This paper studies a variation of the continuous-time mean-variance portfolio selection where a tracking-error penalization is added to the mean-variance criterion. The tracking error term penalizes the distance between the allocation controls and a reference portfolio with same wealth and fixed...

The word "statistics" was used to express the process of counting things. Statistics were used to express the enumeration of the state's resources in terms of population and resources such as counting the population with the aim of determining the value of taxes. Statistics is defined as the...

Popularity bias -- the tendency to make choices that are more popular -- is a widespread behavior. We incorporate this bias into a dynamic model of a bipartite economy with heterogeneous agents, where each agent primarily cares about obtaining her optimal number of partners. We provide a full...

We develop inference procedures robust to general forms of weak dependence. The procedures use test statistics constructed by resampling data in a manner that does not depend on the unknown correlation structure of the data. We prove that the statistics are asymptotically normal under the weak...

We study a stochastic auction in a multi-items and unit-demand setting where bidders have one-dimensional type spaces. In a usual Pareto-efficient auction such as the VCG auction, items are allocated deterministically to bidders depending on their bids. However, even if an auctioneer implements...

This chapter discusses Francis Galton’s method of inductive inference where the data are photographs of human faces. His aim of induction was to determine the typical characteristics of the natural class to which the individuals belong by composing the relevant photographs in a specific...

This paper extends the identification results in Nevo and Rosen (2012) to nonparametric models. We derive nonparametric bounds on the average treatment effect when an imperfect instrument is available. As in Nevo and Rosen (2012), we assume that the correlation between the imperfect instrument...

Measurement error and omitted variables are challenging problems in linear regression: they may render least squares estimation biased and inconsistent. Many proposals for consistent estimation require instrumental variables, but in practice valid instruments are often elusive. Theil suggests an...

This paper assesses the relationship between the length of recall and nonrandom error in agricultural survey data. Using data from the World Bank's Living Standards Measurement Study-Integrated Surveys on Agriculture in Malawi and Tanzania, the paper shows that key input and output variables are...