We study several methods of constructing confidence sets for the coefficient of the single right-hand-side endogenous variable in a linear equation with weak instruments. Two of these are based on conditional likelihood ratio (CLR) tests, and the others are based on inverting t statistics or the...

We study several tests for the coefficient of the single right-hand-side endogenous variable in a linear equation estimated by instrumental variables. We show that writing all the test statistics -- Student's t, Anderson-Rubin, the LM statistic of Kleibergen and Moreira (K), and likelihood ratio...

Little attention has been paid to the finite-sample properties of tests for overidentifying restrictions in linear regression models with a single endogenous regressor and weak instruments. We study several such tests in models estimated by instrumental variables (IV) and limited-information...

This paper develops a general repeated game model over arbitrary time domain (which includes continuous time behaviour). A player is committed at any point in time to history independent behaviour for a positive length of time. The length of time of commitment depends on the way the history...

If an exhaustible resource stock is viewed as a capital good, one obtains in the Hotelling model that economic depreciation of the stock equals aggregate rent. When extraction costs depend on the stock of resource remaining, depreciation is less than aggregate rent. These results permit us to...

This paper models the linkage between a country's national security and the defense spending of its allies and adversaries. The cost of an arms race is introduced into the alliance public good framework of Olson and Zeckhauser. Contrary to their presumption, for a cooperative treaty to increase...

This paper introduces a general framework for the discussion of renegotiation in repeated games, provides a new concept of "renegotiation proof" equilibrium, and shows how this model clarifies and unifies existing work in this area. The procedure involves restricting axiomatically the class of...

This paper develops a model of strategic behaviour in continuous time games of complete information. This model bridges the gap between the differential formulation of a continuous time game and the procedure of taking limits with respect to discrete time games. The model admits a large class of...

This paper discusses the influence of Canadian corporate tax rates on the debt-asset ratios of Canadian firms, 1970-82. Five theoretical models are reviewed and used to construct a linear encompassing model of financial structure. Empirical evidence from Canadian firms from COMPUSTAT files...

This paper looks at the joint determination of international indebtedness and capital accumulation in a two-country model. National rates of time preference are endogenous, and adjust along an optimal path to come into equality with one another in the steady state. A country's level of...