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作者：MOON, CG; STOTSKY, JG
摘要：Caudill, Ault, and Saba (1989) introduce an approach to estimating a hedonic price equation that accounts for censoring due to rent control in a rental housing market. This paper extends and clarifies their assertion on the consistency of the ordinary least squares estimates (OLS) and their estimates. We indicate how the nature of the rent control law affects the consistency properties of the two estimation methods.
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作者：KUEHLWEIN, M
摘要：This paper examines testable implications of the life-cycle theory of saving with lifetime uncertainty. Theory suggests that persons facing lower mortality rates should exhibit greater consumption growth. Nonparametric tests, using the Retirment History Survey, provide mixed support for the theory. A parameterized model allowing for altruism provides more support. Estimates of a bequest parameter indicate that elderly households value contributions to bequests as highly as contributions to the...
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作者：DOMOWITZ, I; HUBBARD, RG; PETERSEN, BC
作者单位：Columbia University; National Bureau of Economic Research; Washington University (WUSTL)
摘要：We reply to the Comment by Kamerschen and Park on our 1988 paper published in this Review. We find that the econometric point raised by these authors is flawed, because differences in model structure and data are ignored. In particular, the importance of materials input in assessing price-cost margins is reiterated here, and illustrated with the 1988 paper's original table. Other points of the Comment are refuted by direct reference to statistical results and inferred conclusions in the 1988 p...
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作者：KOLSTAD, CD; LEE, JK
作者单位：Bank of Korea
摘要：This paper concerns the problem of properly specifying the dynamic structure of models of industry costs and factor demands. The paper compares three common frameworks: long-run costs with all factors assumed in equilibrium (Full Static Equilibrium), short-run costs with variable factors in short-run equilibrium (Partial Static Equilibrium) followed by computation of long-run costs, and short-run costs including internal capital adjustment costs (Partial Dynamic Equilibrium). The approach of t...
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作者：GAMBLE, JA; LESAGE, JP
作者单位：University System of Ohio; University of Toledo
摘要：This Monte Carlo study compares the performance of a recently proposed multiprocess mixture model and a more traditional random walk time-varying parameter (TVP) model in the face of structural shifts and outliers. The mixture model performs well and the latter model performs poorly. This finding is of general interest, since investigators often adopt random-walk TVP models to accommodate potential regime shifts in regression relationships. The findings suggest that the TVP estimation procedur...
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作者：SANSO, M; CUAIRAN, R; SANZ, F
摘要：The gravity equation has been frequently and successfully used for nearly thirty years to further understanding of the determinants of bilateral trade flows across countries and, subsequently, to analyze commercial policy measures. A maintained hypothesis by the applied literature on international trade as gravity equation loglinearity is questioned in this paper since the possibility of a general functional form is open through Box-Cox transformations. Using data corresponding to the sixteen ...
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作者：BORDLEY, RF
作者单位：National Science Foundation (NSF)
摘要：Of the share lost to one product because of a price change, diversion fractions are the fractions of that lost share going to each of the other products. This paper expresses product cross-elasticities in terms of diversion fractions and a scaling factor. Since the automotive market includes more than 200 products, time-series data are insufficient for estimating all elasticities. Instead, this paper estimates automotive elasticities by specifying the diversion fractions using cross-sectional ...
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作者：FLATH, D
作者单位：North Carolina State University
摘要：Largest debtholders in keiretsu member companies hold more stock if the companies have high debt to equity ratios or have weaker collateral, greater prospects of growth, or unique aspects. All are factors associated with the agency problems of debt that stockholding by a debtholder can help to resolve. The stockholding also induces greater borrowing by these same companies, ceteris paribus.
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作者：CAMPA, JM
摘要：This paper tests the effects that real exchange rate fluctuations had on foreign direct investment into the United States during the 1980s. Using a sample of foreign investments in 61 four-digit SIC U.S. wholesale industries, this paper finds exchange rate volatility to be negatively correlated with the number of foreign investments that occur in these industries. This negative effect is most pronounced for industries where sunk investments in physical and intangible assets are relatively high...
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作者：CROPPER, ML; DECK, L; KISHOR, N; MCCONNELL, KE
作者单位：The World Bank; ABT Associates; Resources for the Future
摘要：This paper compares, via simulation, the performance of the multinomial logit and hedonic models in estimating consumer preferences for product attributes. We ascribe preferences over the attributes of houses to a population of consumers, and, by having them bid for a set of houses calculate equilibrium prices. The resulting data are used to estimate the two models. We find that the gradient of a linear Box-Cox hedonic price function estimates marginal attribute bids at least as well as a line...
