This paper surveys the most popular parametric and semi-parametric estimators for Cobb-Douglas production functions arising from the econometric literature of the past two decades. We focus on the different approaches dealing with 'transmission bias' in firm-level studies, which arises from...

Suppose we observe a finite number of input decisions made by a firm, as well as the prices at which those inputs were acquired.  What conditions on the set of observations are necessary and sufficient for it to be consistent with a firm choosing inputs to maximize profit, subject to a...

This paper investigates the factors that shaped Kenyan's voting intentions in the 2007 presidential election.  Using data from a public opinion survey conducted two weeks before the election we are able to evaluate the relative importance of what shaped voting behavior comprehensively, taking...

The exchange between Epstein (2010) and Klibanoff et al. (2012) identified a behavioral issue that sharply distinguishes between two classes of models of ambiguity sensitivity, exemplified by the Î±-MEU model and the smooth ambiguity model, respectively. The issue in question is whether a...

We define a behavioral concept of relevance in the context of decision making under uncertainty.  We argue that this concept provides a sensible answer to the question "What probabilistic environments do an individuals' preferences reveal as mattering to her decisions?" under a symmetry...

A theory of decision making is proposed that supplies an axiomatic basis for the concept of satisficing postulated by Herbert Simon. After a detailed review of classical results that characterize several varieties of preference-maximizing choice behavior, the axiomatization proceeds by weakening...

We provide a simple necessary and sufficient condition for when a multiproduct demand system can be generated from a discrete choice model with unit demands.

We axiomatize preferences that can be represented by a monotonic aggregation of subjective expected utilities generated by a utility function and some set of i.i.d. probability measures over a product state space, S1. For such preferences, we define relevant measures, show that they are treated...

The paper uses an appropriate survey from rural China to answer the question: Is happiness infectious, i.e. does the happiness of an individual depend positively on the happiness of their reference group?  The evidence is consistent with this hypothesis, but the challenge is to solve the...

In the workhorse  model of welfare economics, the elasticity of marginal utility, often denoted as η, serves simultaneously to represent aversion to risk, aversion to spatial inequality, and preferences for intertemporal substitution.  While Kreps-Porteus-Selden and Epstein-Zin preferences...