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双侧测量误差下的分布效应：代际收入流动应用AI 解读

This paper considers identification and estimation of distributional effect parameters that depend on the joint distribution of an outcome and another variable of interest (“treatment”) in a setting with “two-sided” measurement error—that is, where both variables are possibly measured with error. Examples of these parameters in the context of intergenerational income mobility include transition matrices, rank-rank correlations, and the poverty rate of children as a function…

内生进入与可能有偏信念下第一价格拍卖的识别AI 解读

This paper studies identification of first-price auctions where bidders enter auctions endogenously and may have biased beliefs about the valuation distribution. We analyze the symmetric independent private setup under three commonly used entry models. In the Levin-Smith entry model, the primitives are point-identified. In the Samuelson entry model, the primitives are identified only on a subset of the support of valuations. In the arbitrarily selective entry model, the…

Abstract We study identification and inference in first-price auctions with risk-averse bidders and selective entry, building on a flexible framework we call the Affiliated Signal with Risk Aversion (AS-RA) model. Assuming exogenous variation in either the number of potential bidders (N) or a continuous instrument (z) shifting opportunity costs of entry, we provide a sharp characterization of the nonparametric restrictions implied by equilibrium bidding. This…

总产出生产函数中异质性弹性的识别AI 解读

This paper presents the identification of heterogeneous elasticities in gross-output production functions with non-separable unobserved productivity. We propose that the ex-ante flexible input cost shares identify the heterogeneous output elasticities with respect to flexible inputs for each firm. Applying the proposed method to a panel of firms in the food production industry in Chile, we find that the extent of heterogeneity in the output elasticities with respect to…

疫情期间的政策评估AI 解读

National and local governments have implemented a large number of policies in response to the Covid-19 pandemic. Evaluating the effects of these policies, both on the number of Covid-19 cases as well as on other economic outcomes is a key ingredient for policymakers to be able to determine which policies are most effective as well as the relative costs and benefits of particular policies. In this paper, we consider the relative merits of common identification strategies that…

面板双重差分模型中的分位数处理效应AI 解读

This paper considers identification and estimation of the Quantile Treatment Effect on the Treated (QTT) under a straightforward distributional extension of the most commonly invoked Mean Difference in Differences Assumption used for identifying the Average Treatment Effect on the Treated (ATT). Identification of the QTT is more complicated than the ATT though because it depends on the unknown dependence (or copula) between the change in untreated potential outcomes and the…

依赖结构限制下仅有两期数据的双重差分分位数处理效应AI 解读

This paper shows that the Conditional Quantile Treatment Effect on the Treated is identified under (i) a Conditional Distributional Difference in Differences assumption and (ii) a new assumption that the dependence (the copula) between the change in untreated potential outcomes and the initial level of untreated potential outcomes is the same for the treated group and untreated group. We consider estimation and inference with discrete covariates and propose a uniform…

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短面板固定效应删失分位数回归模型的集合识别AI 解读

This paper studies identification and estimation of a censored quantile regression model for short panel data with fixed effects. Using the redistribution-of-mass idea, we obtain bounds on the conditional distribution of differences of the model across periods, under conditional quantile restrictions together with a weak conditional independence assumption along the lines of Rosen (2012). The inversion of the distribution bounds characterizes the sharp identified set via a…

具有信号关联性的第一价格密封投标拍卖模型的半参数估计AI 解读

Within the affiliated private-values paradigm, we develop a tractable empirical model of equilibrium behaviour at first-price, sealed-bid auctions. The model is non-parametrically identified, but the rate of convergence in estimation is slow when the number of bidders is even moderately large, so we develop a semiparametric estimation strategy, focusing on the Archimedean family of copulae and implementing this framework using particular members—the Clayton, Frank, and…

信息获取与投标准备：木材拍卖进入和竞价的结构分析AI 解读

Recently, several auction models with entry have been proposed: in one model (Levin and Smith, 1994; Li and Zheng, 2009), bidders are assumed to draw their private values after they decide to enter. In another model (Samuelson, 1985; Li and Zheng, 2009), bidders are assumed to learn their values before their entry decisions are made. The entry cost in the latter model can be interpreted as bid preparation cost, while the entry cost in the former model consists of both costs…

矩条件模型的一类新渐近有效估计量AI 解读

In this paper, we propose a new class of asymptotically efficient estimators for moment condition models. These estimators share the same higher order bias properties as the generalized empirical likelihood estimators and once bias corrected, have the same higher order efficiency properties as the bias corrected generalized empirical likelihood estimators. Unlike the generalized empirical likelihood estimators, our new estimators are much easier to compute. A simulation…

结构计量模型中的间接推断AI 解读

This paper considers parametric inference in a wide range of structural econometric models. It illustrates how the indirect inference principle can be used in the inference of these models. Specifically, we show that an ordinary least squares (OLS) estimation can be used as an auxiliary model, which leads to a method that is similar in spirit to a two-stage least squares (2SLS) estimator. Monte Carlo studies and an empirical analysis of timber sale auctions held in Oregon…

Motivated by several interesting features of the highway mowing auction data from the Texas Department of Transportation (TDoT), we study three competing procurement auction models with endogenous entry. Our entry and bidding models provide several interesting implications. For the first time, we show that even within an independent private value paradigm, as the number of potential bidders increases, bidders' equilibrium bidding behaviour can become less aggressive, and the…

基于模拟的竞争性结构计量模型选择AI 解读

This paper proposes a formal model selection test for choosing between two competing structural econometric models. The procedure is based on a novel lack-of-fit criterion, namely, the simulated mean squared error of predictions (SMSEP), taking into account the complexity of structural econometric models. It is asymptotically valid for any fixed number of simulations, and allows for any estimator which has a asymptotic normality or is n[alpha]-consistent for [alpha]>1/2. The…

含不可观测异质性的动态 Tobit 面板模型：半参数贝叶斯推断AI 解读

Abstract This paper develops semiparametric Bayesian methods for inference of dynamic Tobit panel data models. Our approach requires that the conditional mean dependence of the unobserved heterogeneity on the initial conditions and the strictly exogenous variables be specified. Important quantities of economic interest such as the average partial effect and average transition probabilities can be readily obtained as a by‐product of the Markov chain Monte Carlo run. We apply…

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第一价格拍卖最优保留价的半参数估计AI 解读

generally expressed as a functional of the latent distribution of private signals, which is by nature unobserved. This feature has limited the implementation of the optimal reserve price in practice. In this article, we consider first-price auctions within the general affiliated private values paradigm. We show that the seller's expected profit can be written as a functional of the observed bid distribution. We propose a semiparametric extremum estimator for estimating…

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