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Chapter 12 Farm Reorganization Bankruptcies In South Dakota; U.S. Wheat Supply And Demand 1989, Larry Janssen, Scott Peterson, Richard Shane, Gene Murra

Economics Commentator (1972- 2016)

No abstract provided.

Trends In Hospital And Nursing Home Care Expenditures, Maine, 1982 To 1986, Maine Department Of Human Services

Maine Collection

Trends in Hospital and Nursing Home Care Expenditures, Maine, 1982 to 1986

Maine Department of Human Services - Office of Data, Research, and Vital Statistics

John R. McKernan, Jr., Governor, Rollin Ives, Commissioner, Brenda Smith, Planning and Research Associate, May, 1989.

"This report produced under Appropriation No. 1310-4010."

Contents: Introduction / Hospital Care Expenditures / Nursing Home Care Expenditures / Comparison of Hospital and Nursing Home Care Expenditure Trends / Concluding Remarks / References

Asymptotic Optimality Of Generalized Cl, Cross-Validation, And Generalized Cross-Validation In Regression With Heteroskedastic Errors, Donald W.K. Andrews

Cowles Foundation Discussion Papers

The problem considered here is that of using a data-driven procedure to select a good estimate from a class of linear estimates indexed by a discrete parameter. In contrast to other papers on this subject, we consider models with heteroskedastic errors. The results apply to model selection problems in linear regression and to nonparametric regression estimation via series estimators, nearest neighbor estimators, and local regression estimators, among others. Generalized C L , cross-validation, and generalized cross-validation procedures are analyzed.

An Empirical Process Central Limit Theorem For Dependent Non-Identically Distributed Random Variables, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper establishes a central limit theorem (CLT) for empirical processes indexed by smooth functions. The underlying random variables may be temporally dependent and non-identically distributed. In particular, the CLT holds for near epoch dependent (i.e., functions of mixing processes) triangular arrays, which include strong mixing arrays, among others. The results apply to classes of functions that have series expansions. The proof of the CLT is particularly simple; no chaining argument is required. The results can be used to establish the asymptotic normality of semiparametric estimators in time series contexts. An example is provided.

Renegotiation And Symmetry In Repeated Games, Dilip Abreu, David G. Pearce, Ennio Stacchetti

Cowles Foundation Discussion Papers

It seems reasonable to suppose that in repeated games in which communications is possible, play is determined through a process of negotiation and renegotiation as events unfold. In the absence of a satisfying theory of players’ bargaining power, it is unclear how to model this process. Symmetric repeated games are an important class in which the problem is less troublesome. Whatever its source, bargaining power is presumably the same for all players in a symmetric game. We take equal bargaining power to mean that a player can mount a credible objection to a continuation equilibrium in which he receives a …

Asymptotics For Semiparametric Econometric Models: I. Estimation, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper provides a general framework for proving the square root of T consistency and asymptotic normality of a wide variety of semiparametric estimators. The results apply in time series and cross-sectional modeling contexts. The class of estimators considered consists of estimators that can be defined as the solution to a minimization problem based on a criterion function that may depend on a preliminary infinite dimensional nuisance parameter estimator. The criterion function need not be differentiable. The method of proof exploits results concerning the stochastic equicontinuity or weak convergence of normalized sums of stochastic processes. This paper also considers tests …

Asymptotics For Semiparametric Econometric Models: Iii. Testing And Examples, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper considers tests of nonlinear parametric restrictions in semiparametric econometric models. To date, only Wald tests of such restrictions have been considered in the literature. Here, Wald, Lagrange multiplier, and likelihood ratio-like test statistics are considered and are shown to have asymptotic chi-square distributions under the null and local alternatives. The results hold for a wide variety of underlying estimation techniques and in a wide variety of model scenarios. A number of examples are given to illustrate the testing results of this paper and the estimation and stochastic equicontinuity results of the antecedents to this paper, viz. Andrews (1989b, …

Do The Secondary Markets Believe In Life After Debt?, Vassilis A. Hajivassiliou

Cowles Foundation Discussion Papers

This paper employs panel-data econometric techniques to explore the relations between measures of credit worthiness and the debt discounts on the secondary markets. It investigates empirically whether the secondary market discounts reflect a history of past repayments problems or whether they anticipate future debt crises. The answer to this question has implications about the desirability of debt relief. The main finding is that the secondary markets do not seem rapidly to absorb economic information, which suggests that they are still in their evolutionary stage and are not very efficient. The estimated models are also used to analyze issues in the …

Game Theory Without Partitions, And Applications To Speculation And Consensus, John Geanakoplos

Cowles Foundation Discussion Papers

Decision theory and game theory are extended to allow for information processing errors. This extended theory is then used to reexamine market speculation and consensus, both when all actions (opinions) are common knowledge and when they may not be. Five axioms of information processing are shown to be especially important to speculation and consensus. They are called nondelusion, knowing that you know, nested, balanced, and positively balanced. We show that it is necessary and sufficient that each agent’s information processing errors be nondeluded and (1) balanced so that the agents cannot agree to disagree, (2) positively balanced so that it …

The Capital Asset Pricing Model As A General Equilibrium With Incomplete Markets, John Geanakoplos, Martin Shubik

Cowles Foundation Discussion Papers

We recast the capital asset pricing model (CAPM) in the broader context of general equilibrium with incomplete markets (GEI). In this setting we give proofs of three properties of CAPM equilibria: they are efficient, asset prices lie on a “security market line,” and all agents hold the same two mutual funds. The first property requires a riskless asset, the latter two do not. We show that across all GEI only one of these three properties of equilibrium is generally valid: asset prices depend on covariances, not variances. We extend CAPM to many consumption goods in such a way that all …

Tariff Policy And Protection To Industry In Egypt, 1961-1986, Mohamed Imam Imam Salem

Archived Theses and Dissertations

No abstract provided.

Metropolitan Report - May 1989, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans

UNO Metropolitan Report (1986-2017)

No abstract provided.

Banking In China: Fiscal Policy Under Pressure, Thor Roundy

Undergraduate Honors Capstone Projects

The radical changes occurring in China can be both exciting and frightening. Attempting to keep in reign a skyrocketing economy, Chinese Leaders such as Liu Hongru and Zhang Wei have become modern day entrepreneurs in creating a new national economy. Like typical entrepreneurs, Chinese leadership is making decisions by the seat of their pants, attempting to control growth under volatile new conditions of reform.

An Historical Overview Of The Evolutions Of Institutions Dealing With Water Resource Use And Water Resource Development In Utah 1847 Through 1947, John Swenson Harvey

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This thesis studies the development of social and legal institutions that have controlled the pattern of water development in Utah from 1847 to 1947. The thesis is divided into three parts to facilitate the study of the diverse influences on water development. The first part deals with the mormon church and pioneer influences and private development during the late 1800s. The second begins with statehood and records the changes in the state's institutions up to 1947. The third part is a summary of the entire process. It relates pioneer, private, and state influences to each other and the current (1989) …

Factors Affecting The Long-Term Market And Profit Potential Of The Utah Apple Industry, Jodie R. Harris

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The Utah apple industry is a small competitor in a major market. Efforts were made to analyze the long-term market and profitability potential of the industry. This study consisted of two parts, whole farm simulations and a consumer preference survey.

A whole-farm simulation model (FLIPSIM) was used to evaluate and test variations in price, debt load and sizes of Utah apple production units. These variations examined the effects of various possible market and financial conditions that producers could face given the current situation of the apple industry. FLIPSIM was used to demonstrate the stochastic nature of prices and yields of …

Incremental Returns To Cattle Feeding From Alternative Feedlot Practices, Ibrahim R. Hani

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The main goals of this study are to: 1) identify the influence of various breeds, feeds, and hormone additives on the final weight or the rate of gain of feeder cattle; 2) determine the physical relationships among breeds, feeds, hormone additives, and other variables; and 3) estimate the costs and benefits associated with alternative feed and/or hormone additives and other variables to determine whether the benefits of using different breeds, feeds, and hormone additives exceed the costs. The linear mode l was initially chosen and showed that Rumensin additive and Angus and Simmental cross breeds were not significant on the …

An Analytical Study Of The Short-Run Variability Of Korea's Balance Of Payments, 1961-85: Application Of Keynesian And Monetary Approaches To The Problem, Dong Yeub Kim

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The relationships among the balance of payments and other macroeconomic variables in the Korean economy for the period 1961-85 are analyzed in this study. Theoretical studies on the effects of government policies on the economy and the balance of payments were conducted under both the Keynesian and monetary approaches. The Keynesian approach concentrates on the commodity and capital market adjustment factors and does not focus on the money market factors, whereas the monetary approach considers the balance of payments adjustments as a symptom of money market disequilibrium alone.

The basic assumptions of those two approaches, taken seperately, are not fully …

An Estimation Of Primary Benefits Realized On Three Bureau Of Reclamation Projects, Steven D. C. Mcqueen

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Three Bureau of Reclamation projects, which represent a broad cross-section of the eleven total in Utah, are studied in order to shed light on the value of the invested resources to U.S. taxpayers, the people of Utah, and the local farmers.

The bureau's nonmultiple-purpose projects in Utah are termed "supplemental" as opposed to "full-service" because some amount of irrigation was already in place.

Recent findings from field trials of yield vs. evapotranspiration for major crops grown in the Western states were employed to assess the annual productive value of existing river water rights had the three projects not been built. …

Economic Simulation Of Selected Management Strategies For A Typical Dairy Farm Faced With Declining Milk Prices, M. Reed Balls

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The purpose of this thesis is to study the effect of lower milk support prices trigger ed by chronic surplus production problems and to offer alter native management strategies for dairymen caught in the cash flow squeeze precipitated by resulting cuts in the producer price of milk. Historical dairy policy is reviewed and recommendations are offered for consideration in developing dairy policy over the next decade.

FLIPSIM V, a powerful, firm-level computerized simulation model is employed to predict the probable outcome of employing alternative management strategies designed to improve profitability for individual dairymen. The study focuses on a typical farm …

An Examination Of Open- And Closed-Economic Conditions In Operant Research, Craig R. Loftin

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The effect of economic condition on the relation between responding and overall rate of reinforcement has been an area of recent interest in operant research. The present research was conducted to determine whether the manipulation of the economic condition, by the systematic manipulation of the provision of substitute food, has an effect on this relation and whether open- and closed-economies represent two opposing alternatives or two parametric extremes along a continuum. The results of two experiments conducted with pigeons using variable-interval and fixed-ratio schedules of reinforcement suggest that the manipulation of economic condition has a controlling effect on the relation …

Protecting The Environment: Harnessing The Power Of The Marketplace, Murray L. Weidenbaum

Murray Weidenbaum Publications

Americans want a cleaner environment but do not necessarily want to pay more or be inconvenienced. Economists feel that providing economic incentives to manufacturers to reduce pollution can be helpful.

New Mexico Labor Market Review 04-28-1989, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review was prepared by the New Mexico Department of Labor in cooperation with U.S. Bureau of Labor Statistics for March of 1989. It is a report on the state's employment and economic activity.

Frorward Pricing Grain With No Cancellation Penalties; Livestock Outlook, Brian H. Schmiesing, Gene Murra

Economics Commentator (1972- 2016)

No abstract provided.

Quicksand Craft Center: Documentation & Analysis Of A Handweaving Program In Vest, Kentucky, Deborah Champion

Masters Theses & Specialist Projects

Data on the handweaving program at the Quicksand Craft Center in the Appalachian Mountains of Eastern Kentucky were compiled and analyzed. Four areas--history of the craft program, business organization and financial structure, weave patterns of goods woven and sold by the craft center, and weavers employed in the program --were examined to assess the success of the program in the local community. Factors in the four areas examined contributed to the success of the program. The benevolence, perseverance, and co-operation of the founders, directors and community members involved with the craft center have been largely responsible for the continued success …

The Effect Of Government Deficits On Consumption And Interest Rates: A Two Equation Approach, Dean D. Croushore

Economics Faculty Publications

Single-equation estimation of the consumption function often is used in testing the Ricardian equivalence theorem. This approach may be misleading, as effects on interest rates usually are ignored. This paper proposes simultaneous estimation of consumption and investment equations, with the interest rate serving to equilibrate the market. Five existing studies are replicated and subjected to sensitivity tests. The results show that the interest rate is important in the consumption function. The Ricardian equivalence theorem is tested, but the results are mixed.

Gold, Liquidity And Secured Loans In A Multi-Stage Economy. Part Ii. Many Durables, Land And Gold, Martin Shubik, Shuntian Yao

Cowles Foundation Discussion Papers

In a previous paper (Shubik and Yao, 1988) we examined a multistage exchange economy with m perishable goods and one infinitely durable gold used as money. we considered an economy without credit and one with one hundred percent secured loans. In this paper we consider an economy with m(1) goods which have finite lives and m(2) goods which are of infinite durability. Historically the two durables which have been prominent in economic activity have been gold and land, although one might wish to include platinum and some other items.

Time Series Regression With A Unit Root And Infinite Variance Errors, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Chan and Tran give the limit theory for the least squares coefficient in a random walk with the iid errors that are in the domain of attraction of a stable law. This note discusses their results and provides generalizations to the case of I(q) processes with weakly dependent errors whose distributions are in the domain of attraction of a stable law. General unit root tests are also studied. It is shown that the semiparametric corrections suggested by the author for the finite variance case continue to work when the errors have infinite variance. The limit laws are expressed in terms …

Market Innovation And Entrepreneurship: A Knightian View, Truman F. Bewley

Cowles Foundation Discussion Papers

Stimulated by Frank Knight’s work, “Risk, Uncertainty and Profit,” I present a theory of innovation based on what I term Knightian decision theory. This theory includes a concept of uncertainty aversion, a behavioral property that makes people reluctant to undertake new unevaluatable risks. This aversion is compounded when individuals are obliged to cooperate in undertaking risks. The theory leads directly to the conclusion that innovation in business is the natural domain of individual investors with unusually low levels of uncertainty aversion. Also, it should be difficult to innovate new markets for insurance of unevaluatable risks, for the success of a …

The Unemployment Rates Of Men And Women: A Transition Probability Analysis, Michael Seeborg, Larry Deboer

Scholarly Publications

Women's unemployment rates were considerably higher than men's for many years, but during the 1980s this difference has virtually disappeared. This study is the first to examine that change through an analysis of trends in the probabilities of labor force transitions- movements between employment, unemployment, and nonparticipation in the labor force. Using BLS data, the authors find that about half of the narrowing of the unemployment rate differential during the 1968-85 period was due to the increasing labor force attachment of women and the decreasing attachment of men. The other half reflects changes in men's and women's tendencies to move …

Monetary And Fiscal Policy As A Stabilization Tool: The Case Of Korea And Turkey, Abdur Chowdhury

Economics Faculty Research and Publications

No abstract provided.