Social and Behavioral Sciences Commons^™

Gold, Liquidity And Secured Loans In A Multistage Economy. Part I: Gold As Money, Martin Shubik, Shuntian Yao

Cowles Foundation Discussion Papers

A multiperiod exchange economy with gold used both as money and as jewelry is examined in this paper. The existence of Nash equilibria is proved for the market games with finitely many traders as well as the games with a continuum of traders. For market games with a continuum of traders at infinite horizon, the existence of stationary Nash equilibria has been proved under the assumption that gold is properly distributed at the beginning or a secured loan between traders is available.

Knightian Decision Theory And Econometric Inference, Truman F. Bewley

Cowles Foundation Discussion Papers

In this paper I attempt to reconcile the apparent definiteness of econometric practice with the vagueness of subjective probabilities assumed in Knightian decision theory. I argue that some standard uses of classical inference are Knightian in spirit, even though the formal justification of classical methods uses the frequentist notion of probability. Classical confidence regions may be viewed as defining sets of posterior means corresponding to a standardized set of prior distributions. Tests of the null hypothesis that a parameter equals a particular value may be viewed as determining whether it is rational, from a Knightian point of view, to act …

Statistical Inference In Instrumental Variables Regression With I(1) Processes, Peter C.B. Phillips, Bruce E. Hansen

Cowles Foundation Discussion Papers

This paper studies the asymptotic properties of instrumental variable (IV) estimates of multivariate cointegrating regressions. The framework of study is based on earlier work by Phillips and Durlauf (1986) and Park and Phillips (1988, 1989). In particular, the results in these papers are extended to allow for IV regressions that accommodate deterministic and stochastic regressors as well as quite general deterministic processes in the data generating mechanism. It is found that IV regressions are consistent even when the instruments are stochastically independent of the regressors. This phenomenon, which contrasts with traditional theory for stationary time series, is a beneficial artifact …

The Relationship Between Social Work And Labor Unions: A History Of Strife And Cooperation, Shulamith Lala Ashenberg Straussner, Norma Kolko Phillips

The Journal of Sociology & Social Welfare

The historical relationship between social work and organized labor has been an ambivalent one, with fluctuations paralleling historical changes in social and political values. This paper examines the changing nature of the relationship, with emphasis on the period from the 1870s to the 1940s. While today's relationship is a mutually beneficial one, the fragile nature of the link between organized labor and the social work community cannot be ignored, particularly in light of the increasing involvement between social work and private industry

Welfare Workers As Surplus Population: A Useful Model?, Paula Dressel, Mike Sweat, Michelle Waters

The Journal of Sociology & Social Welfare

Analysts of organizational and employment issues in social welfare are in need of a more critical orientation for framing debate. We propose that an understanding of welfare workers as surplus population offers critical insights into a number of longstanding welfare concerns, including political coalitions, professional standards, and worker burnout. Empirical evidence is presented to undergird the credibility of the surplus population argument.

Contributors: Vol 11 No. 2, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Contributors list of Vol. 11 (1987): Pacific Studies Full Issue 2

Lamont Lindstrom's Review Of Judith A. Bennett's Wealth Of The Solomons: A History Of A Pacific Archipelago, 1800-1978, Lamont Lindstrom

Pacific Studies

No abstract provided.

Thomas R. Cox's Review Of G. R. Hawke's The Making Of New Zealand: An Economic History, Thomas R. Cox

Pacific Studies

No abstract provided.

Metropolitan Report - February 22, 1988, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans

UNO Metropolitan Report (1986-2017)

No abstract provided.

Crop Yeild Losses Under Irrigation Load Management Control, Donald C. Taylor

Economics Commentator (1972- 2016)

No abstract provided.

Increases In Risk Aversion And Portfolio Choice In A Complete Market, Philip H. Dybvig

Cowles Foundation Discussion Papers

This note examines the effect of changes in risk aversion on the optimal portfolio choice in a complete market. It is shown that an agent who is less risk averse in the Pratt (1964) sense than another will choose a portfolio whose payoff is distributed as the other’s payoff plus a nonnegative random variable plus conditional-mean-zero noise. The proof of the result uses simple first order conditions and basic results from stochastic dominance.

Stock Prices, Earnings And Expected Dividends, John Y. Campbell, Robert J. Shiller

Cowles Foundation Discussion Papers

This paper presents estimates indicating that, for aggregate U.S. stock market data 1871-1986, a long historical average of real earnings is a good predictor of the present value of future real dividends. This is true even when the information contained in stock prices is taken into account. We estimate that for each year the optimal forecast of the present value of future real dividends is roughly a weighted average of moving average earnings and current real price, with between 2/3 and 3/4 of the weight on the earnings measure. This means that simple present value models of stock market prices …

Nonnegative Wealth, Absence Of Arbitrage, And Feasible Consumption Plans, Philip H. Dybvig, Chi-Fu Huang

Cowles Foundation Discussion Papers

A restriction to nonnegative wealth is sufficient to preclude all arbitrage opportunities in financial models that have risk neutral probabilities that are valid for all simple strategies. Imposing nonnegative wealth does not constrain agents from making the choice they would make under the standard integrability condition. This conclusion does not depend on whether the markets are complete.

A Centered Projective Algorithm For Linear Programming, Michael J. Todd, Yinyu Ye

Cowles Foundation Discussion Papers

We describe a projective algorithm for linear programming that shares features with Karmarkar’s projective algorithm and its variants and with the path-following methods of Gonzaga, Kojima-Mizuno-Yoshise, Monteiro-Adler, Renegar, Vaidya and Ye. It operates in a primal-dual setting, stays close to the central trajectories, and converges in O ( /n x L ) iterations like the latter methods. (Here n is the number of variables and L the input size of the problem). However, it is motivated by seeking reductions in a suitable potential function as in projective algorithms, and the approximate centering is an automatic byproduct of our choice of …

Appropriating The Returns From Industrial R&D, Richard C. Levin, Alvin K. Klevorick, Richard R. Nelson, Sidney G. Winter

Cowles Foundation Discussion Papers

In this paper, we describe the results of an inquiry into the nature of appropriability conditions in over one hundred manufacturing industries, and we discuss how this information has been and might be used to cast light on important issues in the economics of innovation and public policy. Our data, derived from a survey of high-level R&D executives, are informed opinions about the nature of an industry’s technological and economic environment rather than quantitative measures of inputs and outputs.

Generic Inefficiency Of Stock Market Equilibrium When Markets Are Incomplete, John Geanakoplos, Michael Magill, Martine Quinzii, Jacques Dréze

Cowles Foundation Discussion Papers

A stock market is a mechanism by which the ownership and control of firms is determined through the trading of securities. It is on this market that many of the major risks faced by society are shared through the exchange of securities and the production decisions that influence the present and future supply of resources are determined. If the overall structure of markets is incomplete can the stock market be expected to perform its role of exchanging risks and allocating investment efficiently? It is this question that we seek to answer.

Common Knowledge Of Summary Statistics, Adam Brandenburger, John Geanakoplos

Cowles Foundation Discussion Papers

Consider a group of people who are asked to offer their opinions on some issue. “Business confidence” surveys are an example: groups of businessmen are often asked for their predictions of economic indicators such as growth or inflation rates. Each member of the group makes a prediction based on his or her private information, and the average prediction is then publicly announced. If the members of the group are then allowed to revise their opinions, based on whatever information they glean from the public announcement, is there any tendency for the opinions in the group to converge on a common, …

Distributions, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Formulae are derived for the characteristic function of the inverted Dirichlet distribution and hence the multivariate F . The analysis involves a new function with multiple arguments that extends the confluent hypergeometric function of the second kind. This function and its properties are studied in the paper and a simple integral representation is given which is useful for numerical work. A special case connected with the multivariate t distribution is also explored.

Optimal Inference In Cointegrated Systems, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies the properties of maximum likelihood estimates of co-integrated systems. Alternative formulations of such models are considered including a new triangular system error correction mechanism. It is shown that full system maximum likelihood brings the problem of inference within the family that is covered by the locally asymptotically mixed normal asymptotic theory provided that all unit roots in the system have been eliminated by specification and data transformation. This result has far reaching consequences. It means that cointegrating coefficient estimates are symmetrically distributed and median unbiased asymptotically, that an optimal asymptotic theory of inference applies and that hypothesis …

Portland State University's Impact On The Portland Smsa Economy, James G. Strathman

Center for Urban Studies Publications and Reports

Portland State University's contribution to the metropolitan Portland economy is both diverse and considerable. A 1982 study estimated that the expenditures made by the University, its faculty and staff, and its full-time students generated over $150 million in gross output in the region. Given the changes that have taken place over the past five years, a re-examination of the University's economic impacts is warranted. This report examines Portland State University's contribution to metropolitan economic activity based on data from the 1985-86 academic year.

The approach taken in this report differs in several respects from the 1982 study. In addition to …

South Dakota Livestock Industry: A Review Of 1987 And A Peak Into 1988, Gene E. Murra, Clarence Mends

Economics Commentator (1972- 2016)

No abstract provided.

New Mexico Labor Market Review 01-29-1988, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review was prepared by the New Mexico Department of Labor in cooperation with U.S. Bureau of Labor Statistics for December of 1987. It is a report on the state's employment and economic activity.

Child-Care Costs And Family Labor Supply, Philip K. Robbins, David M. Blau

Economics Articles and Papers

The child care industry has expanded rapidly in recent years as a result of growing labor force participation by mothers of young children. Much, but not all, of the child care is being provided through the market. In this paper, a model of family labor supply incorporating both market and nonmarket child care is specified and estimated. The empirical analysis is performed using data from the 1980 baseline household survey of the Employment Opportunity Pilot Projects. The results suggest that both the decision to become employed and the decision to purchase market child care are sensitive to child-care costs. The …

Antitrust And The Challenge Of Internationalization, David J. Gerber

All Faculty Scholarship

No abstract provided.

The Change In Factors Affecting Physician Choice Of Practice Location: A Comparison Of Younger And Older Rural And Metropolitan Physicians, Theodore M. Breu

Journal of the Minnesota Academy of Science

This study uses multiple discriminant analysis to derive the factors that physicians deem important in their decisions about where to locate their medical practices. Older physicians are compared to younger physicians both within rural areas and within metropolitan areas. Three of the top four discriminating variables for the youngest doctors were influence of the preceptorship period, preference of the spouse, and the repayment of a forgiveness loan. For the oldest group of doctors, two of the top three discriminating variables were the opportunity to join a desirable two-person partnership, and the perception of a high medical need in the area.

Water And The American West: Essays In Honor Of Raphael J. Moses, David H. Getches

Books, Reports, and Studies

This digital resource contains only an abstract, cover image and table of contents information from the published book.

Print copy of book is available in the University of Colorado’s Wise Law Library: http://lawpac.colorado.edu/record=b131940~S0

Contents: Foreword / [David H. Getches] -- Biographical note : a tribute to a great lawyer / John M. Sayre -- To settle a new land : an historical essay on water law in Colorado and in the American West / Charles F. Wilkinson -- A global perspective on western water / Gilbert F. White -- The international problem with Mexico over the salinity of the lower …

Indiana State University Financial Report 1988, Indiana State University

Financial Reports

No abstract provided.

The Currency Of The Word: Communications, War And Revolution In The Formation Of The Nation-State, 1608-1655, Milton L. Mueller

School of Information Studies - Faculty Scholarship

An original and provocative analysis of the role of communications in the Thirty Years War and the English Revolution of 1640-1649. The years covered by the book saw the first printed new periodicals, the opening of the royal postal system to public correspondence, the monopolization of the posts by the state, and the exploitation of this communications infrastructure for surveillance and news purposes by the emerging territorial state. The book argues that all these developments were related aspects in the emergence of a currency of the word, a change in the temporal status of literate media. Printed commentary now flowed …

Ambassador Clayton Yeutter's Speech University Of Nebraska-Lincoln Commencement May 7, ~988, Clayton K. Yeutter

Clayton K. Yeutter, United States Secretary of Agriculture: Papers

Thank you very much Chancellor Massengale. It's nice to be home. First of all to the graduates, I say to you, savor this day. You've earned it. You've had four great years here at the University of Nebraska. They should have been rewarding years, and I hope you'll imprint the good times indelibly in your minds. But next week--not today, not tomorrow--sit back and be a bit introspective about what these four years have meant to you.

Finance Capitalism Late 20th Century Style: Containing International Instabilty, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Three papers with this title are given here. The main download is the longest version. Included is a slightly shorter version and a five-page draft.