Preliminary Course Outline

Transcription

1 Prof. Lanier Benkard Stanford Graduate School of Business Current Topics in Dynamic Oligopoly and Industrial Organization A Mini-Course at Stockholm School of Economics Preliminary Course Outline (Detailed citations are available on following pages.) 1. Dynamic Oligopoly Framework Ericson, R., and A. Pakes (1995) Benkard (2004) A few words on computation 2. Estimating Dynamic Oligopoly Models and Applications Bajari Benkard, and Levin (2007) Ryan (2012) Jeziorski (2013a) Benkard (2012) 3. Current Work in Dynamic Oligopoly and I.O. Goettler and Gordon (2012) Doraszelski and Judd (2012) Jeziorski (2013b) Oblivious Equilibirum, Weintraub, Benkard, and Van Roy (2010) Identification of serially correlated unobserved states Arcidiacono and Miller (2012) Pakes and Fershtman (2013) 1

2 A more extensive (but by no means exhaustive) reading list on dynamic oligopoly and related topics Introduction to Stochastic Dynamic Programming Ross, Sheldon M. (1982), An Introduction to Stochastic Dynamic Programming, New York: Academic Press. Stokey, Nancy L., Robert E. Lucas and Edward C. Prescott (1989), Recursive Methods in Economic Dynamics, Cambridge, MA: Harvard University Press. Computation of Fixed Points to D.P. Problems Bertsekas, Dimitri P., and John Tsitsiklis (1996), Neuro-Dynamic Programming, Belmont, MA: Athena Scientific. Judd, Kenneth L. (1998), Numerical Methods in Economics, Cambridge, MA: MIT Press. Pakes, A., G. Gowrisankaran, and P. McGuire, Implementing the Pakes-McGuire Algorithm for Computing Markov Perfect Equilibria in Gauss, Mimeo, Yale University. Rust, J. (1996), Numerical Dynamic Programming in Economics, in Handbook of Computational Economics, Volume 1, Hans Amman, David Kendrick, and John Rust (eds.) Sutton, Richard S., and Andrew G. Barto (1999), Reinforcement Learning, Cambridge, MA: MIT Press. Single Agent Dynamic Models Ackerberg, Daniel (2003), Advertising, Learning, and Consumer Chocie in Experience Good Markets: A Structural Empirical Examination, International Economic Review, 44, Aghion, Phillippe, Patrick Bolton, C. Harris, and Bruno Jullien (1991), Optimal Learning by Experimentation, Review of Economic Studies, 58,

3 Aguirregabiria, V. (1999), The Dynamics of Markups and Inventories in Retailing Firms, Review of Economic Studies, 66: Altug, Sumru and Robert Miller (1998), The Effect of Work Experience on Female Work Experience and Labor Supply, Review of Economic Studies, 65, Dixit, Avinash K. (1989), Entry and Exit Decisions Under Uncertainty, Journal of Political Economy, 97:3, Dixit, Avinash K. (1989), Hysteresis, Import Penetration, and Exchange Rate Pass-Through, Quarterly Journal of Economics, 104:2, Geweke, John F. and Michael P. Keane (2000), Bayesian Inference for Dynamic Discrete Choice Models Without the Need for Dynamic Programming, Simulation- Based Inference in Econometrics: Methods and Applications, eds. RS Mariano, T. Schuermann and M. Weeks, Cambridge: Cambridge University Press ( Holmes, Thomas J. (2011) The Diffusion of WalMart and Economies of Density, Econometrica 79, no. 1: Hotz, V. Joseph and Robert Miller (1993), Conditional Choice Probabilities and the Estimation of Dynamic Models, Review of Economic Studies, 60, Hotz, V. Joseph, Robert Miller, S. Sanders and J. Smith (1994), A Simulation Estimator for Dynamic Models of Discrete Choice, Review of Economic Studies, 61, Keane, Michael and Kenneth Wolpin (1997), The Career Decisions of Young Men, Journal of Political Economy, 105:3, Miller, Robert A. (2000), Estimating Models of Dynamic Optimization with Microeconomic Data, in [Some Forthcoming Handbook], Pakes, A. (1986), Patents as Options: Some Estimates of the Value of Holding European Patent Stocks, Econometrica, 54, Pakes, A. (1991), Dynamic Structural Models: Problems and Prospects. Mixed Continuous Discrete Controls and Market Interactions, in Advances in Econometrics, Sixth World Congress, C. Sims and J. J. Laffont (eds.) Rust, J. (1987), Optimal Replacement of GMS Bus Engines: An Empirical Model of Harold Zurcher, Econometrica, 55(5), Rust, J. (1991), Dynamic Structural Models: Problems and Prospects. Discrete Decision Processes, in Advances in Econometrics, Sixth World Congress, C. Sims and J. J. Laffont (eds.) 3

4 Dynamic Models of Imperfect Competition Ackerberg, D., S. Berry, C. L. Benkard, and A. Pakes (2007), Econometric Tools for Analyzing Market Outcomes, in Handbook of Econometrics, J.J. Heckman & E.E. Leamer (ed.), Elsevier, Edition 1, Volume 6. Bajari, P., C.L. Benkard, and J. Levin (2007), Estimating Dynamic Models of Imperfect Competition, Econometrica, 75(5), Benkard, C. L. (2004), A Dynamic Analysis of the Market for Wide-Bodied Commercial Aircraft, Review of Economic Studies, 71, Collard-Wexler, Allan (2013), Demand fluctuations in the ready-mix concrete industry, Econometrica, forthcoming. Doraszelski, Ulrich, and Kenneth L. Judd (2012), Avoiding the curse of dimensionality in dynamic stochastic games, Quantitative Economics 3.1: Doraszelski, Ulrich, and Ariel Pakes (2007), A framework for applied dynamic analysis in IO, Handbook of industrial organization, 3: Ericson, R., and A. Pakes (1995), Markov-Perfect Industry Dynamics: A Framework for Empirical Work, Review of Economic Studies, 62:1, Goettler, Ronald L., and Brett R. Gordon (2011) Does AMD spur Intel to innovate more?, Journal of Political Economy, 119.6: Gowrisankaran, G. and R.J. Town (1997), Dynamic Equilibrium in the Hospital Industry, Journal of Economics and Management Strategy, 6, Jeziorski, P. (2013a), Estimation of cost synergies from Mergers: Application to U.S. radio, Working Paper, UC Berkeley. Jeziorski, P. (2013b) Empirical Model of Dynamic Merger Enforcement - Choosing Ownership Caps in U.S. Radio, Working Paper, UC Berkeley. Maskin, E., and J. Tirole (1988a), A Theory of Dynamic Oligopoly, I: Overview and Quantity Competition with Large Fixed Costs. Econometrica, 56:3, Maskin, E., and J. Tirole (1988b), A Theory of Dynamic Oligopoly, II: Price Competition, Kinked Demand Curves, and Edgeworth Cycles. Econometrica, 56:3, Maskin, E., and J. Tirole (1987), A Theory of Dynamic Oligopoly, III: Cournot Competition, European Economic Review,

5 Fershtman, Chaim, and Ariel Pakes (2012) Dynamic Games with Asymmetric Information: A Framework for Empirical Work, The Quarterly Journal of Economics, 127.4: Pakes, A., and P. McGuire (1994), Computing Markov Perfect Nash Equilibria: Numerical Implications of a Dynamic Differentiated Product Model, RAND Journal of Economics, 25:4, Pakes, A., and P. McGuire (2001), Stochastic algorithms, symmetric Markov perfect equilibrium, and the curseof dimensionality, Econometrica 69.5:: Pakes, A., M. Ostrovsky and S. Berry (2007), Simple Estimators for the Parameters of Dynamics Discrete Games (with Entry/Exit Examples), RAND Journal of Economics, Ryan, Stephen P. (2012) The costs of environmental regulation in a concentrated industry, Econometrica, 80.3: Ryan, Stephen P., and Catherine Tucker (2012). Heterogeneity and the dynamics of technology adoption. Quantitative Marketing and Economics, 10.1: Sutton, John (1991), Sunk Costs and Market Structure, Cambridge, MA: MIT Press. Weintraub, Gabriel Y., C. Lanier Benkard, and Benjamin Van Roy (2008), Markov perfect industry dynamics with many firms, Econometrica, 76.6: Weintraub, Gabriel Y., C. Lanier Benkard, and Benjamin Van Roy (2010), Computational methods for oblivious equilibrium, Operations Research, 58.4-Part-2 : Industry Dynamics Aw, B., X. Chen, and M. J. Roberts (2001), Firm-Level Evidence on Productivity Differentials and Turnover in Taiwanese Manufacturing, Journal of Development Economics. Davis, Steven J. and John C. Haltiwanger (1992), Gross Job Creation, Gross Job Destruction, and Employment Reallocation, Quarterly Journal of Economics, 107:3, Dunne, Timothy, Mark J. Roberts and Larry Samuelson (1988), Patterns of Firm Entry and Exit in U.S. Manufacturing Industries, Rand Journal of Economics, 19:4,

6 Hopenhayn, Hugo A. (1992), Entry, Exit, and Firm Dynamics in Long Run Equilibrium, Econometrica, 60:5, Hopenhayn, Hugo A. and Richard Rogerson (1993), Job Turnover and Policy Evaluation: A General Equilibrium Analysis, Journal of Political Economy, 101:5, Holmes, Thomas J. and James Schmitz (1990), A Theory of Entrepreneurship and Its Application to the Study of Business Transfers, Journal of Political Economy, 98:2, Holmes, Thomas J. and James Schmitz (1995), On the Turnover of Business Firms and Business Managers, Journal of Political Economy, 103:4, Jovanovich, Boyan (1979), Job Matching and the Theory of Turnover, Journal of Political Economy, 87:5, Jovanovich, Boyan (1982), Selection and the Evolution of an Industry, Econometrica, 50:3, Lippman, S. A. and R. P. Rumelt (1982), Uncertain Imitability: An Analysis of Interfirm Differences in Efficiency Under Competition, Bell Journal of Economics, 13:2, Melitz, Marc J. (2003), The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity, Econometrica, 71. Pakes, Ariel and Richard Ericson (1998), Empirical Implications of Alternative Models of Firm Dynamics, Journal of Economic Theory, 79:1, Sutton, J. (1998) Technology and Market Structure, MIT Press. 6