This paper tests the efficiency of insurance markets in the Pakistan Punjab by examining how crop choices are affected by the presence of price and yield risk. We estimate reduced-form and structural models of crop choices. Aithough we cannot reject the hypothesis that village members...

We structurally analyze a job search model for unemployed individuals that allows jobs to have different wage/commuting-time combinations. The structural parameter of interest is the willingness to pay for commuting time. We use a unique dataset containing subjective responses on the optimal...

En este documento proponemos un enfoque basado en regresiones para estimar cómo las expectativas de los individuos influyen en sus respuestas a un cambio contrafactual. Proporcionamos condiciones bajo las cuales los efectos parciales promedio estimados sobre la base de regresiones recuperan los...

In a recent paper Hong and Shum [2006. Using price distributions to estimate search costs. Rand Journal of Economics 37, 257–275] present a structural method to estimate search cost distributions. We extend their approach to the case of oligopoly and present a new maximum likelihood method to...

This paper examines the impact of managerial entrenchment on corporate financing decisions. We build a dynamic contingent claims model in which financing policy results from a trade-off between tax benefits, agency conflicts, and contracting frictions. In our setting, managers do not act in the...

In a recent paper Hong and Shum [2006. Using price distributions to estimate search costs. Rand Journal of Economics 37, 257–275] present a structural method to estimate search cost distributions. We extend their approach to the case of oligopoly and present a new maximum likelihood method to...

This paper empirically evaluates two possible sources of large takeover premiums: pre-emptive bidding and target resistance. We develop an auction model that features costly sequential entry of bidders in takeover contests and that encompasses both explanations. We estimate the model parameters...