Digital Commons Network^™

Correlated Equilibrium With Generalized Information Structures, Adam Brandenburger, Eddie Dekel, John Geanakoplos

Cowles Foundation Discussion Papers

We study the “generalized correlated equilibria” of a game when players make information processing errors. It is shown that the assumption of information processing errors is equivalent to that of “subjectivity” (i.e., differences between the players’ priors). Hence a bounded rationality justification of subjective priors is provided. We also describe the set of distributions on actions induced by generalized correlated equilibria with common priors.

Discovering Open Market Operations, Federal Reserve Bank Of Minneapolis

Documents

No abstract provided.

Japan's Banks: Top 10 In Deposits, Nathaniel C. Nash

Documents

No abstract provided.

The Ordovician Trilobite Hadrohybus Raymond 1925, And Its Family Relationships, R. A. Fortey

Postilla

The type species of the trilobite Hadrohybus Raymond 1925, H. dunbari from the Cow Head Group of western Newfoundland, is redescribed here. It has been regarded as a cheirurid, but analysis of its cranidial characters show that it is a bathyurid closely related to the well-known Early Ordovician genus Bolbocephalus, and it is considered to be a subgenus of that form. It is probably of early Middle Ordovician age. A second Hadrohybus species occurs in the late Early Ordovician of Vermont.

Socioeconomic Determinants Of Fertility In Côte D’Ivoire, Martha Ainsworth

Discussion Papers

No abstract provided.

Technology Production And Technology Purchase In Indian Industry: An Econometric Analysis, Anil Deolalikar, Robert Evenson

Discussion Papers

No abstract provided.

Heteroskedasticity And Autocorrelation Consistent Covariance Matrix Estimation, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper is concerned with the estimation of covariance matrices in the presence of heteroskedasticity and autocorrelation of unknown forms. Currently available estimators that are designed for this context depend upon the choice of a lag truncation parameter and a weighting scheme. No results are available, however, regarding the choice of a lag truncation parameter for a fixed sample size, regarding data-dependent automatic lag truncation parameters, or regarding the choice of weighing scheme. In consequence, available estimators are not entirely operational and the relative merits of the estimators are unknown.

Heteroskedasticity And Autocorrelation Consistent Covariance Matrix Estimation, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper is concerned with the estimation of covariance matrices in the presence of heteroskedasticity and autocorrelation of unknown forms. Currently available estimators that are designed for this context depend upon the choice of a lag truncation parameter and a weighting scheme. Results in the literature provide a condition on the growth rate of the lag truncation parameter as T → ∞ that is sufficient for consistency. No results are available, however, regarding the choice of a lag truncation parameter for a fixed sample size, regarding data-dependent automatic lag truncation parameters, or regarding the choice of weighing scheme. In consequence, …

Default And Efficiency In A General Equilibrium Model With Incomplete Markets, Pradeep Dubey, John Geanakoplos, Martin Shubik

Cowles Foundation Discussion Papers

We extend the standard model of general equilibrium with incomplete markets (GEI) to allow for default. Default can be either strategic, or due to ill-fortune. Agents who default are penalized to a degree proportional to the size of their default and to penalty parameters lambda. We find that under conditions similar to those necessary to guarantee the existence of GEI equilibrium, we get the existence of GEI λ equilibrium, for any λ > 0. We argue that default is thus reasonably modeled as an equilibrium phenomenon. Moreover, we show that more lenient lambda which encourage default may be Pareto improving because …

Estimation And Inference In Models Of Cointegration: A Simulation Study, Bruce E. Hansen, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies the finite sample distributions of estimators of the cointegrating vector of linear regression models with I(1) variables. Attention is concentrated on the least squares (OLS) and instrumental variables (IV) methods analyzed in other recent work (Phillips and Hansen (1988)). The general preference of OLS to IV techniques suggested by asymptotic theory is reinforced by our simulations. An exception arises for cases of low signal to noise, where spurious IV techniques (so named for their use of instruments that are structurally unrelated to the model) outperform uncorrected least squares. We verify the presence of a small sample estimation …

The Stabilization Of The U.S. Economy: Evidence From The Stock Market, Matthew D. Shapiro

Cowles Foundation Discussion Papers

Until recently, economists widely believed that economic activity had become less variable in the United States following the end of World War II. Challenging this belief, new research suggests that key historical time series are spuriously volatile, a finding that is highly controversial. Data from the stock market may provide a vehicle for resolving the controversy. Economic theory relates stock prices to real activity; empirical tests also show a strong link between stock prices and activity. Financial data are accurately measured over long spans of time and hence are free of most of the measurement problems in other time series. …

Capital Structure And Dividend Irrelevance With Asymmetric Information, Philip H. Dybvig, Jaime F. Zender

Cowles Foundation Discussion Papers

The Modigliani and Miller propositions on the irrelevancy of capital structure and dividends are shown to be valid in a large class of models with asymmetric information. The main assumption is that managerial compensation is chosen optimally. This differs from most recent papers on this topic, which impose by fiat a suboptimal contract. Even when imperfections internal to the firm preclude optimal investment, there is a separation between incentives and financing. We also show that making prices reflect idiosyncratic information more accurately does not make investors better off, thus negating the motivation of many of the signalling models.

International Convergence Of Capital Measurement And Capital Standards, Basel Committee On Banking Supervision (Bcbs)

Documents

No abstract provided.

A Proposal For Using Incentive Pre-Commitments In Public Enterprise Funding, Raaj Kumar Sah, Martin L. Weitzman

Discussion Papers

No abstract provided.

Sovereign Debt Renegotiation Under Asymmetric Information, Kenneth Kletzer

Discussion Papers

No abstract provided.

Qualitative Properties Of Profit-Maximizing K-Out-Of- N Systems Subject To Two Kinds Of Failures, Raaj Kumar Sah, Joseph E. Stiglitz

Discussion Papers

No abstract provided.

Spanning, Valuation And Options, Donald J. Brown, Stephen A. Ross

Cowles Foundation Discussion Papers

We model the space of marketed assets as a Riesz space of commodities. In this setting, two alternative characterizations are given of the space of continuous options on a bounded asset, s, with limited liability. The first characterization represents every continuous option on s as the uniform limit of portfolios of calls on s. The second characterization represents an option as a continuous sum (or integral) of Arrow-Debreu securities, with respect to s. The pricing implications of these representations are explored. In particular, the Breeden-Litzenberger pricing formula is shown to be a direct consequence of the integral representation theorem.

Testing For A Unit Root In The Presence Of A Maintained Trend, Sam Ouliaris, Joon Y. Park, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper develops statistics for detecting the presence of a unit root in time series data against the alternative stationarity. Unlike most existing procedures, the new tests allow for deterministic trend polynomials in the maintained hypothesis. They may be used to discriminate between unit root nonstationarity and processes which are stationary around a deterministic polynomial trend. The tests allow for both forms of nonstationarity under the null hypothesis. Moreover, the tests allow for a wide class of weakly dependent and possibly heterogenously distributed procedures. We illustrate the use of the new tests by applying them to a number a models …

Error Correction And Long Run Equilibrium In Continuous Time, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper deals with error correction models (ECM’s) and cointegrated systems that are formulated in continuous time. Problems of representation, identification, estimation and time aggregation are discussed. It is shown that every ECM in continuous time has a discrete time equivalent model in ECM format. Moreover, both models may be written as triangular systems with stationary errors. This formulation simplifies both the continuous and the discrete time ECM representations and it helps to motivate a class of optimal inference procedures. It is further shown that long run equilibria in the continuous system are always identified in the discrete time reduced …

Spectral Regression For Cointegrated Time Series, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies the use of spectral regression techniques in the context of cointegrated systems of multiple time series. Several alternatives are considered including efficient and band spectral methods as well as system and single equation techniques. It is shown that single equation spectral regressions suffer asymptotic bias and nuisance parameter problems that render these regressions impotent for inferential purposes. By contrast systems methods are shown to be covered by LAMN asymptotic theory, bringing the advantages of asymptotic media unbiasedness, scale nuisance parameters and the convenience of asymptotic chi-squared tests. System spectral methods also have advantages over full system direct …

Yale Scientific Magazine: Volume 62, Number 4

Yale Scientific Magazine

No abstract provided.

Proposed Credit Of Sdr 72.1 Million To The Republic Of Ghana For A Financial Sector Adjustment Project, World Bank/World Bank Group

Documents

Report describing the crisis conditions in Ghana before NPART

Yale Nurse: Yale School Of Nursing Newsletter, May 1988, Yale University School Of Nursing

Yale School of Nursing Alumni Newsletters and Magazines

Community projects and "soup kitchen nursing" are presented in this issue.

Please contact the Medical Historical Library if you need a higher resolution version.

Asymptotic Normality Of Series Estimators For Nonparametric And Semiparametric Regression Models, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper establishes the asymptotic normality of series estimators for nonparametric regression models. Gallant’s Fourier flexible form estimators, trigonometric series estimators, and polynomial series estimators are prime examples of the estimators covered by the results. The results apply to a wide variety of estimands in the regression model under consideration, including derivatives and integrals of the regression function. The errors in the model may be homoskedastic or heteroskeclastic. The paper also considers series estimators for additive interactive regression (AIR), seimparametric regression, and semiparametric index regression models and shows them to be consistent and asymptotically normal. All of the consistency and …

Nonsense Mutations In The Human Beta Globin Gene Affect Mrna Metabolism, Susan J. Baserga

Yale Medicine Thesis Digital Library

A common mutation causing thalassemia in Mediterranean populations is an amber (UAG) nonsense mutation at the 39th codon of the human β globin gene, the β-39 mutation. Studies of mRNA metabolism in reticulocytes from patients with β-39 thalassemia and studies using heterologous transfection systems have suggested the possibility that this mutation affects not only protein synthesis but also alters mRNA metabolism. This phenomenon has been investigated further by two approaches. A careful series of RNA expression studies were performed comparing expression of β-39 to β-normal (β-nl). These experiments led to the conclusion that the defect in expression of the β-39 …

Interferon Action: A. Studies Of The Effect Of Interferons On Sv40 Replication. B. Studies Of The 2'-5' A System, Mariano Agustín García-Blanco

Yale Medicine Thesis Digital Library

This thesis is divided into two parts: the first deals with studies that focus on the effect of interferons on the expression of foreign genetic material. The second part deals with the interferon-regulated (2'5')oligoadenylate system. This system is most probably an effector arm of the anti-viral anti-mitogenic actions of interferons.I show here that interferons inhibit the expression of both early SV40 RNA and SV40 Tag, and SV40 DNA replication in SV40 infected cells. Interferons selectively inhibit the expression of the Tag encoded by superinfecting SV40 virions in SV40-transformed cells superinfected with SV40. The effect of interferon was seen when cells …

Information And Timing In Repeated Partnerships, Dilip Abreu, Paul R. Milgrom, David G. Pearce

Cowles Foundation Discussion Papers

In a repeated partnership game with imperfect monitoring, we distinguish among the effects of (1) shortening the period over which actions are held fixed, (2) increasing the frequency with which accumulated information is reported, and (3) reducing the amount of discounting of payoffs between successive periods. While reducing the amount of discounting generally improves incentives for cooperation, the other two changes can have the reverse effect. When the game is specified in the customary way with information reported at the end of each period of fixed action, the net effect of shortening the period length can be to destroy all …

Identification, Characterization, And Purification Of A 65,000 Dalton Protein In Rat Brain That Is Photolabeled By Nitro-Containing Benzodiazepines, Allen Clarke Bowling

Yale Medicine Thesis Digital Library

Benzodiazepines bind to two well-characterized classes of nanomolar-affinity binding sites, the central and the peripheral types. Although these sites appear to mediate many of the effects of these compounds, they cannot account for all of the biochemical and physiologic effects of the benzodiazepines. In this investigation, a protein that is photolabeled by NO2-containing benzodiazepines was identified and characterized in rat brain by performing photaffinity labeling experiments with [3H] -clonazepam and [3H] -flunitrazepam. These experiments demonstrate that this photolabeled protein has a molecular weight of 65,000 daltons. Photolabeling of the protein was saturable, inhibited in a stereoselective manner by benzodiazepine enantiomers, …

Alteration Of The Adenylate Cyclase System In Specific Regions Of Brain Infected With Creutzfeldt-Jakob Disease, Susan Valley

Yale Medicine Thesis Digital Library

Creutzfeldt-Jakob (CJD) disease is an infectious, progressive neurological disorder which results in human dementia. Synaptic membranes from various brain regions of guinea pigs and hamsters infected with Creutzfeldt-Jakob disease show increased guanyl nucleotide mediated activation of adenylate cyclase which appears to be due to a greater coupling of stimulatory subunits (Ns) and not to a decreased coupling of inhibitory subunits (Ni) or to a change in the catalytic subunit of adenylate cyclase. In addition to the increase in Ns coupling, CJD infected membranes appear to be more fluidized than normal membranes especially in the cerebral cortex. Experiments with selected neurotransmitters …

Sources Of Business Cycle Fluctuations, Matthew D. Shapiro, Mark W. Watson

Cowles Foundation Discussion Papers

What shocks account for the business cycle frequency and long run movements of output and prices? This paper addresses this question using the identifying assumption that only supply shocks, such as shocks to technology, oil prices, and labor supply affect output in the long run. Real and monetary aggregate demand shocks can affect output, but only in the short run. This assumption sufficiently restricts the reduced form of key macroeconomic variables to allow estimation of the shocks and their effect on output and price at all frequencies. Aggregate demand shocks account for about twenty to thirty percent of output fluctuations …