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计量经济学的边界：Hilbert 空间中的非参数估计AI 解读

We extend Bergstrom's 1985 results on nonparametric (NP) estimation in Hilbert spaces to unbounded sample sets. The motivation is to seek the most general possible framework for econometrics, NP estimation with no a priori assumptions on the functional relations nor on the observed data. In seeking the boundaries of the possible, however, we run against a sharp dividing line, which defines a necessary and sufficient condition for NP estimation. We identify this condition…

个体风险与互助保险AI 解读

This paper examines how, in the presence of individual risk, economic efficiency can be achieved without an unrealistically large number of contingent markets. The authors show that consistency of beliefs and optimality of allocation can be guaranteed with an appropriate array of Arrow securities to spread collective risk and Malinvaud mutual insurance policies to pool individual risk. If there are N households (consisting of H types), each facing the possibility of being in…