-
作者：Challe, Edouard; Matheron, Julien; Ragot, Xavier; Rubio-Ramirez, Juan F.
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique; Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; ENSAE Paris; European Central Bank; Bank of France; Paris School of Economics; Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：We construct, and then estimate by maximum likelihood, a tractable dynamic stochastic general equilibrium model with incomplete insurance and heterogenous agents. The key feature of our framework is that cross-sectional heterogeneity remains finite dimensional. The solution to the model thus admits a statespace representation that can be used to recover the distribution of the model's parameters. Household heterogeneity expands the set of observables to crosssectional moments available at the ...
-
作者：Bugni, Federico A.; Canay, Ivan A.; Shi, Xiaoxia
作者单位：Duke University; Northwestern University; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper introduces a bootstrap-based inference method for functions of the parameter vector in a moment (in) equality model. These functions are restricted to be linear for two-sided testing problems, but may be nonlinear for one-sided testing problems. In the most common case, this function selects a subvector of the parameter, such as a single component. The new inference method we propose controls asymptotic size uniformly over a large class of data distributions and improves upon the tw...
-
作者：Chen, Bin; Choi, Jinho; Escanciano, Juan Carlos
作者单位：University of Rochester; Bank of Korea; Indiana University System; Indiana University Bloomington
摘要：We propose a test for invertibility or fundamentalness of structural vector autoregressive moving average models generated by non-Gaussian independent and identically distributed structural shocks. We prove that in these models and under some regularity conditions the Wold innovations are a martingale difference sequence (mds) if and only if the structural shocks are fundamental. This simple but powerful characterization suggests an empirical strategy to assess invertibility. We propose a test...
-
作者：Maruyama, Shiko; Johar, Meliyanni
作者单位：University of Technology Sydney
摘要：There is a potential free-rider problem when several siblings consider future provision of care for their elderly parents. Siblings can commit to not providing long-term support by living far away. If location decisions are made by birth order, older siblings may enjoy a first-mover advantage. We study siblings' location decisions relative to their parents by estimating a sequential participation game for U.S. data. We find (i) limited strategic behavior, that is, in two-child families, more t...
-
作者：Bruyneel, Sabrina; Cherchye, Laurens; Cosaert, Sam; De Rock, Bram; Dewitte, Siegfried
作者单位：KU Leuven; KU Leuven; KU Leuven; KU Leuven; Universite Libre de Bruxelles
摘要：We propose a method to quantify other-regarding preferences in group decisions. Our method is based on revealed preference theory. It measures willingness-to-pay for others' consumption and willingness-to-pay for equality in consumption by evaluating consumption externalities in monetary terms. We introduce an altruism parameter and an inequality aversion parameter. Each parameter defines a continuum of models characterized by varying degrees of externalities. We study the empirical performanc...
-
作者：Ackerberg, Daniel; Hirano, Keisuke; Shahriar, Quazi
作者单位：University of Texas System; University of Texas Austin; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Osaka; California State University System; San Diego State University
摘要：Buy price auctions merge a posted price option with a standard bidding mechanisms, and have been used by various online auction sites including eBay and General Motors Assistance Corporation. A buyer in a buy price auction can accept the buy price to win with certainty and end the auction early. Intuitively, the buy price option may appeal to bidders who are risk averse or impatient to obtain the good, and a number of authors have examined how such mechanisms can increase the seller's expected...
-
作者：Carroll, Christopher; Slacalek, Jiri; Tokuoka, Kiichi; White, Matthew N.
作者单位：Johns Hopkins University; European Central Bank; University of Delaware
摘要：In a model calibrated to match micro- and macroeconomic evidence on household income dynamics, we show that a modest degree of heterogeneity in household preferences or beliefs is sufficient to match empirical measures of wealth inequality in the United States. The heterogeneity-augmented model's predictions are consistent with microeconomic evidence that suggests that the annual marginal propensity to consume (MPC) is much larger than the roughly 0.04 implied by commonly used macroeconomic mo...
-
作者：Yang, Chun-Lei; Yao, Lan
作者单位：Nanjing Audit University; Academia Sinica - Taiwan; Shanghai University of Finance & Economics
摘要：Prominent models such as maxmin expected utility/alpha-multiprior (MEU/alpha-MP) and Klibanoff, Marinacci, and Mukerji (KMM) interpret ambiguity aversion as aversion against second-order risks associated with ambiguous acts. We design an experiment where the decision maker draws twice with replacement in the typical Ellsberg two-color urns, but with a different color winning each time. Given this set of mean-preserving prospects, MEU/alpha-MP, KMM, and Savage's subjective expected utility all ...
-
作者：Chiappori, Pierre-Andre; Kim, Ju Hyun
作者单位：Columbia University; University of North Carolina; University of North Carolina Chapel Hill
摘要：In this note, we address nonparametric identification of a collective model of household behavior in the presence of additive unobserved heterogeneity in the sharing rule. We show that the (nonstochastic part of the) sharing rule is nonparametrically identified. Moreover, under independence assumptions, individual Engel curves and the random distributions are identified except in special cases (i.e., linear Engel curves).
-
作者：Hong, Sok Chul; Lee, Jungmin
作者单位：Seoul National University (SNU); IZA Institute Labor Economics
摘要：We examine college students' interaction within classrooms and estimate peer effects on their academic performance. We exploit a unique seating rule at a university in South Korea, known as the fixed-seat system. We propose a novel identification strategy based on students' repeated interaction. Our findings show that a student's performance in a class is significantly influenced by his or her next-seat neighbor's ability. The effect is heterogeneous, varying by student and class characteristi...
