| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP14975
|
| DP14975 Identification of Firms' Beliefs in Structural Models of Market Competition |
| Victor Aguirregabiria
|
| 发表日期 | 2020-06-30
|
| 出版年 | 2020
|
| 语种 | 英语
|
| 摘要 | Firms make decisions under uncertainty and differ in their ability to collect and process information. As a result, in changing environments, firms have heterogeneous beliefs on the behavior of other firms. This heterogeneity in beliefs can have important implications on market outcomes, efficiency, and welfare. This paper studies the identification of firms' beliefs using their observed actions -- a revealed preference and beliefs approach. I consider a general structural model of market competition where firms have incomplete information and their beliefs and profits are nonparametric functions of decisions and state variables. Beliefs may be out of equilibrium. The framework applies both to continuous and discrete choice games and includes as particular cases models of competition in prices or quantities, auction models, entry games, and dynamic investment games. I focus on identification results that exploit a natural exclusion restriction in models of competition: an observable variable that affects a firm's cost (or revenue) but does not have a direct effect on other firms' profits. I present identification results under three scenarios --- common in empirical IO --- on the data available to the researcher. |
| 主题 | Industrial Organization
|
| 关键词 | Non-equilibrium beliefs
Structural models of competition
Identification
Revealed beliefs approach
|
| URL | https://cepr.org/publications/dp14975
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543918
|
推荐引用方式
GB/T 7714 |
Victor Aguirregabiria. DP14975 Identification of Firms' Beliefs in Structural Models of Market Competition. 2020.
|
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