Showing 1 - 10 of 309
A menu description presents a mechanism to player i in two steps. Step (1) uses the reports of other players to describe i's menu: the set of i's potential outcomes. Step (2) uses i's report to select i's favorite outcome from her menu. Can menu descriptions better expose strategyproofness,...
Persistent link: https://www.econbiz.de/10014322893
This paper introduces a simulation algorithm for evaluating the log-likelihood function of a large supermodular binary … algorithm which allows for accurate likelihood simulation with modest numbers of simulation draws …
Persistent link: https://www.econbiz.de/10014322897
We argue that deep learning provides a promising avenue for taming the curse of dimensionality in quantitative economics. We begin by exploring the unique challenges posed by solving dynamic equilibrium models, especially the feedback loop between individual agents' decisions and the aggregate...
Persistent link: https://www.econbiz.de/10015145068
Patients needing kidney transplants may have willing donors who cannot donate to them because of blood or tissue incompatibility. Incompatible patient-donor pairs can exchange donor kidneys with other such pairs. The situation facing such pairs resembles models of the "double coincidence of...
Persistent link: https://www.econbiz.de/10012467279
reduced-form model specifications. In the current paper we take a very different approach: a prospective micro-simulation …
Persistent link: https://www.econbiz.de/10012467571
Recently, Imbs et. al. (2002) have claimed that much of the purchasing power parity puzzle can be explained by aggregation bias'. This paper re-examines aggregation bias. First, it clarifies the meaning of aggregation bias and its applicability to the PPP puzzle. Second, the size of the bias' is...
Persistent link: https://www.econbiz.de/10012468389
environmental changes. The paper provides examples illustrating the value of simulation for the estimation of demand systems and of …
Persistent link: https://www.econbiz.de/10012468540
Making use of restrictions imposed by equilibrium, theoretical progress has been made on the nonparametric and semiparametric estimation and identification of scalar additive hedonic models (Ekeland, Heckman, and Nesheim, 2002) and scalar nonadditive hedonic models (Heckman, Matzkin, and...
Persistent link: https://www.econbiz.de/10012468802
The present paper analyzes the budgetary impact of various Social Security reforms in the Belgian institutional setting. Our approach relies on parameters that were derived in Dellis et alii (2002) using a micro-modeling strategy. focusing our attention on a hypothetical age cohort, we...
Persistent link: https://www.econbiz.de/10012469209
We explore the fiscal implications of reforms to the Canadian retirement income system by decomposing the fiscal effect of reforms into two components. The mechanical effect captures the change in the government's budget assuming no behavioral response to the reform. The second component is the...
Persistent link: https://www.econbiz.de/10012469248