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作者：Grigolon, Laura; Verboven, Frank
作者单位：McMaster University; KU Leuven; Centre for Economic Policy Research - UK
摘要：We propose a random coefficients nested logit (RCNL) model to compare the tractable nested logit (NL) model with the more complex random coefficients logit (RC) model. After a simulation study, we use data on the European automobile market. Both the NL and RC models are rejected against the RCNL model. The RC model results in different substitution patterns and a wider market definition than the NL and RCNL models. Nevertheless, the predicted price effects from mergers are robust across models...
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作者：Busso, Matias; DiNardo, John; McCrary, Justin
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Frolich (2004) compares the finite sample properties of reweighting and matching estimators of average treatment effects and concludes that reweighting performs far worse than even the simplest matching estimator. We argue that this conclusion is unjustified. Neither approach dominates the other uniformly across data-generating processes (DGPs). Expanding on Frolich's analysis, this paper analyzes empirical as well as hypothetical DGPs and also examines the effect of misspecification. We concl...
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作者：Allcott, Hunt; Wozny, Nathan
作者单位：New York University; National Bureau of Economic Research
摘要：Policymakers often assert that consumers undervalue future gasoline costs when they buy automobiles. We test this by measuring whether relative prices of vehicles with different fuel economy ratings fully adjust to variation in gasoline prices. Vehicle prices move as if consumers are indifferent between $1.00 in discounted future gas cost and $0.76 in vehicle purchase price. We show how corrections for endogenous market shares and utilization, measurement error, and different gasoline price fo...
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作者：Creal, Drew; Schwaab, Bernd; Koopman, Siem Jan; Lucas, Andre
作者单位：University of Chicago; European Central Bank; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：We propose an observation-driven dynamic factor model for mixed-measurement and mixed-frequency panel data. Time series observations may come from a range of families of distributions, be observed at different frequencies, have missing observations, and exhibit common dynamics and cross-sectional dependence due to shared dynamic latent factors. A feature of our model is that the likelihood function is known in closed form. This enables parameter estimation using standard maximum likelihood met...
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作者：Asphjell, Magne K.; Letterie, Wilko; Nilsen, Oivind A.; Pfann, Gerard A.
作者单位：Norwegian School of Economics (NHH); Maastricht University
摘要：Firms may adjust capital and labor sequentially or simultaneously. In this paper, we develop a structural model of interrelated factor demand subject to nonconvex adjustment costs and estimated by simulated method of moments. Based on Norwegian manufacturing industry plant-level data, parameter estimates reveal cost advantages for adjusting capital and making net changes in labor simultaneously. Factor demand models with fully specified interrelated adjustment costs structures perform best to ...
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作者：Ferracci, Marc; Jolivet, Gregory; van den Berg, Gerard J.
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Nantes Universite; University of Bristol; University of Mannheim; Vrije Universiteit Amsterdam
摘要：This paper provides a method to infer the presence of treatment spillovers within markets where a fraction of agents is treated. We model individual outcomes as functions of the assigned treatment status and the distribution of assigned treatments in a market. We develop a two-step identification and estimation method, focusing first on the treatment distribution among individuals within markets and then on the treatment distribution across markets. We apply our approach to training programs f...
