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The Virtues and Vices of Equilibrium and the Future of Financial Economics

Farmer, J. Doyne; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2008

take human reasoning into account. This approach has been the cornerstone of modern economic theory. We explain why this is … so, extolling the virtues of equilibrium theory; then we present a critique and describe why this approach is inherently …

Persistent link: https://www.econbiz.de/10004976721

The Evolution of Decision and Experienced Utilities

Robson, Arthur; Samuelson, Larry - Cowles Foundation for Research in Economics, Yale University - 2008

Psychologists report that people make choices on the basis of "decision utilities" that routinely overestimate the "experienced utility" consequences of these choices. This paper argues that this dichotomy between decision and experienced utilities may be the solution to an evolutionary design...

Persistent link: https://www.econbiz.de/10005464024

Measurement of Income with Time Use with Applications to Hedonic Indicators of Happiness and Misery

Nordhaus, William D. - Cowles Foundation for Research in Economics, Yale University - 2009

The present paper examines several issues involved in expanding national economic accounts and quantitative social indicators to include the "consumption" of time. The first part examines this question in the context of the standard national economic accounts. It derives equilibrium conditions...

Persistent link: https://www.econbiz.de/10004998316

Overlapping Generations Models of General Equilibrium

Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2008

, demographic effects on stock returns, the foundations of monetary theory, Keynesian vs. real business cycle macromodels, and …

Persistent link: https://www.econbiz.de/10005010139

Threshold Regression with Endogeneity

Yu, Ping; Phillips, Peter C.B. - Cowles Foundation for Research in Economics, Yale University - 2014

This paper studies estimation and specification testing in threshold regression with endogeneity. Three key results … randomness in the regressors. Third, instrumentation plays different roles in the estimation of the system parameters, delivering … finite sample critical values for both tests. Simulation studies corroborate the theory and the asymptotics. An empirical …

Persistent link: https://www.econbiz.de/10011096433

Do Local Economic Development Programs Work? Evidence from the Federal Empowerment Zone Program

Busso, Matias; Kline, Patrick - Cowles Foundation for Research in Economics, Yale University - 2008

This paper evaluates the impact of Round I of the federal urban Empowerment Zone (EZ) program on neighborhood level labor and housing market outcomes over the period 1994-2000. Using four decades of Census data in conjunction with information on the proposed boundaries of rejected EZs, we find...

Persistent link: https://www.econbiz.de/10005593273

Can One Estimate the Conditional Distribution of Post-Model-Selection Estimators?

Leeb, Hannes; Potscher, Benedikt M. - Cowles Foundation for Research in Economics, Yale University - 2003

We consider the problem of estimating the conditional distribution of a post-model-selection estimator where the conditioning is on the selected model. The notion of a post-model-selection estimator here refers to the combined procedure resulting from first selecting a model (e.g., by a model...

Persistent link: https://www.econbiz.de/10005593431

A Specification Test for Instrumental Variables Regression with Many Instruments

Lee, Yoonseok; Okui, Ryo - Cowles Foundation for Research in Economics, Yale University - 2009

This paper considers specification testing for instrumental variables estimation in the presence of many instruments …

Persistent link: https://www.econbiz.de/10008509394

Nonparametric Tests of Conditional Treatment Effects

Lee, Sokbae; Whang, Yoon-Jae - Cowles Foundation for Research in Economics, Yale University - 2009

We develop a general class of nonparametric tests for treatment effects conditional on covariates. We consider a wide spectrum of null and alternative hypotheses regarding conditional treatment effects, including (i) the null hypothesis of the conditional stochastic dominance between treatment...

Persistent link: https://www.econbiz.de/10008496364

Empirical Likelihood for Nonparametric Additive Models

Otsu, Taisuke - Cowles Foundation for Research in Economics, Yale University - 2011

Nonparametric additive modeling is a fundamental tool for statistical data analysis which allows flexible functional forms for conditional mean or quantile functions but avoids the curse of dimensionality for fully nonparametric methods induced by high-dimensional covariates. This paper proposes...

Persistent link: https://www.econbiz.de/10008917778