Regression trees are evaluated with respect to mean square error (MSE), mean integrated square error (MISE), and integrated squared error (ISE), as the size of the training sample goes to infinity. The asymptotically MSE- and MISE minimizing (locally adaptive) regression trees are characterized....

This paper develops a general perturbation methodology for constructing high-order approximations to the solutions of Markov-switching DSGE models. We introduce an important and practical idea of partitioning the Markov-switching parameter space so that a steady state is well defined. With this...

Starting with an initial price vector, prices are adjusted in order to eliminate the demand excess and at the same time to keep the transfers to the sellers as low as possible. In each step of the auction, to which sellers should those transfers be made (minimal overdemanded sets) is the key...