Empirical Models of Auctions

Many important economic questions arising in auctions can be answered only with knowledge of the underlying primitive distributions governing bidder demand and information. An active literature has developed aiming to estimate these primitives by exploiting restrictions from economic theory as part of the econometric model used to interpret auction data. We review some highlights of this recent literature, focusing on identification and empirical applications. We describe three insights that underlie much of the recent methodological progress in this area and discuss some of the ways these insights have been extended to richer models allowing more convincing empirical applications. We discuss several recent empirical studies using these methods to address a range of important economic questions

lassopack: Model selection and prediction with regularized regression in Stata

This article introduces lassopack, a suite of programs for regularized regression in Stata. lassopack implements lasso, square-root lasso, elastic net, ridge regression, adaptive lasso and post-estimation OLS. The methods are suitable for the high-dimensional setting where the number of predictors $p$ may be large and possibly greater than the number of observations, $n$. We offer three different approaches for selecting the penalization (`tuning') parameters: information criteria (implemented in lasso2), $K$-fold cross-validation and $h$-step ahead rolling cross-validation for cross-section, panel and time-series data (cvlasso), and theory-driven (`rigorous') penalization for the lasso and square-root lasso for cross-section and panel data (rlasso). We discuss the theoretical framework and practical considerations for each approach. We also present Monte Carlo results to compare the performance of the penalization approaches.Comment: 52 pages, 6 figures, 6 tables; submitted to Stata Journal; for more information see https://statalasso.github.io

Elemental Abundances in the X-Ray Gas of Early-Type Galaxies with XMM and Chandra Observations

The source of hot gas in elliptical galaxies is thought to be due to stellar mass loss, with contributions from supernova events and possibly from infall from a surrounding environment. This picture predicts supersolar values for the metallicity of the gas toward the inner part of the galaxy, which can be tested by measuring the gas phase abundances. We use high-quality data for 10 nearby early-type galaxy from XMM-Newton, featuring both the EPIC and the Reflection Grating Spectrometer, where the strongest emission lines are detected with little blending; some Chandra data are also used. We find excellent consistency in the elemental abundances between the different XMM instruments and good consistency with Chandra. Differences in abundances with aperture size and model complexity are examined, but large differences rarely occur. For a two-temperature thermal model plus a point source contribution, the median Fe and O abundances are 0.86 and 0.44 of the Solar value, while Si and Mg abundances are similar to that for Fe. This is similar to stellar abundances for these galaxies but supernovae were expected to enhance the gas phase abundances considerably, which is not observed.Comment: 35 pages, 10 figures, accepted for publication in Astrophysical Journa

Diagnosis of lung cancer – improving survival rates

Lung cancer is a major global health burden with high incidence rates but poor long-term survival. Currently, the majority of cases are diagnosed at an advanced stage when surgical resection is not feasible. Screening for lung cancer has been a major focus of research for the last 40 years. Despite this, there is still a lack of evidence to promote its use outside clinical trials. More recently, interest has focused on promoting earlier recognition of symptomatic disease among both the general public and primary care physicians in order to encourage more timely investigation and referral to secondary care. The hope is that this approach may increase the proportion of disease identified in the early tages, allowing more surgical resections and improved five-year survival rates. This article provides an overview of the current evidence base in terms of early diagnosis of lung cancer and provides some examples of innovations to promote this

The Lack of Very Ultraluminous X-ray Sources in Early-type Galaxies

We have searched for ultraluminous X-ray sources (ULXs) in a sample of 28 elliptical and S0 galaxies observed with Chandra. We find that the number of X-ray sources detected at a flux level that would correspond to a 0.3-10 keV X-ray luminosity of ~2 x 10^39 ergs/s or greater (for which we have used the designation very ultraluminous X-ray sources; VULXs) at the distance of each galaxy is equal to the number of expected foreground/background objects. In addition, the VULXs are uniformly distributed over the Chandra field of view rather than distributed like the optical light of the galaxies, strengthening the argument that the high flux sources are unassociated with the galaxies. We have also taken the VULX candidate list of Colbert and Ptak and determined the spatial distribution of VULXs in early-type galaxies and late-type galaxies separately. While the spiral galaxy VULXs are clearly concentrated toward the centers of the galaxies, the early-type galaxy VULXs are distributed randomly over the ROSAT HRI field of view, again indicating that they are not associated with the galaxies themselves. We conclude that with the exception of two rare high luminosity objects within globular clusters of the elliptical galaxy NGC1399, VULXs are generally not found within old stellar systems. However, we do find a significant population of sources with luminosities of 1-2 x 10^39 ergs/s that reside within the sample galaxies that can be explained by accretion onto 10-20 solar mass black holes. Given our results, we propose that ULXs be defined as X-ray sources with L_X(0.3-10 keV) > 2 x 10^39 ergs/s.Comment: 5 pages in emulateapj style with 2 embedded Postscript figure, accepted by ApJ Letter