Showing results 1 - 8 of 8
| Ariel Pakes | Elie Tamer
January 2021, Paper: "The idea that economic theory generates “inequalities” permeates modern economics. Its implications for empirical analysis appears at least as far back as the revealed preference theory of Samuelson (1938) who emphasized the ordinal nature of preferences and its relationship to consumer choice1 . Samuelson’s goal of connecting preferences to observed behavior through revealed preferences is one central theme of this paper.…
| Ariel Pakes
April 2020, Paper, "Industrial organization is the study of market responses to environmental and/or policy change. It recognizes that very few, if any, markets are either monopolies (with one firm supplying a product that does not have competitors) or perfectly competitive (where firms have no ability to influence price). Rather virtually all markets are imperfectly competitive; markets where each firm knows its actions affect the payoffs, and hence…
| Ariel Pakes
Firm Learning and Market Equilibrium. Ariel Pakes, 2018, Paper, "One goal of the field of industrial organization is to predict the response of markets to environmental or policy changes. A market, for our purposes, is a collection of firms that produce and sell competing products or services. Since the consequence of, say, a price change by a given firm depends on the prices of competing firms, realism requires analyzing these changes in the…
| Ariel Pakes
June 20, 2018, Paper: "This paper develops a computational framework to analyze dynamic auctions. We modify the Experience Based Equilibrium concept to account for dynamic auctions and add, and then operationalize a boundary consistent condition which mitigates the extent of multiple equilibria that can arise in Experience Based Equilibria. Our example shows that allowing for the dynamics implicit in many auction environments is important in…
| Ariel Pakes
Advances in Economics and Econometrics: Volume 1: Eleventh World Congress. Ariel Pakes, October 2017, Book, "This is the first of two volumes containing papers and commentaries presented at the Eleventh World Congress of the Econometric Society, held in Montreal, Canada in August 2015. These papers provide state-of-the-art guides to the most important recent research in economics. The book includes surveys and interpretations of key developments…
| Ariel Pakes
Econometric Tools for Analyzing Moment Inequalities. Ariel Pakes, August 2016, Paper, "Griliches Lectures, Kyoto. Adjust for Different Variance of Different Moments. Assume that a consistent estimator of the diagonal matrix consisting of the square root of the moments evaluated at each θ is available. Call that estimate ˆDJ(θ)(a diagonal matrix)." Link…
| Ariel Pakes
Just starting out: Learning and equilibrium in a new market. Ariel Pakes, March 11, 2015, Paper. "Deregulation of the frequency response market in the UK allowed electricity firms to compete on price in an otherwise stable environment. We provide an analysis of the evolution of the deregulated market from the date it started. Initial activity was volatile, with some firms exploring different prices, while others made few price changes. This was…
| Ariel Pakes
Methodological Issues in Analyzing Market Dynamics. Ariel Pakes, February 11, 2015, Paper. "This paper investigates progress in the development of models capable of empirically analyzing the evolution of industries. It starts with a parallel between the development of empirical frameworks for static and dynamic analysis of industries: both adapted their frameworks from models taken from economic theory. The dynamic framework has had its …