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Production and Learning in Teams 团队中的生产和学习
IF 6.1 1区 经济学
Econometrica Pub Date : 2024-03-19 DOI: 10.3982/ECTA16748
Kyle Herkenhoff, Jeremy Lise, Guido Menzio, Gordon M. Phillips
{"title":"Production and Learning in Teams","authors":"Kyle Herkenhoff,&nbsp;Jeremy Lise,&nbsp;Guido Menzio,&nbsp;Gordon M. Phillips","doi":"10.3982/ECTA16748","DOIUrl":"https://doi.org/10.3982/ECTA16748","url":null,"abstract":"<p>To what extent is a worker's human capital growth affected by the quality of his coworkers? To answer this question, we develop and estimate a model in which the productivity and the human capital growth of an individual depend on the average human capital of his coworkers. The measured production function is supermodular: The marginal product of a more knowledgeable individual is increasing in the human capital of his coworkers. The measured human capital accumulation function is convex: An individual's human capital growth is increasing in coworkers' human capital only when paired with more knowledgeable coworkers, but independent of coworkers' human capital when paired with less knowledgeable coworkers. Learning from coworkers accounts for two thirds of the stock of human capital accumulated on the job. Technological changes that increase production supermodularity lead to labor market segregation and, by reducing the opportunities for low human capital workers to learn from better coworkers, lead to a decline in aggregate human capital and output.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140161414","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Bootstrap Inference for Fixed-Effect Models 固定效应模型的引导推断
IF 6.1 1区 经济学
Econometrica Pub Date : 2024-03-19 DOI: 10.3982/ECTA20712
Ayden Higgins, Koen Jochmans
{"title":"Bootstrap Inference for Fixed-Effect Models","authors":"Ayden Higgins,&nbsp;Koen Jochmans","doi":"10.3982/ECTA20712","DOIUrl":"https://doi.org/10.3982/ECTA20712","url":null,"abstract":"<p>The maximum-likelihood estimator of nonlinear panel data models with fixed effects is asymptotically biased under rectangular-array asymptotics. The literature has devoted substantial effort to devising methods that correct for this bias as a means to salvage standard inferential procedures. The chief purpose of this paper is to show that the (recursive, parametric) bootstrap replicates the asymptotic distribution of the (uncorrected) maximum-likelihood estimator and of the likelihood-ratio statistic. This justifies the use of confidence sets and decision rules for hypothesis testing constructed via conventional bootstrap methods. No modification for the presence of bias needs to be made.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140161413","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Attributes: Selective Learning and Influence 属性：选择性学习和影响力
IF 6.1 1区 经济学
Econometrica Pub Date : 2024-03-19 DOI: 10.3982/ECTA18355
Arjada Bardhi
{"title":"Attributes: Selective Learning and Influence","authors":"Arjada Bardhi","doi":"10.3982/ECTA18355","DOIUrl":"https://doi.org/10.3982/ECTA18355","url":null,"abstract":"<p>An agent selectively samples attributes of a complex project so as to influence the decision of a principal. The players disagree about the weighting, or relevance, of attributes. The correlation across attributes is modeled through a Gaussian process, the covariance function of which captures pairwise attribute similarity. The key trade-off in sampling is between the alignment of the players' posterior values for the project and the variability of the principal's decision. Under a natural property of the attribute correlation—the <i>nearest-attribute property</i> (NAP)—each optimal attribute is relevant for some player and at most two optimal attributes are relevant for only one player. We derive comparative statics in the strength of attribute correlation and examine the robustness of our findings to violations of NAP for a tractable class of distance-based covariances. The findings carry testable implications for attribute-based product evaluation and strategic selection of pilot sites.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140161442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Randomization Tests for Peer Effects in Group Formation Experiments 群体形成实验中同伴效应的随机化检验
IF 6.1 1区 经济学
Econometrica Pub Date : 2024-03-19 DOI: 10.3982/ECTA20134
Guillaume Basse, Peng Ding, Avi Feller, Panos Toulis
{"title":"Randomization Tests for Peer Effects in Group Formation Experiments","authors":"Guillaume Basse,&nbsp;Peng Ding,&nbsp;Avi Feller,&nbsp;Panos Toulis","doi":"10.3982/ECTA20134","DOIUrl":"https://doi.org/10.3982/ECTA20134","url":null,"abstract":"<div>\u0000 <p>Measuring the effect of peers on individuals' outcomes is a challenging problem, in part because individuals often select peers who are similar in both observable and unobservable ways. Group formation experiments avoid this problem by randomly assigning individuals to groups and observing their responses; for example, do first-year students have better grades when they are randomly assigned roommates who have stronger academic backgrounds? In this paper, we propose randomization-based permutation tests for group formation experiments, extending classical Fisher Randomization Tests to this setting. The proposed tests are justified by the randomization itself, require relatively few assumptions, and are exact in finite samples. This approach can also complement existing strategies, such as linear-in-means models, by using a regression coefficient as the test statistic. We apply the proposed tests to two recent group formation experiments.</p>\u0000 </div>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA20134","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140161445","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Toward a General Theory of Peer Effects 建立同伴效应的一般理论
IF 6.1 1区 经济学
Econometrica Pub Date : 2024-03-19 DOI: 10.3982/ECTA21048
Vincent Boucher, Michelle Rendall, Philip Ushchev, Yves Zenou
{"title":"Toward a General Theory of Peer Effects","authors":"Vincent Boucher,&nbsp;Michelle Rendall,&nbsp;Philip Ushchev,&nbsp;Yves Zenou","doi":"10.3982/ECTA21048","DOIUrl":"https://doi.org/10.3982/ECTA21048","url":null,"abstract":"<div>\u0000 <p>There is substantial empirical evidence showing that peer effects matter in many activities. The workhorse model in empirical work on peer effects is the linear-in-means (LIM) model, whereby it is assumed that agents are linearly affected by the mean action of their peers. We develop a new general model of peer effects that relaxes the linear assumption of the best-reply functions and the mean peer behavior and that encompasses the spillover, conformist model, and LIM model as special cases. Then, using data on adolescent activities in the United States, we structurally estimate this model. We find that for many activities, individuals do not behave according to the LIM model. We run some counterfactual policies and show that imposing the mean action as an individual social norm is misleading and leads to incorrect policy implications.</p>\u0000 </div>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA21048","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140161443","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
2023 Election of Fellows to the Econometric Society 2023 选举计量经济学会研究员
IF 6.1 1区 经济学
Econometrica Pub Date : 2024-03-19 DOI: 10.3982/ECTA922EF
{"title":"2023 Election of Fellows to the Econometric Society","authors":"","doi":"10.3982/ECTA922EF","DOIUrl":"https://doi.org/10.3982/ECTA922EF","url":null,"abstract":"","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140161448","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Backmatter of Econometrica Vol. 92 Iss. 2 Backmatter of Econometrica Vol.2
IF 6.1 1区 经济学
Econometrica Pub Date : 2024-03-19 DOI: 10.3982/ECTA922BM
{"title":"Backmatter of Econometrica Vol. 92 Iss. 2","authors":"","doi":"10.3982/ECTA922BM","DOIUrl":"https://doi.org/10.3982/ECTA922BM","url":null,"abstract":"","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140161449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Flexible Moral Hazard Problems 灵活的道德风险问题
IF 6.1 1区 经济学
Econometrica Pub Date : 2024-03-19 DOI: 10.3982/ECTA21383
George Georgiadis, Doron Ravid, Balázs Szentes
{"title":"Flexible Moral Hazard Problems","authors":"George Georgiadis,&nbsp;Doron Ravid,&nbsp;Balázs Szentes","doi":"10.3982/ECTA21383","DOIUrl":"https://doi.org/10.3982/ECTA21383","url":null,"abstract":"<p>This paper considers a moral hazard problem where the agent can choose any output distribution with a support in a given compact set. The agent's effort-cost is <i>smooth</i> and increasing in first-order stochastic dominance. To analyze this model, we develop a generalized notion of the first-order approach applicable to optimization problems over measures. We demonstrate each output distribution can be implemented and identify those contracts that implement that distribution. These contracts are characterized by a simple first-order condition for each output that equates the agent's marginal cost of changing the implemented distribution around that output with its marginal benefit. Furthermore, the agent's wage is shown to be increasing in output. Finally, we consider the problem of a profit-maximizing principal and provide a first-order characterization of principal-optimal distributions.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140161412","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Adapting to Climate Risk With Guaranteed Credit: Evidence From Bangladesh 利用担保信贷适应气候风险：孟加拉国的证据
IF 6.1 1区 经济学
Econometrica Pub Date : 2024-03-19 DOI: 10.3982/ECTA19127
Gregory Lane
{"title":"Adapting to Climate Risk With Guaranteed Credit: Evidence From Bangladesh","authors":"Gregory Lane","doi":"10.3982/ECTA19127","DOIUrl":"https://doi.org/10.3982/ECTA19127","url":null,"abstract":"<div>\u0000 <p>Climate change is increasing the frequency of extreme weather events, with low-income countries being disproportionately impacted. However, these countries often face market frictions that hinder their ability to adopt effective adaptation strategies. In this paper, I explore the role of credit market failures in limiting adaptation. To achieve this, I collaborate with a large microfinance institution and offer a randomly selected group of farmers access to guaranteed credit through an “Emergency Loan” following a negative climate shock. I document three key results. First, farmers who have access to the emergency loan make less costly adaptation choices and are less severely affected when a flood occurs. Second, I find no evidence of adverse spillover effects on households that did not receive the Emergency Loan. Finally, I demonstrate that providing the Emergency Loan is profitable for the microfinance institution, making it a viable tool for the private sector to employ in similar circumstances.</p>\u0000 </div>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA19127","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140161411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Bargaining and Exclusion With Multiple Buyers 与多个买家讨价还价和排除法
IF 6.1 1区 经济学
Econometrica Pub Date : 2024-03-19 DOI: 10.3982/ECTA19675
Dilip Abreu, Mihai Manea
{"title":"Bargaining and Exclusion With Multiple Buyers","authors":"Dilip Abreu,&nbsp;Mihai Manea","doi":"10.3982/ECTA19675","DOIUrl":"https://doi.org/10.3982/ECTA19675","url":null,"abstract":"<p>A seller trades with <i>q</i> out of <i>n</i> buyers who have valuations <i>a</i><sub>1</sub> ≥ <i>a</i><sub>2</sub> ≥ ⋯ ≥ <i>a</i><sub><i>n</i></sub> &gt; 0 via sequential bilateral bargaining. When <i>q</i> &lt; <i>n</i>, buyer payoffs vary across equilibria in the patient limit, but seller payoffs do not, and converge to \u0000\u0000 </p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140161444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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