| 1. |
- Benaim, Michel, et al.
(författare)
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Deterministic Approximation of Stochastic Evolution in Games
- 2003
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Ingår i: Econometrica. - : Wiley-Blackwell. - 1468-0262 .- 0012-9682. ; 71:3, s. 873-903
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Tidskriftsartikel (refereegranskat)abstract
- This paper provides deterministic approximation results for stochastic processes that arise when finite populations recurrently play finite games. The processes are Markov chains, and the approximation is defined in continuous time as a system of ordinary differential equations of the type studied in evolutionary game theory. We establish precise connections between the long-run behavior of the discrete stochastic process, for large populations, and its deterministic flow approximation. In particular, we provide probabilistic bounds on exit times from and visitation rates to neighborhoods of attractors to the deterministic flow. We sharpen these results in the special case of ergodic processes. Copyright Econometric Society, 2002.
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| 2. |
- Sargent, TJ, et al.
(författare)
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Two questions about European unemployment
- 2008
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Ingår i: Econometrica. - : Econometric Society: Econometrica. - 1468-0262 .- 0012-9682. ; 76:1, s. 1-29
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Tidskriftsartikel (refereegranskat)
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| 3. |
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| 4. |
- Attanasio, Orazio, et al.
(författare)
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(S)Cars and the Great Recession
- 2022
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Ingår i: Econometrica. - 0012-9682 .- 1468-0262. ; 90:5, s. 2319-2356
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Tidskriftsartikel (refereegranskat)abstract
- United States households' consumption expenditures and car purchases collapsed during the Great Recession and more so than income changes would have predicted. Using CEX data, we show that both the extensive and the intensive car spending margins contracted sharply in the Great Recession. We also document significant cross‐cohort differences in the impact of the Great Recession including a stronger reduction in car spending by younger cohorts. We draw inference on the sources of the Great Recession by investigating which shocks can explain household choices in a 60 period life‐cycle model with idiosyncratic and aggregate shocks fitted to aggregate and life‐cycle moments. We find that the Great Recession was caused by a combination of large aggregate income and wealth shocks, while cross‐cohort adjustment patterns imply a role for life‐cycle income profile shocks. We also find a role for car loan premia shocks in accounting for car spending and car loans.
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| 5. |
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| 6. |
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| 7. |
- Besley, Timothy, et al.
(författare)
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State Capacity, Conflict, and Development
- 2010
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Ingår i: Econometrica. - 0012-9682 .- 1468-0262. ; 78:1, s. 1-34
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Tidskriftsartikel (refereegranskat)abstract
- The absence of state capacities to raise revenue and to support markets is a key factor in explaining the persistence of weak states. This paper reports on an ongoing project to investigate the incentive to invest in such capacities. The paper sets out a simple analytical structure in which state capacities are modeled as forward looking investments by government. The approach highlights some determinants of state building including the risk of external or internal conflict, the degree of political instability, and dependence on natural resources. Throughout, we link these state capacity investments to patterns of development and growth.
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| 8. |
- Boppart, Timo
(författare)
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Structural Change and the Kaldor Facts in a Growth Model With Relative Price Effects and Non-Gorman Preferences
- 2014
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Ingår i: Econometrica. - 0012-9682 .- 1468-0262. ; 82:6, s. 2167-2196
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Tidskriftsartikel (refereegranskat)abstract
- U.S. data reveal three facts: (1) the share of goods in total expenditure declines at a constant rate over time, (2) the price of goods relative to services declines at a constant rate over time, and (3) poor households spend a larger fraction of their budget on goods than do rich households. I provide a macroeconomic model with non-Gorman preferences that rationalizes these facts, along with the aggregate Kaldor facts. The model is parsimonious and admits an analytical solution. Its functional form allows a decomposition of U.S. structural change into an income and substitution effect. Estimates from micro data show each of these effects to be of roughly equal importance.
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| 9. |
- Buhai, I. Sebastian, et al.
(författare)
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RETURNS TO TENURE OR SENIORITY?
- 2014
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Ingår i: Econometrica. - 0012-9682 .- 1468-0262. ; 82:2, s. 705-730
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Tidskriftsartikel (refereegranskat)abstract
- This study documents two empirical facts using matched employer-employee data for Denmark and Portugal. First, workers who are hired last, are the first to leave the firm. Second, workers' wages rise with seniority, where seniority is defined as a worker's tenure relative to the tenure of his colleagues. Controlling for tenure, the probability of a worker leaving the firm decreases with seniority. The increase in expected seniority with tenure explains a large part of the negative duration dependence of the separation hazard. Conditional on ten years of tenure, the wage differential between the 10th and the 90th percentiles of the seniority distribution is 1.1-1.4 percentage points in Denmark and 2.3-3.4 in Portugal.
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| 10. |
- Davila, Julio, et al.
(författare)
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Constrained Efficiency in the Neoclassical Growth Model With Uninsurable Idiosyncratic Shocks
- 2012
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Ingår i: Econometrica. - 0012-9682 .- 1468-0262. ; 80:6, s. 2431-2467
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Tidskriftsartikel (refereegranskat)abstract
- We investigate the welfare properties of the one-sector neoclassical growth model with uninsurable idiosyncratic shocks. We focus on the notion of constrained efficiency used in the general equilibrium literature. Our characterization of constrained efficiency uses the first-order condition of a constrained planner's problem. This condition highlights the margins of relevance for whether capital is too high or too low: the factor composition of income of the (consumption-)poor. Using three calibrations commonly considered in the literature, we illustrate that there can be either over- or underaccumulation of capital in steady state and that the constrained optimum may or may not be consistent with a nondegenerate long-run distribution of wealth. For the calibration that roughly matches the income and wealth distribution, the constrained inefficiency of the market outcome is rather striking: it has much too low a steady-state capital stock.
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