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Fads, Martingales, and Market Efficiency
Lehmann, Bruce N. - 1988
Much of the theoretical basis for current monetary and financial theory rests on the economic efficiency of financial …
Persistent link: https://www.econbiz.de/10012476533
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Some Simple Bitcoin Economics
Schilling, Linda - 2018
How do Bitcoin prices evolve? What are the consequences for monetary policy? We answer these questions in a novel, yet simple endowment economy. There are two types of money, both useful for transactions: Bitcoins and Dollars. A central bank keeps the real value of Dollars constant, while...
Persistent link: https://www.econbiz.de/10012453232
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Misconduct in Credence Good Markets
Brown, Jennifer - 2012
We examine misconduct in credence good markets with price taking experts. We propose a market-level model in which … price-taking experts extract surplus based on the value of their firm's brand and their own skill. We test the predictions … independent experts, despite doing substantially less business. In addition, more experienced experts attract more complaints per …
Persistent link: https://www.econbiz.de/10012460054
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Viewpoint : The Human Capital Approach to Inference
MacLeod, W. Bentley - 2016
combines these methods by using observed decisions by experts to reduce the demensionality of the feature space and allow the … categorization of decisions by their propensity score. The fact that the human capital of experts is heterogeneous implies that …
Persistent link: https://www.econbiz.de/10012456551
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Expectations Hypotheses Tests
Bekaert, Geert - 2000
We investigate the Expectations Hypotheses of the term structure of interest rates and of the foreign exchange market using vector autoregressive methods for the U.S. dollar, Deutsche mark, and British pound interest rates and exchange rates. In addition to standard Wald tests, we formulate...
Persistent link: https://www.econbiz.de/10012471161
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Potential Pitfalls for the Purchasing-Power-Parity Puzzle? Sampling and Specification Biases in Mean-Reversion Tests of the Law of One Price
Taylor, Alan M. - 2000
The PPP puzzle is based on empirical evidence that international price differences for individual goods (LOOP) or baskets of goods (PPP) appear highly persistent or even non-stationary. The present consensus is these price differences have a half-life that is of the order of five years at best,...
Persistent link: https://www.econbiz.de/10012471192
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Tables of Sample Size For the F-Test in One Way Analysis of Variance Designs
Hill, Richard W. - 1975
Persistent link: https://www.econbiz.de/10012479048
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Rationalizing Rational Expectations? Tests and Deviations
D'Haultfoeuille, 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/10012480925
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Estimating the Technology of Cognitive and Noncognitive Skill Formation
Cunha, Flavio - 2010
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/10012462910
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Testing the Correlated Random Coefficient Model
Heckman, James J. - 2009
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/10012463186