Calendrier du 22 novembre 2017
Development Economics Seminar
Du 22/11/2017 de 16:30 à 18:00
salle R2-01, campus Jourdan - 48 bd Jourdan 75014 Paris
BANERJEE Abhijit (MIT)
A Theory of Experimenters
écrit avec Sylvain Chassang (New York University), Sergio Montero (University of Rochester) and Erik Snowberg (University of British Columbia)
Abstract
This paper proposes a decision-theoretic framework for experiment design. We model
experimenters as ambiguity-averse decision-makers, who make trade-o s between subjective
expected performance and robustness. This framework accounts for experimenters'
preference for randomization, and clari es the circumstances in which randomization
is optimal: when the available sample size is large enough or robustness
is an important concern. We illustrate the practical value of such a framework by
studying the issue of rerandomization. Rerandomization creates a trade-o between
subjective performance and robustness. However, robustness loss grows very slowly
with the number of times one randomizes. This argues for rerandomizing in most
environments.
JEL Classi cations: C90, D78, D81
Keywords: experiment design, robustness, ambiguity aversion, randomization, rerandomization
Texte intégral
Du 22/11/2017 de 12:30 à 14:00
Salle R2-20, Campus Jourdan, 48 boulevard Jourdan, 75014 Paris
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La séance est annulée
Economic History Seminar
Du 22/11/2017 de 12:30 à 14:00
Salle R1-11, Campus Jourdan, 48 boulevard Jourdan, 75014 Paris
IRIGOIN Alejandra (London School Of Economics)
Standard Error: the problems for economic historians from (mis)taking Spanish American silver as commodity money, 1778?1820
An important stream of recent scholarship on issues of global economic history has used
silver grains to produce comparable estimates of living standards and market integration in
the so called Great Divergence. Considering silver as commodity money they have
standardised local prices and wages to the purchasing power of silver in each economy.
However, as shown for the case of 1800s China and the US (Irigoin 2009, 2013), silver in the
form of the Spanish American peso enjoyed a price in different markets which was relatively
independent of its intrinsic value. In other words silver had also a monetary value.
Revisiting a high frequency series of the price of silver bullion and specie in Britain through
the 18th and early 19th century, the paper first: estimates the premium – and its variation?
that specie had over bullion in the London market and secondly: discusses the implications
of using of silver as commodity for comparative purposes. Thirdly and more importantly it
also qualifies established interpretations on the economic development of Latin America in
the aftermath of its independence from Spain.