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作者：Vespa, Emanuel; Wilson, Alistair J.
作者单位：University of California System; University of California Santa Barbara; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We implement multi-sender cheap talk in the laboratory. While full-information transmission is not theoretically feasible in the standard one-sender-one- dimension model, in this setting with more senders and dimensions, full revelation is generically a robust equilibrium outcome. Our experimental results indicate that fully revealing outcomes are selected in particular settings, but that partial-information transmission is the norm. We uncover a number of behavioral patterns: On the one hand,...
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作者：Gary-Bobo, Robert J.; Gousse, Marion; Robin, Jean-Marc
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Laval University; Institut d'Etudes Politiques Paris (Sciences Po); University of London; University College London
摘要：We study the treatment effect of grade retention using a panel of French junior high-school students, taking unobserved heterogeneity and the endogeneity of grade repetitions into account. We specify a multistage model of human-capital accumulation with a finite number of types representing unobserved individual characteristics. Class-size and latent student-performance indices are assumed to follow finite mixtures of normal distributions. Grade retention may increase or decrease the student's...
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作者：Liu, Kai
作者单位：University of Cambridge; Norwegian School of Economics (NHH)
摘要：I address the causes of the gender wage gap with a new dynamic model of wage, hours, and job changes that permits me to decompose the gap into a portion due to gender differences in preferences for hours of work and in constraints. The dynamic model allows the differences in constraints to reflect possible gender differences in job arrival rates, job destruction rates, the mean and variance of the wage offer distribution, and the wage cost of part-time work. The model is estimated using the 19...
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作者：Papageorge, Nicholas W.
作者单位：Johns Hopkins University
摘要：I develop a dynamic framework to assess the value of pharmaceutical innovation, taking explicit account of how side effects and the labor market affect the demand for medical treatment. In the framework, forward-looking patients do not simply maximize underlying health or longevity. Rather, they choose labor supply and medicine in light of potential side effects in an effort to jointly manage two forms of human capital: their health and their work experience. I use the framework to examine the...
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作者：Hedlund, Aaron
作者单位：University of Missouri System; University of Missouri Columbia
摘要：This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables using a tractable, search-theoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model highlights the importance of liquidity spirals that arise from the interaction of search frictions and endogenous credit constraints. During housing busts, longer selling times spill over into higher foreclosure risk, thereby magnifying the response of ...
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作者：Kliem, Martin; Uhlig, Harald
作者单位：Deutsche Bundesbank; University of Chicago
摘要：This paper presents a novel Bayesian method for estimating dynamic stochastic general equilibrium (DSGE) models subject to a constrained posterior distribution for the implied Sharpe ratio. We apply our methodology to a DSGE model with habit formation in consumption and leisure, and show that the constrained estimation produces both reasonable asset-pricing and business-cycle implications. Next, we estimate the Smets-Wouters model subject to the same Sharpe ratio constraint. The results move t...
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作者：Igami, Mitsuru; Yang, Nathan
作者单位：Yale University; McGill University
摘要：We develop a dynamic entry model of multi-store oligopoly with heterogeneous markets, and estimate it using data on hamburger chains in Canada (1970-2005). Because more lucrative markets attract more entry, firms appear to favor the presence of more rivals. Thus unobserved heterogeneity across geographical markets creates an endogeneity problem and poses a methodological challenge in the estimation of dynamic games, which we address by combining the procedures proposed by Kasahara and Shimotsu...
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作者：Patacchini, Eleonora; Zenou, Yves
作者单位：Cornell University; Sapienza University Rome; Monash University
摘要：We analyze the intergenerational transmission of the strength of religion focusing on the interplay between family and social influences. We find that parental investment in transmitting religious values and peers' religiousity are complements. The relative importance of these socialization factors depends on the religiosity of the parents.
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作者：Aradillas-Lopez, Andres; Gandhi, Amit
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Wisconsin System; University of Wisconsin Madison
摘要：We study the estimation of static games where players are allowed to have ordered actions, such as the number of stores to enter into a market. Assuming that payoff functions satisfy general shape restrictions, we show that equilibrium of the game implies a covariance restriction between each player's action and a component of the player's payoff function that we call the strategic index. The strategic index captures the direction of strategic interaction (i. e., patterns of substitutability o...
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作者：Hull, Isaiah
作者单位：Sveriges Riksbank
摘要：I study financial product innovation in a model with two classes of agents: sophisticated and unsophisticated. Unsophisticated agents are hit with frictions that lower the return to a conventional asset they hold. Sophisticated agents construct financial innovations that are perfect substitutes for the conventional asset, but are not subject to the friction. In the absence of complete information, unsophisticated agents learn about innovations through a contagion process, as they encounter com...
