Author: Jeroen Hinloopen
Publisher:
ISBN:
Category :
Languages : en
Pages : 10

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Book Description

Author: Jeroen Hinloopen
Publisher:
ISBN:
Category : Estimation theory
Languages : en
Pages : 28

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Book Description

Author: Keijiro Otsuka
Publisher: Springer Nature
ISBN: 9819718872
Category :
Languages : en
Pages : 250

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Book Description

Author: National Bureau of Economic Research
Publisher:
ISBN:
Category :
Languages : es
Pages :

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Author: Patricia M. Anderson
Publisher:
ISBN:
Category : Job hunting
Languages : en
Pages : 48

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Book Description
In this paper, we estimate matching functions using disaggregate data. We find strong support for the matching approach, with most specifications implying slightly increasing returns to scale. This finding does not appear to arise from our inclusion of additional controls or from the level of disaggregation, and so we conclude that earlier findings of constant returns in the US may be due to the various approximations needed to construct an aggregate time series. We also find evidence of endogenous job competition between the employed and nonemployed, so that the estimated parameters from a matching function cannot be interpreted as structural parameters.

Author: Kwong-Yu Wong
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Book Description
While the tools in empirical industrial organization allow structural analysis for competitions, it is less applied to study the competition between sellers in housing market, which is a crucial market for almost every economy. This dissertation structurally estimates the dynamic competition between real estate developers, analyses the pricing in primary real estimate market, and reviews the literature on the dynamic game estimation and other structural estimation in housing market. Chapter 1 studies the dynamic competition between real estate developers and the policy outcome of counter-cyclical measures. In the face of transient shocks in an economy, cyclical or counter-cyclical policy tends to be prescribed, as opposed to universal/acyclical policy, due to the smaller implementation scale of the former. However, once competition over time is taken into consideration, whether the former policy implies smaller impacts than the latter becomes unclear. Utilizing a unique transaction-level dataset converted from sales documents, I study the impact of counter-cycle policy by structurally estimating the dynamic competition of the Hong Kong real estate primary market, in comparison with the acyclical policy. Peripheral data, including satellite images, are used to support the assumptions required for the structural model. By approximating with an Extended Oblivious Equilibrium (EOE) that accommodates market shocks, this competition with many firms is feasibly estimated after drastically reducing the state space from the order of 55. The counterfactual analysis shows that counter-cycle policy indeed introduces an impact more extensive than acyclical policy in this market. Unlike acyclical policy that delays the listing universally, counter-cycle policy delays only in some periods, which creates congestion of apartments in other periods. The congestion leads to slower sales, and hence more apartments left unsold overall. This finding calls for caution against a common perception that a counter-cycle measure necessarily causes less distortion than a full-scale acyclical measure. Chapter 2 studies in details of the pricing behaviors among Hong Kong real estate developers. It reveals various aspect of real estate pricing including floor level, price list order, individual developer behavior, discount, and competition. Furthermore, I utilized my high frequency daily data to construct a daily price index to reflect changes by date. The index has controlled for influences from apartment heterogeneity and other intentional pricing practices and hence a better alternative in reflecting the daily changes in real estate prices. Assisted by the index, I illustrated the convoluted relationship between real estate pricing and the stock market performance, in Hong Kong and in mainland China. I also demonstrated the sophistication of responses in the real estate pricing. When previous price list does not sell well, developers respond by lowering the price in later price list. However, when the low demand is driven by peripheral factors only (e.g. flu prevalence-induced absence), I found that they do not lower the price, and even raise the price significantly, potentially to counter any negative comments from the media or the public. Chapter 3 reviews multiple strands of literature that pertain to dynamic competition and real estate market, particularly for Hong Kong. The review serves to highlight the achievements of the existing literature and illustrates the contribution of my research in expanding our understanding of dynamic competition estimation and real estate market. This review covers the estimation of dynamic game and its later development for competition with many firms, in terms of both theoretical works and empirical works. After that, current structural estimation in housing is discussed. The typical structural estimation includes dynamic models from single agent perspective and search models. Researches focusing on the local market in Hong Kong are also reviewed.

Author: Matthew Shum
Publisher: World Scientific
ISBN: 981310967X
Category : Business & Economics
Languages : en
Pages : 154

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Book Description
Economic Models for Industrial Organization focuses on the specification and estimation of econometric models for research in industrial organization. In recent decades, empirical work in industrial organization has moved towards dynamic and equilibrium models, involving econometric methods which have features distinct from those used in other areas of applied economics. These lecture notes, aimed for a first or second-year PhD course, motivate and explain these econometric methods, starting from simple models and building to models with the complexity observed in typical research papers. The covered topics include discrete-choice demand analysis, models of dynamic behavior and dynamic games, multiple equilibria in entry games and partial identification, and auction models.

Author: Patricia M. Anderson
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Author: Peter Davis
Publisher: Princeton University Press
ISBN: 1400831865
Category : Business & Economics
Languages : en
Pages : 1185

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Book Description
This book combines practical guidance and theoretical background for analysts using empirical techniques in competition and antitrust investigations. Peter Davis and Eliana Garcés show how to integrate empirical methods, economic theory, and broad evidence about industry in order to provide high-quality, robust empirical work that is tailored to the nature and quality of data available and that can withstand expert and judicial scrutiny. Davis and Garcés describe the toolbox of empirical techniques currently available, explain how to establish the weight of pieces of empirical work, and make some new theoretical contributions. The book consistently evaluates empirical techniques in light of the challenge faced by competition analysts and academics--to provide evidence that can stand up to the review of experts and judges. The book's integrated approach will help analysts clarify the assumptions underlying pieces of empirical work, evaluate those assumptions in light of industry knowledge, and guide future work aimed at understanding whether the assumptions are valid. Throughout, Davis and Garcés work to expand the common ground between practitioners and academics.

Author: Ingrid H. Rima
Publisher: Routledge
ISBN: 1134879245
Category : Business & Economics
Languages : en
Pages : 475

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Book Description
Editor is well known. She is presidnet of the History of Economics Society and has completed a 12 year term as editor of the Eastern Economics Journal Work is controversial - challenges the relevance of mathematics in economics