Calendrier du 23 mars 2017
Travail et économie publique externe
Du 23/03/2017 de 13:00 à 14:15
Salle R2-07, Nouveau Bâtiment, Campus Jourdan, 48 boulevard Jourdan, 75014 Paris
BELZIL Christian (Ecole polytechnique et ENSAE)
Estimating the Value of Higher Education Financial Aid: Evidence from a Field Experiment
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 23/03/2017 de 13:00 à 14:00
Salle R1-11, Campus Jourdan, 48 boulevard Jourdan, 75014 Paris
WOODWARD Kyle (University of North Carolina )
Equilibrium and Approximation in Auction-Like Models
I define auction-like models with continuum actions to satisfy a number of conditions which are met in common auction contexts, when action spaces are appropriately constrained. In these models, I prove that there exists a monotone pure-strategy Bayesian-Nash euqilibrium. The proof of equilibrium existence constructs equilibrium as a limit of equilibria of nearby discretized models, which implies that utility-relevant observable functions of actions are converging in probability to the continuum-action limit. The conditions defining auction- like models are intuitive: first, bidder utility cannot be adversely affected by small upward deviations; second, with small deviations bidders can guarantee themselves nearly the utility at a limit of strategies in the limit of the deviated strategies; third, if one bidder is discontinuously worse off in a limit of strategies, some other bidder is occasionally better off. Under mild additional conditions, the action space constraints are irrelevant, and the limiting strategies are an equilibrium in the unconstrained continuum-action model. I use these results to prove the existence of pure-strategy equilibria in divisible-good pay-as-bid auctions with private information, heterogeneous agents, and generic decreasing value functions. Equilibrium approximation implies that the distribution of observed allocations and seller revenue in discrete auctions may be close to the distribution of these outcomes predicted by the divisible-good model.
Behavior seminar
Du 23/03/2017 de 12:00 à 13:00
Salle R2-01, Nouveau Bâtiment, Campus Jourdan, 48 boulevard Jourdan, 75014 Paris
GALIZZI Matteo (London School of Economics)
Temporal stability, cross-validity, and external validity of risk-taking measures: experimental evidence from a UK representative sample
We conduct an “artefactual” field experiment to incorporate different risk taking measures within the Innovation Panel (IP) of the UK Household Longitudinal Survey (UKHLS). We randomly allocate to an experimental module a nationally representative sample of 661 adult respondents to the IP Wave 6 (IP6) who complete the incentive-compatible tasks by Holt and Laury (2002) and by Binswanger (1980) and Eckel and Grossman (2008). They also respond to the survey questions by Dohmen et al. (2011) for self-reported willingness to take risks in general, in finance, and in health. One year later (IP7) the same measures are repeated for 411 of these respondents. This design allows us to systematically test the validity of the measures along three dimensions. First, we look at cross-validity by investigating their associations at one point in time. Second, we look at temporal stability by comparing the responses between IP6 and IP7. Third, we look at external validity by considering a range of health and financial behaviors. Concerning cross validity, we find evidence that the different risk taking measures correlate and map into each other, although only imperfectly. When the analysis accounts for individual observed heterogeneity and for the appropriate degree of nonlinearity, the experimental measures of risk aversion and the self-reported willingness to take risks predict each other. About temporal stability, we find significant persistence of the measures over time. Finally, we find mixed evidence concerning external validity, especially on health and nutrition behaviors.
Behavior Working Group
Du 23/03/2017 de 11:00 à 11:45
Room R1-14, Jourdan
ETILÉ Fabrice(PSE)
YIN Rémi(PSE)
Personal Identity and Preferences: measurement issues and lab experiment