This note studies conditions under which sequences of capital per head generated by stochastic optimal accumulation models have law of large numbers and central limit properties. The regularity condition used on the productivity shock is somewhat different to that of previous studies. In...

I replace the assumption that an agent makes an optimal choice by an assumption that the agent executes a computational algorithm directed at finding a choice that is good at the time the choice is made. The algorithm utilizes the individual's own information, and information about choices of...

To date, due to the lack of panel data, most micro-level empirical studies of technology adoption have used cross-sectional data. These studies cannot examine the dynamic processes of adoption such as learning. This paper uses panel data to study the adoption of a new high-yielding variety seed....

This paper examines take-up rates in a simple model in which there is a single means-tested benefit involving a 'taper rate' at which benefits are withdrawn as earnings increase. There is a fixed cost of applying for benefits. The model involves a joint decision regarding both labour supply and...

This document provides supplementary data output involved in the production of the population and expenditure projections analysed in the study "Migration, Population Ageing and Social Expenditure in Australia" by Alvarado and Creedy (1996).

This paper develops a theoretical framework for analyzing incentive schemes under bounded rationality. It starts from a standard principal-agent model and then superimposes an assumption of boundedly rational behavior on the part of the agent. Boundedly rational behavior is modeled as an...

This paper describes two alternative approaches (modified reverse shooting and forward shooting) for solving the time-path of a representative agent model following an exogenous shock. In particular, reverse shooting is demonstrably better for solving part of the model but must be modified...

This paper outlines the conditions under which the stationary probability distribution function (PDF) of an autonomous Ito process stochastic diffirential equation (SDE) belongs to the generalized exponential family (GEF) of densities and the interaction between economic equilibria and...