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作者：Blevins, Jason R.; Senney, Garrett T.
作者单位：University System of Ohio; Ohio State University; United States Department of the Treasury; Office of the Comptroller of the Currency
摘要：This paper develops a dynamic model of consumer search that, despite placing very little structure on the dynamic problem faced by consumers, allows us to exploit intertemporal variation in price distributions to estimate the distribution from which consumer search costs are initially drawn. We show that static approaches to estimating this distribution may suffer from dynamic sample selection bias. This can happen if consumers are forward-looking and delay their purchases in a way that system...
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作者：Hoffmann, Florian
作者单位：University of British Columbia
摘要：The dispersion of individual returns to experience, often referred to as heterogeneity of income profiles (HIP), is a key parameter in empirical human capital models, in studies of life-cycle income inequality, and in heterogeneous agent models of life-cycle labor market dynamics. It is commonly estimated from age variation in the covariance structure of earnings. In this study, I show that this approach is invalid and tends to deliver estimates of HIP that are biased upward. The reason is tha...
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作者：Torgovitsky, Alexander
作者单位：University of Chicago
摘要：I show that sharp identified sets in a large class of econometric models can be characterized by solving linear systems of equations. These linear systems determine whether, for a given value of a parameter of interest, there exists an admissible joint distribution of unobservables that can generate the distribution of the observed variables. The joint distribution of unobservables is not required to satisfy any parametric restrictions, but can (if desired) be assumed to satisfy a variety of l...
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作者：Azmat, Ghazala
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); University of London; London School Economics & Political Science
摘要：Tax credits are a popular way to alleviate in-work poverty. A common empirical assumption is that the benefit of the tax credit is borne solely by the claimant workers. However, economic theory suggests no particular reason why this should be the case. This paper investigates the impact of the Working Families' Tax Credit, introduced in the UK in 1999, on wages. Unlike similar tax credit policies, this tax credit was paid through employers rather than directly to workers, making it more salien...
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作者：Chen, Qihui; Fang, Zheng
作者单位：The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen; Texas A&M University System; Texas A&M University College Station
摘要：This paper develops a general framework for conducting inference on the rank of an unknown matrix pi(0). A defining feature of our setup is the null hypothesis of the form H0:rank(pi 0)<= r. The problem is of first-order importance because the previous literature focuses on H0 ':rank(pi 0)=r by implicitly assuming away rank(pi 0)
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作者：Guggenberger, Patrik; Kleibergen, Frank; Mavroeidis, Sophocles
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Amsterdam; University of Oxford
摘要：We study subvector inference in the linear instrumental variables model assuming homoskedasticity but allowing for weak instruments. The subvector Anderson and Rubin (1949) test that uses chi square critical values with degrees of freedom reduced by the number of parameters not under test, proposed by Guggenberger, Kleibergen, Mavroeidis, and Chen (2012), controls size but is generally conservative. We propose a conditional subvector Anderson and Rubin test that uses data-dependent critical va...
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作者：Freeman, David J.; Halevy, Yoram; Kneeland, Terri
作者单位：Simon Fraser University; University of Toronto; University of London; University College London
摘要：We study the effect of embedding pairwise choices between lotteries within a choice list on measured risk attitude. Using an experiment with online workers, we find that subjects choose the risky lottery rather than a sure payment significantly more often when responding to a choice list. This behavior can be rationalized by the interaction between nonexpected utility and the random incentive system, as suggested by Karni and Safra ().
