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作者：Compiani, Giovanni
作者单位：University of Chicago
摘要：Demand estimates are essential for addressing a wide range of positive and normative questions in economics that are known to depend on the shape-and notably the curvature-of the true demand functions. The existing frontier approaches, while allowing flexible substitution patterns, typically require the researcher to commit to a parametric specification. An open question is whether these a priori restrictions are likely to significantly affect the results. To address this, I develop a nonparam...
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作者：de Groot, Oliver; Richter, Alexander W.; Throckmorton, Nathaniel A.
作者单位：University of Liverpool; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：This paper shows the success of valuation risk-time-preference shocks in Epstein-Zin utility-in resolving asset pricing puzzles rests sensitively on the way it is introduced. The specification used in the literature is at odds with several desirable properties of recursive preferences because the weights in the time-aggregator do not sum to one. When we revise the specification in a simple asset pricing model the puzzles resurface. However, when estimating a sequence of increasingly rich model...
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作者：Lo Bello, Salvatore; Morchio, Iacopo
作者单位：European Central Bank; Bank of Italy; University of Bristol
摘要：We develop a dynamic quantitative model of occupational choice and search frictions with multiple channels of intergenerational transmission (comparative advantage, social contacts, and preferences), and use it to decompose the occupational persistence observed in the UK. In the model, workers who choose their father's occupation find jobs faster and earn lower wages, which is consistent with patterns found in UK data. Quantitatively, parental networks account for 79% of total persistence. Shu...
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作者：Offerman, Theo; Romagnoli, Giorgia; Ziegler, Andreas
作者单位：University of Amsterdam
摘要：The popularity of open ascending auctions is often attributed to the fact that openly observable bidding allows to aggregate dispersed information. Another reason behind the frequent utilization of open auction formats may be that they activate revenue enhancing biases. In an experiment, we compare three auctions that differ in how much information is revealed and in the potential activation of behavioral biases: (i) the ascending Vickrey auction, a closed format; and two open formats, (ii) th...
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作者：Brocas, Isabelle; Carrillo, Juan D.
作者单位：University of Southern California; Centre for Economic Policy Research - UK
摘要：We study the foundations for the development of optimal randomization in mixed strategy games. We consider a population of children and adolescents (7 to 16 years old) and study in the laboratory their behavior in a nonzero sum, hide-and-seek game with a unique interior mixed strategy equilibrium where each location has a known but different value. The vast majority of participants favor the high-value location not only as seekers (as predicted by theory) but also as hiders (in contradiction w...
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作者：Keane, Michael; Krutikova, Sonya; Neal, Timothy
作者单位：University of New South Wales Sydney; University of London; London School Economics & Political Science
摘要：We study the impact of child work on cognitive development in four Low- and Middle-Income Countries. We advance the literature by using cognitive test scores collected regardless of school attendance. We also address a key gap in the literature by controlling for children's complete time allocation budget. This allows us to estimate effects of different types of work, like chores and market/farm work, relative to specific alternative time-uses, like school or study or play/leisure. Our results...
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作者：Freyberger, Joachim; Larsen, Bradley J.
作者单位：University of Bonn; Stanford University; National Bureau of Economic Research
摘要：This study provides new identification and estimation results for ascending (traditional English or online) auctions with unobserved auction-level heterogeneity and an unknown number of bidders. When the seller's reserve price and two order statistics of bids are observed, we derive conditions under which the distributions of buyer valuations, unobserved heterogeneity, and number of participants are point identified. We also derive conditions for point identification in cases where reserve pri...
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作者：Feldman, Paul; Rehbeck, John
作者单位：Johns Hopkins University; Johns Hopkins Bloomberg School of Public Health; University System of Ohio; Ohio State University
摘要：Using a revealed preference approach, we conduct an experiment where subjects make choices from linear convex budgets in the domain of risk. We find that many individuals prefer mixtures of lotteries in ways that systematically rule out expected utility behavior. We explore the extent to which an individual's preference to choose mixtures is related to a preference for randomization by comparing choices from a convex choice task to the decisions made in a repeated discrete choice task. We find...
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作者：Fu, Chao; Grau, Nicolas; Rivera, Jorge
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Universidad de Chile
摘要：We build and estimate a dynamic model of teenagers' choices of schooling and crime, incorporating four factors that may contribute to the different paths taken by different teenagers: heterogeneous endowments, unequal opportunities, uncertainties about one's own ability, and contemporaneous shocks. We estimate the model using administrative panel data from Chile that link school records with juvenile criminal records. Counterfactual policy experiments suggest that, for teenagers with disadvant...
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作者：Bodenstein, Martin; Corsetti, Giancarlo; Guerrieri, Luca
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Cambridge; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We integrate an epidemiological model, augmented with contact and mobility analyses, with a two-sector macroeconomic model, to assess the economic costs of labor supply disruptions in a pandemic. The model is designed to capture key characteristics of the U.S. input-output tables with a core sector that produces intermediate inputs not easily replaceable by the other sectors, possibly subject to minimum-scale requirements. Using epidemiological and mobility data to inform our exercises, we sho...
