This paper discusses policy choice under ambiguity in the context of merger simulation. We do so by incorporating the uncertainty about post-merger conduct into a simple merger simulation model. We isolate the problem of uncertainty regarding post-merger conduct by working with a simple...

It is shown that in a nonparametric nonseparable triangular system, the conditional moment restriction (CMR) does not identify the average structural function (ASF). The CMR identifies the ASF only if the model is structurally separable in observable covariates and unobservable random errors....

This paper proposes a new instrumental variables estimator for a dynamic panel model with .xed e¤ects with good bias and mean squared error properties even when identi.cation of the model becomes weak near the unit circle. We adopt a weak instrument asymptotic approximation to study the...

The large sample property of the Bayesian bootstrap distribution of the quantile regression estimator is investigated. When the pair of dependent and independent variables are resampled, the Bayesian bootstrap is shown to converge weakly in probability to the limiting distribution of the...