Economics Commons^™

The Power Of Commitment, Chien-Fu Chou, John Geanakoplos

Cowles Foundation Discussion Papers

History has seen many examples of the lone man — like Christ, Luther, Gandhi, or Hitler — who without initial wealth or position, succeeds in changing the behavior of an entire society, for good or for ill. Whence comes this power. No doubt such leaders have possessed extraordinary ability, and have formulated original ideas with great appeal which others could readily follow. But there is another striking similarity among these leaders; namely their single-minded devotion to their, ideals, and their uncompromising attitude toward those who opposed them, no matter what the personal cost. There is hardly any need to document …

The Shapes Of Polyhedra, Ravi Kannan, László Lovász, Herbert E. Scarf

Cowles Foundation Discussion Papers

No abstract provided.

Nonparametric And Distribution-Free Estimation Of The Binary Choice And The Threshold-Crossing Models, Rosa L. Matzkin

Cowles Foundation Discussion Papers

This paper studies the problem of nonparametric identification and estimation of binary threshold-crossing and binary choice models. First, conditions are given that guarantee the nonparametric identification of both the function of exogenous observable variables and the distribution of the random terms. Second, the identification results are employed to develop strongly consistent estimation methods that are nonparametric in both the function of observable exogenous variables and the distribution of the unobservable random variables. The estimators are obtained by maximizing a likelihood function over nonparametric sets of functions. A two-step constrained optimization procedure is devised to compute these estimators.

Economic Commentary: Rent Control-Who Pays The Rent, Anthony Cicerone

Bridgewater Review

According to a recent government report, over 200 U.S. cities, including Boston, have some form of rent control. Although rent control is now a national phenomenon, many people are unfamiliar with it. What is rent control, how does it work, why is it so widely used and who really pays the rent?

Population Household Size Employment And_Sept 1988, Brian Mcdonald, John Temple, Lynn Wombold

BBER Publications

The report combines demographic projection methods with economic forecasting techniques. Population forecasts were derived primarily from county-level projections prepared by BBER's Demographic Analysis and Projections Service (DAPRO), while employment forecasts incorporated information from the FOR-UNM econometric forecasting model, Bureau of Economic Analysis (BEA) OBERS regional projections, historical employment trends, and county-specific economic conditions. Migration assumptions were the principal factor distinguishing the low, medium, and high population scenarios. Average household size projections were based on national Census Bureau household forecasts adjusted to local conditions.

Population Household Size Employment_Sept 1988, Brian Mcdonald, John Temple, Lynn Wombold

BBER Publications

The report combines demographic and economic forecasting methods. Population projections were based primarily on county projections produced through BBER's Demographic Analysis and Projections Service (DAPRO), with migration assumptions serving as the principal variable differentiating low-, medium-, and high-growth scenarios. Average household size projections were derived from U.S. Census household forecasts and adjusted to reflect changing demographic conditions in New Mexico, including declining fertility, delayed marriage, changing household composition, and the aging population.

Money Manager Capitalism, Fiscal Independence And International Monetary Reconstruction, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Paper prepared for a Round Table Conference: The Relationship between International Economic Activity (Trade and Employment) and International Monetary Reconstruction. The Conference was held August 25-26, 1988, at Castle Szirak, Hungary.

Pricing Of South Dakota Hard Red Winter Wheat, Brian H. Schmiesing, Boyd M. Ober

Economics Commentator (1972- 2016)

No abstract provided.

The Economics Of Instability, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

An outline for a book with ten chapters.

New Mexico County Profiles_08-05-1988, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

The report provides a detailed demographic, economic, fiscal, agricultural, educational, employment, housing, and tourism profiles for all 33 New Mexico counties. The publication serves as a reference tool for policymakers, planners, educators, businesses, and researchers by presenting a standardized snapshot of county conditions during the late 1980s.

Potential Duration Of Unemployment Benefits And The Duration Of Joblessness, Stephen A. Woodbury

Conference Papers

Federal Supplemental Compensation (FSC) was the program that temporarily extended the duration of Unemployment Insurance (UI) benefits by 8 to 14 weeks during 1982-1984. This paper examines whether and to what degree the extension of benefits under FSC increased the expected length of UI recipients' jobless spells. The estimates are derived from a large Ul-administrative data base that spans the expiration of FSC and allows one to observe whether and (approximately) when a worker actually returned to work. Previous studies of the effects of extended benefits have had to make assumptions about UI recipients' return to work that appear to …

Correlated Equilibrium With Generalized Information Structures, Adam Brandenburger, Eddie Dekel, John Geanakoplos

Cowles Foundation Discussion Papers

We study the “generalized correlated equilibria” of a game when players make information processing errors. It is shown that the assumption of information processing errors is equivalent to that of “subjectivity” (i.e., differences between the players’ priors). Hence a bounded rationality justification of subjective priors is provided. We also describe the set of distributions on actions induced by generalized correlated equilibria with common priors.

Schumpeter: Finance And Evolution, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Prepared for a Conference: “Evolution of Technology and Market Structure in an International Context.." Sponsored by The International Schumpeter Society and The Universita degli Studi di Siena, Siena, Italy, May 24-27, 1988. Typed manuscript dated July 14, 1988.

Also included here is the paper as it appeared pp. 51-74, in Arnold Heertje and Mark Perlman, Ed. "Evolving Technology and Market Structure: Studies in Schumpeterian Economics." Ann Arbor, MI: The University of Michigan Press, 1990.

The New Mexico Economy History And _07-14-1988, Brian Mcdonald, David Boldt

BBER Publications

The study analyzes the state's historical dependence on agriculture, mining, and federal spending, assesses contemporary economic conditions, and evaluates future growth prospects.

Vol. 11 No. 3 (1988): Pacific Studies Front Matter, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Pacific Studies is published two times a year by The Jonathan Nāpela Center for Hawaiian and Pacific Studies, Brigham Young University Hawai‘i #1979, 55–220 Kulanui Street, Lāʻie, Hawai‘i 96762, but responsibility for opinions expressed in the articles rests with the authors alone. Subscription rate is US$40.00 yearly, payable to The Jonathan Nāpela Center for Hawaiian and Pacific Studies. The Jonathan Nāpela Center for Hawaiian and Pacific Studies (formerly The Pacific Institute) is an organization funded by Brigham Young University Hawai‘i. The Center assists the University in meeting its cultural and educational goals by undertaking a program of teaching, research, and …

U.S. Administration And Prospects For Economic Self-Sufficiency: A Comparison Of Guam And Select Areas Of Micronesia, Larry W. Mayo

Pacific Studies

No abstract provided.

Eugene Ogan's Review Of Raymond Goodman, Charles Lepani, And David Morawetz's The Economy Of Papua New Guinea: An Independent Review, Eugene Ogan

Pacific Studies

No abstract provided.

Heteroskedasticity And Autocorrelation Consistent Covariance Matrix Estimation, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper is concerned with the estimation of covariance matrices in the presence of heteroskedasticity and autocorrelation of unknown forms. Currently available estimators that are designed for this context depend upon the choice of a lag truncation parameter and a weighting scheme. No results are available, however, regarding the choice of a lag truncation parameter for a fixed sample size, regarding data-dependent automatic lag truncation parameters, or regarding the choice of weighing scheme. In consequence, available estimators are not entirely operational and the relative merits of the estimators are unknown.

Default And Efficiency In A General Equilibrium Model With Incomplete Markets, Pradeep Dubey, John Geanakoplos, Martin Shubik

Cowles Foundation Discussion Papers

We extend the standard model of general equilibrium with incomplete markets (GEI) to allow for default. Default can be either strategic, or due to ill-fortune. Agents who default are penalized to a degree proportional to the size of their default and to penalty parameters lambda. We find that under conditions similar to those necessary to guarantee the existence of GEI equilibrium, we get the existence of GEI λ equilibrium, for any λ > 0. We argue that default is thus reasonably modeled as an equilibrium phenomenon. Moreover, we show that more lenient lambda which encourage default may be Pareto improving because …

Estimation And Inference In Models Of Cointegration: A Simulation Study, Bruce E. Hansen, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies the finite sample distributions of estimators of the cointegrating vector of linear regression models with I(1) variables. Attention is concentrated on the least squares (OLS) and instrumental variables (IV) methods analyzed in other recent work (Phillips and Hansen (1988)). The general preference of OLS to IV techniques suggested by asymptotic theory is reinforced by our simulations. An exception arises for cases of low signal to noise, where spurious IV techniques (so named for their use of instruments that are structurally unrelated to the model) outperform uncorrected least squares. We verify the presence of a small sample estimation …

The Stabilization Of The U.S. Economy: Evidence From The Stock Market, Matthew D. Shapiro

Cowles Foundation Discussion Papers

Until recently, economists widely believed that economic activity had become less variable in the United States following the end of World War II. Challenging this belief, new research suggests that key historical time series are spuriously volatile, a finding that is highly controversial. Data from the stock market may provide a vehicle for resolving the controversy. Economic theory relates stock prices to real activity; empirical tests also show a strong link between stock prices and activity. Financial data are accurately measured over long spans of time and hence are free of most of the measurement problems in other time series. …

Capital Structure And Dividend Irrelevance With Asymmetric Information, Philip H. Dybvig, Jaime F. Zender

Cowles Foundation Discussion Papers

The Modigliani and Miller propositions on the irrelevancy of capital structure and dividends are shown to be valid in a large class of models with asymmetric information. The main assumption is that managerial compensation is chosen optimally. This differs from most recent papers on this topic, which impose by fiat a suboptimal contract. Even when imperfections internal to the firm preclude optimal investment, there is a separation between incentives and financing. We also show that making prices reflect idiosyncratic information more accurately does not make investors better off, thus negating the motivation of many of the signalling models.

Doug Munro's Review Of K. Buckley And K. Klugman's South Pacific Focus: A Record In Words And Photographs Of Burns Philip At Work, 1888-1988, Doug Munro

Pacific Studies

No abstract provided.

Vol. 11 No. 3 (1988): Pacific Studies Full Issue, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Pacific Studies is published two times a year by The Jonathan Nāpela Center for Hawaiian and Pacific Studies, Brigham Young University Hawai‘i #1979, 55–220 Kulanui Street, Lāʻie, Hawai‘i 96762, but responsibility for opinions expressed in the articles rests with the authors alone. Subscription rate is US$40.00 yearly, payable to The Jonathan Nāpela Center for Hawaiian and Pacific Studies. The Jonathan Nāpela Center for Hawaiian and Pacific Studies (formerly The Pacific Institute) is an organization funded by Brigham Young University Hawai‘i. The Center assists the University in meeting its cultural and educational goals by undertaking a program of teaching, research, and …

Contributors: Vol 11 No. 3, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Contributors list of Vol. 11 (1988): Pacific Studies Full Issue 3

Temporary Townsfolk? Siwai Migrants In Urban Papua New Guinea, John Connell

Pacific Studies

No abstract provided.

Displaced Homemakers And Single Parents In New Mexico, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

This report analyzes the demographic, educational, employment, and economic characteristics of displaced homemakers, single parents, and teen parents across New Mexico. Prepared for the Department of Education by the Bureau of Business and Economic Research at the University of New Mexico, the study utilizes customized 1980 U.S. Census data to identify key socio-economic vulnerabilities, such as high poverty rates and low high school completion levels, to guide vocational education policy.

Economic Considerations For Artificial Reef Development In Coastal Virginia, Dean Thomas Devereaux

OES Theses and Dissertations

The contingent valuation method, recommended by the U. S. Water Resources Council, was used to estimate the economic value of sport fishing and diving at the Chesapeake Light Tower Artificial Reef. The study is based on a random sample of 170 anglers and 33 divers who participated in telephone, personell and mail-in surveys in 1985 and 1986.

The average user value (consumer surplus) was $21.13, $110,75, and $13.30 for head boat anglers, private boat anglers and sport divers, respectively, who claimed to have used the reef in 1985. Variation in consumer surplus was statistically affected by trip expense, distance from …

Heteroskedasticity And Autocorrelation Consistent Covariance Matrix Estimation, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper is concerned with the estimation of covariance matrices in the presence of heteroskedasticity and autocorrelation of unknown forms. Currently available estimators that are designed for this context depend upon the choice of a lag truncation parameter and a weighting scheme. Results in the literature provide a condition on the growth rate of the lag truncation parameter as T → ∞ that is sufficient for consistency. No results are available, however, regarding the choice of a lag truncation parameter for a fixed sample size, regarding data-dependent automatic lag truncation parameters, or regarding the choice of weighing scheme. In consequence, …

The Incidence Of Workers' Compensation Claims In Michigan: Final Report, H. Allan Hunt

Reports

No abstract provided.