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The Taxation And Pricing Of Agricultural And Industrial Goods In Developing Economies, Raaj Kumar Sah, Joseph Stiglitz May 1985

The Taxation And Pricing Of Agricultural And Industrial Goods In Developing Economies, Raaj Kumar Sah, Joseph Stiglitz

Discussion Papers

No abstract provided.


Yield Risk In A Dynamic Model Of The Agricultural Household, Terry Roe, Theodore Graham-Tomasi May 1985

Yield Risk In A Dynamic Model Of The Agricultural Household, Terry Roe, Theodore Graham-Tomasi

Discussion Papers

No abstract provided.


Firms’ Investment Decisions In Imperfect Capital Markets, Ijaz Nabi May 1985

Firms’ Investment Decisions In Imperfect Capital Markets, Ijaz Nabi

Discussion Papers

No abstract provided.


Subcontracting And Industrialization In Developing Countries, Ijaz Nabi May 1985

Subcontracting And Industrialization In Developing Countries, Ijaz Nabi

Discussion Papers

No abstract provided.


The Numeraire, Money And The Missing Degree Of Freedom, Martin Shubik May 1985

The Numeraire, Money And The Missing Degree Of Freedom, Martin Shubik

Cowles Foundation Discussion Papers

The prime purpose of this article is to illustrate some basic problems in the modelling of strategic market games with a single means of exchange or with complete markets. A simple example involving three types of traders trading in three commodities serves to make the points clear.


A Model Of A Sudden-Death Field-Goal Football Game As A Sequential Duel, Siddhartha Sahi, Martin Shubik May 1985

A Model Of A Sudden-Death Field-Goal Football Game As A Sequential Duel, Siddhartha Sahi, Martin Shubik

Cowles Foundation Discussion Papers

This paper introduces a highly simplified version of ‘sudden-death’ scoring. The basic game is as follows. With equal probability the teams toss to see who gets the ball. The team with the ball can either run or try to kick a field goal. The first team to score wins the game.


Real Indeterminacy With Financial Assets, John Geanakoplos, Andreu Mas-Colell May 1985

Real Indeterminacy With Financial Assets, John Geanakoplos, Andreu Mas-Colell

Cowles Foundation Discussion Papers

The purpose of this paper, which takes up after D. Cass (1984a, 1984b) is to find the degree of real indeterminacy inherent in models with purely financial assets. We solve the problem for the case where there are enough traders (precisely, the number of traders is larger than the number of bonds) and the asset returns structure is in general position. We find that if the number of bonds is non-zero and fewer than the number of states then, generically, the number of dimensions of real indeterminacy is S-1, one less than the number of states. There is something of …


The Use Of Simple Games To Illustrate Concepts And To Provide Experimental Evidence, Martin Shubik May 1985

The Use Of Simple Games To Illustrate Concepts And To Provide Experimental Evidence, Martin Shubik

Cowles Foundation Discussion Papers

This paper is devoted to a discussion of several simple experimental games used in a series of lectures on game theory. The prime purpose of these games was to raise questions and illustrate problems in the construction of game theoretical models in the social sciences. The students were asked to make choices or to give opinions as to what imputation should be recommended as a solution in a cooperative game.


Some Three Person Games In Coalitional Form For Teaching And Experimentation, Martin Shubik May 1985

Some Three Person Games In Coalitional Form For Teaching And Experimentation, Martin Shubik

Cowles Foundation Discussion Papers

Since 1973 I have used several three person games in coalitional form for both teaching and experimental purposes. They have been run in primarily a normative mode. The individuals have been asked to act as judges called upon to recommend a division of assets among three players. The basic use of these games has been to help to raise questions about context and solution concepts in cooperative game theory. Since 1980 the three basic games noted below have been used with five more or less similar groups of students at Yale. The games, their didactic purpose and the results from …


Relying On The Information Of Interested Parties, Paul R. Milgrom, John Roberts May 1985

Relying On The Information Of Interested Parties, Paul R. Milgrom, John Roberts

Cowles Foundation Discussion Papers

We investigate the conventional wisdom that competition among interested parties attempting to influence a decision maker by providing verifiable information brings out all the relevant information. We find that, if the decision maker is strategically sophisticated and well informed about the relevant variables and about the preferences of the interested party or parties, competition may be unnecessary; while if the decision maker is unsophisticated or not well informed, competition is not generally sufficient. However, if the interested parties’ interests are sufficiently opposed, or if the decision maker is seeking to advance the parties’ decision maker’s need for prior knowledge about …


Mass Economies With Vital Small Coalitions; The F-Core Approach, Peter J. Hammond, Mamoru Kaneko, Myrna Holtz Wooders May 1985

Mass Economies With Vital Small Coalitions; The F-Core Approach, Peter J. Hammond, Mamoru Kaneko, Myrna Holtz Wooders

Cowles Foundation Discussion Papers

A mass-economy is one with many, many agents where each agent is negligible and each trading group is also negligible with respect to the mass-economy. Feasible allocations are those which are virtually attainable by trades only among members of coalitions contained in feasible (“measure-consistent”) partitions of the agent set. A feasible allocation is in the core, called the f -core, if it cannot be improved upon by any finite coalition. We show that in a private goods economy with indivisibilities and without externalities, the f -core, the A -core (Aumann’s core concept) and the Walrasian allocations coincide. In the presence …


International Lending And Borrowing In A Stochastic Sequence Equilibrium, Richard H. Clarida May 1985

International Lending And Borrowing In A Stochastic Sequence Equilibrium, Richard H. Clarida

Cowles Foundation Discussion Papers

The objective of this paper is to study international lending and borrowing in general equilibrium framework in which countries are subject to stochastic productivity fluctuations. The role of time preference, borrowing limits, and lump sum taxation are rigorously analyzed, yielding results which enrich those obtained in the existing literature.


Preliminary Description Of A New Late Paleocene Land-Mammal Fauna From South Carolina, U.S.A., Robert Milton Schoch Apr 1985

Preliminary Description Of A New Late Paleocene Land-Mammal Fauna From South Carolina, U.S.A., Robert Milton Schoch

Postilla

Five mammalian specimens from the late Paleocene Black Mingo Group, Berkeley County, South Carolina, represent the first occurrence of Paleocene land-mammals from the east coast of North America. A P3 or P4 represents the taeniodont Ectoganus gliriformis lobdelli, known previously only from the late Paleocene of western North America. A M1 or M2 represents Mingotherium holtae, new genus and species, a taxon which may be closely related to pseudictopids, uintatheres and xenungulates. A lower premolar or molar can only be classified as "Tribosphenida incertae sedis." A ?canine and a parietal can only be identified as "Mammalia incertae sedis."


Search, Applications And Vacancies, Steven Stern Apr 1985

Search, Applications And Vacancies, Steven Stern

Discussion Papers

No abstract provided.


The Substitution Between Male And Female Labor In Rural Indian Agricultural Production, Leslie A. Laufer Apr 1985

The Substitution Between Male And Female Labor In Rural Indian Agricultural Production, Leslie A. Laufer

Discussion Papers

No abstract provided.


Changing World Prices, Women’S Wages, And The Fertility Transition: Sweden 1860-1910, T. Paul Schultz Apr 1985

Changing World Prices, Women’S Wages, And The Fertility Transition: Sweden 1860-1910, T. Paul Schultz

Discussion Papers

No abstract provided.


Yale Nurse, Yale School Of Nursing Apr 1985

Yale Nurse, Yale School Of Nursing

Yale School of Nursing Alumni Newsletters and Magazines

No abstract provided.


Time Series Regression With A Unit Root, Peter C.B. Phillips Apr 1985

Time Series Regression With A Unit Root, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies the random walk in a general time series setting that allows for weakly dependent and heterogeneously distributed innovations. It is shown that simple least squares regression consistently estimates a unit root under very general conditions in spite of the presence of autocorrelated errors. The limiting distribution of the standardized estimator and the associated regression t-statistic are found using functional central limit theory. New tests of the random walk hypothesis are developed which permit a wide class of dependent and heterogeneous innovation sequences. A new limiting distribution theory is constructed based on the concept of continuous data recording. …


Aggregation And Linearity In The Provision Of Intertemporal Incentives, Bengt Holmstrom, Paul R. Milgrom Apr 1985

Aggregation And Linearity In The Provision Of Intertemporal Incentives, Bengt Holmstrom, Paul R. Milgrom

Cowles Foundation Discussion Papers

One of the main findings of the principal-agent literature has been that incentive schemes should be sensitive to all information that bears on the agent’s actions. As a manifestation of this principle, incentive schemes tend to take quite complex (non-linear) forms. In contrast, real world schemes are often based on aggregate information with a rather simple structure. This paper considers the optimality of linear schemes that use only aggregated information. The hypothesis is that linear schemes are to be expected in situations where the agent has a rich set of actions to choose from, because richness in action choice allows …


Do We Reject Too Often? Small Sample Bias In Tests Of Rational Expectations, N. Gregory Mankiw, Matthew D. Shapiro Apr 1985

Do We Reject Too Often? Small Sample Bias In Tests Of Rational Expectations, N. Gregory Mankiw, Matthew D. Shapiro

Cowles Foundation Discussion Papers

We examine the small sample properties of tests of rational expectations models. We show using Monte Carlo experiments that these tests can be extremely biased toward rejection for sample sizes typical in applied research. These biases are important when the time series examined are highly autoregressive. We also show that these tests are even more biased with detrended data. We present correct small sample critical values for our canonical problem.


An Axiomatization Of Utility And Subjective Probability Based On Objective Probability, Mamoru Kaneko Apr 1985

An Axiomatization Of Utility And Subjective Probability Based On Objective Probability, Mamoru Kaneko

Cowles Foundation Discussion Papers

This paper provides an axiomatic model based on an extraneous random device generating objective probabilities for the derivation of expected utilities and subjective probabilities. Four basic axioms fully determine a real-valued utility function and a finitely additive subjective probability measure. The restrictions of these axioms to lotteries depending only upon events of the random device yield the von Neumann-Morgenstern axioms.


Coordinating Coordination Failures In Keynesian Models, Russell Cooper, Andrew John Apr 1985

Coordinating Coordination Failures In Keynesian Models, Russell Cooper, Andrew John

Cowles Foundation Discussion Papers

This paper focuses on the importance of strategic complementarity in agents’ payoff functions as a basis for macroeconomic coordination failures. We first analyze an abstract game and find that inefficient equilibria and a multiplier process may arise in the presence of strategic complementarities (essentially positively sloped reaction curves). We then place additional economic content on complementarities arising from production functions, matching technologies and commodity demand functions in a multi-sector economy.


The Distribution Of Fiml In The Leading Case, Peter C.B. Phillips Apr 1985

The Distribution Of Fiml In The Leading Case, Peter C.B. Phillips

Cowles Foundation Discussion Papers

In a recent article (1984a) Phillips showed that the distribution of the limited information maximum likelihood (LIML) estimator of the coefficients of the endogenous variables in a single structural equation is multivariate Cauchy in the leading (totally unidentified) case. The purpose of the present note is to show that the same result holds for the full information maximum likelihood (FIML) estimator. Our proof relies on the theory of invariant measures on a Stiefel manifold. This approach provides a major simplification of the derivation of the LIML result given in the earlier article and extends to the FIML case without difficulty. …


Two Stage And Related Estimators And Their Applications, Adrian Pagan Apr 1985

Two Stage And Related Estimators And Their Applications, Adrian Pagan

Cowles Foundation Discussion Papers

Applied econometric research frequently encounters the difficulty that estimation of the parameters of interest is complex owing to the presence of incidental parameters. It is tempting therefore to try to circumvent the difficulties by proceeding in two stages. In the first, some estimates are made of the incidental parameters. In the second, these estimates are treated as though they were population values, leading to a large reduction in the dimension of the unknown parameter space, possibly even down to that of the parameters of interest only. The properties of such a staged process (particularly as they relate to issues arising …


Coordinating Coordination Failures In Keynesian Models, Russell Cooper, John Andrew Apr 1985

Coordinating Coordination Failures In Keynesian Models, Russell Cooper, John Andrew

Cowles Foundation Discussion Papers

This paper focuses on the importance of strategic complementarity in agents’ payoff functions as a basis for macroeconomic coordination failures. We first analyze an abstract game and find that inefficient equilibria and a multiplier process may arise in the presence of strategic complementarities (essentially positively sloped reaction curves). We then place additional economic content on complementarities arising from production functions, matching technologies and commodity demand functions in a multi-sector economy.


The Balance Of Payments Adjustment Mechanism In A Rational Expectations Equilibrium, Richard H. Clarida Apr 1985

The Balance Of Payments Adjustment Mechanism In A Rational Expectations Equilibrium, Richard H. Clarida

Cowles Foundation Discussion Papers

This paper provides a choice theoretic, general equilibrium account of the balance of payments adjustment process and the determination of national price levels in a world comprised of countries populated by rational households. Balance of payments adjustment dynamics arise in the equilibrium of this model from the precautionary saving behavior of risk-averse households who self-insure against random productivity fluctuations by accumulating, via balance of payments surpluses in productive periods, buffer stocks of domestic money which can be drawn down to finance payments deficits, and thus a less variable profile of consumption relative to output, when productivity is unexpectedly low. Precautionary …


Time Series Regression With A Unit Root, Peter C.B. Phillips Apr 1985

Time Series Regression With A Unit Root, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies the random walk in a general time series setting that allows for weakly dependent and heterogeneously distributed innovations of the type recently considered in [39] and [40]. It is shown that simple least squares regression consistently estimates a unit root under very general conditions in spite of the presence of autocorrelated errors. The limiting distribution of the standardized estimator and the associated regression t -statistic are found using functional central limit theory. New tests of the random walk hypothesis are developed which permit a wide class of dependent and heterogeneous innovation sequences. A new limiting distribution theory …


Woes At Canadian Bank Play To An Old Tune, Donald Shoultz Apr 1985

Woes At Canadian Bank Play To An Old Tune, Donald Shoultz

Documents

No abstract provided.


Canada Moves To Bail Out Troubled Bank, L.A. Times Mar 1985

Canada Moves To Bail Out Troubled Bank, L.A. Times

Documents

No abstract provided.


Canada Sets Rescue Measures For Canadian Commercial Bank, Dow Jones News Service Mar 1985

Canada Sets Rescue Measures For Canadian Commercial Bank, Dow Jones News Service

Documents

No abstract provided.