有限注意力与衰减弹性
Bounded Attention and Attenuated Elasticities
浏览论文内容
中文总结 AI 辅助
研究有限注意力对替代弹性结构估计的影响，通过稀疏最大模型，发现基于协方差估计器的条件在衰减弹性下成立，有限注意力导致识别失败，估计值为结构弹性提供下限。
中文摘要 AI 辅助
我们研究了有限注意力如何影响替代弹性的结构估计。在稀疏最大模型中，均衡价格和支出份额在观测上等同于理性市场。其弹性等于由注意力权重缩放的结构弹性。基于协方差估计器的供给侧正交条件在这种衰减弹性下成立，但在真实情况下不成立。没有外部信息时，估计器收敛到衰减弹性。有限注意力导致识别失败，有限样本和弱工具校正无法解决。由于注意力不能超过1，估计值为结构弹性提供了下限。
英文摘要
We study how bounded attention affects the structural estimation of the elasticity of substitution. In a sparse-max model, equilibrium prices and expenditure shares are observationally equivalent to those of a rational market. Its elasticity equals the structural elasticity scaled by the attention weight. The supply-side orthogonality condition of the covariance-based estimator holds at this attenuated elasticity but fails at the truth. Absent outside information, the estimator converges to the attenuated elasticity. Bounded attention leads to an identification failure that finite-sample and weak-instrument corrections cannot resolve. Because attention cannot exceed one, the estimate provides a lower bound on the structural elasticity.
