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Price and Capacity Competition
Acemoglu, Daron - 2010
We study the efficiency of oligopoly equilibria in a model where firms compete over capacities and prices. The … demands across the firms. We first establish the existence of pure strategy subgame perfect equilibria (oligopoly equilibria … oligopoly equilibria of this game can be arbitrarily low. However, if the best oligopoly equilibrium is selected (among multiple …
Persistent link: https://www.econbiz.de/10012760481
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Oblivious Equilibrium for Concentrated Industries
Benkard, C. Lanier - 2014
This paper explores the application of oblivious equilibrium to concentrated industries. We define an extended notion of oblivious equilibrium that we call partially oblivious equilibrium (POE) that allows for there to be a set of "dominant firms'', whose firm states are always monitored by...
Persistent link: https://www.econbiz.de/10013063294
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The Dynamic Effects of Educational Accountability
Macartney, Hugh - 2014
This paper provides the first evidence that value-added education accountability schemes induce dynamic distortions. Extending earlier dynamic moral hazard models, I propose a new test for ratchet effects, showing that classroom inputs are distorted less when schools face a shorter horizon over...
Persistent link: https://www.econbiz.de/10013058252
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Testing the Correlated Random Coefficient Model
Heckman, James J. - 2012
The recent literature on instrumental variables (IV) features models in which agents sort into treatment status on the basis of gains from treatment as well as on baseline-pretreatment levels. Components of the gains known to the agents and acted on by them may not be known by the observing...
Persistent link: https://www.econbiz.de/10013116685
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Estimating the Technology of Cognitive and Noncognitive Skill Formation
Cunha, Flavio - 2015
This paper formulates and estimates multistage production functions for children's cognitive and noncognitive skills. Skills are determined by parental environments and investments at different stages of childhood. We estimate the elasticity of substitution between investments in one period and...
Persistent link: https://www.econbiz.de/10013039154
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Rationalizing Rational Expectations? Tests and Deviations
D'Haultfœuille, Xavier - 2018
developed in the literature. Next, we go beyond testing by defining and estimating the minimal deviations from rational …
Persistent link: https://www.econbiz.de/10012907747
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Expectations Hypotheses Tests
Bekaert, Geert; Hodrick, Robert J. - 2021
. In addition to standard Wald tests, we formulate Lagrange Multiplier and Distance Metric tests which require estimation … under the non-linear constraints of the null hypotheses. Estimation under the null is achieved by iterating on approximate …
Persistent link: https://www.econbiz.de/10013232893
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Estimating Dynamic Equilibrium Models with Stochastic Volatility
Fernández-Villaverde, Jesús - 2012
We propose a novel method to estimate dynamic equilibrium models with stochastic volatility. First, we characterize the properties of the solution to this class of models. Second, we take advantage of the results about the structure of the solution to build a sequential Monte Carlo algorithm to...
Persistent link: https://www.econbiz.de/10013100665
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The Pruned State-Space System for Non-Linear DSGE Models : Theory and Empirical Applications
Andreasen, Martin M. - 2013
estimation for DSGE models approximated up to third-order and provides the foundation for indirect inference and SMM when …
Persistent link: https://www.econbiz.de/10013083081
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Assessing DSGE Model Nonlinearities
Aruoba, S. Borağan - 2013
We develop a new class of nonlinear time-series models to identify nonlinearities in the data and to evaluate nonlinear DSGE models. U.S. output growth and the federal funds rate display nonlinear conditional mean dynamics, while inflation and nominal wage growth feature conditional...
Persistent link: https://www.econbiz.de/10013071908