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Semiparametric Estimation Of A Sample Selection Model, Donald W.K. Andrews, Marcia A. Schafgans

Cowles Foundation Discussion Papers

This paper provides a consistent and asymptotically normal estimator for the intercept of a semiparametrically estimated sample selection model. The estimator uses a decreasingly small fraction of all observations as the sample size goes to infinity, as in Heckman (1990). In the semiparametrics literature, estimation of the intercept typically has been subsumed in the nonparametric sample selection bias correction term. The estimation of the intercept, however, is important from an economic perspective. For instance, it permits one to determine the “wage gap” between unionized and nonunionized workers, decompose the wage differential between different socioeconomic groups (e.g., male-female and black-white), and …

Two Brief Proofs Of Arrow's Impossibility Theorem, John Geanakoplos

Cowles Foundation Discussion Papers

The first proof shows that Arrow’s axioms guarantee neutrality: every social choice must be made in exactly the same way, which quickly leads to dictatorship. The second proof clarifies the last step, and also confirms the intimate connection between Arrow’s Impossibility Theorem and the Condorcet triple. The second proof shows that a doubly pivotal agent must be a dictator; the Condorcet triple guarantees the existence of a doubly pivotal agent. Neutrality guarantees the existence of a (symmetrically) doubly pivotal agent.

Three Brief Proofs Of Arrow's Impossibility Theorem, John Geanakoplos

Cowles Foundation Discussion Papers

Arrow’s original proof of his impossibility theorem proceeded in two steps: showing the existence of a decisive voter, and then showing that a decisive voter is a dictator. Barbera replaced the decisive voter with the weaker notion of a pivotal voter, thereby shortening the first step, but complicating the second step. I give three brief proofs, all of which turn on replacing the decisive/pivotal voter with an extremely pivotal voter (a voter who by unilaterally changing his vote can move some alternative from the bottom of the social ranking to the top), thereby simplifying both steps in Arrow’s proof. My …

Yale Nurse, Yale School Of Nursing

Yale School of Nursing Alumni Newsletters and Magazines

No abstract provided.

When You Need Us… We're Here. The Yale-New Haven Hospital 1995 Annual Report, Yale-New Haven Hospital

Yale New Haven Hospital Annual Reports

For the Year 1995. Year ending September 30, 1995.

This report includes Hospital photographs, the annual report, lists of Officers of the Yale-New Haven, , Board of Trustees, Administration, Medical Staff, and the auxiliary. Medical statistics include medical and surgical cases from October 1, 1995 through September 30, 1996, lists of operations, admissions, discharges and number of births and financial statistic reported. The 1995 report concludes with a listing of donors.

Testing The Standard View Of The Long-Run Unemployment-Inflation Relationship, Ray C. Fair

Cowles Foundation Discussion Papers

The results in this paper, based on estimating and testing price equations for 30 countries, do not support the standard view of the long-run relationship between unemployment and inflation. They overwhelmingly reject the dynamics implied by the standard view. Wage equations are also estimated and tested. The paper also attempts to estimate the functional form of the relationship between measures of demand pressure and price and wage levels, but no strong conclusions emerge.

On Mandatory Reserves Of Credit Institutions Deposited With The Central Bank Of The Russian Federation, Russian Federation: Central Bank Of The Russian Federation

Documents

No abstract provided.

Benefits Derived From Federal Ties, James Bothwell

Documents

No abstract provided.

Press Release A2422, Argentina: Banco De La Repºblica

Documents

No abstract provided.

Stand-By Arrangement For Argentina, Domingo F. Cavallo

Documents

No abstract provided.

Wage And Labor Supply Effects Of Illness In Côte D’Ivoire And Ghana: Instrumental Variable Estimates For Days Disabled, T. Paul Schultz, Aysit Tansel

Discussion Papers

No abstract provided.

Consumers, The Legal System And Product Liability Reform: A Comparative Perspective Between Japan And The United States, Koichi Hamada

Discussion Papers

No abstract provided.

Why Do People Dislike Inflation?, Robert J. Shiller

Cowles Foundation Discussion Papers

A questionnaire survey was conducted to explore how people think about inflation, and what real problems they see it as causing. With results from 677 people, comparisons were made among people in the U.S., Germany, and Brazil, between young and old, and between economists and non-economists. Among non-economists in all countries, the largest concern with inflation appears to be that it lowers people’s standard of living. Non-economists appear often to believe in a sort of sticky-wage model, by which wages do not respond to inflationary shocks, shocks which are themselves perceived as caused by certain people or institutions acting badly. …

Explaining The Labor Force Participation Of Women 20-24, Ray C. Fair, Diane J. Macunovich

Cowles Foundation Discussion Papers

Between about the mid 1960s and the late 1970s there was a remarkable rise in the labor force participation of women and then a leveling off that has persisted through the mid 1990s. This paper attempts to explain the labor force participation of women 20-24 over this period. A “relative income” variable is constructed based on Easterlin’s (1980) relative income hypothesis, and this is found to be an important explanatory variable. Easterlin’s “cohort wage” hypothesis is also used in the analysis. The basic equation estimated does very well in various tests that were performed on it, and it appears to …

What Is The Value Of Scientific Knowledge? An Application To Global Warming Using The Price Model, William D. Nordhaus, David Popp

Cowles Foundation Discussion Papers

Governments must cope with the enormous uncertainties about both future climate change as well as the costs and benefits of slowing climate change. This study analyses the value of improved information about a variety of geophysical and economic processes. The value of information is estimated using the “PRICE model” which is a probabilistic extension of earlier models of the economics of global warming. The study uses five different approaches to estimating the value of information about all uncertain parameters and about individual parameters. It is estimated that the value of early information is between $1.5 and $2 billion for each …

An Asymptotic Expansion In The Garch(1,1) Model, Oliver B. Linton

Cowles Foundation Discussion Papers

We develop order T -1 asymptotic expansions for the quasi-maximum likelihood estimator (QMLE) and a two step approximate QMLE in the GARCH(1,1) model. We calculate the approximate mean and skewness and hence the Edgeworth-B distribution function. We suggest several methods of bias reduction based on these approximation.

Japan Mob Muddies Real Estate Loan Crisis, David Holley

Documents

No abstract provided.

Mexico's Financial Crisis: Origins, Awareness, Assistance, And Initial Efforts To Recover, United States: Government Accountability Office (Gao)

Documents

No abstract provided.

Press Release A2418, Argentina: Banco De La Repºblica

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No abstract provided.

Hk Signs Repo Pact With China Central Bank, Quak Hiang Whai

Documents

No abstract provided.

The Private Demand For Information And The Effects Of Public Testing Programs: The Case Of Hiv, Michael Boozer, Tomas Philipson

Discussion Papers

No abstract provided.

Policy Making And Speculative Attacks In Models Of Exchange Rate Crises: A Synthesis, Giancarlo Corsetti, Lilia Cavallari

Discussion Papers

No abstract provided.

Regional Economic Integration And Article Xxiv Of The Gatt, Koichi Hamada, Junichi Goto

Discussion Papers

No abstract provided.

Burkina Faso””Background Papers And Statistical Update, International Monetary Fund (Imf)

Documents

No abstract provided.

Yale Scientific Magazine: Volume 70, Number 2

Yale Scientific Magazine

No abstract provided.

Minute Of The Federal Open Market Committee Meeting - January 20-31, 1996, Federal Reserve System: Board Of Governors

Documents

No abstract provided.

Government Guarantee Fund Annual Report 1995, Government Of Finland

Documents

No abstract provided.

Nota Bene; Volume X, Number I, Yale University Library

Nota Bene

Nota Bene is published during the academic year to acquaint the Yale community and others with the resources of the Yale Library.

The Ecotourism Equation: Measuring The Impacts, Elizabeth Malek-Zadeh

Yale School of the Environment Bulletin Series

No abstract provided.

Distinct Year-To-Year Particle Flux Variations Off Cape Blanc During 1988-1991: Relation To Δ 18o-Deduced Sea-Surface Temperatures And Trade Winds, G. Fischer, B. Donner, V. Ratmeyer, R. Davenport, G. Wefer

Journal of Marine Research

Particle fluxes measured from 1988 to 1991 adjacent to a coastal upwelling site off Cape Blanc showed significant interannual variability of fluxes and sea-surface temperatures (SST) deduced from stable oxygen isotope analysis of the planktonic foraminifera Globigerinoides ruber and, partly, of the pteropod Limacina inflata. For the duration of the study period, a decrease in the seasonality of SST's was observed, as well as a significant decrease in the average annual SST from 24.4° to 20.8°C. This cooling trend was mainly the effect of a drastic decrease in the summer to fall SST (from 27.2° to 21.8°C). In comparison, …