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Economic Development And Traditional Chinese Cultural Values, John C. H. Fei Apr 1987

Economic Development And Traditional Chinese Cultural Values, John C. H. Fei

Discussion Papers

No abstract provided.


Rural Factors Markets In China After The Household Responsibility System Reform, Justin Yifu Lin Apr 1987

Rural Factors Markets In China After The Household Responsibility System Reform, Justin Yifu Lin

Discussion Papers

No abstract provided.


Distributional Analysis Of Portfolio Choice, Philip H. Dybvig Apr 1987

Distributional Analysis Of Portfolio Choice, Philip H. Dybvig

Cowles Foundation Discussion Papers

We compare trading in a market with receiving some particular consumption bundle, given increasing state-independent preferences and complete markets. The analysis focuses on the distributional price of the particular bundle. The distributional price is the price of the cheapest utility-equivalent bundle sold in the market. The distributional price is determined by the distributional functions of the outside bundle and the state price density. Simple portfolio performance measures illustrate the value of the approach. Unlike CAPM-based measures, these measures are valid even when superior information is the source of superior performance.


Semiparametric Estimation Of Monotonic And Concave Utility Functions: The Discrete Choice Case, Rosa L. Matzkin Apr 1987

Semiparametric Estimation Of Monotonic And Concave Utility Functions: The Discrete Choice Case, Rosa L. Matzkin

Cowles Foundation Discussion Papers

This paper develops a semiparametric method for estimating the nonrandom part V ( ) of a random utility function U ( v ,ω) – V ( v ) + e (ω) from data on discrete choice behavior. Here v and ω are, respectively, vectors of observable and unobservable attributes of an alternative, and e(ω) is the random part of the utility for that alternative. The method is semiparametric because it assumes that the distribution of the random parts is know up to a finite-dimensional parameter θ, while not requiring specification of a parametric form for V ( ). The nonstochastic …


Inference In Econometric Models With Structural Change, Donald W.K. Andrews, Ray C. Fair Apr 1987

Inference In Econometric Models With Structural Change, Donald W.K. Andrews, Ray C. Fair

Cowles Foundation Discussion Papers

This paper extends the classical Chow (1960) test for structural change in linear regression models to a wide variety of nonlinear models, estimated by a variety of different procedures. Wald, Lagrange multiplier-like, and likelihood ratio-like test statistics are introduced. The results allow for heterogeneity and temporal dependence of general unifying results for estimation and testing in nonlinear parametric econometric models.


Econometric Modeling As Information Aggregation, Ray C. Fair, Robert J. Shiller Apr 1987

Econometric Modeling As Information Aggregation, Ray C. Fair, Robert J. Shiller

Cowles Foundation Discussion Papers

The information contained in the forecasts from two econometric models can be compared by regressing the actual change in the variable forecasted on the two forecasts of the change. We do such comparisons in this paper, where the forecasts are based only on information through the period prior to the first period of the forecast. If a model’s forecast is statistically significant in such a regression, we conclude that the model captures information not in the other model whose forecast is also included in the regression. The models studied include the Fair model, vector autoregressive (VAR) models estimated by ordinary …


Measuring Market Power In U.S. Industry, Matthew D. Shapiro Apr 1987

Measuring Market Power In U.S. Industry, Matthew D. Shapiro

Cowles Foundation Discussion Papers

Non-competitive conduct can be assessed by estimating the size of the markup or Lerner index achieves in a market. The markup implies a price elasticity of demand faced by the representative firm. For a given markup, non-competitive conduct that is insensitive tot he value of the monopoly. To implement this measure, both the firm’s and the market elasticities of demand must be estimated. Hall shows how to estimate the markup, and hence the elasticity faced by the firm, from the cyclical behavior of productivity. To estimate the market elasticity, an instrumental variables procedure exploiting a covariance restriction between productivity shocks …


The Effect Of Economic Events On Votes For President: 1984 Update, Ray C. Fair Apr 1987

The Effect Of Economic Events On Votes For President: 1984 Update, Ray C. Fair

Cowles Foundation Discussion Papers

In previous work I have developed an equation explaining votes for president in the United States that seems to have a remarkable predictive ability. The purpose of this paper is to update this equation through the 1984 election and then use it to predict the 1988 election.


Household Farm, Cooperative Farm, And Efficiency: Evidence From Rural De-Collectivization In China, Justin Yifu Lin Mar 1987

Household Farm, Cooperative Farm, And Efficiency: Evidence From Rural De-Collectivization In China, Justin Yifu Lin

Discussion Papers

No abstract provided.


Inefficient Dynamic Portfolio Strategies Or How To Throw Away A Million Dollars In The Stock Market, Philip H. Dybvig Mar 1987

Inefficient Dynamic Portfolio Strategies Or How To Throw Away A Million Dollars In The Stock Market, Philip H. Dybvig

Cowles Foundation Discussion Papers

A number of portfolio strategies followed by practitioners are dominated because they are incompletely diversified over time. The Payoff Distribution Pricing Model is used to compute the cost of following undiversified strategies. Simple numerical examples illustrate the technique, and computer-generated examples provide realistic estimates of the cost of some typical policies using reasonable parameter values. The cost can be substantial and should not be ignored by practitioners. A section on generalizations shows how to extend the analysis to term structure models and other general models of returns.


Game Theory. Models Of Strategic Behavior And Nuclear Deterrence, Martin Shubik Mar 1987

Game Theory. Models Of Strategic Behavior And Nuclear Deterrence, Martin Shubik

Cowles Foundation Discussion Papers

This essay offers an exposition of the potential uses of game theoretic reasoning and mathematical models in the study of the prevention of nuclear war.


Sequential Games Of Resource Extraction: Existence Of Nash Equilibria, Rabah Amir Mar 1987

Sequential Games Of Resource Extraction: Existence Of Nash Equilibria, Rabah Amir

Cowles Foundation Discussion Papers

A general model for noncooperative extraction of common-property resource is considered. The main result is that this sequential game has a Nash equilibrium in stationary strategies. The proof is based on an infinite dimensional fixed-point theorem, and relies crucially on the topology of epi-convergence. A byproduct of the analysis is that Nash equilibrium strategies may be selected such that marginal propensities of consumption are bounded above by one.


Yale Scientific Magazine: Volume 61, Number 3 Mar 1987

Yale Scientific Magazine: Volume 61, Number 3

Yale Scientific Magazine

No abstract provided.


Saving And Investment In An Open Economy With Non- Traded Goods, Charles Engel, Kenneth Kletzer Feb 1987

Saving And Investment In An Open Economy With Non- Traded Goods, Charles Engel, Kenneth Kletzer

Discussion Papers

No abstract provided.


Health Policy And Data Quality: The Implications Of The Crossover Mortality Debate, Neil G. Bennett Feb 1987

Health Policy And Data Quality: The Implications Of The Crossover Mortality Debate, Neil G. Bennett

Discussion Papers

No abstract provided.


Towards A Model Of Development For The Natural Resources Poor Economy, Gustav Ranis Feb 1987

Towards A Model Of Development For The Natural Resources Poor Economy, Gustav Ranis

Discussion Papers

No abstract provided.


Education Investments And Returns In Economic Development, T. Paul Schultz Feb 1987

Education Investments And Returns In Economic Development, T. Paul Schultz

Discussion Papers

No abstract provided.


The Future Of Social Security: One Economist's Assessment, James Tobin Feb 1987

The Future Of Social Security: One Economist's Assessment, James Tobin

Cowles Foundation Discussion Papers

Three interrelated issues must be faced in assessing the future of OASI. I shall discuss each in turn. Balancing Contributions and Benefits. The overriding long-run issue about OASI is the balance between the tax contributions of the young and the benefits of the old. The system is now geared to scale up benefits automatically so as to maintain the ratio of benefits to contemporaneous wages, the replacement ratio, at its historical level of roughly 40 percent. Payroll tax rates are the residual balancing item in the OASI financial equation. They have been raised steadily for years, and according to current …


Supply Shocks In Macroeconomics, Matthew D. Shapiro Feb 1987

Supply Shocks In Macroeconomics, Matthew D. Shapiro

Cowles Foundation Discussion Papers

Supply shocks played an important role in macroeconomic fluctuations during the 1970’s. Supply shocks are also increasingly important in Keynesian and neo-classical models of the business cycle. This paper is a short survey of these theoretical models. It also discusses the history of supply shocks in recent business cycles.


Spherical Matrix Distributions And Cauchy Quotients, Peter C.B. Phillips Feb 1987

Spherical Matrix Distributions And Cauchy Quotients, Peter C.B. Phillips

Cowles Foundation Discussion Papers

It is shown that matrix quotients of submatrices of a spherical matrix are distributed as matrix Cauchy. This generalizes known results for scalar ratios of independent normal variates. The derivations are simple and make use of the theory of invariant measures on manifolds.


Are Cyclical Fluctuations In Productivity Due More To Supply Shocks Or Demand Shocks?, Matthew D. Shapiro Feb 1987

Are Cyclical Fluctuations In Productivity Due More To Supply Shocks Or Demand Shocks?, Matthew D. Shapiro

Cowles Foundation Discussion Papers

Measured productivity is strongly procyclical. Real business cycle theories suggest that actual fluctuations in productivity are the source of fluctuations in aggregate output. Keynesian theories maintain that fluctuations in aggregate output come from shocks to aggregate demand. Keynesian theories appeal to labor hoarding or off the production function behavior to explain the procyclicality of productivity. If observed productivity shocks are true productivity shocks, a function of factor prices should covary exactly with productivity. In annual data for United States industries, that function of factor prices and conventionally-measured productivity move together very closely. Moreover, their difference is uncorrelated with aggregate output.


Annual Report Of The Governor To The Minister Of Finance And Statement Of Accounts For The Year 1986, Bank Of Canada Jan 1987

Annual Report Of The Governor To The Minister Of Finance And Statement Of Accounts For The Year 1986, Bank Of Canada

Documents

No abstract provided.


Toward The Phylogeny Of A Fossil Species Flock: Semionotid Fishes From A Lake Deposit In The Early Jurassic Towaco Formation, Newark Basin, Amy Reed Mccune Jan 1987

Toward The Phylogeny Of A Fossil Species Flock: Semionotid Fishes From A Lake Deposit In The Early Jurassic Towaco Formation, Newark Basin, Amy Reed Mccune

Bulletin of the Peabody Museum of Natural History

A radiation of fishes in the family Semionotidae is preserved in the sedimentary record of the great rift lakes that existed during the Late Triassic and Early Jurassic in eastern North America (Newark Supergroup)….


The Role Of The Higher Shelf Modes In Coastal Hydraulics, Roger L. Hughes Jan 1987

The Role Of The Higher Shelf Modes In Coastal Hydraulics, Roger L. Hughes

Journal of Marine Research

A simple barotropic model is used to establish the basic nature of the hydraulics of the various shelf modes in coastal flows. It shows that there is a major difference in behavior between flows with an even number of subcritical modes and those with an odd number of subcritical modes. It is suggested that a poleward flowing western boundary current exhibiting an odd number of subcritical shelf modes loses contact with the coast at that latitude at which the flow becomes critical to the next higher shelf mode. The East Australian Current and the East Cape Current are discussed as …


Solutions For Internal Tidal Generation Over Coastal Topography, P. D. Craig Jan 1987

Solutions For Internal Tidal Generation Over Coastal Topography, P. D. Craig

Journal of Marine Research

Internal tides may be described by a hyperbolic equation which, for the case of constant buoyancy frequency, has constant coefficients. The equation is solved by using the characteristic geometry and characteristic functions to establish a set of linear algebraic equations in the modal amplitudes. The accuracy of the solutions can be assessed using energy considerations. The capability of the solution technique is demonstrated by simulating the barotropic generation of internal waves over linear topography, with emphasis on near-critical topography, when the solution exhibits high shears and discontinuous behavior at the critical slope. The structure of the waves is determined by …


Daily And Seasonal Variations In The Spatial Distribution Of Zooplankton Populations In Relation To The Physical Structure In The Ligurian Sea Front, J. Boucher, F. Ibanez, L. Prieur Jan 1987

Daily And Seasonal Variations In The Spatial Distribution Of Zooplankton Populations In Relation To The Physical Structure In The Ligurian Sea Front, J. Boucher, F. Ibanez, L. Prieur

Journal of Marine Research

Results from five hydrographic and biological surveys at different seasons across the Ligurian Sea front, using horizontal continuous measurements and vertical profiles are presented. The vertical circulation across the front is described, and two divergences and one convergence are identified as permanent features from data. The key to find their location for each survey is given. The spatial patterns of 14 zooplankton taxa along the transect are established using variance analysis, principal component and correspondence analyses. The spatial distribution of each taxon is related to the physical structure, and the convection cells evidenced by the scheme appear as different biotopes. …


Compositional Changes In Particulate Matter On The Iceland Rise, Through The Water Column, And At The Seafloor, M. J. Richardson, C. D. Hollister Jan 1987

Compositional Changes In Particulate Matter On The Iceland Rise, Through The Water Column, And At The Seafloor, M. J. Richardson, C. D. Hollister

Journal of Marine Research

Local resuspension of sediments along the Iceland Rise was substantiated by the collection in sediment traps of large particles whose source is clearly the seafloor. These resuspended components included benthic foraminifera, iron-oxide coated planktonic foraminifera, the glacial, subpolar assemblage planktonic foraminifera (N. pachyderma (sinistral)), and an increase in the volcanic glass and mineral grain/aggregate component with proximity to the seafloor.The horizontal flux of particulate matter in the near-bottom nepheloid layer through the region was ≃200 kg/s. The apparent vertical flux of sediment calculated from sediment traps at 500 m above bottom (mab) was an order of magnitude less than …


Observations On The Vertical Structure Of Tidal And Inertial Currents In The Central North Sea, L. R. M. Maas, J. J. M. Van Haren Jan 1987

Observations On The Vertical Structure Of Tidal And Inertial Currents In The Central North Sea, L. R. M. Maas, J. J. M. Van Haren

Journal of Marine Research

Tidal and inertial current ellipses, measured at several locations and depths in the central North Sea during a number of monthly periods in 1980, 1981 and 1982, are decomposed into counterrotating, circular components to which Ekman dynamics are applied to determine Ekman layer depths and vertical phase differences, from which are inferred overall values of the eddy viscosity and drag coefficient. Stratification effects produce an additional vertical phase shift of the anticyclonic rotary component, indicative of an inverse proportionality of the eddy viscosity to the vertical density gradient. From the time variations of the Ekman layer depths of the semidiurnal …


Subsurface Chlorophyll Maximum And Hydrodynamics Of The Water Column, T. Vandevelde, L. Legendre, J. C. Therriault, S. Demers, A. Bah Jan 1987

Subsurface Chlorophyll Maximum And Hydrodynamics Of The Water Column, T. Vandevelde, L. Legendre, J. C. Therriault, S. Demers, A. Bah

Journal of Marine Research

The vertical distributions of chlorophyll a (in vivo fluorescence) and hydrodynamic properties were monitored in the Gulf of St. Lawrence (Canada) from 6 to 10 August 1983, using an automatic yo-yo profiling system and a chain of 4 current meters. Spectral analyses of temperature and in vivo fluorescence series showed that dominant frequencies were associated with internal waves (∼16 h inertial frequency). A subsurface chlorophyll maximum was continuously observed in the lower part of the 20 m thick photic layer, at a depth corresponding with maximum vertical stability of the water column, just above the nutricline.The depth of maximum …


Methane Anomalies Over Tag Hydrothermal Field On Mid Atlantic Ridge, J. L. Charlou, P. Rona, H. Bougault Jan 1987

Methane Anomalies Over Tag Hydrothermal Field On Mid Atlantic Ridge, J. L. Charlou, P. Rona, H. Bougault

Journal of Marine Research

Black smoker type hydrothermal venting was discovered in July 1985 at the TAG hydrothermal field in the rift valley of the Mid Atlantic Ridge near 26N. We present here, the first methane profiles in the seawater column over this black smoker along with methane profiles away from the black smokers for comparison. The CH4 plume, spreading over 400 m above the seafloor, shows a maximum concentration of 105 nl/l at 3450 m (238 m above the bottom), correlated with a positive temperature anomaly (0.02°C). CH4 concentrations up to 2422 nl/l, correlated with a huge positive increase of in …