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Essays on Beliefs, Networks and Spatial Modeling
Başlık:
Essays on Beliefs, Networks and Spatial Modeling
Yazar:
Johnsson, Ida, author.
ISBN:
9780438067493
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 electronic resource (225 pages)
Genel Not:
Source: Dissertation Abstracts International, Volume: 79-10(E), Section: A.
Advisors: Hyungsik Roger Moon; Hashem Pesaran Committee members: Kimon Drakopoulos.
Özet:
The essays in this dissertation focus on three topics: social networks, beliefs and asset prices, and spatio-temporal relationships.
In the first chapter (joint with Hyungsik Roger Moon) we propose a method of estimating the linear-in-means model of peer effects in which the peer group, defined by a social network, is endogenous in the outcome equation for peer effects. Endogeneity is due to unobservable individual characteristics that influence both link formation in the network and the outcome of interest. We propose two estimators of the peer effect equation that control for the endogeneity of the social connections using a control function approach. We leave the functional form of the control function unspecified and treat it as unknown. To estimate the model, we use a sieve semiparametric approach, and we establish asymptotics of the semiparametric estimator.
In the second chapter (joint with Hashem Pesaran) we propose a new double-question survey whereby an individual is presented with two sets of questions; one on beliefs about current asset values and another on price expectations. A theoretical asset pricing model with heterogeneous agents is advanced and the existence of a negative relationship between price expectations and asset valuations is established, which is tested using survey results on equity, gold and house prices. Leading indicators of bubbles and crashes are proposed and their potential value is illustrated in the context of a dynamic panel regression of realized house price changes across key MSAs in the US.
In the final chapter, I employ a dynamic spatial equilibrium model to analyze the effect of matching frictions and pricing policy on the spatial allocation of taxicabs and the aggregate number of taxi-passenger meetings. A spatial equilibrium model, in which meetings are frictionless but aggregate matching frictions can arise endogenously for certain parameter values, is calibrated using data on more than 45 million taxi rides in New York. It is shown how the set of equilibria changes for different pricing rules and different levels of aggregate market tightness, defined as the ratio of total supply to total demand. Finally, a novel datadriven algorithm for inferring unobserved demand from the data is proposed, and is applied to analyze how the relationship between demand and supply in a market with frictions compares to the frictionless equilibrium outcome.
Notlar:
School code: 0208
Tüzel Kişi Ek Girişi:
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Yer Numarası | Demirbaş Numarası | Shelf Location | Lokasyon / Statüsü / İade Tarihi |
---|---|---|---|
XX(680438.1) | 680438-1001 | Proquest E-Tez Koleksiyonu | Arıyor... |
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