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Common Knowledge, John Geanakoplos Aug 1993

Common Knowledge, John Geanakoplos

Cowles Foundation Discussion Papers

This paper surveys the implications of “common knowledge” in interactive epistemology and game theory, with special emphasis on speculation, betting, agreeing to disagree, and coordination. The implications of approximate common knowledge are also analyzed. Approximate common knowledge is defined three ways: as knowledge of knowledge … of knowledge, iterated N times; as p -common knowledge; and as weak p -common knowledge. Finally the implications of common knowledge are examined when agents are boundedly rational.


Rtc: Better Assurance Needed That Contractors Meet Fitness And Integrity Standards, Gaston Gianni Jul 1993

Rtc: Better Assurance Needed That Contractors Meet Fitness And Integrity Standards, Gaston Gianni

Documents

No abstract provided.


Development Credit Agreement (Private Sector Assistance Project) Between Burkina Faso And International Development Association, International Development Association Jul 1993

Development Credit Agreement (Private Sector Assistance Project) Between Burkina Faso And International Development Association, International Development Association

Documents

No abstract provided.


Technological Change And Educational Wage Differentials In Korea, Kang-Shik Choi Jul 1993

Technological Change And Educational Wage Differentials In Korea, Kang-Shik Choi

Discussion Papers

No abstract provided.


Simulating Normal Rectangle Probabilities And Their Derivatives: The Effects Of Vectorization, Vassilis A. Hajivassiliou Jul 1993

Simulating Normal Rectangle Probabilities And Their Derivatives: The Effects Of Vectorization, Vassilis A. Hajivassiliou

Cowles Foundation Discussion Papers

An extensive literature in econometrics and in numerical analysis has considered the computationally difficult problem of evaluating the multiple integral representing the probability of a multivariate normal random vector constrained to lie in a rectangular region. A leading case of such an integral is the negative orthant probability, implied by the multinomial probit (MNP) model used in econometrics and biometrics. Classical parametric estimation of this model requires, for each trial parameter vector and each observation in a sample, evaluation of a normal orthant probability and its derivatives with respect to the mean vector and the variance-covariance matrix. Several Monte Carlo …


Classical Estimation Methods For Ldv Models Using Simulation, Vassilis A. Hajivassiliou, Paul A. Ruud Jul 1993

Classical Estimation Methods For Ldv Models Using Simulation, Vassilis A. Hajivassiliou, Paul A. Ruud

Cowles Foundation Discussion Papers

This paper discusses estimation methods for limited dependent variable (LDV) models that employ Monte Carlo simulation techniques to overcome computational problems in such models. These difficulties take the form of high dimensional integrals that need to be calculated repeatedly but cannot be easily approximated by series expansions. In the past, investigators were forced to restrict attention to special classes of LDV models that are computationally manageable. The simulation estimation methods we discuss here make it possible to estimate LDV models that are computationally intractable using classical estimation methods. We first review the ways in which LDV models arise, describing the …


Admissibility Of The Likelihood Ratio Test When A Nuisance Parameter Is Present Only Under The Alternative, Donald W.K. Andrews, Werner Ploberger Jul 1993

Admissibility Of The Likelihood Ratio Test When A Nuisance Parameter Is Present Only Under The Alternative, Donald W.K. Andrews, Werner Ploberger

Cowles Foundation Discussion Papers

This paper establishes the asymptotic admissibility of the likelihood ratio (LR) test for a general class of testing problems in which a nuisance parameter is present only under the alternative hypothesis. The paper also establishes the finite sample admissibility of the LR test for testing problems of this sort that arise in Gaussian linear regression models with known variance.


Origins And Causes Of The S&L Debacle: A Blueprint For Reform, United States: National Commission On Financial Institution Reform, Recovery And Enforcement Jul 1993

Origins And Causes Of The S&L Debacle: A Blueprint For Reform, United States: National Commission On Financial Institution Reform, Recovery And Enforcement

Documents

No abstract provided.


Sou_1993:765, Sweden: Riksdag Jun 1993

Sou_1993:765, Sweden: Riksdag

Documents

Translated title: On state aid to banks and other credit institutions


Labor Supply Decisions Of Married Women In Rural India, Jeemol Unni Jun 1993

Labor Supply Decisions Of Married Women In Rural India, Jeemol Unni

Discussion Papers

No abstract provided.


A Comparison Of The Effects Of Matching And Search On The Wages Of Men And Women, Anne Beeson Royalty Jun 1993

A Comparison Of The Effects Of Matching And Search On The Wages Of Men And Women, Anne Beeson Royalty

Discussion Papers

No abstract provided.


Women’S Choice Of Work And Fertility In Urban Tamil Nadu, India, Malathy Duraisamy Jun 1993

Women’S Choice Of Work And Fertility In Urban Tamil Nadu, India, Malathy Duraisamy

Discussion Papers

No abstract provided.


Net Worth, Credit Constraints And Economic Development, Masaya Sakuragawa Jun 1993

Net Worth, Credit Constraints And Economic Development, Masaya Sakuragawa

Discussion Papers

No abstract provided.


The Money Rate Of Interest And The Influence Of Assets In A Multistage Economy With Gold Or Paper Money: Part I, Martin Shubik, Shuntian Yao Jun 1993

The Money Rate Of Interest And The Influence Of Assets In A Multistage Economy With Gold Or Paper Money: Part I, Martin Shubik, Shuntian Yao

Cowles Foundation Discussion Papers

The role of long lived assets is considered in serving as hostages to extend the domain of trustless trade in an exchange economy. Assuming that individuals have life cycle preferences, we consider the most general set of utility functions consistent with these preferences and a stationary equilibrium for an OLG economy. The influence of the type of asset, durable or storable on the need for money is considered.


Aggregate Income Risks And Hedging Mechanisms, Robert J. Shiller Jun 1993

Aggregate Income Risks And Hedging Mechanisms, Robert J. Shiller

Cowles Foundation Discussion Papers

Estimates are made, from time series data on real gross domestic products, of the standard deviations of returns in markets for perpetual claims on countries’ incomes. The results indicate that the variability of returns is of a magnitude comparable to that of returns in stock markets. Evidence is shown that there may be only minimal possibility of cross hedging these returns in existing capital markets. Methods of establishing markets for perpetual claims on aggregate incomes are examined. Such markets, by allowing hedging of these aggregate income risks, might make for dramatically more effective international macroeconomic risk sharing than is possible …


The Money Rate Of Interest And The Influence Of Assets In A Multistage Economy With Gold Or Paper Money: Part Ii, Martin Shubik, Shuntian Yao Jun 1993

The Money Rate Of Interest And The Influence Of Assets In A Multistage Economy With Gold Or Paper Money: Part Ii, Martin Shubik, Shuntian Yao

Cowles Foundation Discussion Papers

We consider the relationship between the length of life of individuals and the assets they own and their influence on trustless trade. In particular in some structures a role for government or an outside bank may be called for to support an equilibrium. An example of an OLG model with production illustrates the need for expanding the fiat money supply if population growth is greater than zero.


The Hong Kong Linked Rate Mechanism: Monetary Lessons For Economic Development, Christopher L. Culp, Steve H. Hanke Jun 1993

The Hong Kong Linked Rate Mechanism: Monetary Lessons For Economic Development, Christopher L. Culp, Steve H. Hanke

Documents

No abstract provided.


The Decline Of Private Deposit Insurance In The United States, William B. English Jun 1993

The Decline Of Private Deposit Insurance In The United States, William B. English

Documents

No abstract provided.


F.D.I.C. Plans To Sell Shares In Failed Crossland Savings, New York Times, The May 1993

F.D.I.C. Plans To Sell Shares In Failed Crossland Savings, New York Times, The

Documents

No abstract provided.


Fdic Announces Crossland Federal Savings Bank Sales Initiative, United States: Federal Deposit Insurance Corporation (Fdic) May 1993

Fdic Announces Crossland Federal Savings Bank Sales Initiative, United States: Federal Deposit Insurance Corporation (Fdic)

Documents

No abstract provided.


Economic Growth And Convergence Across The Seven Colonies Of Australasia: 1861-1991, Paul A. Cashin May 1993

Economic Growth And Convergence Across The Seven Colonies Of Australasia: 1861-1991, Paul A. Cashin

Discussion Papers

No abstract provided.


Does Job Matching Differ By Sex?, Anne Beeson Royalty May 1993

Does Job Matching Differ By Sex?, Anne Beeson Royalty

Discussion Papers

No abstract provided.


Using Data On Money Stocks To Estimate Real Colonial Gdp In The Seven Colonies Of Australasia: 1861-1991, Paul A. Cashin May 1993

Using Data On Money Stocks To Estimate Real Colonial Gdp In The Seven Colonies Of Australasia: 1861-1991, Paul A. Cashin

Discussion Papers

No abstract provided.


Does Head Start Make A Difference?, Duncan Thomas, Janet Currie May 1993

Does Head Start Make A Difference?, Duncan Thomas, Janet Currie

Discussion Papers

No abstract provided.


The Brazilian Family In The Labor Force, 1978-1988: A Study Of Labor Supply, Jorge Jatob May 1993

The Brazilian Family In The Labor Force, 1978-1988: A Study Of Labor Supply, Jorge Jatob

Discussion Papers

No abstract provided.


Fully Modified Least Squares And Vector Autoregression, Peter C.B. Phillips May 1993

Fully Modified Least Squares And Vector Autoregression, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Fully modified least squares (FM-OLS) regression was originally designed in work by Phillips and Hansen (1990) to provide optimal estimates of cointegrating regressions. The method modifies least squares to account for serial correlation effects and for the endogeneity in the regressors that results from the existence of a cointegrating relationship. This paper provides a general framework which makes it possible to study the asymptotic behavior of FM-OLS in models with full rank I(1) regressors, models with I(1) and I(0) regressors, models with unit roots, and models with only stationary regressors. This framework enables us to consider the use of FM …


Rtc: Status Of Minority And Women Outreach And Contracting Program, United States: Government Accountability Office (Gao) May 1993

Rtc: Status Of Minority And Women Outreach And Contracting Program, United States: Government Accountability Office (Gao)

Documents

No abstract provided.


I. Hungary's Loan Consolidation Program : Gradualism Returns Ii . State Desertion: Myth Or Reality In Hungary?, Abel Istvan, John Bonin Apr 1993

I. Hungary's Loan Consolidation Program : Gradualism Returns Ii . State Desertion: Myth Or Reality In Hungary?, Abel Istvan, John Bonin

Documents

No abstract provided.


Law Of 5 April 1993 Relating To The Financial Sector, Luxembourg Government Apr 1993

Law Of 5 April 1993 Relating To The Financial Sector, Luxembourg Government

Documents

No abstract provided.


Law Of 5 April 1993 On The Financial Sector, As Amended, Luxembourg: Chamber Of Deputies Apr 1993

Law Of 5 April 1993 On The Financial Sector, As Amended, Luxembourg: Chamber Of Deputies

Documents

No abstract provided.