified without any a priori restrictions. Our identification of the discount f...
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作者：Kim, Wooyoung; Kwon, Koohyun; Kwon, Soonwoo; Lee, Sokbae
作者单位：University of Wisconsin System; University of Wisconsin Madison; Yale University; Columbia University; Columbia University
摘要：In this paper, we investigate what can be learned about average counterfactual outcomes as well as average treatment effects when it is assumed that treatment response functions are smooth. We obtain a set of new partial identification results for both the average treatment response and the average treatment effect. In particular, we find that the monotone treatment response and monotone treatment selection bound of Manski and Pepper, 2000 can be further tightened if we impose the smoothness c...
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作者：Hickman, Brent R.; Hubbard, Timothy P.; Paarsch, Harry J.
作者单位：University of Chicago; Colby College; State University System of Florida; University of Central Florida
摘要：Because of discrete bid increments, bidders at electronic auctions engage in shading instead of revealing their valuations, which would occur under the commonly assumed second-price rule. We demonstrate that misspecifying the pricing rule can lead to biased estimates of the latent valuation distribution, and then explore identification and estimation of a model with a correctly specified pricing rule. A further challenge to econometricians is that only a lower bound on the number of participan...
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作者：De Chaisemartin, Clement
作者单位：University of California System; University of California Santa Barbara
摘要：Instrumental variables (IVs) are commonly used to estimate the effects of some treatments. A valid IV should be as good as randomly assigned, it should not have a direct effect on the outcome, and it should not induce any unit to forgo treatment. This last condition, the so-called monotonicity condition, is often implausible. This paper starts by showing that actually, IVs are still valid under a weaker condition than monotonicity. It then derives conditions that are sufficient for this weaker...
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作者：Iskhakov, Fedor; Jorgensen, Thomas H.; Rust, John; Schjerning, Bertel
作者单位：Australian National University; University of New South Wales Sydney; University of Copenhagen; Georgetown University
摘要：We present a fast and accurate computational method for solving and estimating a class of dynamic programming models with discrete and continuous choice variables. The solution method we develop for structural estimation extends the endogenous grid-point method (EGM) to discrete-continuous (DC) problems. Discrete choices can lead to kinks in the value functions and discontinuities in the optimal policy rules, greatly complicating the solution of the model. We show how these problems are amelio...
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作者：Petrosky-Nadeau, Nicolas; Zhang, Lu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：An accurate global projection algorithm is critical for quantifying the basic moments of the Diamond-Mortensen-Pissarides model. Log linearization understates the mean and volatility of unemployment, but overstates the volatility of labor market tightness and the magnitude of the unemployment-vacancy correlation. Log linearization also understates the impulse responses in unemployment in recessions, but overstates the responses in the market tightness in booms. Finally, the second-order pertur...
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作者：Vuong, Quang; Xu, Haiqing
作者单位：New York University; University of Texas System; University of Texas Austin
摘要：This paper establishes nonparametric identification of individual treatment effects in a nonseparable model with a binary endogenous regressor. The outcome variable may be continuous, discrete, or a mixture of both, while the instrumental variable can take binary values. First, we study the case where the model includes a selection equation for the binary endogenous regressor. We establish point identification of the individual treatment effects and the structural function when the latter is c...
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作者：Farmer, Leland E.; Toda, Alexis Akira
作者单位：University of California System; University of California San Diego
摘要：Approximating stochastic processes by finite-state Markov chains is useful for reducing computational complexity when solving dynamic economic models. We provide a new method for accurately discretizing general Markov processes by matching low order moments of the conditional distributions using maximum entropy. In contrast to existing methods, our approach is not limited to linear Gaussian autoregressive processes. We apply our method to numerically solve asset pricing models with various und...
