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Daniel Gottlieb and Xingtan Zhang
We study contracts between naive present-biased consumers and risk-neutral firms. We show that the welfare loss from present bias vanishes as the contracting horizon grows. This is true both when bargaining power is on t...Read more...
1 March 2021
Koen Jochmans and Taisuke Otsu
The use of two-way fixed-effect models is widespread. The presence of incidental parameter bias, however, invalidates statistical inference based on the likelihood. In this paper we consider modifications to the (profile...Read more...
19 February 2018
Peter M Robinson and Carlos Velasco
A dynamic panel data model is considered that contains possibly stochastic individual components and a common fractional stochastic time trend. We propose four different ways of coping with the individual effects so as t...Read more...
20 November 2013
Greg Fischer and Maitreesh Ghatak
This paper analyzes the theoretical underpinnings of high-frequency repayment, a feature in nearly all microfinance contracts that has been largely overlooked by theorists. The pervasive belief among practitioners that f...Read more...
Oliver Linton, Kyungchul Song and Yoon-Jae Whang
We propose a new method of testing stochastic dominance which improves on existing tests based on bootstrap or subsampling. Our test requires estimation of the contact sets between the marginal distributions. Our tests h...Read more...
Peter M Robinson
Efficient semiparametric and parametric estimates are developed for a spatial autoregressive model, containing nonstochastic explanatory variables and innovations suspected to be non-normal. The main stress is on the cas...Read more...
I analyze a dataset of news from the New York Times, from 1946 to 1997. Controlling for the incumbent President's activity across issues, I find that during the presidential campaign the New York Times gives more emphasi...Read more...
Marc Henry and Peter M Robinson
Econometric interest in the possibility of long memory has developed as a flexible alternative to, or compromise between, the usual short memory or unit root prescriptions, for example in the context of modelling cointeg...Read more...
Cliff Attfield and Sonia R Bhalotra
We estimate semiparametric Engel curves for rural Pakistan using a large household survey. This allows us to obtain consistent estimates of the effects of household size and composition on consumption patterns even when ...Read more...