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作者：Andrews, Isaiah; Armstrong, Timothy B.
作者单位：Massachusetts Institute of Technology (MIT); Yale University
摘要：We derive mean-unbiased estimators for the structural parameter in instrumental variables models with a single endogenous regressor where the sign of one or more first-stage coefficients is known. In the case with a single instrument, there is a unique nonrandomized unbiased estimator based on the reduced-form and first-stage regression estimates. For cases with multiple instruments we propose a class of unbiased estimators and show that an estimator within this class is efficient when the ins...
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作者：Cai, Yongyang; Judd, Kenneth; Steinbuks, Jevgenijs
作者单位：University of Chicago; Stanford University; The World Bank
摘要：This paper introduces a nonlinear certainty-equivalent approximation method for dynamic stochastic problems. We first introduce a novel, stable, and efficient method for computing the decision rules in deterministic dynamic economic problems. We use the results as nonlinear and global certainty-equivalent approximations for solutions to stochastic problems, and compare their accuracy to the common linear and local certainty-equivalent methods. Our examples demonstrate that this method can be a...
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作者：Fox, Jeremy T.; Lazzati, Natalia
作者单位：Rice University; National Bureau of Economic Research; University of California System; University of California Santa Cruz
摘要：We study nonparametric identification of single-agent discrete choice models for bundles (without requiring bundle-specific prices) and of binary games of complete information. We show that these two models are quite similar from an identification standpoint. Moreover, they are mathematically equivalent when we restrict attention to the class of potential games and impose a specific equilibrium selection mechanism in the data generating process. We provide new identification results for the tw...
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作者：Coey, Dominic; Larsen, Bradley; Sweeney, Kane; Waisman, Caio
作者单位：Facebook Inc; Stanford University; National Bureau of Economic Research; Uber Technologies, Inc.
摘要：We present a partial identification approach for ascending auctions with bidder asymmetries, where bidders' asymmetric types may be unobservable to the econometrician. Our approach yields sharp bounds and builds on and generalizes other recent bounds approaches for correlated private values ascending auctions. When bidder identities are observable, our approach yields tighter bounds than previous approaches that ignore asymmetry, demonstrating that bidder asymmetries can function as an aid rat...
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作者：Belzil, Christian; Hansen, Jorgen; Liu, Xingfei
作者单位：Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris; Universite Paris Saclay; IZA Institute Labor Economics; Concordia University - Canada; Universite de Montreal; Universite de Montreal; University of Alberta
摘要：Using a dynamic skill accumulation model of schooling and labor supply with learning-by-doing, we decompose early life-cycle wage growth of U.S. white males into four main sources: education, hours worked, cognitive skills (Armed Forces Qualification Tests scores), and unobserved heterogeneity, and evaluate the effect of compulsory high school graduation and a reduction in the cost of college. About 60 percent of the differences in slopes of early life-cycle wage profiles are explained by hete...
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作者：Diamond, William; Agarwal, Nikhil
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：A large class of two-sided matching models that include both transferable and non-transferable utility result in positive assortative matching along a latent index. Data from matching markets, however, may not exhibit perfect assortativity due to the presence of unobserved characteristics. This paper studies the identification and estimation of such models. We show that the distribution of the latent index is not identified when data from one-to-one matches are observed. Remarkably, the model ...
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作者：Lu, Xun; Su, Liangjun
作者单位：Hong Kong University of Science & Technology; Singapore Management University
摘要：We consider a latent group panel structure as recently studied by Su, Shi, and Phillips (2016), where the number of groups is unknown and has to be determined empirically. We propose a testing procedure to determine the number of groups. Our test is a residual-based Lagrange multiplier-type test. We show that after being appropriately standardized, our test is asymptotically normally distributed under the null hypothesis of a given number of groups and has the power to detect deviations from t...
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作者：Geruso, Michael
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：In many markets insurers are barred from price discrimination based on consumer characteristics like age, gender, and medical history. In this paper, I build on a recent literature to show why such policies are inefficient if consumers differ in their willingness-to-pay for insurance conditional on the insured losses they generate. Using administrative claims data, I then show that this type of demand heterogeneity is empirically relevant in a consumer health plan setting. Younger and older co...
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作者：Barth, Daniel; Shore, Stephen H.; Jensen, Shane T.
作者单位：United States Department of the Treasury; Office of Financial Research; University System of Georgia; Georgia State University; University of Pennsylvania
摘要：How important to well-being is choosing a career with the right fit? We estimate a model of career choice in a setting where we observe the income risk of chosen careers and the risk aversion of the people who choose them. The key parameter of interest representing the importance of idiosyncratic taste and skill in career choice is identified from the shift in the distribution of income risk with risk aversion. We document that those who self-identify as risk tolerant are more likely to have v...
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作者：Athreya, Kartik; Owens, Andrew; Schwartzman, Felipe
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Rochester
摘要：The aftermath of the recent recession has seen calls to use transfers to poorer households as a means to enhance aggregate economic activity. The goal of this paper is to study the effects of wealth redistribution from rich to poor households on consumption and output in the short run. We first demonstrate analytically how the direction and size of the output effects of such interventions depend on labor supply decisions. We then show that in a standard incomplete-markets model extended to all...
