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作者：Oswald, Florian
摘要：This paper estimates a lifecycle model of consumption, housing choice, and migration in the presence of aggregate and regional shocks, using the Survey of Income and Program Participation (SIPP). The model delivers structural estimates of moving costs by ownership status, age, and family size that complement the previous literature. Using the model, I first show that migration elasticities vary substantially between renters and owners, and I estimate the consumption value of having the option ...
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作者：Hamilton, Barton H.; Papageorge, Nicholas W.; Pande, Nidhi
作者单位：Washington University (WUSTL); Johns Hopkins University; National Bureau of Economic Research; University of Delhi
摘要：We construct a structural model of entry into self-employment to evaluate the impact of policies supporting entrepreneurship. Previous work has recognized that workers may opt for self-employment due to the nonpecuniary benefits of running a business and not necessarily because they are good at it. Other literature has examined how socio-emotional skills, such as personality traits, affect selection into self-employment. We link these two lines of inquiry. The model we estimate captures three ...
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作者：Bugni, Federico A.; Ura, Takuya
作者单位：Duke University; University of California System; University of California Davis
摘要：Single-agent dynamic discrete choice models are typically estimated using heavily parametrized econometric frameworks, making them susceptible to model misspecification. This paper investigates how misspecification affects the results of inference in these models. Specifically, we consider a local misspecification framework in which specification errors are assumed to vanish at an arbitrary and unknown rate with the sample size. Relative to global misspecification, the local misspecification a...
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作者：Mehta, Nirav
作者单位：Western University (University of Western Ontario)
摘要：Researchers commonly shrink raw quality measures based on statistical criteria. This paper studies when and how this transformation's statistical properties would confer economic benefits to a utility-maximizing decision-maker across common asymmetric information environments. I develop the results for an application measuring teacher quality. The presence of a systematic relationship between teacher quality and class size could cause the data transformation to do either worse or better than t...
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作者：Aguirregabiria, Victor; Mira, Pedro
作者单位：University of Toronto; Center for Economic & Policy Research (CEPR)
摘要：This paper deals with identification of discrete games of incomplete information when we allow for three types of unobservables: payoff-relevant variables, both players' private information and common knowledge, and nonpayoff-relevant variables that determine the selection between multiple equilibria. The specification of the payoff function and the distributions of the common knowledge unobservables is nonparametric with finite support (i.e., finite mixture model). We provide necessary and su...
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作者：Almuzara, Martin; Amengual, Dante; Sentana, Enrique
摘要：We exploit the rationale behind the Expectation Maximization algorithm to derive simple to implement and interpret LM normality tests for the innovations of the latent variables in linear state space models against generalized hyperbolic alternatives, including symmetric and asymmetric Student ts. We decompose our tests into third and fourth moment components, and obtain one-sided likelihood ratio analogues, whose asymptotic distribution we provide. When we apply our tests to a common trend mo...
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作者：Andrews, Donald W. K.; Guggenberger, Patrik
作者单位：Yale University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：This paper introduces a new identification- and singularity-robust conditional quasi-likelihood ratio (SR-CQLR) test and a new identification- and singularity-robust Anderson and Rubin (1949) (SR-AR) test for linear and nonlinear moment condition models. Both tests are very fast to compute. The paper shows that the tests have correct asymptotic size and are asymptotically similar (in a uniform sense) under very weak conditions. For example, in i.i.d. scenarios, all that is required is that the...
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作者：Tischbirek, Andreas
作者单位：University of Lausanne
摘要：Formal dynamic analyses of household portfolio choice in the literature focus on holdings of equity and a risk-free asset or bonds of different maturities, neglecting the interdependence of the decisions to invest in equity, short-term and long-term bonds made by households. Data from the Survey of Consumer Finances is used to derive stylized facts about participation in the long-term government-debt market and conditional portfolio shares. To explain the mechanisms underlying these facts, I d...
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作者：Peterman, William B.; Sommer, Kamila
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：A well-established result in the literature is that Social Security reduces steady state welfare in a standard life cycle model. However, less is known about the historical quantitative effects of the program on agents who were alive when the program was adopted. In a computational life cycle model that simulates the Great Depression and the enactment of Social Security, this paper quantifies the welfare effects of the program's enactment on the cohorts of agents who experienced it. In contras...
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作者：Carvalho, Jose Raimundo; Magnac, Thierry; Xiong, Qizhou
作者单位：Universidade Federal do Ceara; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We use rich microeconomic data on performance and choices of students at college entry to analyze interactions between the selection mechanism, eliciting college preferences through exams, and the allocation mechanism. We set up a framework in which success probabilities and student preferences are shown to be identified from data on their choices and their exam grades under exclusion restrictions and support conditions. The counterfactuals we consider balance the severity of congestion and th...
