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作者：Den Haan, Wouter J.; Sedlacek, Petr
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); University of Bonn
摘要：This paper develops a model according to which the costs of business cycles are nontrivial because they reduce the average level of output. The reason is an interaction between job creation costs and an agency problem. The agency problem triggers separations during economic downturns even though both the employer and the worker would be better off if the job was not discontinued, that is, affected jobs have strictly positive surplus values. Similarly, booms make it possible for more jobs to ov...
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作者：Chiappori, Pierre-Andre; Samphantharak, Krislert; Schulhofer-Wohl, Sam; Townsend, Robert M.
作者单位：Columbia University; University of California System; University of California San Diego; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Massachusetts Institute of Technology (MIT)
摘要：We show how to use panel data on household consumption to directly estimate households' risk preferences. Specifically, we measure heterogeneity in risk aversion among households in Thai villages using a full risk-sharing model, which we then test allowing for this heterogeneity. There is substantial, statistically significant heterogeneity in estimated risk preferences. Full insurance cannot be rejected. As the risk-sharing as-if-complete-markets theory might predict, estimated risk preferenc...
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作者：Lippi, Francesco; Schivardi, Fabiano
作者单位：University of Sassari; Luiss Guido Carli University
摘要：In firms with concentrated ownership the controlling shareholder may pursue nonmonetary private returns, such as electoral goals in a firm controlled by politicians or family prestige in family firms. We use a simple theoretical model to analyze how this mechanism affects the selection of executives and, through this, the firm's productivity compared to a benchmark where the owner only cares about the value of the firm. We discuss identification and derive two structural estimates of the model...
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作者：Hansen, Bruce E.
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This paper examines the asymptotic risk of nested least-squares averaging estimators when the averaging weights are selected to minimize a penalized least-squares criterion. We find conditions under which the asymptotic risk of the averaging estimator is globally smaller than the unrestricted least-squares estimator. For the Mallows averaging estimator under homoskedastic errors, the condition takes the simple form that the regressors have been grouped into sets of four or larger. This conditi...
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作者：Okumura, Tsunao; Usui, Emiko
作者单位：Yokohama National University; Nagoya University
摘要：This paper identifies sharp bounds on the mean treatment response and average treatment effect under the assumptions of both the concave-monotone treatment response (concave-MTR) and the monotone treatment selection (MTS). We use our bounds and the U.S. National Longitudinal Survey of Youth 1979 to estimate mean returns to schooling. Our upper-bound estimates are substantially smaller than (i) estimates using only the concave-MTR assumption of Manski (1997), and (ii) estimates using only the M...
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作者：Fruehwirth, Jane Cooley
作者单位：University of Cambridge; University of Cambridge
摘要：This paper develops a new approach to identifying peer achievement spillovers in the context of an equilibrium model of student effort choices. By focusing on the effect of contemporaneous peer achievement, this framework integrates previously unexplored types of heterogeneity in peer spillovers in the achievement production context. Applying the strategy to North Carolina public elementary school students, I find peer achievement spillovers exist primarily within race-based reference groups, ...
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作者：Armstrong, Timothy B.
作者单位：Yale University
摘要：Many empirical studies of auctions rely on the assumption that the researcher observes all variables that make auctions differ ex ante. When there is unobserved heterogeneity, the direction of the bias this causes is known only in a few restrictive examples. In this paper, I show that ignoring unobserved heterogeneity in a first price sealed bid auction with symmetric independent private values gives bounds on several quantities of economic interest under surprisingly general conditions. The r...
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作者：Fernandez-Val, Ivan; Lee, Joonhwah
作者单位：Boston University; Massachusetts Institute of Technology (MIT)
摘要：This paper considers fixed effects estimation and inference in linear and nonlinear panel data models with random coefficients and endogenous regressors. The quantities of interestmeans, variances, and other moments of the random coefficientsare estimated by cross sectional sample moments of generalized method of moments (GMM) estimators applied separately to the time series of each individual. To deal with the incidental parameter problem introduced by the noise of the within-individual estim...
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作者：Bachmann, Ruediger; Bai, Jinhui H.
作者单位：RWTH Aachen University; Georgetown University
摘要：What fraction of the business cycle volatility of government purchases is accounted for as endogenous reactions to overall macroeconomic conditions? We answer this question in the framework of a neoclassical representative household model where the provision of a public consumption good is decided upon endogenously and in a time-consistent fashion. A simple version of such a model with aggregate productivity as the sole driving force fails to match important features of the business cycle dyna...
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作者：Iriberri, Nagore; Rey-Biel, Pedro
作者单位：University of Basque Country; Basque Foundation for Science; Pompeu Fabra University; Autonomous University of Barcelona; Barcelona School of Economics
摘要：Using data from modified dictator games and a mixture-of-types estimation technique, we find a clear relationship between a classification of subjects into four different types of interdependent preferences (selfish, social welfare maximizers, inequity averse, and competitive) and the beliefs subjects hold about others' distributive choices in a nonstrategic environment. In particular, selfish individuals fall into false-consensus bias more than other types, as they can hardly conceive that ot...
