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So You Want to Run an Experiment, Now What? Some Simple Rules of Thumb for Optimal Experimental Design
List, John A. - 2010
Experimental economics represents a strong growth industry. In the past several decades the method has expanded beyond intellectual curiosity, now meriting consideration alongside the other more traditional empirical approaches used in economics. Accompanying this growth is an influx of new...
Persistent link: https://www.econbiz.de/10013148379
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How to Solve Dynamic Stochastic Models Computing Expectations Just Once
Judd, Kenneth L. - 2011
We introduce a technique called "precomputation of integrals" that makes it possible to compute conditional expectations in dynamic stochastic models in the initial stage of the solution procedure. This technique can be applied to any set of equations that contains conditional expectations, in...
Persistent link: https://www.econbiz.de/10013119813
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Vector Multiplicative Error Models : Representation and Inference
Cipollini, Fabrizio - 2011
The Multiplicative Error Model introduced by Engle (2002) for positive valued processes is specified as the product of a (conditionally autoregressive) scale factor and an innovation process with positive support. In this paper we propose a multi-variate extension of such a model, by taking into...
Persistent link: https://www.econbiz.de/10013124453
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A Maximum Likelihood Method for the Incidental Parameter Problem
Moreira, Marcelo J. - 2010
This paper uses the invariance principle to solve the incidental parameter problem. We seek group actions that preserve the structural parameter and yield a maximal invariant in the parameter space with fixed dimension. M-estimation from the likelihood of the maximal invariant statistic yields...
Persistent link: https://www.econbiz.de/10012759543
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Forming Priors for DSGE Models (and How it Affects the Assessment of Nominal Rigidities)
Del Negro, Marco - 2010
The paper discusses prior elicitation for the parameters of dynamic stochastic general equilibrium (DSGE) models, and provides a method for constructing prior distributions for a subset of these parameters from beliefs about the moments of the endogenous variables. The empirical application...
Persistent link: https://www.econbiz.de/10012759604
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Vector Multiplicative Error Models : Representation and Inference
Cipollini, Fabrizio - 2010
The Multiplicative Error Model introduced by Engle (2002) for positive valued processes is specified as the product of a (conditionally autoregressive) scale factor and an innovation process with positive support. In this paper we propose a multi-variate extension of such a model, by taking into...
Persistent link: https://www.econbiz.de/10012760542
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Stereotypes
Bordalo, Pedro - 2014
We present a model of stereotypes in which a decision maker assessing a group recalls only that group's most representative or distinctive types relative to other groups. Because stereotypes highlight differences between groups, and neglect likely common types, they are especially inaccurate...
Persistent link: https://www.econbiz.de/10013054042
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Optimal Automatic Stabilizers
McKay, Alisdair - 2016
Should the generosity of unemployment benefits and the progressivity of income taxes depend on the presence of business cycles? This paper proposes a tractable model where there is a role for social insurance against uninsurable shocks to income and unemployment, as well as inefficient business...
Persistent link: https://www.econbiz.de/10012988499
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The Positive Economics of Methodology
Landsburg, Steve - 2007
Does an observation constitute stronger evidence for a theory if it was made after rather than before the theory was … formulated, when it may have influenced the theory's construction? Philosophers have discussed this question (of quot … and then constructs a theory) versus structural models with formal econometric tests (where a model is constructed before …
Persistent link: https://www.econbiz.de/10012776741
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Instruments of Development : Randomization in the Tropics, and the Search for the Elusive Keys to Economic Development
Deaton, Angus - 2010
randomized controlled trials (RCTs) to accumulate credible knowledge of what works, without over-reliance on questionable theory …
Persistent link: https://www.econbiz.de/10012757925