We develop an estimated time-series model of revisions of U.S. payroll employment in order to obtain more accurate filtered estimates of the "true" or underlying condition of U.S. employment. Our estimates of "true" employment are filtered, according to an estimated signal-plus-noise (S+N)...

This paper develops and illustrates the multi-step generalization of the standard single-step perturbation (SSP) method or MSP. In SSP, we can think of evaluating at x the computed approximate solution based on x0, as moving from x0 to x in "one big step" along the straight-line vector x-x0. By...

Total factor productivity (TFP) computed as Solow-residuals could be subject to input-substitution bias for two reasons. First, the Cobb-Douglas (CD) production function restricts all input substitutions to one. Second, observed inputs generally differ from optimal inputs, so that inputs...

In time series analysis, tests for serial independence, symmetry, and goodness-of-fit based on divergence measures, such as the Kullback-Leibler divergence or Hellinger distance are currently receiving much interest (see Granger, Maasoumi, Racine (2004) as a recent example). We consider...

I examine the impact of demand uncertainty on a firm's investment decisions. Recent theoretical work accounts for the degree of irreversibility of capital investment. Dixit and Pindyck deliver a clear prediction: an increase in uncertainty lowers current investment. With irreversible investment,...

This paper aims at quantifying the economic value of knowledge spillovers by exploring information contained in patent citations. I estimate a market valuation equation for semiconductor firms during the 1980s and early 1990s, and find an average value in the amount of $0.6 to 1.2 million...

Distributed clusters like the Grid and PlanetLab enable the same statistical multiplexing efficiency gains for computing as the Internet provides for networking. One major challenge is allocating resources in an economically efficient and low-latency way. A common solution is proportional share,...

I argue that an aggregate model in which the generation of knowledge is an important factor of economic growth can be reconciled with several otherwise puzzling empirical findings on this link if knowledge affects output through investment-specific technical change. In the model, there may be a...

Artificial intelligence decision support system is always a popular topic in providing the human with an optimized decision recommendation when operating under uncertainty in complex environments. The particular focus of our discussion is to compare different methods of artificial intelligence...

Computational laboratories (CLs) are computational frameworks that facilitate the study of complex system behaviors by means of controlled and replicable experiments. CLs permit students to engage in open-ended creative research, to explore interesting questions of their own devising for which...