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Full-Text Articles in Economics
Fiscal And Monetary Policies, Capital Formation, And Economic Activity, Willem H. Buiter, James Tobin
Fiscal And Monetary Policies, Capital Formation, And Economic Activity, Willem H. Buiter, James Tobin
Cowles Foundation Discussion Papers
No abstract provided.
A Model Of Stochastic Equilibrium In A Quasi-Competitive Industry, John Sutton
A Model Of Stochastic Equilibrium In A Quasi-Competitive Industry, John Sutton
Cowles Foundation Discussion Papers
No abstract provided.
Finiteness And Inefficiency Of Nash Equilibria, Pradeep Dubey
Finiteness And Inefficiency Of Nash Equilibria, Pradeep Dubey
Cowles Foundation Discussion Papers
No abstract provided.
Balance Of Payments And The Foreign Exchange Market: A Dynamic Partial Equilibrium Model, Pentti J.K. Kouri
Balance Of Payments And The Foreign Exchange Market: A Dynamic Partial Equilibrium Model, Pentti J.K. Kouri
Cowles Foundation Discussion Papers
No abstract provided.
An Estimate Of The Uncertainty Of Policy Effects In A Macro-Economic Model, Ray C. Fair
An Estimate Of The Uncertainty Of Policy Effects In A Macro-Economic Model, Ray C. Fair
Cowles Foundation Discussion Papers
No abstract provided.
A Proposal For International Monetary Reform, James Tobin
A Proposal For International Monetary Reform, James Tobin
Cowles Foundation Discussion Papers
No abstract provided.
Equity, Efficiency And Increasing Returns, Donald J. Brown, Geoffrey M. Heal
Equity, Efficiency And Increasing Returns, Donald J. Brown, Geoffrey M. Heal
Cowles Foundation Discussion Papers
No abstract provided.
Multiplicative Bidding And Convergence To Equilibrium, Richard Engelbrecht-Wiggans
Multiplicative Bidding And Convergence To Equilibrium, Richard Engelbrecht-Wiggans
Cowles Foundation Discussion Papers
General equilibrium strategies may be relatively difficult to determine. While multiplicative strategies may be much simpler to calculate, they are not in general in equilibrium. An example shows that such strategies may indeed be quite far from equilibrium. However, if the example is iterated using Bayesian decision analysis, the strategies quickly converge to being very nearly in equilibrium.
Government Deficits And Capital Accumulation, James Tobin
Government Deficits And Capital Accumulation, James Tobin
Cowles Foundation Discussion Papers
No abstract provided.
The Optimal Payment Of Unemployment Insurance Benefits Over Time, Steven Shavell, Laurence Weiss
The Optimal Payment Of Unemployment Insurance Benefits Over Time, Steven Shavell, Laurence Weiss
Cowles Foundation Discussion Papers
No abstract provided.
Economics Among The Sciences, Tjalling C. Koopmans
Economics Among The Sciences, Tjalling C. Koopmans
Cowles Foundation Discussion Papers
No abstract provided.
The Capital Stock Modified Competitive Equilibrium, Martin Shubik
The Capital Stock Modified Competitive Equilibrium, Martin Shubik
Cowles Foundation Discussion Papers
No abstract provided.
Nash Equilibria Of Market Games: Ii. Finiteness, Pradeep Dubey
Nash Equilibria Of Market Games: Ii. Finiteness, Pradeep Dubey
Cowles Foundation Discussion Papers
No abstract provided.
A Model Of International Trade And Finance, Laurence Weiss
A Model Of International Trade And Finance, Laurence Weiss
Cowles Foundation Discussion Papers
No abstract provided.
An Example Of A Multi-Object Auction Game, Richard Engelbrecht-Wiggans
An Example Of A Multi-Object Auction Game, Richard Engelbrecht-Wiggans
Cowles Foundation Discussion Papers
Multi-object auctions are traditionally analyzed as if they were a number of simultaneous independent single object auctions. Such an approximation may be very crude if bidders have budget restrictions, capacity constraints, or, in general, have non-linear utility functions. This paper presents a very simple multi-object auction for which explicit equilibrium strategies can be calculated; these equilibrium strategies have several qualitative characteristics arising from the multi-object nature of the example and therefore not present in typical single object auctions.
A Model For The Distribution Of The Number Of Bidders In An Auction, Richard Engelbrecht-Wiggans
A Model For The Distribution Of The Number Of Bidders In An Auction, Richard Engelbrecht-Wiggans
Cowles Foundation Discussion Papers
The distribution of the number of bidders in auctions with uncertain numbers is usually assumed to be Poisson. The observed distribution, for example in OCS Federal Offshore Oil Lease Sales, is apparently not Poisson. A simple model is presented showing that if the objects have different values and individuals tend to only bid on objects with high value, then the resulting distribution of the number of bidders will not be Poisson. The results of the model correspond closely to data observed in Federal Offshore Oil lease auctions and the model is simple enough so that it may be of practical …
Auctions And Bidding Models: A Survey, Richard Engelbrecht-Wiggans
Auctions And Bidding Models: A Survey, Richard Engelbrecht-Wiggans
Cowles Foundation Discussion Papers
Auctions and bidding models are attracting an ever increasing amount of attention. The Stark and Rothkopf (1977) bibliography includes approximately 500 papers on the subject; additional work has been reported since the bibliography was compiled. This paper presents a general framework for classifying and describing various auctions and bidding models, and surveys the major results of the literature in terms of this framework.
Comparison Of Public Choice Systems, Robert J. Weber
Comparison Of Public Choice Systems, Robert J. Weber
Cowles Foundation Discussion Papers
The area of social decision-making is one in which the disciplines of game theory, political science, and economics all meet. One of the simplest decisions to be faced is the election of one candidate from several. Various voting systems have been proposed for such elections. In order to compare these systems in terms of their tendency to elect a candidate representative of the voters’ preferences, a measure of “effectiveness” has been developed. The study of the effectiveness of voting systems is continued in this paper. In particular, two families of voting systems are found to contain three- and four-candidate systems …
Auctions And Bidding Models: A Survey, Richard Engelbrecht-Wiggans
Auctions And Bidding Models: A Survey, Richard Engelbrecht-Wiggans
Cowles Foundation Discussion Papers
Auctions and bidding models are attracting an ever increasing amount of attention. The Stark and Rothkopf (1977) bibliography includes approximately 500 papers on the subject; additional work has been reported since the bibliography was compiled. This paper presents a general framework for classifying and describing various auctions and bidding models, and surveys the major results of the literature in terms of this framework.
Debt Neutrality: A Brief Review Of Doctrine And Evidence, Willem H. Buiter, James Tobin
Debt Neutrality: A Brief Review Of Doctrine And Evidence, Willem H. Buiter, James Tobin
Cowles Foundation Discussion Papers
No abstract provided.
Bidding In Auctions With Multiplicative Lognormal Errors: An Example, Richard Engelbrecht-Wiggans
Bidding In Auctions With Multiplicative Lognormal Errors: An Example, Richard Engelbrecht-Wiggans
Cowles Foundation Discussion Papers
Auction models with lognormally-distributed multiplicative errors are used extensively in models of mineral lease sales. Equilibrium strategies are typically difficult to calculate; multiplicative strategies are often used as approximations. An example based on a federal offshore oil lease sale shows that multiplicative strategies may be quite far from being in equilibrium. However, under a special form of repetition, such strategies converge very rapidly to an equilibrium. The effects of any fixed costs, the reservation price, the number of bidders and the variance of the error are examined briefly for this example.
An Integrated Model Of Household Flow-Of-Funds Allocations, David Backus, Douglas D. Purvis
An Integrated Model Of Household Flow-Of-Funds Allocations, David Backus, Douglas D. Purvis
Cowles Foundation Discussion Papers
This paper extends the multivariate stock-adjustment model commonly used in empirical studies of portfolio behavior in order to analyze the complete set of flow allocation decisions made by households (including consumption, expenditures on durables and houses, and various financial aggregates). The model is then confronted with quarterly household sector data from the United States Flow of Funds Accounts for the period 1954 to 1975. Besides presenting OLS estimates, we test parameter restrictions suggested by our theoretical structure; the data supports the view that the explanatory power of the model is enhanced by allowing non-zero cross-effects on interest rates and lagged …
An Analysis Of The Accuracy Of Four Macroeconometric Models, Ray C. Fair
An Analysis Of The Accuracy Of Four Macroeconometric Models, Ray C. Fair
Cowles Foundation Discussion Papers
No abstract provided.
The Role For Active Monetary Policy In A Rational Expectations Model, Laurence Weiss
The Role For Active Monetary Policy In A Rational Expectations Model, Laurence Weiss
Cowles Foundation Discussion Papers
No abstract provided.
A Modeling System For Applied General Equilibrium Analysis, Thomas Rutherford
A Modeling System For Applied General Equilibrium Analysis, Thomas Rutherford
Cowles Foundation Discussion Papers
Numerical modeling in the Arrow-Debreu framework has emerged as a consistent approach for economic analysis. A major disadvantage of the applied general equilibrium (AGE) framework has been the high degree of technical expertise required for formulating and solving these models. This paper describes a micro-computer for AGE modeling. The system, named MPS/GE, combines an efficient solution algorithm with an interactive user-interface. Using MPS/GE, models containing up to 300 prices and activities can be formulated and solved on an IBM PC. This makes AGE modeling accessible to a wider group of policy analysts and educators than was previously the case.
Profitability And Growth In A Small Open Economy, Pentti J.K. Kouri
Profitability And Growth In A Small Open Economy, Pentti J.K. Kouri
Cowles Foundation Discussion Papers
No abstract provided.
Exchange Rates And The International Adjustment Process, Pentti J.K. Kouri, Jorge B. De Macedo
Exchange Rates And The International Adjustment Process, Pentti J.K. Kouri, Jorge B. De Macedo
Cowles Foundation Discussion Papers
No abstract provided.
A Note On The Saddlepoint Approximation In The First Order Non-Circular Autoregression, Peter C.B. Phillips
A Note On The Saddlepoint Approximation In The First Order Non-Circular Autoregression, Peter C.B. Phillips
Cowles Foundation Discussion Papers
In approximating the small sample distribution of the least squares estimator of the coefficient in a non-circular autoregression the saddlepoint method is complicated by the presence of a branch point of the integrand within the natural contour of integration. Some new approximations are given based on a contour looping around the branch point; and a uniform approximation which is valid as the saddlepoint crosses branch point is also developed.
Systems Defense Games: Colonel Blotto, Command And Control, Martin Shubik, Robert J. Weber
Systems Defense Games: Colonel Blotto, Command And Control, Martin Shubik, Robert J. Weber
Cowles Foundation Discussion Papers
No abstract provided.
The Structure Of Neutral Monotonic Social Functions, Julian H. Blau, Donald J. Brown
The Structure Of Neutral Monotonic Social Functions, Julian H. Blau, Donald J. Brown
Cowles Foundation Discussion Papers
In [6], Guha gave a complete characterization of path independent social decision functions which satisfy the independence of irrelevant alternatives condition, the strong Pareto principle, and UII, i.e., unanimous indifference implies social indifference. These conditions necessarily imply that a path independent social decision function is neutral and monotonic. In this paper, we extend Guha’s characterization to the class of neutral monotonic social functions. We show that neutral monotonic social functions and their specializations to social decision functions, path independent social decision functions, and social welfare functions can be uniquely represented as a collection of overlapping simple games, each of which …