Pub Date : 2020-08-03DOI: 10.1146/annurev-economics-072219-111921
R. Spiegler
This review presents an approach to modeling decision making under misspecified subjective models. The approach is based on the idea that decision makers impose subjective causal interpretations on...
本文综述了一种基于错误主观模型的决策建模方法。这种方法是基于决策者将主观的因果解释强加于……
{"title":"Behavioral Implications of Causal Misperceptions","authors":"R. Spiegler","doi":"10.1146/annurev-economics-072219-111921","DOIUrl":"https://doi.org/10.1146/annurev-economics-072219-111921","url":null,"abstract":"This review presents an approach to modeling decision making under misspecified subjective models. The approach is based on the idea that decision makers impose subjective causal interpretations on...","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"12 1","pages":"81-106"},"PeriodicalIF":5.6,"publicationDate":"2020-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/annurev-economics-072219-111921","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45706438","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-03DOI: 10.1146/annurev-economics-081919-113720
Andrés Aradillas-López
This article reviews the econometrics of static games, with a focus on discrete-choice cases. These models have been used to study a rich variety of empirical problems, ranging from labor force par...
{"title":"The Econometrics of Static Games","authors":"Andrés Aradillas-López","doi":"10.1146/annurev-economics-081919-113720","DOIUrl":"https://doi.org/10.1146/annurev-economics-081919-113720","url":null,"abstract":"This article reviews the econometrics of static games, with a focus on discrete-choice cases. These models have been used to study a rich variety of empirical problems, ranging from labor force par...","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"12 1","pages":"135-165"},"PeriodicalIF":5.6,"publicationDate":"2020-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/annurev-economics-081919-113720","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41439276","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-03DOI: 10.1146/annurev-economics-020520-020136
A. Sen, Angus Deaton, Timothy J. Besley
This conversation between Nobel Laureates Amartya Sen and Angus Deaton, moderated by Annual Review of Economics Editorial Committee Member Tim Besley, focuses on bringing ethical issues into econom...
{"title":"Economics with a Moral Compass? Welfare Economics: Past, Present, and Future","authors":"A. Sen, Angus Deaton, Timothy J. Besley","doi":"10.1146/annurev-economics-020520-020136","DOIUrl":"https://doi.org/10.1146/annurev-economics-020520-020136","url":null,"abstract":"This conversation between Nobel Laureates Amartya Sen and Angus Deaton, moderated by Annual Review of Economics Editorial Committee Member Tim Besley, focuses on bringing ethical issues into econom...","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"12 1","pages":"1-21"},"PeriodicalIF":5.6,"publicationDate":"2020-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/annurev-economics-020520-020136","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48417269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-03DOI: 10.1146/annurev-economics-080218-025711
A. Miftakhova, K. Schmedders, M. Schumacher
The analysis of dynamic economic models routinely leads to the mathematical problem of determining an unknown function for which no closed-form solution exists. Economists must then resort to metho...
{"title":"Computing Economic Equilibria Using Projection Methods","authors":"A. Miftakhova, K. Schmedders, M. Schumacher","doi":"10.1146/annurev-economics-080218-025711","DOIUrl":"https://doi.org/10.1146/annurev-economics-080218-025711","url":null,"abstract":"The analysis of dynamic economic models routinely leads to the mathematical problem of determining an unknown function for which no closed-form solution exists. Economists must then resort to metho...","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"12 1","pages":"317-353"},"PeriodicalIF":5.6,"publicationDate":"2020-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/annurev-economics-080218-025711","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47038200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-02DOI: 10.1146/annurev-economics-012320-121610
P. Chiappori
This article reviews recent developments in the literature on marriage markets. A particular emphasis is put on frameworks based either on frictionless matching models with transfers or on search models.
这篇文章回顾了婚姻市场文献的最新进展。特别强调的是基于无摩擦匹配模型与转移或基于搜索模型的框架。
{"title":"The Theory and Empirics of the Marriage Market","authors":"P. Chiappori","doi":"10.1146/annurev-economics-012320-121610","DOIUrl":"https://doi.org/10.1146/annurev-economics-012320-121610","url":null,"abstract":"This article reviews recent developments in the literature on marriage markets. A particular emphasis is put on frameworks based either on frictionless matching models with transfers or on search models.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":" ","pages":""},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/annurev-economics-012320-121610","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47399178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-02DOI: 10.1146/annurev-economics-082119-121914
Gabriel Ulyssea
This article reviews the economic literature on informality, its causes, and its consequences for development. It covers a comprehensive body of research that ranges from well-identified experimental studies to equilibrium macro models, and which more recently includes structural models that integrate both micro and macro effects. The results available in the literature indicate that lowering the costs of formality is not an effective policy to reduce informality but may generate positive aggregate effects, such as higher output and total factor productivity (TFP). The most effective formalization policy is to increase enforcement on the extensive margin but not on the intensive margin of informality. The former generates substantial gains in aggregate TFP and output, without necessarily increasing unemployment. However, the overall welfare impacts are likely to depend on the transitional dynamics between steady states, which remains an open area for future research.
{"title":"Informality: Causes and Consequences for Development","authors":"Gabriel Ulyssea","doi":"10.1146/annurev-economics-082119-121914","DOIUrl":"https://doi.org/10.1146/annurev-economics-082119-121914","url":null,"abstract":"This article reviews the economic literature on informality, its causes, and its consequences for development. It covers a comprehensive body of research that ranges from well-identified experimental studies to equilibrium macro models, and which more recently includes structural models that integrate both micro and macro effects. The results available in the literature indicate that lowering the costs of formality is not an effective policy to reduce informality but may generate positive aggregate effects, such as higher output and total factor productivity (TFP). The most effective formalization policy is to increase enforcement on the extensive margin but not on the intensive margin of informality. The former generates substantial gains in aggregate TFP and output, without necessarily increasing unemployment. However, the overall welfare impacts are likely to depend on the transitional dynamics between steady states, which remains an open area for future research.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":" ","pages":""},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/annurev-economics-082119-121914","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43893873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-02DOI: 10.1146/ANNUREV-ECONOMICS-091819-014652
R. Allen
World Bank estimates put absolute poverty in Asia and Africa at 50–60% of the population in 1980 and at negligible levels in the developed world. This review investigates whether Asia was always so...
{"title":"Poverty and the Labor Market: Today and Yesterday","authors":"R. Allen","doi":"10.1146/ANNUREV-ECONOMICS-091819-014652","DOIUrl":"https://doi.org/10.1146/ANNUREV-ECONOMICS-091819-014652","url":null,"abstract":"World Bank estimates put absolute poverty in Asia and Africa at 50–60% of the population in 1980 and at negligible levels in the developed world. This review investigates whether Asia was always so...","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"12 1","pages":"107-134"},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/ANNUREV-ECONOMICS-091819-014652","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45623793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-02DOI: 10.1146/annurev-economics-093019-113859
Áureo de Paula
This article provides a selective review on the recent literature on econometric models of network formation. The survey starts with a brief exposition on basic concepts and tools for the statistical description of networks. I then offer a review of dyadic models, focussing on statistical models on pairs of nodes and describe several developments of interest to the econometrics literature. The article also presents a discussion of non- dyadic models where link formation might be influenced by the presence or absence of additional links, which themselves are subject to similar influences. This is related to the statistical literature on conditionally specified models and the econometrics of game theoretical models. I close with a (non-exhaustive) discussion of potential areas for further development.
{"title":"Econometric Models of Network Formation","authors":"Áureo de Paula","doi":"10.1146/annurev-economics-093019-113859","DOIUrl":"https://doi.org/10.1146/annurev-economics-093019-113859","url":null,"abstract":"This article provides a selective review on the recent literature on econometric models of network formation. The survey starts with a brief exposition on basic concepts and tools for the statistical description of networks. I then offer a review of dyadic models, focussing on statistical models on pairs of nodes and describe several developments of interest to the econometrics literature. The article also presents a discussion of non- dyadic models where link formation might be influenced by the presence or absence of additional links, which themselves are subject to similar influences. This is related to the statistical literature on conditionally specified models and the econometrics of game theoretical models. I close with a (non-exhaustive) discussion of potential areas for further development.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"655 ","pages":""},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138515130","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-02DOI: 10.1146/annurev-economics-080218-025901
Ṣebnem Kalemli-Özcan, Jun Hee Kwak
This article surveys the literature on capital flows and leverage. We summarize results from the existing papers and document new facts. The empirical literature takes both a macro and a micro approach. The macro approach focuses on aggregate data both over time and in the cross-section of countries, and it documents a positive correlation between total capital flows, build-ups in terms of external and domestic debt to GDP ratio, and financial crises. The micro approach uses granular data and focuses on leverage at the firm and bank level and associates this leverage with country-level capital flows and related exchange rate movements. We document new facts from a hybrid approach that focuses on the relationship between sector-level capital flows and sectoral leverage. We highlight the interconnections between different approaches and argue that harmonization of the macro and micro approaches can yield a more complete understanding of the effect of capital flows on country-, sector-, and firm- and bank-level leverage associated with credit booms and busts.
{"title":"Capital Flows and Leverage","authors":"Ṣebnem Kalemli-Özcan, Jun Hee Kwak","doi":"10.1146/annurev-economics-080218-025901","DOIUrl":"https://doi.org/10.1146/annurev-economics-080218-025901","url":null,"abstract":"This article surveys the literature on capital flows and leverage. We summarize results from the existing papers and document new facts. The empirical literature takes both a macro and a micro approach. The macro approach focuses on aggregate data both over time and in the cross-section of countries, and it documents a positive correlation between total capital flows, build-ups in terms of external and domestic debt to GDP ratio, and financial crises. The micro approach uses granular data and focuses on leverage at the firm and bank level and associates this leverage with country-level capital flows and related exchange rate movements. We document new facts from a hybrid approach that focuses on the relationship between sector-level capital flows and sectoral leverage. We highlight the interconnections between different approaches and argue that harmonization of the macro and micro approaches can yield a more complete understanding of the effect of capital flows on country-, sector-, and firm- and bank-level leverage associated with credit booms and busts.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":" ","pages":""},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/annurev-economics-080218-025901","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48738925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-02DOI: 10.1146/annurev-economics-102819-040518
M. Woodford
Traditional decision theory assumes that people respond to the exact features of the options available to them, but observed behavior seems much less precise. This review considers ways of introducing imprecision into models of economic decision making and stresses the usefulness of analogies with the way that imprecise perceptual judgments are modeled in psychophysics—the branch of experimental psychology concerned with the quantitative relationship between objective features of an observer's environment and elicited reports about their subjective appearance. It reviews key ideas from psychophysics, provides examples of the kinds of data that motivate them, and proposes lessons for economic modeling. Applications include stochastic choice, choice under risk, decoy effects in marketing, global game models of strategic interaction, and delayed adjustment of prices in response to monetary disturbances.
{"title":"Modeling Imprecision in Perception, Valuation, and Choice","authors":"M. Woodford","doi":"10.1146/annurev-economics-102819-040518","DOIUrl":"https://doi.org/10.1146/annurev-economics-102819-040518","url":null,"abstract":"Traditional decision theory assumes that people respond to the exact features of the options available to them, but observed behavior seems much less precise. This review considers ways of introducing imprecision into models of economic decision making and stresses the usefulness of analogies with the way that imprecise perceptual judgments are modeled in psychophysics—the branch of experimental psychology concerned with the quantitative relationship between objective features of an observer's environment and elicited reports about their subjective appearance. It reviews key ideas from psychophysics, provides examples of the kinds of data that motivate them, and proposes lessons for economic modeling. Applications include stochastic choice, choice under risk, decoy effects in marketing, global game models of strategic interaction, and delayed adjustment of prices in response to monetary disturbances.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"1 1","pages":""},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/annurev-economics-102819-040518","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43574763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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