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An Historical Perspective On The Economic Consequences Of Rapid Population Growth, David R. Weir Aug 1989

An Historical Perspective On The Economic Consequences Of Rapid Population Growth, David R. Weir

Discussion Papers

No abstract provided.

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Warranties, Durability, And Maintenance: Two Sided Moral Hazard In A Continuous-Time Model, Philip H. Dybvig, Nancy A. Lutz Aug 1989

Warranties, Durability, And Maintenance: Two Sided Moral Hazard In A Continuous-Time Model, Philip H. Dybvig, Nancy A. Lutz

Cowles Foundation Discussion Papers

We consider the provision of an optimal warranty in a continuous-time model with two-sided moral hazard. The optimal warranty must balance the producer’s durability incentive and the buyer’s maintenance incentive. Too little warranty protection gives the producer too much incentive to produce low durability, while too much warranty protection gives the consumer too much incentive to neglect maintenance. The derived optimal warranty is a “block warranty” that is high for an initial block of time and zero thereafter. The first-best would be available under a very high warranty for a very short time interval, except for the incentive this would …

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Full Information Estimation And Stochastic Simulation Of Models With Rational Expectations, Ray C. Fair, John B. Taylor Aug 1989

Full Information Estimation And Stochastic Simulation Of Models With Rational Expectations, Ray C. Fair, John B. Taylor

Cowles Foundation Discussion Papers

A computationally feasible method for the full information maximum likelihood estimation of models with rational expectations is described in this paper. The stochastic simulation of such models is also described. The methods discussed in this paper should open the way for many more tests of the rational expectations hypothesis within macroeconomic models.

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Rtc Statistical Abstract : August 1989/September 1995, Resolution Trust Corporation Aug 1989

Rtc Statistical Abstract : August 1989/September 1995, Resolution Trust Corporation

Documents

No abstract provided.

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Public Finance Act, New Zealand Parliament Jul 1989

Public Finance Act, New Zealand Parliament

Documents

No abstract provided.

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Potential Tax Modifications To Facilitate Ldc Debt Reduction, L. William Seidman Jul 1989

Potential Tax Modifications To Facilitate Ldc Debt Reduction, L. William Seidman

Documents

No abstract provided.

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An International Insurance Facility Proposal For Ldc Debt, L. William Seidman Jul 1989

An International Insurance Facility Proposal For Ldc Debt, L. William Seidman

Documents

No abstract provided.

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Pariphinotus Kunkel, 1910, The Senior Synonym Of Heterophlias Shoemaker, 1933 (Crustacea: Amphipoda: Phliantidae), Eric A. Lazo-Wasem, Adam J. Baldinger, Michael F. Gable Jul 1989

Pariphinotus Kunkel, 1910, The Senior Synonym Of Heterophlias Shoemaker, 1933 (Crustacea: Amphipoda: Phliantidae), Eric A. Lazo-Wasem, Adam J. Baldinger, Michael F. Gable

Postilla

The synonymy of the genera Pariphinotus and Heterophlias has been debated many times in the literature. Historically a distinction has been maintained between these two phliantid genera because of morphological differences reported in the literature by the original descriptors and subsequent workers. Our examination of specimens of both genera demonstrates Pariphinotus and Heterophlias to be synonymous. Heterophlias has been regarded as the valid genus by most authors; Pariphinotus, however, is shown to be the senior synonym of Heterophlias.

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Catalogue And Review Of The Type Fossil Crocodilians In The Yale Peabody Museum, Mark A. Norell, Glenn W. Storrs Jul 1989

Catalogue And Review Of The Type Fossil Crocodilians In The Yale Peabody Museum, Mark A. Norell, Glenn W. Storrs

Postilla

A systematic review of fossil crocodilian holotypes in the Yale Peabody Museum provides a basis for taxonomic reinterpretation of the specimens. Several species are rejected as having been erected upon indeterminate material or as being junior synonyms of existing taxa. For valid taxa, new descriptions, designations, and/or diagnoses supplement the originals when necessary. Several fossils have received clarification of their provenance data.

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First Report Of A Freshwater Amphipod (Gammaridea: Hyalellidae), Hyalella Azteca (Saussure), From Nonanchihaline Waters Of Bermuda, Eric A. Lazo-Wasem, Michael F. Gable Jul 1989

First Report Of A Freshwater Amphipod (Gammaridea: Hyalellidae), Hyalella Azteca (Saussure), From Nonanchihaline Waters Of Bermuda, Eric A. Lazo-Wasem, Michael F. Gable

Postilla

The discovery of the freshwater amphipod H. azteca in Bermuda is reported. No freshwater amphipods have previously been recorded from open water pond habitats on this western Atlantic island. H. azteca in Bermuda presumably dispersed from nearby North American populations; several possible methods for dispersal are discussed. Distinctive morphological features of Bermuda H. azteca are compared with similar characters reported for other New World populations.

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The Reconciliation Of Micro And Macro Economics, Martin Shubik Jun 1989

The Reconciliation Of Micro And Macro Economics, Martin Shubik

Cowles Foundation Discussion Papers

It is suggested that the appropriate structure for the reconciliation of micro and macroeconomics is an infinite horizon overlapping generations (OLG) model with many finitely lived natural persons and one infinitely lived strategic player without preferences whose choice rule is determined by the periodic political choice of the finitely lived players who are alive and politically strategically active at the time of choice. This player may be interpreted as government. In the steps from the finite horizon general equilibrium (GE) model to the overlapping generations model (GGOLG) it is suggested that even without exogenous uncertainty, if economic efficiency is to …

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Existence Of Walras Equilibrium Without A Price Player Of Generalized Game, John Geanakoplos, Pradeep Dubey Jun 1989

Existence Of Walras Equilibrium Without A Price Player Of Generalized Game, John Geanakoplos, Pradeep Dubey

Cowles Foundation Discussion Papers

We derive the existence of a Walras equilibrium directly from Nash’s theorem on noncooperative games. No price player is involved, nor are generalized games.

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A Nonparametric Maximum Rank Correlation Estimator, Rosa L. Matzkin Jun 1989

A Nonparametric Maximum Rank Correlation Estimator, Rosa L. Matzkin

Cowles Foundation Discussion Papers

This paper presents a nonparametric and distribution-free estimator for the function h*, of observable exogenous variables, x, in the generalized regression model, y - G(h*(x), mu). The method does not require a parametric specification for either the function h* or for the distribution of the random term mu. The estimation proceeds by maximizing a rank correlation criterion (Han (1987)) over a set of functions that are monotone increasing, concave, and homogeneous degree one; the function h* is assumed to belong to this set of functions. The estimator is shown to be strongly consistent.

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An Introduction To General Equilibrium With Incomplete Asset Markets, John Geanakoplos Jun 1989

An Introduction To General Equilibrium With Incomplete Asset Markets, John Geanakoplos

Cowles Foundation Discussion Papers

I survey the major results in the theory of general equilibrium with incomplete asset markets. I also introduce the papers in this volume and offer a few suggestions for further work.

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Neighbors Of The Origin For Four By Three Matrices, David F. Shallcross Jun 1989

Neighbors Of The Origin For Four By Three Matrices, David F. Shallcross

Cowles Foundation Discussion Papers

Scarf has defined a neighborhood system for families of integer programs where the right-hand side is allowed to vary. This system depends on a matrix A of constraint and objective function coefficients of the integer programs. This paper characterizes the set of neighbors of the origin when A is four by three; showing that it may be described as the set of integer vectors in a union of two-dimensional polyhedra, where the number of polyhedra is quadratic in the bit size of A .

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On Integer Points In Polyhedra: A Lower Bound, Imre Bárány, Roger Howe, László Lovász Jun 1989

On Integer Points In Polyhedra: A Lower Bound, Imre Bárány, Roger Howe, László Lovász

Cowles Foundation Discussion Papers

Given a polyhedron P subset R n we write P I for the convex hull of the integral points in P. It is known that P I can have at most O(ϕ n-1 ) vertices if P is a rational polyhedron with size ϕ. Here we give an example showing that P I can have as many as Ω(ϕ n-1 ) vertices. The construction uses the Dirichlet unit theorem.

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Yale Scientific Magazine: Volume 63, Number 4 Jun 1989

Yale Scientific Magazine: Volume 63, Number 4

Yale Scientific Magazine

No abstract provided.

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Development, Structural Changes, And Urbanization, Xiaokai Yang May 1989

Development, Structural Changes, And Urbanization, Xiaokai Yang

Discussion Papers

No abstract provided.

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Investment In Women, Economic Development, And Improvements In Health In Low-Income Countries, T. Paul Schultz May 1989

Investment In Women, Economic Development, And Improvements In Health In Low-Income Countries, T. Paul Schultz

Discussion Papers

No abstract provided.

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Human Capital And Adoption Of Innovations In Agricultural Production: Indian Evidence, P. Duraisamy May 1989

Human Capital And Adoption Of Innovations In Agricultural Production: Indian Evidence, P. Duraisamy

Discussion Papers

No abstract provided.

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Asymptotic Optimality Of Generalized Cl, Cross-Validation, And Generalized Cross-Validation In Regression With Heteroskedastic Errors, Donald W.K. Andrews May 1989

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.

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An Empirical Process Central Limit Theorem For Dependent Non-Identically Distributed Random Variables, Donald W.K. Andrews May 1989

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.

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Renegotiation And Symmetry In Repeated Games, Dilip Abreu, David G. Pearce, Ennio Stacchetti May 1989

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 …

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Asymptotics For Semiparametric Econometric Models: I. Estimation, Donald W.K. Andrews May 1989

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 …

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Asymptotics For Semiparametric Econometric Models: Iii. Testing And Examples, Donald W.K. Andrews May 1989

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, …

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Do The Secondary Markets Believe In Life After Debt?, Vassilis A. Hajivassiliou May 1989

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 …

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Game Theory Without Partitions, And Applications To Speculation And Consensus, John Geanakoplos May 1989

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 …

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The Capital Asset Pricing Model As A General Equilibrium With Incomplete Markets, John Geanakoplos, Martin Shubik May 1989

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 …

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The Budgetary Treatment Of The Proposed Resolution Funding Corporation (Refcorp), United States: Government Accountability Office (Gao) May 1989

The Budgetary Treatment Of The Proposed Resolution Funding Corporation (Refcorp), United States: Government Accountability Office (Gao)

Documents

No abstract provided.

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Financial Crisis Of The 1970s And 1980s: Causes, Developements, And Governments Responses, William Jackson Apr 1989

Financial Crisis Of The 1970s And 1980s: Causes, Developements, And Governments Responses, William Jackson

Documents

Coordinated by William Jackson Specialist in Money and Banking Economics Division

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