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Making Statements And Approval Voting, Enriqueta Aragones, Itzhak Gilboa, Andrew Weiss Aug 2005

Making Statements And Approval Voting, Enriqueta Aragones, Itzhak Gilboa, Andrew Weiss

Cowles Foundation Discussion Papers

We assume that people have a need to make statements, and construct a model in which this need is the sole determinant of voting behavior. In this model, an individual selects a ballot that makes as close a statement as possible to her ideal point, where abstaining from voting is a possible (null) statement. We show that in such a model, a political system that adopts approval voting may be expected to enjoy a significantly higher rate of participation in elections than a comparable system with plurality rule.

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Information In Mechanism Design, Dirk Bergemann, Juuso Välimäki Aug 2005

Information In Mechanism Design, Dirk Bergemann, Juuso Välimäki

Cowles Foundation Discussion Papers

We survey the recent literature on the role of information in mechanism design. First, we discuss an emerging literature on the role of endogenous payoff and strategic information for the design and the efficiency of the mechanism. We specifically consider information management in the form of acquisition of new information or disclosure of existing information. Second, we argue that in the presence of endogenous information, the robustness of the mechanism to the type space and higher order beliefs becomes a natural desideratum. We discuss recent approaches to robust mechanism design and robust implementation.

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Information In Mechanism Design, Dirk Bergemann, Juuso Välimäki Aug 2005

Information In Mechanism Design, Dirk Bergemann, Juuso Välimäki

Cowles Foundation Discussion Papers

We survey the recent literature on the role of information for mechanism design. We specifically consider the role of endogeneity of and robustness to private information in mechanism design. We view information acquisition of and robustness to private information as two distinct but related aspects of information management important in many design settings. We review the existing literature and point out directions for additional future work.

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Inference With Weak Instruments, Donald W.K. Andrews, James H. Stock Aug 2005

Inference With Weak Instruments, Donald W.K. Andrews, James H. Stock

Cowles Foundation Discussion Papers

This paper reviews recent developments in methods for dealing with weak instruments (IVs) in IV regression models. The focus is more on tests (and confidence intervals derived from tests) than estimators. The paper also presents new testing results under “many weak IV asymptotics,” which are relevant when the number of IVs is large and the coefficients on the IVs are relatively small. Asymptotic power envelopes for invariant tests are established. Power comparisons of the conditional likelihood ratio (CLR), Anderson-Rubin, and Lagrange multiplier tests are made. Numerical results show that the CLR test is on the asymptotic power envelope. This holds …

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Letter From Brian Graham To Members Of The Board Of Directors Of Fannie Mae Re Background Reading For Strategic Retreat, Brian Graham Jul 2005

Letter From Brian Graham To Members Of The Board Of Directors Of Fannie Mae Re Background Reading For Strategic Retreat, Brian Graham

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This letter is addressed to the Members of the Board of Directors of Fannie Mae

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Farm Productivity And Market Structure. Evidence From Cotton Reforms In Zambia, Irene Brambilla, Guido G. Porto Jul 2005

Farm Productivity And Market Structure. Evidence From Cotton Reforms In Zambia, Irene Brambilla, Guido G. Porto

Discussion Papers

No abstract provided.

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Competition, Consumer Welfare, And The Social Cost Of Monopoly, Yoon-Ho Alex Lee, Donald J. Brown Jul 2005

Competition, Consumer Welfare, And The Social Cost Of Monopoly, Yoon-Ho Alex Lee, Donald J. Brown

Cowles Foundation Discussion Papers

Conventional deadweight loss measures of the social cost of monopoly ignore, among other things, the social cost of inducing competition and thus cannot accurately capture the loss in social welfare. In this Article, we suggest an alternative method of measuring the social cost of monopoly. Using elements of general equilibrium theory, we propose a social cost metric where the benchmark is the Pareto optimal state of the economy that uses the least amount of resources, consistent with consumers’ utility levels in the monopolized state. If the primary goal of antitrust policy is the enhancement of consumer welfare, then the proper …

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Fannie Mae Project Phineas Presentation To The Board Of Directors, Citigroup, Inc. Jul 2005

Fannie Mae Project Phineas Presentation To The Board Of Directors, Citigroup, Inc.

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No abstract provided.

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Ameriquest Details Procedures (American Banker), Erick Bergquist Jun 2005

Ameriquest Details Procedures (American Banker), Erick Bergquist

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No abstract provided.

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Fsa - Citigroup Penalty, Carlos Conceicao, United Kingdom: Financial Services Authority Jun 2005

Fsa - Citigroup Penalty, Carlos Conceicao, United Kingdom: Financial Services Authority

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No abstract provided.

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Ofheo 2005 Report To Congress, Stephen A. Blumenthal Jun 2005

Ofheo 2005 Report To Congress, Stephen A. Blumenthal

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No abstract provided.

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Testimony Of Chairman Alan Greenspan Before The Joint Economic Committee, U.S. Congress June 9, 2005, Alan Greenspan Jun 2005

Testimony Of Chairman Alan Greenspan Before The Joint Economic Committee, U.S. Congress June 9, 2005, Alan Greenspan

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No abstract provided.

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Social Connections And Group Banking, Dean S. Karlan Jun 2005

Social Connections And Group Banking, Dean S. Karlan

Discussion Papers

No abstract provided.

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Cross-Border Donations And Pareto-Efficient Tariffs, Masahiro Endoh Jun 2005

Cross-Border Donations And Pareto-Efficient Tariffs, Masahiro Endoh

Discussion Papers

No abstract provided.

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Improved Har Inference Using Power Kernels Without Truncation, Peter C.B. Phillips, Yixiao Sun, Sainan Jin Jun 2005

Improved Har Inference Using Power Kernels Without Truncation, Peter C.B. Phillips, Yixiao Sun, Sainan Jin

Cowles Foundation Discussion Papers

Employing power kernels suggested in earlier work by the authors (2003), this paper shows how to refine methods of robust inference on the mean in a time series that rely on families of untruncated kernel estimates of the long-run parameters. The new methods improve the size properties of heteroskedastic and autocorrelation robust (HAR) tests in comparison with conventional methods that employ consistent HAC estimates, and they raise test power in comparison with other tests that are based on untruncated kernel estimates. Large power parameter (ρ) asymptotic expansions of the nonstandard limit theory are developed in terms of the usual limiting …

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A Two-Stage Realized Volatility Approach To The Estimation For Diffusion Processes From Discrete Observations, Peter C.B. Phillips, Jun Yu Jun 2005

A Two-Stage Realized Volatility Approach To The Estimation For Diffusion Processes From Discrete Observations, Peter C.B. Phillips, Jun Yu

Cowles Foundation Discussion Papers

This paper motivates and introduces a two-stage method for estimating diffusion processes based on discretely sampled observations. In the first stage we make use of the feasible central limit theory for realized volatility, as recently developed in Barndorff-Nielsen and Shephard (2002), to provide a regression model for estimating the parameters in the diffusion function. In the second stage the in-fill likelihood function is derived by means of the Girsanov theorem and then used to estimate the parameters in the drift function. Consistency and asymptotic distribution theory for these estimates are established in various contexts. The finite sample performance of the …

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A Simple Approach To The Parametric Estimation Of Potentially Nonstationary Diffusions, Federico M. Bandi, Peter C.B. Phillips Jun 2005

A Simple Approach To The Parametric Estimation Of Potentially Nonstationary Diffusions, Federico M. Bandi, Peter C.B. Phillips

Cowles Foundation Discussion Papers

A simple and robust approach is proposed for the parametric estimation of scalar homogeneous stochastic differential equations. We specify a parametric class of diffusions and estimate the parameters of interest by minimizing criteria based on the integrated squared difference between kernel estimates of the drift and diffusion functions and their parametric counterparts. The procedure does not require simulations or approximations to the true transition density and has the simplicity of standard nonlinear least-squares methods in discrete-time. A complete asymptotic theory for the parametric estimates is developed. The limit theory relies on infill and long span asymptotics and is robust to …

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Robust Implementation: The Role Of Large Type Spaces, Dirk Bergemann, Stephen Morris Jun 2005

Robust Implementation: The Role Of Large Type Spaces, Dirk Bergemann, Stephen Morris

Cowles Foundation Discussion Papers

A social choice function is robustly implemented if every equilibrium on every type space achieves outcomes consistent with a social choice function. We identify a robust monotonicity condition that is necessary and (with mild extra assumptions) sufficient for robust implementation. Robust monotonicity is strictly stronger than both Maskin monotonicity (necessary and almost sufficient for complete information implementation) and ex post monotonicity (necessary and almost sufficient for ex post implementation). It is equivalent to Bayesian monotonicity on all type spaces. It requires that there not be too much interdependence of types. We characterize robust monotonicity for some interesting economic environments. We …

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Nonstationary Discrete Choice: A Corrigendum And Addendum, Peter C.B. Phillips, Sainan Jin, Ling Hu Jun 2005

Nonstationary Discrete Choice: A Corrigendum And Addendum, Peter C.B. Phillips, Sainan Jin, Ling Hu

Cowles Foundation Discussion Papers

We correct the limit theory presented in an earlier paper by Hu and Phillips (Journal of Econometrics, 2004) for nonstationary time series discrete choice models with multiple choices and thresholds. The new limit theory shows that, in contrast to the binary choice model with nonstationary regressors and a zero threshold where there are dual rates of convergence ( n 1 /4 and n 3 /4 ), all parameters including the thresholds converge at the rate n 3 /4 . The presence of non-zero thresholds therefore materially affects rates of convergence. Dual rates of convergence reappear when stationary variables are present …

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Economics: The Next Physical Science?, J. Doyne Farmer, Martin Shubik, Eric Smith Jun 2005

Economics: The Next Physical Science?, J. Doyne Farmer, Martin Shubik, Eric Smith

Cowles Foundation Discussion Papers

We review an emerging body of work by physicists addressing questions of economic organization and function. We suggest that, beyond simply employing models familiar from physics to economic observables, remarkable regularities in economic data may suggest parts of social order that can usefully be incorporated into, and in turn can broaden, the conceptual structure of physics.

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Limit Theory For Moderate Deviations From A Unit Root Under Weak Dependence, Peter C.B. Phillips, Tassos Magdalinos Jun 2005

Limit Theory For Moderate Deviations From A Unit Root Under Weak Dependence, Peter C.B. Phillips, Tassos Magdalinos

Cowles Foundation Discussion Papers

An asymptotic theory is given for autoregressive time series with weakly dependent innovations and a root of the form ρ n = 1 + c / n α , involving moderate deviations from unity when α in (0,1) and c in R are constant parameters. The limit theory combines a functional law to a diffusion on D[0,∞) and a central limit theorem. For c > 0, the limit theory of the first-order serial correlation coefficient is Cauchy and is invariant to both the distribution and the dependence structure of the innovations. To our knowledge, this is the first invariance principle of …

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Natural Concepts In Macroeconomics, Ray C. Fair Jun 2005

Natural Concepts In Macroeconomics, Ray C. Fair

Cowles Foundation Discussion Papers

Ragnar Frisch proposed in 1936 a procedure for estimating natural variable values by modifying what are now called structural macroeconometric models. This paper shows that Frisch’s procedure can be used to illuminate natural concepts using today’s models. The procedure also forces one to be precise regarding the assumptions used in moving from a short-run model to a medium-run or long-run model.

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Gmm With Many Moment Conditions, Chirok Han, Peter C.B. Phillips Jun 2005

Gmm With Many Moment Conditions, Chirok Han, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper provides a first order asymptotic theory for generalized method of moments (GMM) estimators when the number of moment conditions is allowed to increase with the sample size and the moment conditions may be weak. Examples in which these asymptotics are relevant include instrumental variable (IV) estimation with many (possibly weak or uninformed) instruments and some panel data models covering moderate time spans and with correspondingly large numbers of instruments. Under certain regularity conditions, the GMM estimators are shown to converge in probability but not necessarily to the true parameter, and conditions for consistent GMM estimation are given. A …

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The Effectiveness Of Bank Recapitalization In Japan, Heather Montgomery, Satoshi Shimizutani Jun 2005

The Effectiveness Of Bank Recapitalization In Japan, Heather Montgomery, Satoshi Shimizutani

Documents

No abstract provided.

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Minutes Of The Meeting Of The Board Of Directors Of Fannie Mae - On The Ofheo, Stephen B. Ashley, Kenneth Duberstein, Thomas P. Gerrity, Ann Korologos, Frederic V. Malek, Donald Marron, Daniel Mudd, Joe Pickett, Leslie Rahl, Patrick H. Swygert, John K. Wulff May 2005

Minutes Of The Meeting Of The Board Of Directors Of Fannie Mae - On The Ofheo, Stephen B. Ashley, Kenneth Duberstein, Thomas P. Gerrity, Ann Korologos, Frederic V. Malek, Donald Marron, Daniel Mudd, Joe Pickett, Leslie Rahl, Patrick H. Swygert, John K. Wulff

Documents

Also participating were Mr. Smith, Messrs. Levin and Weber, and Ms. Kappler of Fannie Mae, and Messrs. Brome and loffe of Cravath, Swaine Moore LLP as counsel to the non-management directors. Messrs. Williams and Duncan of Fannie Mae were present for parts of the meeting.

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Monetary Review 2nd Quarter, Danmarks Nationalbank May 2005

Monetary Review 2nd Quarter, Danmarks Nationalbank

Documents

No abstract provided.

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Two Gses Cut Corners To Hit Goals, Rob Blackwell May 2005

Two Gses Cut Corners To Hit Goals, Rob Blackwell

Documents

No abstract provided.

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Frb Memo Josh Gallin And Andreas Lehnert To Vice Chairman Ferguson Re Talking Points On House Prices, Joshua Gallin, Andreas Lehnert May 2005

Frb Memo Josh Gallin And Andreas Lehnert To Vice Chairman Ferguson Re Talking Points On House Prices, Joshua Gallin, Andreas Lehnert

Documents

No abstract provided.

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Information Asymmetry And The Problem Of Transfers In Trade Negotiations And International Agencies, Koichi Hamada, Shyam Sunder May 2005

Information Asymmetry And The Problem Of Transfers In Trade Negotiations And International Agencies, Koichi Hamada, Shyam Sunder

Discussion Papers

No abstract provided.

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Observing Unobservables: Identifying Information Asymmetries With A Consumer Credit Field Experiment, Dean S. Karlan, Jonathan Zinman May 2005

Observing Unobservables: Identifying Information Asymmetries With A Consumer Credit Field Experiment, Dean S. Karlan, Jonathan Zinman

Discussion Papers

No abstract provided.

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