The DOI matches its Crossref record; 40 of the 40 references it cites were found in a registry or an index.
Estimating Static Models of Strategic Interactions
Abstract
We study the estimation of static games of incomplete information with multiple equilibria. A static game is a generalization of a discrete choice model, such as a multinomial logit or probit, which allows the actions of a group of agents to be interdependent. While the estimator we study is quite flexible, in most cases it can be easily implemented using standard statistical packages such as STATA. We also propose an algorithm for simulating the model which finds all equilibria to the game. As an application of our estimator, we study recommendations for high technology stocks between 1998–2003. We find that strategic motives, typically ignored in the empirical literature, appear to be an important consideration in the recommendations submitted by equity analysts.
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Cites
Quantal Response Equilibria for Normal Form Games
McKelvey, R. D., & Palfrey, T. R. (1995) · Games and Economic Behavior · doi:10.1006/game.1995.1023 · Cited by 2,545
Do Brokerage Analysts' Recommendations Have Investment Value?
WOMACK, K. L. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05205.x · Cited by 1,931
Discrete Choice with Social Interactions
Brock, W. A., & Durlauf, S. N. (2001) · The Review of Economic Studies · doi:10.1111/1467-937x.00168 · Cited by 1,664
Conflict of Interest and the Credibility of Underwriter Analyst Recommendations
Michaely, R., & Womack, K. L. (1999) · Review of Financial Studies · doi:10.1093/rfs/12.4.653 · Cited by 1,531
Entry and Competition in Concentrated Markets
Bresnahan, T. F., & Reiss, P. C. (1991) · Journal of Political Economy · doi:10.1086/261786 · Cited by 1,447
Numerical Continuation Methods
Allgower, E. L., & Georg, K. (1990) · Springer Series in Computational Mathematics · doi:10.1007/978-3-642-61257-2 · Cited by 1,269
Underwriting relationships, analysts' earnings forecasts and investment recommendations
Lin, H.-W., & McNichols, M. F. (1998) · Journal of Accounting and Economics · doi:10.1016/s0165-4101(98)00016-0 · Cited by 1,248
Conditional Choice Probabilities and the Estimation of Dynamic Models
Hotz, V. J., & Miller, R. A. (1993) · The Review of Economic Studies · doi:10.2307/2298122 · Cited by 1,008
Estimation of a Model of Entry in the Airline Industry
Berry, S. T. (1992) · Econometrica · doi:10.2307/2951571 · Cited by 1,005
Numerical Continuation Methods--An Introduction.
Watson, L. T., Allgower, E. L., & Georg, K. (1992) · Mathematics of Computation · doi:10.2307/2153001 · Cited by 991
Metadata
- Authors
- Bajari, P., Hong, H., Krainer, J., & Nekipelov, D.
- Venue
- Journal of Business & Economic Statistics
- Publisher
- Informa UK Limited
- Published
- 2010-10
- Volume
- 28
- Issue
- 4
- Pages
- 469-482
- ISSN
- 0735-0015 (ISSN-L)
- 1537-2707
- OpenAlex
- W3121496804
- Cited by
- 267
- References
- 40
- FWCI
- 30.09
- Type
- journal article
- Language
- en
- Open access
- closed
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- Bajari, P., Hong, H., Krainer, J., & Nekipelov, D. (2010). Estimating Static Models of Strategic Interactions. Journal of Business & Economic Statistics. https://doi.org/10.1198/jbes.2009.07264
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