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作者：Bruyneel, Sabrina; Cherchye, Laurens; Cosaert, Sam; De Rock, Bram; Dewitte, Siegfried
作者单位：KU Leuven; KU Leuven; KU Leuven; KU Leuven; Universite Libre de Bruxelles
摘要：We propose a method to quantify other-regarding preferences in group decisions. Our method is based on revealed preference theory. It measures willingness-to-pay for others' consumption and willingness-to-pay for equality in consumption by evaluating consumption externalities in monetary terms. We introduce an altruism parameter and an inequality aversion parameter. Each parameter defines a continuum of models characterized by varying degrees of externalities. We study the empirical performanc...
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作者：Ackerberg, Daniel; Hirano, Keisuke; Shahriar, Quazi
作者单位：University of Texas System; University of Texas Austin; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Osaka; California State University System; San Diego State University
摘要：Buy price auctions merge a posted price option with a standard bidding mechanisms, and have been used by various online auction sites including eBay and General Motors Assistance Corporation. A buyer in a buy price auction can accept the buy price to win with certainty and end the auction early. Intuitively, the buy price option may appeal to bidders who are risk averse or impatient to obtain the good, and a number of authors have examined how such mechanisms can increase the seller's expected...
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作者：Carroll, Christopher; Slacalek, Jiri; Tokuoka, Kiichi; White, Matthew N.
作者单位：Johns Hopkins University; European Central Bank; University of Delaware
摘要：In a model calibrated to match micro- and macroeconomic evidence on household income dynamics, we show that a modest degree of heterogeneity in household preferences or beliefs is sufficient to match empirical measures of wealth inequality in the United States. The heterogeneity-augmented model's predictions are consistent with microeconomic evidence that suggests that the annual marginal propensity to consume (MPC) is much larger than the roughly 0.04 implied by commonly used macroeconomic mo...
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作者：Fox, Jeremy T.; Lazzati, Natalia
作者单位：Rice University; National Bureau of Economic Research; University of California System; University of California Santa Cruz
摘要：We study nonparametric identification of single-agent discrete choice models for bundles (without requiring bundle-specific prices) and of binary games of complete information. We show that these two models are quite similar from an identification standpoint. Moreover, they are mathematically equivalent when we restrict attention to the class of potential games and impose a specific equilibrium selection mechanism in the data generating process. We provide new identification results for the tw...
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作者：Belzil, Christian; Hansen, Jorgen; Liu, Xingfei
作者单位：Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris; Universite Paris Saclay; IZA Institute Labor Economics; Concordia University - Canada; Universite de Montreal; Universite de Montreal; University of Alberta
摘要：Using a dynamic skill accumulation model of schooling and labor supply with learning-by-doing, we decompose early life-cycle wage growth of U.S. white males into four main sources: education, hours worked, cognitive skills (Armed Forces Qualification Tests scores), and unobserved heterogeneity, and evaluate the effect of compulsory high school graduation and a reduction in the cost of college. About 60 percent of the differences in slopes of early life-cycle wage profiles are explained by hete...
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作者：Diamond, William; Agarwal, Nikhil
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：A large class of two-sided matching models that include both transferable and non-transferable utility result in positive assortative matching along a latent index. Data from matching markets, however, may not exhibit perfect assortativity due to the presence of unobserved characteristics. This paper studies the identification and estimation of such models. We show that the distribution of the latent index is not identified when data from one-to-one matches are observed. Remarkably, the model ...
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作者：Lu, Xun; Su, Liangjun
作者单位：Hong Kong University of Science & Technology; Singapore Management University
摘要：We consider a latent group panel structure as recently studied by Su, Shi, and Phillips (2016), where the number of groups is unknown and has to be determined empirically. We propose a testing procedure to determine the number of groups. Our test is a residual-based Lagrange multiplier-type test. We show that after being appropriately standardized, our test is asymptotically normally distributed under the null hypothesis of a given number of groups and has the power to detect deviations from t...
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作者：Geruso, Michael
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research
摘要：In many markets insurers are barred from price discrimination based on consumer characteristics like age, gender, and medical history. In this paper, I build on a recent literature to show why such policies are inefficient if consumers differ in their willingness-to-pay for insurance conditional on the insured losses they generate. Using administrative claims data, I then show that this type of demand heterogeneity is empirically relevant in a consumer health plan setting. Younger and older co...
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作者：Athreya, Kartik; Owens, Andrew; Schwartzman, Felipe
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Rochester
摘要：The aftermath of the recent recession has seen calls to use transfers to poorer households as a means to enhance aggregate economic activity. The goal of this paper is to study the effects of wealth redistribution from rich to poor households on consumption and output in the short run. We first demonstrate analytically how the direction and size of the output effects of such interventions depend on labor supply decisions. We then show that in a standard incomplete-markets model extended to all...
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作者：Judd, Kenneth L.; Maliar, Lilia; Maliar, Serguei; Tsener, Inna
作者单位：Stanford University; Stanford University; Santa Clara University; Universitat de les Illes Balears
摘要：We introduce a computational techniqueprecomputation of integralsthat makes it possible to construct conditional expectation functions in dynamic stochastic models in the initial stage of a solution procedure. This technique is very general: it works for a broad class of approximating functions, including piecewise polynomials; it can be applied to both Bellman and Euler equations; and it is compatible with both continuous-state and discrete-state shocks. In the case of normally distributed sh...
