Testing Models With Multiple Equilibria by Quantile Methods
提出一种检验经济模型中解释变量与被解释变量互补性的方法，基于均衡的单调比较静态性质，利用被解释变量的分位数进行检验，适用于多重均衡存在且结构函数未知的情形。
This paper proposes a method for testing complementarities between explanatory and dependent variables in a large class of economic models. The proposed test is based on the monotone comparative statics (MCS) property of equilibria. Our main result is that MCS produces testable implications on the (small and large) quantiles of the dependent variable, despite the presence of multiple equilibria. The key features of our approach are that (i) we work with a nonparametric structural model of a continuous dependent variable in which the unobservable is allowed to be correlated with the explanatory variable in a reasonably general way; (ii) we do not require the structural function to be known or estimable; (iii) we remain fairly agnostic on how an equilibrium is selected. We illustrate the usefulness of our result for policy evaluation within Berry, Levinsohn, and Pakes's (1999) model.