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Do Voters Vote Sincerely?
Merlo, Antonio; Degan, Arianna - National Bureau of Economic Research (NBER) - 2007
In this paper we address the following question: To what extent is the hypothesis that voters vote sincerely testable or falsifiable? We show that using data only on how individuals vote in a single election, the hypothesis that voters vote sincerely is irrefutable, regardless of the number of...
Persistent link: https://www.econbiz.de/10005828909
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Student sorting and bias in value added estimation: Selection on observables and unobservables
Rothstein, Jesse - National Bureau of Economic Research (NBER) - 2009
Non-random assignment of students to teachers can bias value added estimates of teachers' causal effects. Rothstein (2008a, b) shows that typical value added models indicate large counter-factual effects of 5th grade teachers on students' 4th grade learning, indicating that classroom assignments...
Persistent link: https://www.econbiz.de/10005830085
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Nonrenewable Resource Prices: Deterministic or Stochastic Trends?
list, john; Lee, Junsoo; Strazicich, Mark - National Bureau of Economic Research (NBER) - 2005
In this paper we examine temporal properties of eleven natural resource real price series from 1870-1990 by employing a Lagrangian Multiplier unit root test that allows for two endogenously determined structural breaks with and without a quadratic trend. Contrary to previous research, we find...
Persistent link: https://www.econbiz.de/10005830799
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Empirical Implementation of Nonparametric First-Price Auction Models
Henderson, Daniel J.; list, john; Millimet, Daniel L.; … - National Bureau of Economic Research (NBER) - 2011
Nonparametric estimators provide a flexible means of uncovering salient features of auction data. Although these estimators are popular in the literature, many key features necessary for proper implementation have yet to be uncovered. Here we provide several suggestions for nonparamteric...
Persistent link: https://www.econbiz.de/10009025229
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Heteroskedasticity-Robust Inference in Finite Samples
Hausman, Jerry A.; Palmer, Christopher J. - National Bureau of Economic Research (NBER) - 2011
Since the advent of heteroskedasticity-robust standard errors, several papers have proposed adjustments to the original White formulation. We replicate earlier findings that each of these adjusted estimators performs quite poorly in finite samples. We propose a class of alternative...
Persistent link: https://www.econbiz.de/10009395457
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Testing Conditional Factor Models
Ang, Andrew; Kristensen, Dennis - National Bureau of Economic Research (NBER) - 2011
Using nonparametric techniques, we develop a methodology for estimating conditional alphas and betas and long-run alphas and betas, which are the averages of conditional alphas and betas, respectively, across time. The tests can be performed for a single asset or jointly across portfolios. The...
Persistent link: https://www.econbiz.de/10009359903
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Measuring Investment in Human Capital Formation: An Experimental Analysis of Early Life Outcomes
Harmon, Colm P.; Doyle, Orla; Heckman, James J.; Logue, … - National Bureau of Economic Research (NBER) - 2013
The literature on skill formation and human capital development clearly demonstrates that early investment in children is an equitable and efficient policy with large returns in adulthood. Yet little is known about the mechanisms involved in producing these long-term effects. This paper presents...
Persistent link: https://www.econbiz.de/10010692232
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Higher Order Properties of the Wild Bootstrap Under Misspecification
Kline, Patrick M.; Santos, Andres - National Bureau of Economic Research (NBER) - 2011
We examine the higher order properties of the wild bootstrap (Wu, 1986) in a linear regression model with stochastic … regressors. We find that the ability of the wild bootstrap to provide a higher order refinement is contingent upon whether the … errors are mean independent of the regressors or merely uncorrelated. In the latter case, the wild bootstrap may fail to …
Persistent link: https://www.econbiz.de/10008839460
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Analyzing the Spectrum of Asset Returns: Jump and Volatility Components in High Frequency Data
Ait-Sahalia, Yacine; Jacod, Jean - National Bureau of Economic Research (NBER) - 2010
This paper describes a simple yet powerful methodology to decompose asset returns sampled at high frequency into their base components (continuous, small jumps, large jumps), determine the relative magnitude of the components, and analyze the finer characteristics of these components such as the...
Persistent link: https://www.econbiz.de/10008597185
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A Score Based Approach to Wild Bootstrap Inference
Kline, Patrick M.; Santos, Andres - National Bureau of Economic Research (NBER) - 2010
We propose a generalization of the wild bootstrap of Wu (1986) and Liu (1988) based upon perturbing the scores of M …-estimators. This "score bootstrap" procedure avoids recomputing the estimator in each bootstrap iteration, making it substantially less … costly to compute than the conventional nonparametric bootstrap, particularly in complex nonlinear models. Despite this …
Persistent link: https://www.econbiz.de/10008631694