Showing 1 - 10 of 25
Structural vector autoregressive (SVAR) models have emerged as a dominant research strategy in empirical macroeconomics, but suffer from the large number of parameters employed and the resulting estimation uncertainty associated with their impulse responses. In this paper we propose...
Persistent link: https://www.econbiz.de/10010820294
The objective of this study is to compare alternative computerized model-selection strategies in the context of the vector autoregressive (VAR) modeling framework. The focus is on a comparison of subset modeling strategies with the general-to-specific reduction approach automated by PcGets....
Persistent link: https://www.econbiz.de/10011152495
Disputes about econometric methodology partly reflect a lack of evidence on alternative approaches. We reconsider econometric model selection from a computer-automation perspective, focusing on general-to-specific reductions, embodied in PcGets. Starting from a general congruent model, standard...
Persistent link: https://www.econbiz.de/10010605180
Unrestricted reduced form vector autoregressive (VAR) models have become a dominant research strategy in empirical macroeconomics since Sims (1980) critique of traditional macroeconometric modeling. They are however subjected to the curse of dimensionality. In this paper we propose...
Persistent link: https://www.econbiz.de/10011277850
are in the dark about others' actions and the payoff structure.  This paper analyzes learning behavior in such 'black box … we study voluntary contributions games.  We identify two robust features of the players' learning dynamics: search …
Persistent link: https://www.econbiz.de/10011158994
We conduct a field experiment to investigate employers' trust in workers.  A sample of real entrepreneurs and workers from urban Ghana are respectively assigned to the roles of employers and employees.  Employers have the option to hire (trust) an employee, who can in turn choose whether to...
Persistent link: https://www.econbiz.de/10011159006
a complicated and non-intuitive mixed strategy equilibrium.  We argue that standard models of belief-based learning and … reinforcement learning are unable to explain the data, but that a simple model of similarity-based global cumulative imitation can … three other games.  The theoretical properties of the proposed learning model are studied by means of stochastic …
Persistent link: https://www.econbiz.de/10011085123
This paper studies learning in monotone Bayesian games with one-dimensional types and finitely many actions. Players … switch between actions at a set of thresholds.  A learning algorithm under which players adjust their strategies in the …
Persistent link: https://www.econbiz.de/10011115589
History offers many examples of dictators who worsened their behavior significantly over time (like Zimbabwe's Robert Mugabe), while there are also cases of dictators who have displayed remarkable improvements (like Jerry Rawlings of Ghana).  We show that such mutations can result from rational...
Persistent link: https://www.econbiz.de/10011004292
.  We propose a completely uncoupled learning process that selects a subset of the core of the game with a natural equity …
Persistent link: https://www.econbiz.de/10011004342