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Produce or Speculate? Asset Bubbles, Occupational Choice and Efficiency
Cahuc, Pierre - 2009
, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading … are large, the private gains associated with trading asset bubbles may lead too many workers to become speculators …
Persistent link: https://www.econbiz.de/10013153172
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Mind, Body, Bubble! Psychological and Biophysical Dimensions of Behavior in Experimental Asset Markets
Butler, David - 2018
Asset market bubbles and crashes are a major source of economic instability and inefficiency. Sometimes ascribed to …
Persistent link: https://www.econbiz.de/10012917090
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Testing
Bergbauer, Annika - 2018
School systems regularly use student assessments for accountability purposes. But, as highlighted by our conceptual model, different configurations of assessment usage generate performance-conducive incentives of different strengths for different stakeholders in different school environments. We...
Persistent link: https://www.econbiz.de/10012912784
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League-Table Incentives and Price Bubbles in Experimental Asset Markets
Cheung, Stephen L. - 2011
indicative of speculation and do not always crash back …
Persistent link: https://www.econbiz.de/10013124787
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Rationalizing Rational Expectations? Tests and Deviations
D'Haultfœuille, Xavier - 2018
In this paper, we build a new test of rational expectations based on the marginal distributions of realizations and subjective beliefs. This test is widely applicable, including in the common situation where realizations and beliefs are observed in two different datasets that cannot be matched....
Persistent link: https://www.econbiz.de/10012906482
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Testing for Restricted Stochastic Dominance
Davidson, Russell; Duclos, Jean-Yves - 2006
Asymptotic and bootstrap tests are studied for testing whether there is a relation of stochastic dominance between two distributions. These tests have a null hypothesis of nondominance, with the advantage that, if this null is rejected, then all that is left is dominance. This also leads us to...
Persistent link: https://www.econbiz.de/10014059083
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Diagnostic Tests of Cross Section Independence for Nonlinear Panel Data Models
Hsiao, Cheng; Pesaran, M. Hashem; Pick, Andreas - 2014
In this paper we discuss tests for residual cross section dependence in nonlinear panel data models. The tests are based on average pair-wise residual correlation coefficients. In nonlinear models, the definition of the residual is ambiguous and we consider two approaches: deviations of the...
Persistent link: https://www.econbiz.de/10014051110
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Testing for IIA with the Hausman-Mcfadden Test
Vijverberg, Wim P.M. - 2011
The Independence of Irrelevant Alternatives assumption inherent in multinomial logit models is most frequently tested with a Hausman-McFadden test. As is confirmed by many findings in the literature, this test sometimes produces negative outcomes, in contradiction of its asymptotic χ²...
Persistent link: https://www.econbiz.de/10013122665
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Testing for Nonparametric Identification of Causal Effects in the Presence of a Quasi-Instrument
de Luna, Xavier - 2012
The identification of average causal effects of a treatment in observational studies is typically based either on the unconfoundedness assumption or on the availability of an instrument. When available, instruments may also be used to test for the unconfoundedness assumption (exogeneity of the...
Persistent link: https://www.econbiz.de/10013104053
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Testing Weak Cross-Sectional Dependence in Large Panels
Pesaran, M. Hashem - 2012
This paper considers testing the hypothesis that errors in a panel data model are weakly cross sectionally dependent, using the exponent of cross-sectional dependence α, introduced recently in Bailey, Kapetanios and Pesaran (2012). It is shown that the implicit null of the CD test depends on...
Persistent link: https://www.econbiz.de/10013108232