In the empirical analysis of financial time series, multivariate GARCH models have been used in various forms. In most cases it is not well understood how the use of a restricted model has to be paid with loss of valuable information. We investigate the structural implications of two alternative...

We first analyse the general problem of admissible conditioning and next consider the evaluation of the loss of information when a non-admissible conditioning is used as an approximation of the exact posterior distribution. Considering the case of Fisher test, we evaluate from a Bayesian point...

This paper proposes a new kind of asymmetric GARCh where the conditional variance obeys two different regimes with a smooth transition function. In one formulation, the conditional variance reacts differently to negative and positive shocks while in a second formulation, small and big shocks...

In this paper we prove that for generic (non cooperative) voting games under plurality rule an equilibrium that induces a mixed distribution over the outcomes (i.e. with two or more candidates elected with positive probability) is isolated. From that we deduce also that the set of equilibrium...

In this paper, we develop a Bayesian analysis of a semi-parametric binary choice model. The prior specification of the functional parameter, namely the distribution function of a latent variable, is of the Dirichlet process type and the prior specification of the Euclidean parameter, namely the...

We introduce a procedure that uses basic typological charasteristics of equilibrium correspondences of standard equilibrium concepts, to define broad equivalence classes of finite generic games in normal form. The proposed procedure is viewed as a potentially useful way of both organizing the...