cometadata/datacite-titles-descriptions-related-identifiers huggingface dataset:
DOI: 10.3886/e113503v1
title: Replication data for: Mistaken Play in the Deferred Acceptance Algorithm: Implications for Positive Assortative Matching

description: Recent literature has documented failures of truthful preference reporting in the strategy-proof deferred acceptance algorithm. I consider the implications of these strategic mistakes for a common welfare consideration: the ability of the mechanism to sort the best students to the best schools. I find that these mistakes have the potential to significantly help or significantly hinder sorting. Through this channel, the presence of mistaken play may have widely varying welfare effects. I discuss related considerations in the welfare evaluation of mistaken play in the deferred acceptance algorithm and the implications for "nudges" that correct these mistakes.
DOI: 10.3886/e113504
title: Replication data for: Euro-Area Quantitative Easing and Portfolio Rebalancing

description: We use new and comprehensive data on the security holdings of euro-area investors to document facts about the ongoing quantitative easing program. The holdings of purchase-eligible government bonds have strong home bias not only for banks but also for insurance companies, pension funds, and mutual funds, especially in the vulnerable countries. In response to the program, foreign investors sold most of the purchase-eligible government bonds. Banks also sold purchase-eligible government bonds to a lesser extent, but insurance companies and pension funds bought them. Thus, quantitative easing may have reduced the duration mismatch for these institutions.
DOI: 10.3886/e113504v1
title: Replication data for: Euro-Area Quantitative Easing and Portfolio Rebalancing

description: We use new and comprehensive data on the security holdings of euro-area investors to document facts about the ongoing quantitative easing program. The holdings of purchase-eligible government bonds have strong home bias not only for banks but also for insurance companies, pension funds, and mutual funds, especially in the vulnerable countries. In response to the program, foreign investors sold most of the purchase-eligible government bonds. Banks also sold purchase-eligible government bonds to a lesser extent, but insurance companies and pension funds bought them. Thus, quantitative easing may have reduced the duration mismatch for these institutions.
DOI: 10.3886/e113505
title: Replication data for: Double/Debiased/Neyman Machine Learning of Treatment Effects

description: Chernozhukov et al. (2016) provide a generic double/de-biased machine learning (ML) approach for obtaining valid inferential statements about focal parameters, using Neyman-orthogonal scores and cross-fitting, in settings where nuisance parameters are estimated using ML methods. In this note, we illustrate the application of this method in the context of estimating average treatment effects and average treatment effects on the treated using observational data.
DOI: 10.3886/e113505v1
title: Replication data for: Double/Debiased/Neyman Machine Learning of Treatment Effects

description: Chernozhukov et al. (2016) provide a generic double/de-biased machine learning (ML) approach for obtaining valid inferential statements about focal parameters, using Neyman-orthogonal scores and cross-fitting, in settings where nuisance parameters are estimated using ML methods. In this note, we illustrate the application of this method in the context of estimating average treatment effects and average treatment effects on the treated using observational data.
DOI: 10.3886/e112812
title: Replication data for: Benefits of Neuroeconomic Modeling: New Policy Interventions and Predictors of Preference

description: Neuroeconomics strives to use knowledge from neuroscience to improve models of decisionmaking. Here we introduce a biologically plausible, drift-diffusion model that is able to jointly predict choice behavior and response times across different choice environments. The model has both normative and positive implications for economics. First, we consistently observe that decisionmakers inefficiently allocate their time to choices for which they are close to indifference. We demonstrate that we can improve subjects' welfare using a simple intervention that puts a time limit on their choices. Second, response times can be used to predict indifference points and the strength of preferences.
DOI: 10.3886/e112812v1
title: Replication data for: Benefits of Neuroeconomic Modeling: New Policy Interventions and Predictors of Preference

description: Neuroeconomics strives to use knowledge from neuroscience to improve models of decisionmaking. Here we introduce a biologically plausible, drift-diffusion model that is able to jointly predict choice behavior and response times across different choice environments. The model has both normative and positive implications for economics. First, we consistently observe that decisionmakers inefficiently allocate their time to choices for which they are close to indifference. We demonstrate that we can improve subjects' welfare using a simple intervention that puts a time limit on their choices. Second, response times can be used to predict indifference points and the strength of preferences.
DOI: 10.3886/e112813v1
title: Replication data for: Recovery from Financial Crises: Evidence from 100 Episodes

description: We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about 8 years to reach the pre-crisis level of income; the median is about 6.5 years. Five to six years after the onset of crisis, only Germany and the United States (out of 12 systemic cases) have reached their 2007-2008 peaks in real income. Forty-five percent of the episodes recorded double dips. Post-war business cycles are not the relevant comparator for the recent crises in advanced economies.
DOI: 10.3886/e112814
title: Replication data for: (Dis)organization and Success in an Economics MOOC

description: Massive Online Open Courses (MOOCs) present the potential to deliver high quality education to a large number of students. But they suffer from low completion rates. This paper identifies disorganization as a factor behind failure to complete a MOOC. Students who enroll one day late are 17 percentage points less likely to earn a certificate than students who enroll exactly on time. This reflects selection, but it does seem to be related to demographic characteristics, motivation to complete the course, or ability. This suggests that building in even more structure in the MOOC could be a factor in improving performance.
DOI: 10.3886/e112814v1
title: Replication data for: (Dis)organization and Success in an Economics MOOC

description: Massive Online Open Courses (MOOCs) present the potential to deliver high quality education to a large number of students. But they suffer from low completion rates. This paper identifies disorganization as a factor behind failure to complete a MOOC. Students who enroll one day late are 17 percentage points less likely to earn a certificate than students who enroll exactly on time. This reflects selection, but it does seem to be related to demographic characteristics, motivation to complete the course, or ability. This suggests that building in even more structure in the MOOC could be a factor in improving performance.
DOI: 10.3886/e112815
title: Replication data for: The Economics of Online Postsecondary Education: MOOCs, Nonselective Education, and Highly Selective Education

description: I consider economically sustainable online postsecondary education, including massive open online courses (MOOCs). The analysis suggests that MOOCs will be financially sustainable substitutes for some non-selective postsecondary education, but there are substantial risks. The analysis suggests that MOOCs will be financially sustainable substitutes for only a small share of highly selective postsecondary education (HSPE) and are likely to collapse the economic model that allows HSPE institutions to invest in advanced education and research. I outline a non-MOOC model of online education that may allow HSPE institutions to sustain their distinctive activities and to reach a larger number of students.
DOI: 10.3886/e112815v1
title: Replication data for: The Economics of Online Postsecondary Education: MOOCs, Nonselective Education, and Highly Selective Education

description: I consider economically sustainable online postsecondary education, including massive open online courses (MOOCs). The analysis suggests that MOOCs will be financially sustainable substitutes for some non-selective postsecondary education, but there are substantial risks. The analysis suggests that MOOCs will be financially sustainable substitutes for only a small share of highly selective postsecondary education (HSPE) and are likely to collapse the economic model that allows HSPE institutions to invest in advanced education and research. I outline a non-MOOC model of online education that may allow HSPE institutions to sustain their distinctive activities and to reach a larger number of students.
DOI: 10.3886/e113008
title: Replication data for: High Discounts and High Unemployment

description: Unemployment is high when financial discounts are high. In recessions, the stock market falls and all types of investment fall, including employers' investment in job creation. The discount rate implicit in the stock market rises, and discounts for other claims on business income also rise. A higher discount implies a lower present value of the benefit of a new hire to an employer. According to the leading view of unemployment--the Diamond-Mortensen-Pissarides model--when the incentive for job creation falls, the labor market slackens and unemployment rises. Thus high discount rates imply high unemployment.
DOI: 10.3886/e113009v1
title: Replication data for: Peer Effects in the Workplace

description: Existing evidence on peer effects in the productivity of coworkers stems from either laboratory experiments or real-world studies referring to a specific firm or occupation. In this paper, we aim at providing more generalizable results by investigating a large local labor market, with a focus on peer effects in wages rather than productivity. Our estimation strategy--which links the average permanent productivity of workers' peers to their wages--circumvents the reflection problem and accounts for endogenous sorting of workers into peer groups and firms. On average over all occupations, and in the type of high-skilled occupations investigated in studies on knowledge spillover, we find only small peer effects in wages. In the type of low-skilled occupations analyzed in extant studies on social pressure, in contrast, we find larger peer effects, about one-half the size of those identified in similar studies on productivity.
DOI: 10.3886/e113010
title: Replication data for: The Market Impacts of Pharmaceutical Product Patents in Developing Countries: Evidence from India

description: In 2005, as the result of a World Trade Organization mandate, India implemented a patent reform for pharmaceuticals that was intended to comply with the 1995 Trade-Related Aspects of Intellectual Property Rights (TRIPS). Exploiting variation in the timing of patent decisions, we estimate that a molecule receiving a patent experienced an average price increase of just 3-6 percent, with larger increases for more recently developed molecules and for those produced by just one firm when the patent system began. Our results also show little impact on quantities sold or on the number of pharmaceutical firms operating in the market. (JEL K33, L11, L13, L65, O14, O34, O38)
DOI: 10.3886/e113010v1
title: Replication data for: The Market Impacts of Pharmaceutical Product Patents in Developing Countries: Evidence from India

description: In 2005, as the result of a World Trade Organization mandate, India implemented a patent reform for pharmaceuticals that was intended to comply with the 1995 Trade-Related Aspects of Intellectual Property Rights (TRIPS). Exploiting variation in the timing of patent decisions, we estimate that a molecule receiving a patent experienced an average price increase of just 3-6 percent, with larger increases for more recently developed molecules and for those produced by just one firm when the patent system began. Our results also show little impact on quantities sold or on the number of pharmaceutical firms operating in the market. (JEL K33, L11, L13, L65, O14, O34, O38)
DOI: 10.3886/e113230v1
title: Replication data for: Female Socialization: How Daughters Affect Their Legislator Fathers

description: Parenting daughters, sociologists have shown, increases feminist sympathies. I test the hypothesis that children, much like neighbors or peers, can influence parental behavior. I demonstrate that conditional on total number of children, each daughter increases a congressperson's propensity to vote liberally, particularly on reproductive rights issues. The results identify an important (and previously omitted) explanatory variable in the literature on congressional decision making. Additionally the paper highlights the relevance of child-to-parent behavioral influence. (JEL D72, D83, J16)
DOI: 10.3886/e113231
title: Replication data for: An Equilibrium Model of "Global Imbalances" and Low Interest Rates

description: The sustained rise in US current account deficits, the stubborn decline in long-run real rates, and the rise in US assets in global portfolios appear as anomalies from the perspective of conventional models. This paper rationalizes these facts as an equilibrium outcome when different regions of the world differ in their capacity to generate financial assets from real investments. Extensions of the basic model generate exchange rate and foreign direct investment excess returns broadly consistent with the recent trends in these variables. The framework is flexible enough to shed light on a range of scenarios in a global equilibrium environment. (JEL: E44, F21, F31, F32)
DOI: 10.3886/e113231v1
title: Replication data for: An Equilibrium Model of "Global Imbalances" and Low Interest Rates

description: The sustained rise in US current account deficits, the stubborn decline in long-run real rates, and the rise in US assets in global portfolios appear as anomalies from the perspective of conventional models. This paper rationalizes these facts as an equilibrium outcome when different regions of the world differ in their capacity to generate financial assets from real investments. Extensions of the basic model generate exchange rate and foreign direct investment excess returns broadly consistent with the recent trends in these variables. The framework is flexible enough to shed light on a range of scenarios in a global equilibrium environment. (JEL: E44, F21, F31, F32)
DOI: 10.3886/e113232
title: Replication data for: Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show

description: We examine the risky choices of contestants in the popular TV game show "Deal or No Deal" and related classroom experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous outcomes experienced during the game. Risk aversion decreases after earlier expectations have been shattered by unfavorable outcomes or surpassed by favorable outcomes. Our results point to reference-dependent choice theories such as prospect theory, and suggest that path-dependence is relevant, even when the choice problems are simple and well defined, and when large real monetary amounts are at stake. (JEL D81)
DOI: 10.3886/e113232v1
title: Replication data for: Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show

description: We examine the risky choices of contestants in the popular TV game show "Deal or No Deal" and related classroom experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous outcomes experienced during the game. Risk aversion decreases after earlier expectations have been shattered by unfavorable outcomes or surpassed by favorable outcomes. Our results point to reference-dependent choice theories such as prospect theory, and suggest that path-dependence is relevant, even when the choice problems are simple and well defined, and when large real monetary amounts are at stake. (JEL D81)
DOI: 10.3886/e113506
title: Replication data for: Testing-Based Forward Model Selection

description: This paper defines and studies a variable selection procedure called Testing-Based Forward Model Selection. The procedure inductively selects covariates which increase predictive accuracy into a working statistical regression model until a stopping criterion is met. The stopping criteria and selection criteria are defined using statistical hypothesis tests. The paper explicitly describes a testing procedure in the context of high-dimensional linear regression with heteroskedastic disturbances. Finally, a simulation study examines finite sample performance of the proposed procedure and shows that it behaves favorably in high-dimensional sparse settings in terms of prediction error and size of selected model.
DOI: 10.3886/e113506v1
title: Replication data for: Testing-Based Forward Model Selection

description: This paper defines and studies a variable selection procedure called Testing-Based Forward Model Selection. The procedure inductively selects covariates which increase predictive accuracy into a working statistical regression model until a stopping criterion is met. The stopping criteria and selection criteria are defined using statistical hypothesis tests. The paper explicitly describes a testing procedure in the context of high-dimensional linear regression with heteroskedastic disturbances. Finally, a simulation study examines finite sample performance of the proposed procedure and shows that it behaves favorably in high-dimensional sparse settings in terms of prediction error and size of selected model.
DOI: 10.3886/e113507
title: Replication data for: L2-Boosting for Economic Applications

description: We present the L2-Boosting algorithm and two variants, namely post-Boosting and orthogonal Boosting. Building on results in Ye and Spindler (2016), we demonstrate how boosting can be used for estimation and inference of low-dimensional treatment effects. In particular, we consider estimation of a treatment effect in a setting with very many controls and in a setting with very many instruments. We provide simulations and analyze two real applications. We compare the results with Lasso and find that boosting performs quite well. This encourages further use of boosting for estimation of treatment effects in high-dimensional settings.
DOI: 10.3886/e113507v1
title: Replication data for: L2-Boosting for Economic Applications

description: We present the L2-Boosting algorithm and two variants, namely post-Boosting and orthogonal Boosting. Building on results in Ye and Spindler (2016), we demonstrate how boosting can be used for estimation and inference of low-dimensional treatment effects. In particular, we consider estimation of a treatment effect in a setting with very many controls and in a setting with very many instruments. We provide simulations and analyze two real applications. We compare the results with Lasso and find that boosting performs quite well. This encourages further use of boosting for estimation of treatment effects in high-dimensional settings.
DOI: 10.3886/e113508
title: Replication data for: Core Determining Class and Inequality Selection

description: The relations between unobserved events and observed outcomes can be characterized by a bipartite graph. We propose an algorithm that explores the structure of the graph to construct the "exact Core Determining Class," i.e., the set of irredudant inequalities. We prove that in general the exact Core Determining Class does not depend on the probability measure of the outcomes but only on the structure of the graph. For more general linear inequalities selection problems, we propose a statistical procedure similar to the Dantzig Selector to select the truly informative constraints. We demonstrate performances of our procedures in Monte-Carlo experiments.
DOI: 10.3886/e113508v1
title: Replication data for: Core Determining Class and Inequality Selection

description: The relations between unobserved events and observed outcomes can be characterized by a bipartite graph. We propose an algorithm that explores the structure of the graph to construct the "exact Core Determining Class," i.e., the set of irredudant inequalities. We prove that in general the exact Core Determining Class does not depend on the probability measure of the outcomes but only on the structure of the graph. For more general linear inequalities selection problems, we propose a statistical procedure similar to the Dantzig Selector to select the truly informative constraints. We demonstrate performances of our procedures in Monte-Carlo experiments.
DOI: 10.3886/e113509
title: Replication data for: Validating Migration Responses to Flooding Using Satellite and Vital Registration Data

description: Rainfall measures may be imperfect proxies for floods, given factors such as upstream water balance, proximity to rivers, and topography. We check the robustness of flooding-migration relationships by combining nationally-representative survey data with measures of flooding derived from weather stations, gridded products, and remote sensing tools. Linear probability models reveal that extreme flooding is negatively associated with out-migration. Rainfall-based proxies produce results qualitatively similar to those using the satellite-based measure of inundation, but only the latter is able to discern non-monotonic effects throughout the distribution. Moreover, estimates differ widely across areas, suggesting that households respond differently to rainfall and flooding.
DOI: 10.3886/e113509v1
title: Replication data for: Validating Migration Responses to Flooding Using Satellite and Vital Registration Data

description: Rainfall measures may be imperfect proxies for floods, given factors such as upstream water balance, proximity to rivers, and topography. We check the robustness of flooding-migration relationships by combining nationally-representative survey data with measures of flooding derived from weather stations, gridded products, and remote sensing tools. Linear probability models reveal that extreme flooding is negatively associated with out-migration. Rainfall-based proxies produce results qualitatively similar to those using the satellite-based measure of inundation, but only the latter is able to discern non-monotonic effects throughout the distribution. Moreover, estimates differ widely across areas, suggesting that households respond differently to rainfall and flooding.
DOI: 10.7910/dvn/oioxny/kzuxor
title: KAIJOR18002A.pdf

description: Arabic Biography on Aala hazrat
DOI: 10.3886/e112813
title: Replication data for: Recovery from Financial Crises: Evidence from 100 Episodes

description: We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about 8 years to reach the pre-crisis level of income; the median is about 6.5 years. Five to six years after the onset of crisis, only Germany and the United States (out of 12 systemic cases) have reached their 2007-2008 peaks in real income. Forty-five percent of the episodes recorded double dips. Post-war business cycles are not the relevant comparator for the recent crises in advanced economies.