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This comment shows why the Lagrange method can be simpler than dynamic programming in solving dynamic optimization problems.
Persistent link: https://www.econbiz.de/10005561814
In recent years, understanding the structure and function of complex networks has become the foundation for explaining many different real- world complex social, information, biological and technological phenomena. Techniques from statistical physics have been successfully applied to the...
Persistent link: https://www.econbiz.de/10005412991
We study the effects of unequal representation in the interest-group system on the degree of information transmission between a lobbyist and a policymaker. Employing a dynamic cheap-talk model in which the lobbyist cares instrumentally about his reputation for truthtelling, we show that the...
Persistent link: https://www.econbiz.de/10005413244
This study is part of a continuing program of research into the performance of economic infrastructure industries, which was commenced by the Bureau of Industry Economics. It is the third Waterfront Benchmarking report in the cycle. The study builds on the two previous waterfront studies by...
Persistent link: https://www.econbiz.de/10005413247
and levels of education. Standard economic theory would predict that increased access to information should cause beliefs …
Persistent link: https://www.econbiz.de/10005413251
In a pure-exchange economy involving one perishable consumption good and risk-averse consumers, the elasticity of a consumer’s Pareto-efficient consumption with respect to aggregate output equals the reciprocal of the ratio of the consumer’s coefficient of relative risk aversion to average...
Persistent link: https://www.econbiz.de/10005413253
A supplement to Economic Analysis (3rd Edition).
Persistent link: https://www.econbiz.de/10005413257
A dual representation of a technology, e.g., a cost function, may not contain all of the technological information, but it will contain all of the information about input vectors that would be chosen by a cost-minimizing firm. At least this much is clear for deterministic technologies. The main...
Persistent link: https://www.econbiz.de/10005413258
This paper estimates a constant returns to scale agricultural production function of the three basic factors of production. Such a function is a useful tool for macroeconomic, growth, and development studies. It uses the shares approach that Solow used in 1957 and very disaggregated Canadian...
Persistent link: https://www.econbiz.de/10005413260
In recent years, understanding the structure and function of complex networks has become the foundation for explaining many different real- world complex biological, technological and informal social phenomena. Techniques from statistical physics have been successfully applied to the analysis of...
Persistent link: https://www.econbiz.de/10005413261