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作者：Fruehwirth, Jane Cooley
作者单位：University of Cambridge; University of Cambridge
摘要：This paper develops a new approach to identifying peer achievement spillovers in the context of an equilibrium model of student effort choices. By focusing on the effect of contemporaneous peer achievement, this framework integrates previously unexplored types of heterogeneity in peer spillovers in the achievement production context. Applying the strategy to North Carolina public elementary school students, I find peer achievement spillovers exist primarily within race-based reference groups, ...
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作者：Armstrong, Timothy B.
作者单位：Yale University
摘要：Many empirical studies of auctions rely on the assumption that the researcher observes all variables that make auctions differ ex ante. When there is unobserved heterogeneity, the direction of the bias this causes is known only in a few restrictive examples. In this paper, I show that ignoring unobserved heterogeneity in a first price sealed bid auction with symmetric independent private values gives bounds on several quantities of economic interest under surprisingly general conditions. The r...
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作者：Fernandez-Val, Ivan; Lee, Joonhwah
作者单位：Boston University; Massachusetts Institute of Technology (MIT)
摘要：This paper considers fixed effects estimation and inference in linear and nonlinear panel data models with random coefficients and endogenous regressors. The quantities of interestmeans, variances, and other moments of the random coefficientsare estimated by cross sectional sample moments of generalized method of moments (GMM) estimators applied separately to the time series of each individual. To deal with the incidental parameter problem introduced by the noise of the within-individual estim...
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作者：Bachmann, Ruediger; Bai, Jinhui H.
作者单位：RWTH Aachen University; Georgetown University
摘要：What fraction of the business cycle volatility of government purchases is accounted for as endogenous reactions to overall macroeconomic conditions? We answer this question in the framework of a neoclassical representative household model where the provision of a public consumption good is decided upon endogenously and in a time-consistent fashion. A simple version of such a model with aggregate productivity as the sole driving force fails to match important features of the business cycle dyna...
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作者：Iriberri, Nagore; Rey-Biel, Pedro
作者单位：University of Basque Country; Basque Foundation for Science; Pompeu Fabra University; Autonomous University of Barcelona; Barcelona School of Economics
摘要：Using data from modified dictator games and a mixture-of-types estimation technique, we find a clear relationship between a classification of subjects into four different types of interdependent preferences (selfish, social welfare maximizers, inequity averse, and competitive) and the beliefs subjects hold about others' distributive choices in a nonstrategic environment. In particular, selfish individuals fall into false-consensus bias more than other types, as they can hardly conceive that ot...
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作者：Chesher, Andrew; Rosen, Adam M.; Smolinski, Konrad
作者单位：University of London; University College London
摘要：This paper studies identification in multiple discrete choice models in which there may be endogenous explanatory variables, that is, explanatory variables that are not restricted to be distributed independently of the unobserved determinants of latent utilities. The model does not employ large support, special regressor, or control function restrictions; indeed, it is silent about the process that delivers values of endogenous explanatory variables, and in this respect it is incomplete. Inste...
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作者：Menzel, Konrad; Morganti, Paolo
作者单位：New York University
摘要：For symmetric auctions, there is a close relationship between distributions of order statistics of bidders' valuations and observable bids that is often used to estimate or bound the valuation distribution, optimal reserve price, and other quantities of interest nonparametrically. However, we show that the functional mapping from distributions of order statistics to their parent distribution is, in general, not Lipschitz continuous and, therefore, introduces an irregularity into the estimation...
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作者：Geyer, Judy; Sieg, Holger
作者单位：ABT Associates; University of Pennsylvania; National Bureau of Economic Research
摘要：The purpose of this paper is to develop and estimate a new equilibrium model of public housing that acknowledges the fact that the demand for public housing may exceed the available supply. We show that ignoring these supply side restrictions leads to an inconsistent estimator of household preferences. We estimate the parameters of the model based on a unique panel data set of low-income households in Pittsburgh. We find that public housing is an attractive option for seniors and exceedingly p...
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作者：Guerron-Quintana, Pablo; Inoue, Atsushi; Kilian, Lutz
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; North Carolina State University; University of Michigan System; University of Michigan
摘要：A common problem in estimating dynamic stochastic general equilibrium models is that the structural parameters of economic interest are only weakly identified. As a result, classical confidence sets and Bayesian credible sets will not coincide even asymptotically, and the mean, mode, or median of the posterior distribution of the structural parameters can no longer be viewed as a consistent estimator. We propose two methods of constructing confidence intervals for structural model parameters t...
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作者：Chen, Xiaohong; Favilukis, Jack; Ludvigson, Sydney C.
作者单位：Yale University; University of London; London School Economics & Political Science; New York University; National Bureau of Economic Research
摘要：This paper presents estimates of key preference parameters of the Epstein and Zin (1989, 1991) and Weil (1989) recursive utility model, evaluates the model's ability to fit asset return data relative to other asset pricing models, and investigates the implications of such estimates for the unobservable aggregate wealth return. Our empirical results indicate that the estimated relative risk aversion parameter ranges from 17 to 60, with higher values for aggregate consumption than for stockholde...
