We propose an instrumental variables method for inference in high-dimensional structural equations with endogenous regressors. The number of regressors K can be much larger than the sample size. A key ingredient is sparsity, i.e., the vector of coefficients has many zeros, or approximate...

This paper investigates whether chronic illnesses and injuries have a significant impact on individual performance in the labor market. We use the "Santé et Itinéraires Professionnels" (SIP, "Health and Labor Market Histories") survey, conducted in France in the period 2006-2007. We evaluate...

The relative efficiency of auctions and negotiations is still a puzzle in the literature. While auctions are the prescribed procedures and the most used ones for public procurement, in the private sector, where buyers are free to choose their purchasing method, competitive tendering is far from...

We investigate in this paper a perpetual prepayment option related to a corporate loan. The default intensity of the rm is supposed to follow a CIR process. We assume the contractual margin of the loan is de ned by the credit quality of the borrower and the liquidity cost that re ects the...

In this study we use the German Socio-Economic Panel to evaluate the impact of leisure sport participation on the unemployment duration. The empirical literature on sport participation has focused on labour market outcomes and job quality while the impact of this activity on job search has not...

This study attempts to investigate the interplay of uncertainty, structure and trust on the diffusion of a subset of management information systems, namely management accounting and control systems. The article suggests that under conditions of uncertainty, trust and structure are significantly...

We consider a prototypical representative-agent forward-looking model, and study the low frequency variability of the data when the agent's beliefs about the model are updated through linear learning algorithms. We find that learning in this context can generate strong persistence. The degree of...

For carbon-intensive, internationally-traded industrial goods, a unilateral increase in the domestic CO2 price may result in the reduction of the domestic production but an increase of imports. In such sectors as electricity, cement or steel, the trade ows result more from short-term regional...

This article explains the level of economic freedom in Muslim countries through the theory of institutional path dependency. Islamic countries are generally not free and they have a poor record regarding property rights. To explain these realities we use the institutional history of Muslim...

This paper discusses models of choice under imprecise objective proba- bilistic information featuring beliefs about beliefs - second order beliefs. A new model, called Second Order Dual Expected Utility (SODEU) featuring non-additive second order beliefs is introduced, axiomatized and systemati-...