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作者：Bugni, Federico A.; Canay, Ivan A.; Shi, Xiaoxia
作者单位：Duke University; Northwestern University; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper introduces a bootstrap-based inference method for functions of the parameter vector in a moment (in) equality model. These functions are restricted to be linear for two-sided testing problems, but may be nonlinear for one-sided testing problems. In the most common case, this function selects a subvector of the parameter, such as a single component. The new inference method we propose controls asymptotic size uniformly over a large class of data distributions and improves upon the tw...
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作者：Chen, Bin; Choi, Jinho; Escanciano, Juan Carlos
作者单位：University of Rochester; Bank of Korea; Indiana University System; Indiana University Bloomington
摘要：We propose a test for invertibility or fundamentalness of structural vector autoregressive moving average models generated by non-Gaussian independent and identically distributed structural shocks. We prove that in these models and under some regularity conditions the Wold innovations are a martingale difference sequence (mds) if and only if the structural shocks are fundamental. This simple but powerful characterization suggests an empirical strategy to assess invertibility. We propose a test...
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作者：Maruyama, Shiko; Johar, Meliyanni
作者单位：University of Technology Sydney
摘要：There is a potential free-rider problem when several siblings consider future provision of care for their elderly parents. Siblings can commit to not providing long-term support by living far away. If location decisions are made by birth order, older siblings may enjoy a first-mover advantage. We study siblings' location decisions relative to their parents by estimating a sequential participation game for U.S. data. We find (i) limited strategic behavior, that is, in two-child families, more t...
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作者：Yang, Chun-Lei; Yao, Lan
作者单位：Nanjing Audit University; Academia Sinica - Taiwan; Shanghai University of Finance & Economics
摘要：Prominent models such as maxmin expected utility/alpha-multiprior (MEU/alpha-MP) and Klibanoff, Marinacci, and Mukerji (KMM) interpret ambiguity aversion as aversion against second-order risks associated with ambiguous acts. We design an experiment where the decision maker draws twice with replacement in the typical Ellsberg two-color urns, but with a different color winning each time. Given this set of mean-preserving prospects, MEU/alpha-MP, KMM, and Savage's subjective expected utility all ...
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作者：Chiappori, Pierre-Andre; Kim, Ju Hyun
作者单位：Columbia University; University of North Carolina; University of North Carolina Chapel Hill
摘要：In this note, we address nonparametric identification of a collective model of household behavior in the presence of additive unobserved heterogeneity in the sharing rule. We show that the (nonstochastic part of the) sharing rule is nonparametrically identified. Moreover, under independence assumptions, individual Engel curves and the random distributions are identified except in special cases (i.e., linear Engel curves).
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作者：Hong, Sok Chul; Lee, Jungmin
作者单位：Seoul National University (SNU); IZA Institute Labor Economics
摘要：We examine college students' interaction within classrooms and estimate peer effects on their academic performance. We exploit a unique seating rule at a university in South Korea, known as the fixed-seat system. We propose a novel identification strategy based on students' repeated interaction. Our findings show that a student's performance in a class is significantly influenced by his or her next-seat neighbor's ability. The effect is heterogeneous, varying by student and class characteristi...
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作者：Cai, Yongyang; Judd, Kenneth; Steinbuks, Jevgenijs
作者单位：University of Chicago; Stanford University; The World Bank
摘要：This paper introduces a nonlinear certainty-equivalent approximation method for dynamic stochastic problems. We first introduce a novel, stable, and efficient method for computing the decision rules in deterministic dynamic economic problems. We use the results as nonlinear and global certainty-equivalent approximations for solutions to stochastic problems, and compare their accuracy to the common linear and local certainty-equivalent methods. Our examples demonstrate that this method can be a...
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作者：Coey, Dominic; Larsen, Bradley; Sweeney, Kane; Waisman, Caio
作者单位：Facebook Inc; Stanford University; National Bureau of Economic Research; Uber Technologies, Inc.
摘要：We present a partial identification approach for ascending auctions with bidder asymmetries, where bidders' asymmetric types may be unobservable to the econometrician. Our approach yields sharp bounds and builds on and generalizes other recent bounds approaches for correlated private values ascending auctions. When bidder identities are observable, our approach yields tighter bounds than previous approaches that ignore asymmetry, demonstrating that bidder asymmetries can function as an aid rat...
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作者：D'Haultfoeuille, Xavier; Rathelot, Roland
作者单位：Institut Polytechnique de Paris; ENSAE Paris; University of Warwick
摘要：We consider the issue of measuring segregation in a population of small units, considering establishments in our application. Each establishment may have a different probability of hiring an individual from the minority group. We define segregation indices as inequality indices on these unobserved, random probabilities. Because these probabilities are measured with error by proportions, standard estimators are inconsistent. We model this problem as a nonparametric binomial mixture. Under this ...
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作者：McGrattan, Ellen R.; Prescott, Edward C.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Arizona State University; Arizona State University-Tempe
摘要：A problem that faces many countries including the United States is how to finance retirement consumption as the population ages. Proposals for switching to a saving-for-retirement system that does not rely on high payroll taxes have been challenged on the grounds that welfare would fall for some groups such as retirees or the working poor. We show how to devise a transition path from the current U.S. system to a saving-for-retirement system that increases the welfare of all current and future ...
