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The sections in this book are devoted to new approaches and usages of stainless steels, the influence of the environments on the behavior of certain classes of steels, new structural concepts to understand some fatigue processes, new insight on strengthening mechanisms, and toughness in microalloyed steels. The kinetics during tempering in low-alloy steels is also discussed through a new set-up that uses a modified Avrami formalism.

Alloys. --- Metallic alloys --- Metallic composites --- Metals --- Phase rule and equilibrium --- Amalgamation --- Microalloying --- Metals technology / metallurgy

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Many economic decisions involve a binary choice - for example, when consumers decide to purchase a good or when firms decide to enter a new market. In such settings, agents' choices often depend on imperfect expectations of the future payoffs from their decision (expectational error) as well as factors that the econometrician does not observe (structural error). In this paper, we show that expectational error, under an assumption of rational expectations, is a source of classical measurement error, and we propose a novel moment inequality estimator that accounts for both expectational error and structural error in a binary choice model. With simulated data and Chilean firm-level customs data, we illustrate the identifying power of our inequalities and show the biases that arise when one ignores either source of error. We use the customs data to estimate the fixed costs exporters face when entering a new market.

Zonder onderwerpscode: economie

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When firms operate production plants in multiple countries, technological improvements developed in one country may be shared with firm sites abroad for efficiency gain. We develop a dynamic model that allows for such intrafirm transfer, and apply it to measure the impact of innovation on performance for a panel of U.S. multinationals. Our estimates indicate U.S. parent R&D raises performance significantly at firm locations abroad, and also complements R&D by affiliates. Parent R&D is a substantially more important determinant of firm performance than affiliate R&D. We identify these R&D effects using variation in location-specific innovation policies.

Zonder onderwerpscode: economie

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Exporting firms continuously change export destinations. We present reduced-form evidence indicating firms are more likely to export to countries that are geographically close to their previous destinations. This evidence for path dependence in exports is robust to controlling for firm-country specific unobservable determinants of export choices that might be correlated over time and space. Accordingly, we develop a model of export dynamics in which firms' exports in each market may depend on: (a) how similar this market is to the firm's home country (gravity), and (b) how similar it is to other countries to which the firm has previously exported (extended gravity). Given the large number of possible export paths from which forward-looking firms may choose, estimation approaches based on discrete choice models are computationally infeasible. Instead, we use a moment inequality approach. We conclude that extended gravity effects may reduce the cost of entering an export market by up to 40%.

Zonder onderwerpscode: economie

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We study inference in shift-share regression designs, such as when a regional outcome is regressed on a weighted average of observed sectoral shocks, using regional sector shares as weights. We conduct a placebo exercise in which we estimate the effect of a shift-share regressor constructed with randomly generated sectoral shocks on actual labor market outcomes across U.S. Commuting Zones. Tests based on commonly used standard errors with 5% nominal significance level reject the null of no effect in up to 55% of the placebo samples. We use a stylized economic model to show that this overrejection problem arises because regression residuals are correlated across regions with similar sectoral shares, independently of their geographic location. We derive novel inference methods that are valid under arbitrary cross-regional correlation in the regression residuals. We show that our methods yield substantially wider confidence intervals in popular applications of shift-share regression designs.

Zonder onderwerpscode: economie