Calendrier du 16 novembre 2023
Macroeconomics Seminar
Du 16/11/2023 de 16:00 à 17:15
PSE- 48 boulevard Jourdan, 75014 Paris, salle R2-21
KLEIN Paul (SU)
Innovation-driven growth in a multi-country world
We develop a multi-country model of endogenous growth through innovation. The key feature of the model is that some ideas are globally applicable, while others are of local use only. Each country consists of a number of locations. There are innovation spillovers across locations and therefore across country borders. We argue that this model is both inherently plausible and consistent with an important set of growth facts. For instance, by computing a transition, we show that the model is capable of replicating a protracted decline in measured research productivity in the rich part of the world.
Roy Seminar (ADRES)
Du 16/11/2023 de 13:15 à 14:30
GOEREE Jacob (University of New South Wales)
S EQUILIBRIUM: A SYNTHESIS OF (BEHAVIORAL) GAME THEORY
S equilibrium synthesizes a century of game-theoretic modeling. S-beliefs determine
choices as in the refinement literature and level-k, without anchoring on Nash
equilibrium or imposing ad hoc belief formation. S-choices allow for mistakes as in
QRE, without imposing rational expectations. S equilibrium is explicitly set-valued
to avoid the common practice of selecting the best prediction from an implicitly
defined set of unknown, and unaccounted for, size. S-equilibrium sets vary with a
complexity parameter, offering a trade-off between accuracy and precision unlike in
M equilibrium. Simple “areametrics” determine the model’s parameter and show
that choice sets with a relative size of 5% capture 58% of the data. Goodnessof-
fit tests applied to data from a broad array of experimental games confirm S
equilibrium’s ability to predict behavior in and out of sample. In contrast, choice
(belief) predictions of level-k and QRE are rejected in most (all) games.
Travail et économie publique externe
Du 16/11/2023 de 12:30 à 13:30
PSE- 48 boulevard Jourdan, 74014 Paris, salle R1-09
ALTONJI Joseph (Yale University)
Returns to Specific Graduate Degrees: Estimates Using Texas Administrative Records
We estimate causal effects of specific graduate degrees, such as an MBA or an MS in Electrical Engineering, on labor market outcomes. Moreover, we study how college majors and characteristics of students and graduate schools influence the payoff to graduate education. We use alternative fixed effect regression models to control for endogenous selection into graduate programs and in addition use propensity score weighting to construct suitable control groups. We use a version of Dale and Krueger's strategy to estimate differences across schools in the value of specific degrees. Our analysis takes advantage of the size and richness of the Texas School Project (TSP) data, and the fact that it can be used to track students through high school, college, graduate school and the labor market.
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 16/11/2023 de 12:00 à 13:00
R1-15
CONJEAUD Ivan (PSE)
*Spontaneous coupling of Q-learning algorithms in equilibrium
Most contributions in the algorithmic collusion literature only consider symmetric algorithms interacting with each other. We study a simple model of algorithmic collusion in which Q-learning algorithms repeatedly play a prisoner's dilemma and allow players to choose different exploration policies. We characterize behavior of such algorithms with asymmetric policies for extreme values and prove that any Nash equilibrium features some cooperative behavior. We further investigate the dynamics for general profiles of exploration policy by running extensive numerical simulations which indicate symmetry of equilibria, and give insight for their distribution.
Behavior seminar
Du 16/11/2023 de 11:00 à 12:00
R2-21
BELLET Clément (Erasmus School of Economics, Rotterdam)
Does Inequality Affect the Needs of the Poor?"
We investigate how inequality affects what is considered most necessary to purchase. Using consumption surveys of frequent purchases from poor households in India, we estimate a structural model of demand to isolate the impact of inequality on needs from supply-side effects. We rely on plausibly exogenous inequality shocks following the 1991 liberalization reforms. We find that inequality increases the need of the poor for "little luxuries" (sweets, processed food and drinks, intoxicants), which generates significant expenditure reallocation at the expense of calorie intake. This accounts for three fourth of the decline in calorie consumption of the poor over the period.