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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：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：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：Jorgensen, Thomas H.
作者单位：University of Copenhagen
摘要：Conventional estimators based on the consumption Euler equation, intensively used in studies of intertemporal consumption behavior, produce biased estimates of the effect of children on the marginal utility of consumption if consumers face credit constraints. As a more constructive contribution, I propose a tractable approach to obtaining bounds on the effect of children on the marginal utility of consumption. I estimate these bounds using the Panel Study of Income Dynamics and find that conve...
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作者：Aase, Knut K.
作者单位：Norwegian School of Economics (NHH)
摘要：Motivated by the problems of the conventional model in rationalizing market data, we derive the equilibrium interest rate and risk premiums using recursive utility in a continuous-time model. We use the stochastic maximum principle to analyze the model. This method uses forward/backward stochastic differential equations, and works when the economy is notMarkovian, which can be the case with recursive utility. With existence granted, the wealth portfolio is characterized in equilibrium in terms...
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作者：Chang, Yoosoon; Choi, Yongok; Kim, Hwagyun; Park, Joon Y.
作者单位：Indiana University System; Indiana University Bloomington; Korea Development Institute (KDI); Texas A&M University System; Texas A&M University College Station; Sungkyunkwan University (SKKU)
摘要：This paper develops a new framework and statistical tools to analyze stock returns using high-frequency data. We consider a continuous-time multifactor model via a continuous-time multivariate regression model incorporating realistic empirical features, such as persistent stochastic volatilities with leverage effects. We find that the conventional regression approach often leads to misleading and inconsistent test results when applied to high-frequency data. We overcome this by using samples c...
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作者：Li, Xin; Narajabad, Borghan; Temzelides, Ted
作者单位：International Monetary Fund; Federal Reserve System - USA; Rice University; Rice University
摘要：We study a dynamic stochastic general equilibrium model in which agents are concerned about model uncertainty regarding climate change. An externality from greenhouse gas emissions damages the economy's capital stock. We assume that the mapping from climate change to damages is subject to uncertainty, as opposed to risk, and we use robust control to study efficiency and optimal policy. We obtain a sharp analytical solution for the implied environmental externality and characterize dynamic opti...
