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Economics

2001

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Articles 31 - 60 of 669

Full-Text Articles in Social and Behavioral Sciences

Bootstrapping Macroeconometric Models, Ray C. Fair Dec 2001

Bootstrapping Macroeconometric Models, Ray C. Fair

Cowles Foundation Discussion Papers

This paper outlines a bootstrapping approach to the estimation and analysis of macroeconometric models. It integrates for dynamic, nonlinear, simultaneous equation models the bootstrapping approach to evaluating estimators initiated by Efron (1979) and the stochastic simulation approach to evaluating models’ properties initiated by Adelman and Adelman (1959). It also estimates for a particular model the gain in coverage accuracy from using bootstrap confidence intervals over asymptotic confidence intervals.

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Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos Dec 2001

Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We build a model of competitive pooling, which incorporates adverse selection and signalling into general equilibrium. Pools are characterized by their quantity limits on contributions. Households signal their reliability by choosing which pool to join. In equilibrium, pools with lower quantity limits sell for a higher price, even though each household’s deliveries are the same at all pools. The Rothschild-Stiglitz model of insurance is included as a special case. We show that by recasting their hybrid oligopolistic-competitive story into our perfectly competitive framework, their separating equilibrium always exists (even when they say it doesn’t) and is unique.

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Penalised Maximum Likelihood Estimation For Fractional Gaussian Processes, Offer Lieberman Dec 2001

Penalised Maximum Likelihood Estimation For Fractional Gaussian Processes, Offer Lieberman

Cowles Foundation Discussion Papers

We apply and extend Firth’s (1993) modified score estimator to deal with a class of stationary Gaussian long-memory processes. Our estimator removes the first order bias of the maximum likelihood estimator. A small simulation study reveals the reduction in the bias is considerable, while it does not inflate the corresponding mean squared error.

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Asymptotic Theory For Multivariate Garch Processes, F. Comte, Offer Lieberman Dec 2001

Asymptotic Theory For Multivariate Garch Processes, F. Comte, Offer Lieberman

Cowles Foundation Discussion Papers

We provide in this paper asymptotic theory for the multivariate GARCH (p,q) process. Strong consistency of the quasi-maximum likelihood estimator (MLE) is established by appealing to conditions given in Jeantheau [19] in conjunction with a result given by Boussama [9] concerning the existence of a stationary and ergodic solution to the multivariate GARCH (p,q) process. We prove asymptotic normality of the quasi-MLE when the initial state is either stationary or fixed.

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The Role Of Social Capital In Reclaiming Human Capital: A Longitudinal Study Of Occupational Mobility Among Displaced Steelworkers, Allison Zippay Dec 2001

The Role Of Social Capital In Reclaiming Human Capital: A Longitudinal Study Of Occupational Mobility Among Displaced Steelworkers, Allison Zippay

The Journal of Sociology & Social Welfare

This paper examines the employment and income effects of job training, education, and social network contacts over a l0-year period among a random sample of steelworkers who lost jobs to plant closings in the early 1980s in a manufacturing community in Western Pennsylvania. First interviewed in 1987, a majority of the 102 respondents were unemployed or underemployed. A second round of interviews was conducted in 1997 with 87 of the original respondents to examine changes in income and employment status, the types of training and education that had been pursued over the course of 10 years, and their use of …

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Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos Dec 2001

Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We build a model of competitive pooling, which incorporates adverse selection and signalling into general equilibrium. Pools are characterized by their quantity limits on contributions. Households signal their reliability by choosing which pool to join. In equilibrium, pools with lower quantity limits sell for a higher price, even though each household’s deliveries are the same at all pools. The Rothschild-Stiglitz model of insurance is included as a special case. We show that by recasting their hybrid oligopolistic-competitive story into our perfectly competitive framework, their separating equilibrium always exists (even when they say it doesn’t) and is unique.

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Inductive Inference: An Axiomatic Approach, Itzhak Gilboa, David Schmeidler Dec 2001

Inductive Inference: An Axiomatic Approach, Itzhak Gilboa, David Schmeidler

Cowles Foundation Discussion Papers

A predictor is asked to rank eventualities according to their plausibility, based on past cases. We assume that she can form a ranking given any memory that consists of finitely many past cases. Mild consistency requirements on these rankings imply that they have a numerical representation via a matrix assigning numbers to eventuality-case pairs, as follows. Given a memory, each eventuality is ranked according to the sum of the numbers in its row, over cases in memory. The number attached to an eventuality-case pair can be interpreted as the degree of support that the past case lends to the plausibility …

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Believe And Let Believe: Axiomatic Foundations For Belief Dependent Utility Functionals, Leeat Yariv Dec 2001

Believe And Let Believe: Axiomatic Foundations For Belief Dependent Utility Functionals, Leeat Yariv

Cowles Foundation Discussion Papers

A large body of experimental data demonstrates that people’s beliefs influence their well-being beyond the indirect effect through the actions taken. I present a model that incorporates beliefs into an agent’s utility function. The paper provides axiomatic foundations for a special class of non-additive utility indices defined over infinite streams of beliefs and actions. I assume that: 1) there exists a (null) belief that does not have any effect on future preferences; 2) the agent has finite memory – only finite histories have an effect on current preferences; and 3) if the agent knows she will not be getting any …

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Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos Dec 2001

Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We build a model of competitive pooling, which incorporates adverse selection and signalling into general equilibrium. Pools are characterized by their quantity limits on contributions. Households signal their reliability by choosing which pool to join. In equilibrium, pools with lower quantity limits sell for a higher price, even though each household’s deliveries are the same at all pools. The Rothschild-Stiglitz model of insurance is included as a special case. We show that by recasting their hybrid oligopolistic-competitive story in our perfectly competitive framework, their separating equilibrium always exists (even when they say it doesn’t) and is unique.

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On Fair Allocations And Indivisibilities, Ning Sun, Zaifu Yang Dec 2001

On Fair Allocations And Indivisibilities, Ning Sun, Zaifu Yang

Cowles Foundation Discussion Papers

This paper studies the problem of how to distribute a set of indivisible objects with an amount M of money among a number of agents in a fair way. We allow any number of agents and objects. Objects can be desirable or undesirable and the amount of money can be negative as well. In case M is negative, it can be regarded as costs to be shared by the agents. The objects with the money will be completely distributed among the agents in a way that each agent gets a bundle with at most one object if there are more …

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Dimensions Of The Worldwide Merger Boom, Frederic L. Pryor Dec 2001

Dimensions Of The Worldwide Merger Boom, Frederic L. Pryor

Economics Faculty Works

No abstract provided.

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State Regulations Of Smoking In Public Places: Determinants And Implications On The Demand For Smoking And Consumers' Behavior, Ioana Raluca Mazare Dec 2001

State Regulations Of Smoking In Public Places: Determinants And Implications On The Demand For Smoking And Consumers' Behavior, Ioana Raluca Mazare

Dissertations

No abstract provided.

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The Central And East European Automotive Industry Restructuring, Petr Pavlinek Dec 2001

The Central And East European Automotive Industry Restructuring, Petr Pavlinek

Geography and Geology Faculty Publications

have come to the Slavic Research Center of the Hokkaido University to study the profound changes that have been taking place in the automotive industry of Central and Eastern Europe (CEE) since 1990. My work is based on several field research visits to the Czech Republic that included in depth interviews conducted with key informants (plant managers, trade union leaders and ministry officials) in car factories, car component plants and governmental institutions. The automotive industry restructuring in the 1990s involved a number of complex issues that my research addresses, such as the effects of price and trade liberalization in the …

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International Cooperation In The World Of Sovereign But Interdependent Nation States: Asia Pacific Economic Cooperation As An International Regime, Chien-Hong Lee Dec 2001

International Cooperation In The World Of Sovereign But Interdependent Nation States: Asia Pacific Economic Cooperation As An International Regime, Chien-Hong Lee

Dissertations

No abstract provided.

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Prognostic Impact Of P53 Status, Tls-Chop Fusion Transcript Structure, And Histological Grade In Myxoid Liposarcoma: A Molecular And Clinicopathologic Study Of 82 Cases, C. R. Antonescu, S. J. Tschernyavsky, R. Decuseara, Denis H. Y. Leung, J. M. Woodruff, M. F. Brennan, J. A. Bridge, J. R. Neff, J. R. Goldblum, M. Ladanyi Dec 2001

Prognostic Impact Of P53 Status, Tls-Chop Fusion Transcript Structure, And Histological Grade In Myxoid Liposarcoma: A Molecular And Clinicopathologic Study Of 82 Cases, C. R. Antonescu, S. J. Tschernyavsky, R. Decuseara, Denis H. Y. Leung, J. M. Woodruff, M. F. Brennan, J. A. Bridge, J. R. Neff, J. R. Goldblum, M. Ladanyi

Research Collection School Of Economics

Purpose: A specific TLS-CHOP fusion gene resulting from the t(12;16) is present in at least 95% of myxoid liposarcomas (MLS). Three common forms of the TLS-CHOP fusion have been described, differing by the presence or absence of TLS exons 6-8 in the fusion product. Type 5-2 (also known as type II) consists of TLS exons 1-5 fused to CHOP exon 2; type 7-2 (also known as type I) also includes TLS exons 6 and 7 in the fusion, whereas type 8-2 (also known as type III) fuses TLS exons 1-8 to CHOP exon 2. We sought to determine the impact …

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Nonstandard Work And Child Care Choices Of Married Mothers, Jean Kimmel, Lisa M. Powell Dec 2001

Nonstandard Work And Child Care Choices Of Married Mothers, Jean Kimmel, Lisa M. Powell

Upjohn Institute Working Papers

The focus of this paper is to examine the interplay between nonstandard employment and child care choice decisions of married mothers with young children. We draw on the 1992/93 Survey of Income and Program Participation to estimate two related econometric models of child care choice that include the choice among center, sitter, relative and parental care. First, controlling for the potential endogeneity of the nonstandard work decision, we find that being a nonstandard worker significantly reduces the likelihood of using formal modes of child care such as center and sitter care. In our second model, where we jointly estimate the …

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Factor Substitution And Endogenous Growth, Hing-Man Leung Dec 2001

Factor Substitution And Endogenous Growth, Hing-Man Leung

Research Collection School Of Economics

We argue that the degree of substitutability between skilled and unskilled workers in production increases long-term income growth rate. Growth rate reaches its maximum when such factors are perfect substitutes, but falls to zero when they are perfect complements. This model brings together the diverging relative wage and the human-capital-growth literature. Easier substitution absorbs more workers into the skilled profession, and their training fuels human capital accumulation and growth. Our result implies, among other things, that growth is positively related to between-and within-group inequality.

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Income And Mental Health: Unraveling Community And Individual Level Relationships, Carole Gresenz, Roland Sturm, L. Tang Nov 2001

Income And Mental Health: Unraveling Community And Individual Level Relationships, Carole Gresenz, Roland Sturm, L. Tang

Carole Roan Gresenz

No abstract provided.

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Does Implied Volatility Imply Volatility In Bonds?, Michael T. Maloney, Eric Bertonazzi Nov 2001

Does Implied Volatility Imply Volatility In Bonds?, Michael T. Maloney, Eric Bertonazzi

Michael T. Maloney

No abstract provided.

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Biotechnology -- An Application Of The 'Precautionary Principle', Thomas L. Dobbs Nov 2001

Biotechnology -- An Application Of The 'Precautionary Principle', Thomas L. Dobbs

Economics Commentator

No abstract provided.

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Biotechnology -- An Application Of The 'Precautionary Principle', Thomas L. Dobbs Nov 2001

Biotechnology -- An Application Of The 'Precautionary Principle', Thomas L. Dobbs

Economics Commentator

No abstract provided.

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A Study Of The Impact Of The Tenants Purchase Scheme (Tps) On The Hong Kong Housing Markets, Fai Yip Yeung Nov 2001

A Study Of The Impact Of The Tenants Purchase Scheme (Tps) On The Hong Kong Housing Markets, Fai Yip Yeung

Theses & Dissertations

The Tenants Purchase Scheme (TPS), the public housing privatization programme, which commenced in the first quarter of 1998 in Hong Kong, has received much attention from urban economists. However, few empirical studies have been carried out to examine its impact on the housing market and the entire economy. This study uses time-series regression analysis to distinguish the effect of the Asian Financial Crisis (AFC) from that of the TPS on the transaction volume and the real transaction value in the second-hand HOS market (focusing on the HOS free market), the secondary property market, and the overall property market. In addition, …

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Purchasing Power Parity And Interest Parity In The Laboratory, Eric O'N. Fisher Nov 2001

Purchasing Power Parity And Interest Parity In The Laboratory, Eric O'N. Fisher

Economics

This paper analyses purchasing power parity and uncovered interest parity in the laboratory. It finds strong evidence that purchasing power parity, covered interest parity, and uncovered interest parity hold. Subjects are endowed with an intrinsically useless (green) currency that can be used to purchase another useless (red) currency. Green goods can be bought only with green currency, and red goods can be bought only with red currency. The foreign exchange markets are organized as call markets. In the treatment analysing purchasing power parity, the price of the red good varies. In a second treatment, the interest rate on red currency …

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Fall 2001 Economics Newsletter, Economics Department Nov 2001

Fall 2001 Economics Newsletter, Economics Department

Economics Newsletter

No abstract provided.

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Gasoline Consumption Attributable To Gasoline Powered Watercraft Use In Maine, Jonathan Rubin, Charles Morrris, Suzanne K. Hart Nov 2001

Gasoline Consumption Attributable To Gasoline Powered Watercraft Use In Maine, Jonathan Rubin, Charles Morrris, Suzanne K. Hart

Economic Development

This study was conducted by the Margaret Chase Smith Center for Public Policy (MCSC) of the University of Maine at the request of the Maine Legislature’s Commission to Study Equity in the Distribution of Gas Tax Revenues Attributable to Snowmobiles, All-Terrain Vehicles and Watercraft. The Commission was created by the Legislature with a charge to collect and analyze information to determine an equitable distribution of gas tax revenues used in the enforcement and enhancement of programs supporting off-road vehicle use in Maine. The Commission concluded that snowmobiling, boating and ATV use has increased significantly over recent years and now constitutes …

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A Organização Comum Do Mercado De Açúcar Na União Europeia: Estrutura, Instrumentos Regulatórios E Interesses, Heitor Moura Filho Nov 2001

A Organização Comum Do Mercado De Açúcar Na União Europeia: Estrutura, Instrumentos Regulatórios E Interesses, Heitor Moura Filho

Heitor Moura Filho

The subsidies and protection structure of the sugar sectors in the European Union originated from the individual national protection systems, unified with the creation of the Common Agricultural Policy. The main form of protection for agricultural products in the EU are the Common Organisations of the Market, which fix rules for planting, sale, prices, subsidies, storage and foreign trade. The COM for Sugars is based on an intervention price, at present quite higher than international prices. To determine who benefits from this intervention price, production quotas are established and distributed to each Member-State, producer and raw-material supplier. In parallel, levies …

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November 2001, Syracuse Department Of Economics Nov 2001

November 2001, Syracuse Department Of Economics

Economics - All Scholarship

No abstract provided.

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Equilibrium Selection In Global Games With Strategic Complementarities, David M. Frankel, Stephen Morris, Ady Pauzner Nov 2001

Equilibrium Selection In Global Games With Strategic Complementarities, David M. Frankel, Stephen Morris, Ady Pauzner

Cowles Foundation Discussion Papers

We study games with strategic complementarities, arbitrary numbers of players and actions, and slightly noisy payoff signals. We prove limit uniqueness: as the signal noise vanishes, the game has a unique strategy profile that survives iterative dominance. This generalizes a result of Carlsson and van Damme (1993) for two player, two action games. The surviving profile, however, may depend on fine details of the structure of the noise. We provide sufficient conditions on payoffs for there to be noise-independent selection.

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Differentiated Products Demand Systems From A Combination Of Micro And Macro Data: The New Car Market, Steven T. Berry, James Levinsohn, Ariel Pakes Nov 2001

Differentiated Products Demand Systems From A Combination Of Micro And Macro Data: The New Car Market, Steven T. Berry, James Levinsohn, Ariel Pakes

Cowles Foundation Discussion Papers

In this paper we provide an algorithm for estimating characteristic based demand models from alternative data sources, and apply it to new data on the market for passenger vehicles. We find that, provided care is taken in constructing the demand system and rich enough data are available, the characteristic based model can both rationalize existing results and provide realistic out of sample predictions.

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The Optimal Concentration Of Creditors, Ivo Welch, Arturo Bris Nov 2001

The Optimal Concentration Of Creditors, Ivo Welch, Arturo Bris

Cowles Foundation Discussion Papers

There are situations in which dispersed creditors (e.g., public creditors) have more difficulties and higher costs when collecting their claims in financial distress than concentrated creditors (e.g., banks). Under this assumption, our model predicts that measures of debt concentration relate [a] positively to creditors’ chosen aggregate debt collection expenditures; [b] positively to management’s chosen expenditures to avoid paying; [c] positively to total net litigation costs/waste in financial distress; and [d] positively to accomplished claim recovery by creditors (to which we present some preliminary favorable empirical evidence). Under additional assumptions, measures of debt concentration relate [e] positively to intrinsic firm quality; …

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