Social and Behavioral Sciences Commons^™

A Theory Of Hierarchies Based On Limited Managerial Attention, John Geanakoplos, Paul R. Milgrom

Cowles Foundation Discussion Papers

Our purpose in this paper is to investigate the economics of managerial organizations by focusing on the decision problem of management. Ours is a “team theory” analysis, that is, it ignores the problem of conflicting objectives among managers and focuses instead on the problem of coordinating the decisions of several imperfectly informed actors. However, unlike classical team theory, we concentrate on the choice by managers of what to know, as well as what to do, and we allow the possibility that bounded rationality limits the managers’ ability to understand subtle messages.

Random Cell Chi-Square Diagnostic Tests For Econometric Models: Ii. Theory, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper extends the Pearson chi-square testing method to non-dynamic parametric econometric models, in particular, to models with covariates. The paper establishes the asymptotic distribution of the test statistic under the null and local alternatives, when the test statistic is based on data-dependent random cells of a general form, and on an arbitrary asymptotically normal estimator. These results are attained by extending recent probabilistic results for the weak convergence of empirical processes indexed by sets. The chi-square test that is introduced can be used to test goodness-of-fit of a parametric model, as well as to test particular aspects of the …

Fractional Matrix Calculus And The Distribution Of Multivariate Tests, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Fractional matrix operator methods are introduced as a new tool of distribution theory for use in multivariate analysis and econometrics. Earlier work by the author on this operational calculus is reviewed and to illustrate the use of these methods we give an exact distribution theory for a general class of tests in the multivariate linear model. This distribution theory unifies and generalizes previously known results, including those for the standard F statistic in linear regression, for Hotelling’s T 2 test and for Hotelling’s generalized T -2 test. We also provide a simple and novel derivation of conventional asymptotic theory as …

Neoclassical Theory In America: J. B. Clark And Fisher, James Tobin

Cowles Foundation Discussion Papers

The intellectual breakthroughs that mark the neoclassical revolution in economic analysis occurred in Europe around 1870. The next two decades witnessed lively debates in which the new theory more or less absorbed or was absorbed in the classical tradition that preceded and provoked it. In the 1890s, according to Joseph A. Schumpeter (1954, p. 754) there emerged “a large expanse of common ground and … a feeling of repose, both of which created, in the superficial observer, an impression of finality — the finality of a Greek temple that spreads its perfect lines against a cloudless sky.” Of course the …

America Is Eating Its Seed Corn, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

One of the ongoing columns, "The ECONOMY from the Not-So Ivory Tower." Included here is the original paper and its title, "Reaganite Myopia and the Quality of Education."

Review Of The Great Depression, 1929-1938: Lessons For The 1980'S, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Review of Christian Saint-Etienne. The Great Depression, 1929-1938: Lessons for the 1980s. Stanford, Calif.: Hoover Institution Press, 1984. Appeared in Journal of Economic Literature, Vol. XXIII, Sept. 1985.

Multiple Time Series Regression With Integrated Processes, Peter C.B. Phillips, Steven N. Durlauf

Cowles Foundation Discussion Papers

This paper develops a general asymptotic theory of regression for processes which are integrated of order one. The theory includes vector autoregressions and multivariate regressions amongst integrated processes that are driven by innovation sequences which allow for a wide class of weak dependence and heterogeneity. The models studied cover cointegrated systems and quite general linear simultaneous equations systems with contemporaneous regressor-error correlation and serially correlated errors. Problems of statistical testing in vector autoregressions and multivariate regressions with integrated processes are also studied. It is shown that the asymptotic theory for conventional tests involves major departures from classical theory and raises …

Sraffa And Keynes: Effective Demand In The Long Run, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Prepared for Conference on "Sraffa’s Production of Commodities by Means of Commodities After Twenty Five Years." Aug. 24-27, 1985, Florence, Italy.

Also posted is this paper as it appeared in Krishna Bharadwaj and Bertram Schefold, Ed. Essays On Piero Sraffa: Critical Perspectives On The Revival Of Classical Theory. London, England: Routledge, 1992, pages 362-371.

The third posting is this paper with edits Minsky made apparently after the paper's publication.

United States Agricultural Trade Prospects, Harry Greenbaum

Economics Commentator

No abstract provided.

Asymptotic Expansions In Nonstationary Vector Autoregressions, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies the statistical properties of vector autoregressions (VAR’s) for quite general multiple time series which are integrated of order one. Functional central limit theorems are given for multivariate partial sums of weakly dependent innovations and these are applied to yield first order asymptotics in nonstationary VAR’s. Characteristic and cumulant functionals for generalized random processes are introduced as a means of developing a refinement of central limit theory on function spaces. The theory is used to find asymptotic expansions of the regression coefficients in nonstationary VAR’s under very general conditions. The results are specified to the scalar case and …

Sections And Extensions Of Concave Functions, Roger Howe

Cowles Foundation Discussion Papers

No abstract provided.

Reagan Speaks With Forked Tongue, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

One of the ongoing column "THE ECONOMY From The Not-So Ivory Tower."

Existence, Regularity, And Constrained Suboptimality Of Competitive Allocations When The Asset Market Is Incomplete, John Geanakoplos, Heracles M. Polemarchakis

Cowles Foundation Discussion Papers

Let assets be denominated in an a priori specified numeraire. Whether or not the asset is complete, a competitive equilibrium exists as long as arbitrage is possible when assets are free. Generically, the set of competitive equilibria is finite, and the equilibrium prices and allocations in the commodity spot markets are uniquely determined by the asset allocation in a neighborhood of a competitive equilibrium. If the asset market is incomplete, a competitive equilibrium allocation is generically constrained suboptimal : there exists an arbitrarily small reallocation of the existing assets, which leads to a Pareto improvement in welfare when prices and …

An Assessment Of The Education Sector In The Five- Year Plan For Economic And Social Development [Manuscript] : 1982/83-1986/87, Adel S F Ishac

Archived Theses and Dissertations

No abstract provided.

Long-Run Effects Of The Accelerated Cost Recovery System, Don Fullerton, Yolanda K. Henderson

Don Fullerton

No abstract provided.

Economcis Of Reduced Tillage Systems, Herbert R. Allen

Economics Commentator

No abstract provided.

Minnesota Housing Report [1985 3rd Quarter], George R. Karvel Dr.

Minnesota Housing Reports

The Minnesota Housing Report is compiled on the basis of monthly housing reports furnished to the Minnesota Real Estate Research Center at St. Cloud State University. Funding to permit preparation of the Minnesota Housing Report is provided by the Educational Foundation of the Minnesota Association of Realtors and St. Cloud State University.

The reports are supplied by fourteen cooperating local real estate boards representing 71.1 percent of Minnesota's population. The boards represent various areas of the state and thus provide a picture of housing diversity between regions as well as housing trends within regions.

Information presented for the state or …

Government Programs, Job Search Requirements, And The Duration Of Unemployment, Michael C. Keeley, Philip K. Robins

Economics Articles and Papers

This paper presents an empirical analysis of how job search requirements under various government programs influence job search behavior. The analysis indicates that job search requirements exert a significant impact on certain aspects of the job search process, but not those that generally lead to a higher probability of employment. It is also found that persons who utilize intensively search activities that result in direct employer contact have much shorter durations of unemployment than persons who do not utilize such activities intensively. It is speculated that altering job search requirements to include more direct employer contact could lead to a …

Farmland Rental Terms In Eastern And Central South Dakota, Larry Janssen, Larry Madsen

Economics Commentator

No abstract provided.

On The Performance Of Least Squares In Linear Regression With Undefined Error Means, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper considers the linear regression model with multiple stochastic regressors, intercept, and errors that have undefined means. This model is of interest from a robustness perspective as a polar case. Generally, least squares estimators are inconsistent in this context. It is shown, however, that this inconsistency is restricted to the estimation of the intercept, if the regressors are highly variable. Rates of convergence of the least squares slope estimators are determined, and are shown to exceed the standard rate, n -1/2 , in certain contexts. The results place no restrictions on the temporal dependence of the errors, and require …

Economic ‘Recovery’ Likely To Fizzle, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

One of the ongoing column in the St. Louis Journalism Review, "THE ECONOMY From The Not-So Ivory Tower."

Ua68/2 Intercambio Internacional, Vol. Ix, No. 2, Wku Latin American Studies

WKU Archives Records

Newsletter created by WKU Latin American Studies program regarding science, politics and economic advances in Latin America as well as cooperative projects between WKU and universities across Latin America. The newsletter is written in both English and Spanish.

Small Farmers' Cooperatives In Brazil, 1964-1984 Reasons For Success Or Failure, Henry H. Gerber

Graduate Program in International Studies Theses & Dissertations

This study is concerned with cooperative business enterprises of small farmers. The topic has been chosen because peasants' association in supply and marketing cooperatives is considered an essential element in rural development. The author's field experience leads him to agree in principle with this assumption. But, as exemplified by Brazil, a variety of factors (ecological, sociohistorical, legal, economic and so forth) may hinder or help the inception and survival of cooperatives.

Thus, if a government aims at integrating the small producer into the national economy as supplier and consumer (as in Brazil), measures to implement t~is policy must not be …

Economics Of Home-Based Businesses, Thomas L. Dobbs

Economics Commentator

No abstract provided.

Some Notes On Taxes And Tax Reform, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

One of the ongoing column, “THE ECONOMY From The Not-So Ivory Tower."

A Characterization Of Globally Optimal Paths In The Non-Classical Growth Model, Rabah Amir

Cowles Foundation Discussion Papers

We show that the monotonicity property of optimal paths (or, equivalently, the uniform boundedness of the marginal propensity of consumption by unity) is a necessary condition for local (as well as for global) optimality, and is also sufficient for local optimality, but not for global optimality. We also show that the well-known properties of the value function — continuity and monotonicity — are sufficient (along with the above conditions) to guarantee global optimality. In other words, if at any stock level, a local non-global maximizer is selected, a discontinuity in the value function will be observed. We suggest that the …

Edgeworth Equilibria, Charalambos D. Aliprantis, Donald J. Brown, Owen Burkinshaw

Cowles Foundation Discussion Papers

The paper studies pure exchange economies with infinite dimensional commodity spaces in the setting of Riesz dual systems. Several new concepts of equilibrium are introduced. An allocation ( x 1 , …, x m ) is said to be a) an Edgeworth equilibrium whenever it belongs to the core of every n -fold replication of the economy; and b) an ε- Walrasian equilibrium whenever for each ε > 0 there exists some price p not equal to 0 with p ∙ω = 1 (where ω = Σω i is the total endowment) and with x ≥ i x i implying p …

Understanding Spurious Regressions In Econometrics, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper provides an analytical study of spurious regressions involving the levels of economic time series. As asymptotic theory is developed for regressions that relate independent random walks. It is shown that the usual t ratio significance tests do not possess limiting distributions but actually diverge as the sample size T approaches infinity. The Durbin-Watson statistic, on the other hand, converges in probability to zero. An alternative asymptotic theory is also analyzed. An alternative asymptotic theory is developed based on the concept of continuous data recording. This theory together with the large sample asymptotics that we present go a long …

Enough Gold In A Society Without And With Money-Lenders, Martin Shubik

Cowles Foundation Discussion Papers

If an exchange economy is modeled as a strategic market game with one commodity serving as a money, then if there is no credit available and if all traders are insignificant in size, so that an individual does not influence prices, the noncooperative equilibria (NEs) of the game will coincide with the competitive equilibria of the exchange economy provided that there is enough money to facilitate trade. The meaning of ‘enough money’ is that the NEs are interior. In other words the constraint that an individual cannot spend more of the means of payment than he holds is not binding …

Cross-Cultural Study Of Maslow's Need Theory Of Motivation, Jitendra N. Mishra

Theses

Abraham H. Maslow's Need Theory of Motivation was subjected to a cross-cultural scrutiny to see if his theory has universal application. It was thus also intended, to make a contribution to his theory since today, global interdependence is no longer a matter of belief, preference or choice. Rather, it is an inescapable reality.

To achieve this goal, an extensive Literature Survey was undertaken. It was found that his theory is more consistent with American value system. Nevertheless, if care is exercised, his theory can be useful in International context too, with some necessary modifications.

This paper is directed to save …