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作者：Blundell, Richard; Horowitz, Joel L.; Parey, Matthias
作者单位：University of London; University College London; Northwestern University; University of Essex
摘要：This paper develops a new method for estimating a demand function and the welfare consequences of price changes. The method is applied to gasoline demand in the United States and is applicable to other goods. The method uses shape restrictions derived from economic theory to improve the precision of a nonparametric estimate of the demand function. Using data from the U. S. National Household Travel Survey, we show that the restrictions are consistent with the data on gasoline demand and remove...
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作者：Doraszelski, Ulrich; Judd, Kenneth L.
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Discrete-time stochastic games with a finite number of states have been widely applied to study the strategic interactions among forward-looking players in dynamic environments. These games suffer from a curse of dimensionality when the cost of computing players' expectations over all possible future states increases exponentially in the number of state variables. We explore the alternative of continuous-time stochastic games with a finite number of states and argue that continuous time may ha...
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作者：Qu, Zhongjun; Tkachenko, Denis
作者单位：Boston University
摘要：This paper considers issues related to identification, inference, and computation in linearized dynamic stochastic general equilibrium (DSGE) models. We first provide a necessary and sufficient condition for the local identification of the structural parameters based on the (first and) second order properties of the process. The condition allows for arbitrary relations between the number of observed endogenous variables and structural shocks, and is simple to verify. The extensions, including ...
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作者：Alan, Sule
作者单位：University of Cambridge; University of Cambridge; Koc University
摘要：It has been argued that rare economic disasters can explain most asset pricing puzzles. If this is the case, perceived risk associated with a disaster in stock markets should be revealed in household portfolios. That is, the framework that solves these pricing puzzles should also generate quantities that are consistent with the observed ones. This paper estimates the perceived risk of disasters (both probability and expected size) that is consistent with observed portfolios and consumption gro...
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作者：Salcedo, Alejandrina; Schoellman, Todd; Tertilt, Michele
作者单位：Bank of Mexico; Arizona State University; Arizona State University-Tempe; University of Mannheim; National Bureau of Economic Research
摘要：Living arrangements have changed enormously over the last two centuries. While the average American today lives in a household of only three people, in 1850 household size was twice that figure. Furthermore, both the number of children and the number of adults in a household have fallen dramatically. We develop a simple theory of household size where living with others is beneficial solely because the costs of household public goods can be shared. In other words, we abstract from intrafamily r...
