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Social and Behavioral Sciences Commons™
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- Mechanism design (36)
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Articles 2251 - 2280 of 2930
Full-Text Articles in Social and Behavioral Sciences
First Order Autoregressive Processes And Strong Mixing, Donald W.K. Andrews
First Order Autoregressive Processes And Strong Mixing, Donald W.K. Andrews
Cowles Foundation Discussion Papers
A sufficient condition is given such that first-order autoregressive processes are stong mixing. The condition is specified in terms of the univariate distribution of the independent identically distributed innovation random variables. Normal, exponential, uniform, Cauchy, and many other continuous innovation random variables are shown to satisfy the condition. In addition, an example of a first-order autoregressive process which is not strong mixing is given. This process has Bernoulli (p) innovation random variables and any autoregressive parameter in (0, 1/2).
A Strategic Market Game With Transaction Costs, J. D. Rogawski, Martin Shubik
A Strategic Market Game With Transaction Costs, J. D. Rogawski, Martin Shubik
Cowles Foundation Discussion Papers
No abstract provided.
Blockmodeling Complex Statutes: Mapping Techniques Based On Combinatorial Optimization For Analyzing Economic Legislation And Its Stress Points Over Time, Scott A. Boorman, Paul R. Levitt
Blockmodeling Complex Statutes: Mapping Techniques Based On Combinatorial Optimization For Analyzing Economic Legislation And Its Stress Points Over Time, Scott A. Boorman, Paul R. Levitt
Cowles Foundation Discussion Papers
Blockmodeling, a combinatorial technique for relational data analysis, is applied to studying texts of complex economic legislation. By making this area a subject for mathematical modeling, using methods related to combinatories, logic, and discrete optimization, we describe a new type of frontier between law and economics.
Strategic Resource Extraction: When Easy Doesn't Do It, Jeremy I. Bulow, John Geanakoplos
Strategic Resource Extraction: When Easy Doesn't Do It, Jeremy I. Bulow, John Geanakoplos
Cowles Foundation Discussion Papers
No abstract provided.
The Exact Distribution Of Liml: Ii, Peter C.B. Phillips
The Exact Distribution Of Liml: Ii, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper derives the exact probability density function of the limited information maximum likelihood (LIML) estimator of the coefficient vector of the endogenous variables in a structural equation containing n + 1 endogenous variables and L ≥ 1 degrees of overidentification. This generalizes the presently known results for the two endogenous variable case (n + 1 = 2) and the leading case analyses in the author’s earlier paper (1982). Upon appropriate symbolic translation the results may be applied directly to the maximum likelihood estimator in the multivariate linear functional relationship.
Monetary Policies With Increasing Returns, Graciela Chichilnisky, Geoffrey M. Heal
Monetary Policies With Increasing Returns, Graciela Chichilnisky, Geoffrey M. Heal
Cowles Foundation Discussion Papers
The paper studies a two-sector monetary economy with two factors of production, labor and capital. The industrial sector has increasing returns to scale, the consumption sector non-increasing returns. All firms maximize profits and markets clear. For each rate of return on capital the model reaches a general equilibrium with an associated demand for money. A monetary policy is a quantity of money supplied. We prove that restrictive monetary policies decrease the level of operation and profits of the increasing returns to scale sector and eventually force it to operate with negative profits, so that it must close down. The other …
Predetermined Prices And The Allocation Of Social Risks, Costas Azariadis, Russell Cooper
Predetermined Prices And The Allocation Of Social Risks, Costas Azariadis, Russell Cooper
Cowles Foundation Discussion Papers
We propose a Walrasian explanation for the existence of fixed prices, i.e., of trades in which either the price or the quantity exchanged do not reflect all publicly available information. Such trades result in a rigid price system that facilitates the sharing of social risks; they may also cause allocative distortions which tend to increase the equilibrium price of insurance above its actuarially fair level. The simple overlapping generations model we consider here exhibits a tradeoff between risk sharing and allocative efficiency that is familiar from the incentives literature. We demonstrate that the market for non-contingent claims is active only …
Global Stability In A Class Of Markets With Three Commodities And Three Consumers, Masayoshi Hirota
Global Stability In A Class Of Markets With Three Commodities And Three Consumers, Masayoshi Hirota
Cowles Foundation Discussion Papers
No abstract provided.
The Exact Distribution Of Liml: I, Peter C.B. Phillips
The Exact Distribution Of Liml: I, Peter C.B. Phillips
Cowles Foundation Discussion Papers
It is shown that the exact finite sample distribution of the limited information maximum likelihood (LIML) estimator in a general and leading single equation case is multivariate Cauchy. When the LIML estimator utilizes a known error covariance matrix (LIMLK) it is proved that the same Cauchy distribution still applies. The corresponding result for the instrumental variable (IV) estimator is a form of multivariate t density where the degrees of freedom depend on the number of instruments.
Marginal Versus Average Cost Pricing In The Presence Of A Public Monopoly, Donald J. Brown, Geoffrey M. Heal
Marginal Versus Average Cost Pricing In The Presence Of A Public Monopoly, Donald J. Brown, Geoffrey M. Heal
Cowles Foundation Discussion Papers
No abstract provided.
Near-Markets And Market Games, Martin Shubik, Myrna Holtz Wooders
Near-Markets And Market Games, Martin Shubik, Myrna Holtz Wooders
Cowles Foundation Discussion Papers
No abstract provided.
Optimal Labor Contracts And The Role Of Monetary Policy In An Overlapping Generations Model, Russell Cooper
Optimal Labor Contracts And The Role Of Monetary Policy In An Overlapping Generations Model, Russell Cooper
Cowles Foundation Discussion Papers
This paper extends the optimal labor contracts literature to consider an environment with both real and nominal shocks. In an overlapping generations model, we compare alternative means of trading labor services: spot markets, fixed nominal wage contracts and price-contingent contracts. The ordering of these market structures will depend on the relative variability of the real and nominal shocks and the costs of contingent contracts. We also investigate the role of monetary policy and the circumstances under which feedback rules are neutral. Finally, we show that a non-stochastic monetary policy is optimal.
Revelation Of Information In Strategic Market Games: A Critique Of Rational Expectations, Pradeep Dubey, John Geanakoplos, Martin Shubik
Revelation Of Information In Strategic Market Games: A Critique Of Rational Expectations, Pradeep Dubey, John Geanakoplos, Martin Shubik
Cowles Foundation Discussion Papers
We criticize the R.E.E. approach to asymmetric information general equilibrium because it does not explain how information gets “into” the prices. This leads to well-known paradoxes. We suggest a multiperiod game instead, where the flow of information into and out of prices is explicitly modeled. In our game Nash equilibria (N.E.) (1) generalize Walrasian equilibria to asymmetric information; (2) exist generically; (3) eliminate pure speculation; (4) allow prices to reveal information and markets to become more efficient over time; (5) are consistent with the weak efficient markets hypothesis that tracking past prices is not profitable; (6) yet always lead to …
Scarf's Procedure For Integer Programming And A Dual Simplex Algorithm, Philip M. White, Andrew S. Caplin, Ludo Van Der Heyden
Scarf's Procedure For Integer Programming And A Dual Simplex Algorithm, Philip M. White, Andrew S. Caplin, Ludo Van Der Heyden
Cowles Foundation Discussion Papers
Herbert Scarf has recently introduced an algorithm for integer programs based on the concept of primitive sets. We show that as the choice variables become continuous, this algorithm converges to a dual simplex algorithm. This result is robust in the sense that even before the limit is reached, the simplex path is contained in the primitive sets which define Scarf’s path to the solution of the integer program.
Stable Disequilibrium Prices: Macroeconomics And Increasing Returns I, Geoffrey M. Heal
Stable Disequilibrium Prices: Macroeconomics And Increasing Returns I, Geoffrey M. Heal
Cowles Foundation Discussion Papers
The paper establishes conditions for the existence of a set of prices which are stable and at which markets do not clear, providing a rigorous foundation for the existence of fixed-price equilibria via the macroeconomics of increasing returns. It analyzes a Walrasian price adjustment process for a general equilibrium economy with economies of scale in production.
A Geometric Explanation Of The Transfer Paradox In A Stable Economy, John Geanakoplos, Geoffrey M. Heal
A Geometric Explanation Of The Transfer Paradox In A Stable Economy, John Geanakoplos, Geoffrey M. Heal
Cowles Foundation Discussion Papers
No abstract provided.
Investment Versus Savings Incentives: The Size Of The Bang For The Buck And The Potential For Self-Financing Business Tax Cuts, Alan J. Auerbach, Laurence Kotlikoff
Investment Versus Savings Incentives: The Size Of The Bang For The Buck And The Potential For Self-Financing Business Tax Cuts, Alan J. Auerbach, Laurence Kotlikoff
Cowles Foundation Discussion Papers
No abstract provided.
Robust And Asymptotically Efficient Estimation Of Location In A Stationary Strong Mixing Gaussian Parametric Model, Donald W.K. Andrews
Robust And Asymptotically Efficient Estimation Of Location In A Stationary Strong Mixing Gaussian Parametric Model, Donald W.K. Andrews
Cowles Foundation Discussion Papers
This paper considers the problem of robust estimation of location in a model with stationary strong mixing Gaussian parametric distributions. An estimator is found that is within epsilon of being asymptotically efficient at the Gaussian parametric distribution and is within epsilon of being optimally robust! For the robustness results a Huber-type minimax criterion is used, where minimaxing takes place over neighborhoods of the parametric Gaussian distributions. The neighborhood system considered includes distributions of strong mixing processes and allows for deviations from the normal univariate parametric distributions within a Hellinger metric neighborhood, as well as deviations from stationarity and from the …
Revelation Of Information In Strategic Market Games: A Critique Of Rational Expectations, Pradeep Dubey, John Geanakoplos, Martin Shubik
Revelation Of Information In Strategic Market Games: A Critique Of Rational Expectations, Pradeep Dubey, John Geanakoplos, Martin Shubik
Cowles Foundation Discussion Papers
No abstract provided.
On Allocative Distortions In Problems Of Self-Selection, Russell Cooper
On Allocative Distortions In Problems Of Self-Selection, Russell Cooper
Cowles Foundation Discussion Papers
This paper considers the general structure of self-selection models. By imposing conditions which permit the ordering of agents by their preferences, we provide a characterization of the distortions inherent in the sorting process. We also discuss extensions of the basic model such as randomization. Time Series Behavior of Prices for Overlapping Futures Contracts, with an Application to Soybean Futures
The Structure Of Social Risk, William D. Nordhaus, Steven N. Durlauf
The Structure Of Social Risk, William D. Nordhaus, Steven N. Durlauf
Cowles Foundation Discussion Papers
It is increasingly recognized that the structure of financial risks interacts with economic or fundamental risks in a way that influence real economic outcomes. Recent work documents, on the one hand, the apparent excessive sensitivity of financial markets to economic shocks (see especially Shiller (1979)); and on the other hand the close dependence of investment and economic variables on financial variables. One of the central developments to analyze such interactions has been portfolio theory, particularly the capital asset pricing model (CAPM). This field has been extremely fertile, and has seen an outpouring of both theoretical and empirical work. Unfortunately, virtually …
On The Disaggregation Of Excess Demand Functions, John Geanakoplos, Heracles M. Polemarchakis
On The Disaggregation Of Excess Demand Functions, John Geanakoplos, Heracles M. Polemarchakis
Cowles Foundation Discussion Papers
No abstract provided.
Core And Competitive Equilibria With Indivisibilities, Martine Quinzii
Core And Competitive Equilibria With Indivisibilities, Martine Quinzii
Cowles Foundation Discussion Papers
No abstract provided.
Utility Functions For Debreu's ‘Excess Demands', John Geanakoplos
Utility Functions For Debreu's ‘Excess Demands', John Geanakoplos
Cowles Foundation Discussion Papers
No abstract provided.
Era's: A New Approach To Small Sample Theory, Peter C.B. Phillips
Era's: A New Approach To Small Sample Theory, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This article proposes a new approach to small sample theory that achieves a meaningful integration of earlier directions of research in this field. The approach centers on the constructive technique of approximating distributions developed recently by the author in [10]. This technique utilizes extended rational approximants (ERA’s) which methods (such as those based on asymptotic expansions) and which simultaneously blend information from diverse analytic, numerical and experimental sources. The first part of the article explores the general theory of approximation of continuous probability distributions by means of ERA’s. Existence, characterization, error bound and uniqueness for the convergence result obtained earlier …
Information Processing And Jury Decision Making, Alvin K. Klevorick, Michael Rothschild, Christopher Winship
Information Processing And Jury Decision Making, Alvin K. Klevorick, Michael Rothschild, Christopher Winship
Cowles Foundation Discussion Papers
No abstract provided.
The Distribution Of Matrix Quotients, Peter C.B. Phillips
The Distribution Of Matrix Quotients, Peter C.B. Phillips
Cowles Foundation Discussion Papers
Cramér’s inversion formula for the distribution of a quotient is generalized to matrix variates and applied to give an alternative derivation of the matrix t-distribution.
We Can't Disagree Forever, John Geanakoplos, Heracles M. Polemarchakis
We Can't Disagree Forever, John Geanakoplos, Heracles M. Polemarchakis
Cowles Foundation Discussion Papers
Under the assumption of common priors, if the information partitions of two agents are finite, then simply by communicating back and forth and revising their posteriors the two agents will converge to a common equilibrium posterior, even though they may base their posteriors on quite different information. Furthermore, given any integer, n, one can construct an example in which the revision process not only takes n steps to converge, but no evident revision occurs — for (n – 1) steps both agents repeat the same conflicting posteriors — until the last step when the two agents decide to agree. Common …
Failure Of The Alternation Theorem In Rational Approximation Over C_0 (-Infinity,Infinity), Peter C.B. Phillips
Failure Of The Alternation Theorem In Rational Approximation Over C_0 (-Infinity,Infinity), Peter C.B. Phillips
Cowles Foundation Discussion Papers
No abstract provided.
On Implicit Contracts And Involuntary Unemployment, John Geanakoplos, Takatoshi Ito
On Implicit Contracts And Involuntary Unemployment, John Geanakoplos, Takatoshi Ito
Cowles Foundation Discussion Papers
We show that a firm can increase expected profits by undertaking the additional expense of paying unemployment compensation to the workers it lays off, if they are risk averse. When this argument is applied to the implicit contract models it makes the involuntary unemployment derived there disappear, where by involuntary unemployment we mean a situation in which one worker has a job at a wage w and another worker who is known to be productively identical and willing to take on the job at a lower wage h cannot find a job. We introduce into our model asymmetric information between …