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Social and Behavioral Sciences Commons™
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- Mechanism design (33)
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Articles 2071 - 2100 of 2768
Full-Text Articles in Social and Behavioral Sciences
The Optimality Of Regulated Pricing: A General Equilibrium Analysis” And “An Optimal Tax Rule For Average Cost Pricing, Donald J. Brown, Geoffrey M. Heal
The Optimality Of Regulated Pricing: A General Equilibrium Analysis” And “An Optimal Tax Rule For Average Cost Pricing, Donald J. Brown, Geoffrey M. Heal
Cowles Foundation Discussion Papers
No abstract provided.
The Exact Distribution Of The Stein-Rule Estimator, Peter C.B. Phillips
The Exact Distribution Of The Stein-Rule Estimator, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper derives the exact density of the Stein-rule estimator in the setting of the general linear regression. The derivation is facilitated by the author’s development of new algebraic methods that involve an extension of the Weyl calculus. General formulae for the moments of the estimator are also provided.
Finite Sample Econometrics Using Era's, Peter C.B. Phillips
Finite Sample Econometrics Using Era's, Peter C.B. Phillips
Cowles Foundation Discussion Papers
The paper considers approximate distribution theory as a way to deliver practical improvements over asymptotic methods. Trials of the adequacy of asymptotic series based approximations are conducted and the results exhibit the need for further improvements. An alternative approach is suggested which utilizes a family of extended rational approximants (ERA’s). ERA’s build on the strength of primitive exact theory or asymptotic series; they allow us to blend information from diverse analytic numerical and experimental sources. The ultimate objective of the approach is to incorporate directly into software constructive functional approximants relevant to statistical practice. An illustration is provided.
On University Education In Econometrics: Remarks On An Article By Eric R. Sowey, Peter C.B. Phillips
On University Education In Econometrics: Remarks On An Article By Eric R. Sowey, Peter C.B. Phillips
Cowles Foundation Discussion Papers
No abstract provided.
Intertemporally Separable Overlapping Generations Economies, John Geanakoplos, Heracles M. Polemarchakis
Intertemporally Separable Overlapping Generations Economies, John Geanakoplos, Heracles M. Polemarchakis
Cowles Foundation Discussion Papers
No abstract provided.
A Note On The “Corelessness” Of Antibalance Of A Game, Martin Shubik, Shlomo Weber
A Note On The “Corelessness” Of Antibalance Of A Game, Martin Shubik, Shlomo Weber
Cowles Foundation Discussion Papers
No abstract provided.
The Exact Distribution Of Zellner's Sur, Peter C.B. Phillips
The Exact Distribution Of Zellner's Sur, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper derives the exact finite sample distribution of the two-stage GLS (generalized least squares) estimator in a multivariate linear model with general linear parameter restrictions. This includes the seemingly unrelated regression (SUR) model as a special case and generalizes presently known exact results for the latter system. The usual classical assumptions are made concerning nonrandom exogenous variables and normally distributed errors.
Multimarket Oligopoly, Jeremy I. Bulow, John Geanakoplos, Paul D. Klemperer
Multimarket Oligopoly, Jeremy I. Bulow, John Geanakoplos, Paul D. Klemperer
Cowles Foundation Discussion Papers
Actions a firm takes in one market may affect its profitability in other markets, beyond any joint economies or diseconomies in production. The reason is that an action in one market, by changing marginal costs in a second market, may change competitors’ strategies in that second market. We show how to calculate the strategic consequences in market 2, of a change in conditions in market 1 or of a firm’s action in market 1. Qualitatively, the same results hold for both simultaneous markets and sequential markets: whether a more aggressive (i.e., lower price or higher quantity) strategy in the first …
Information Patterns And Nash Equilibria In Extensive Games, Pradeep Dubey, Mamoru Kaneko
Information Patterns And Nash Equilibria In Extensive Games, Pradeep Dubey, Mamoru Kaneko
Cowles Foundation Discussion Papers
No abstract provided.
The Exact Distribution Of Exogenous Variable Coefficient Estimators, Peter C.B. Phillips
The Exact Distribution Of Exogenous Variable Coefficient Estimators, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper derives the exact probability density function of the instrumental variable (IV) estimator of the exogenous variable coefficient vector in a structural equation containing n + 1 endogenous variables and N degrees of overidentification. A leading case of the general distribution that is more amenable to analysis and computation is also presented. Conventional classical assumptions or normally distributed errors and nonrandom exogenous variables are employed.
Organizing Production In A Large Economy With Costly Communication, Paul R. Milgrom, Robert J. Weber
Organizing Production In A Large Economy With Costly Communication, Paul R. Milgrom, Robert J. Weber
Cowles Foundation Discussion Papers
We show that in a large production economy, the cost of collecting the information required by a planner to set nearly optimal prices is negligible relative to the total output of the economy. The cost of collecting the information required to set a nearly optimal production plan for each firm in the economy is not negligible. This conclusion stands in contrast to common opinion that determining optimal prices requires as much information as determining an optimal plan.
Worker Asymmetric Information And Involuntary Unemployment, Russell Cooper
Worker Asymmetric Information And Involuntary Unemployment, Russell Cooper
Cowles Foundation Discussion Papers
No abstract provided.
Linear Complementarity And The Average Volume Of Simplicial Cones, Roger Howe
Linear Complementarity And The Average Volume Of Simplicial Cones, Roger Howe
Cowles Foundation Discussion Papers
Samle [S] has recently shown how to estimate the average number of pivot steps in Lemke’s algorithm for the linear complementarity problem (LCP) in terms of the “volumes” of certain cones. In this paper we discuss the notion of average volumes of cones, and give two applications to the LCP.
Forward Rates And Future Policy: Interpreting The Term Structure Of Interest Rates, Robert J. Shiller, John Y. Campbell, Kermit L. Schoenholtz
Forward Rates And Future Policy: Interpreting The Term Structure Of Interest Rates, Robert J. Shiller, John Y. Campbell, Kermit L. Schoenholtz
Cowles Foundation Discussion Papers
No abstract provided.
Profit-Sharing In A Collusive Industry, Martin J. Osborne, Carolyn Pitchik
Profit-Sharing In A Collusive Industry, Martin J. Osborne, Carolyn Pitchik
Cowles Foundation Discussion Papers
We study a model in which collusive duopolists divide up the monopoly profit according to their relative bargaining power. We are particularly interested in how the negotiated profit shares depend on the sizes of the firms. If each can produce at the same constant unit cost up to its capacity, we show that the profit per unit of capacity of the small firm is higher than that of the large one. We also study how the ratio of the negotiated profits depends on the size of demand relative to industry capacity, and how this ratio changes with variations in demand.
Macroeconomics Under Debate, James Tobin
Macroeconomics Under Debate, James Tobin
Cowles Foundation Discussion Papers
No abstract provided.
Multiperiod Insurance Contracts, Russell Cooper, Beth Hayes
Multiperiod Insurance Contracts, Russell Cooper, Beth Hayes
Cowles Foundation Discussion Papers
No abstract provided.
Fiscal Incidence In A Dynamic Life-Cycle Model With Land, Christophe Chamley
Fiscal Incidence In A Dynamic Life-Cycle Model With Land, Christophe Chamley
Cowles Foundation Discussion Papers
No abstract provided.
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.
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.
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.
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 …
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.
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 …
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.
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.
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.
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.