Bounds on a Slope from Size Restrictions on Economic Shocks
研究了在存在不可观测冲击(如偏好)时,如何利用对冲击规模的直觉来推断市场变量(如价格与数量)之间的因果关系,并以谷物市场为例说明。
We study the problem of learning about the effect of one market-level variable (e.g., price) on another (e.g., quantity) in the presence of shocks to unobservables (e.g., preferences). We show that economic intuitions about the plausible size of the shocks can be informative about the parameter of interest. We illustrate with a main application to the grain market.