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Tests for Price Endogeneity in Differentiated Product Models

Kim, Kyoo il - 2013

We develop simple tests for endogenous prices arising from omitted demand factors in discrete choice models. Our … endogenous. We use the difference between prices and their predicted values given observed demand and supply factors. If prices … are exogenous, these proxies should not explain demand given prices and other explanatory variables. We reject exogeneity …

Persistent link: https://www.econbiz.de/10012459651

Decentralized Trading with Private Information

Golosov, Mikhail - 2009

The paper studies asset pricing in informationally decentralized markets. These markets have two key frictions: trading is decentralized (bilateral), and some agents have private information. We analyze how uninformed agents acquire information over time from their bilateral trades. In...

Persistent link: https://www.econbiz.de/10012463136

Why Do Inventories Rise When Demand Falls in Housing and Other Markets?

Lazear, Edward P. - 2010

in low demand markets and shrink in high demand markets. This is a puzzle. Symmetry of information among buyers and …. Because there is heterogeneity among buyers in the valuation of a given house, sellers set prices strategically. When demand …

Persistent link: https://www.econbiz.de/10012462772

Investigating the Dynamic Effects of Counterfeits with a Random Changepoint Simultaneous Equation Model

Qian, Yi - 2011

Using a unique panel dataset and a new model, this article investigates the dynamic effects of counterfeit sales on authentic-product price dynamics. We propose a Bayesian random-changepoint simultaneous equation model that simultaneously takes into account three important features in empirical...

Persistent link: https://www.econbiz.de/10012461965

Identification through Heteroskedasticity : Measuring "Contagion

Rigobon, Roberto - 2000

In this paper, I develop a new identification method to solve the problem of simultaneous equations, based on heteroskedasticity of the structural shocks. I show that if the heteroskedasticity can be described as a two-regime process, then the system is just identified under relatively weak...

Persistent link: https://www.econbiz.de/10012471283

Pairwise Kidney Exchange

Roth, Alvin E. - 2004

In connection with an earlier paper on the exchange of live donor kidneys (Roth, Sonmez, and Unver 2004) the authors entered into discussions with New England transplant surgeons and their colleagues in the transplant community, aimed at implementing a Kidney Exchange program. In the course of...

Persistent link: https://www.econbiz.de/10012467992

How Do Markets Function? An Empirical Analysis of Gambling on the National Football League

Levitt, Steven D. - 2003

The market for sports gambling is structured very differently than the typical financial market. In sports betting, bookmakers announce a price, after which adjustments are small and infrequent. As a consequence, bookmakers do not play the traditional role of market makers whose primary function...

Persistent link: https://www.econbiz.de/10012469281

The Staying Power of Staggered Wage and Price Setting Models in Macroeconomics

Taylor, John B. - 2016

After many years, many critiques, and many variations, the staggered wage and price setting model is still the most common method of incorporating nominal rigidities into empirical macroeconomic models used for policy analysis. The aim of this chapter is to examine and reassess the staggered...

Persistent link: https://www.econbiz.de/10012456320

Markets with Multidimensional Private Information

Guerrieri, Veronica - 2014

This paper explores price formation when sellers are privately informed about their preferences and the quality of their asset. There are many equilibria, including a semi- separating one in which each seller's price depends on a one-dimensional index of her preferences and asset quality. This...

Persistent link: https://www.econbiz.de/10012458042

Managing Innovation in a Crowd

Acemoglu, Daron - 2014

Crowdsourcing is an emerging technology where innovation and production are sourced out to the public through an open call. At the center of crowdsourcing is a resource allocation problem: there is an abundance of workers but a scarcity of high skills, and an easy task assigned to a high-skill...

Persistent link: https://www.econbiz.de/10012458801