Motivated by the economic theory of cost functions, bivariate Bernstein polynomials are considered for approximating shape-restricted functions that are continuous, non-negative, monotone non-decreasing, concave, and homogeneous of degree one. We show the explicit rates of convergence of our...

Let p(x, y) be the transition probability of an isotropic random walk on a tree, where each site has d [greater-or-equal, slanted]3 neighbors. We define a branching random walk by letting a particle at site x give birth to a new particle at site y at rate [lambda]dp(x, y), jump to y at rate...

The noisy voter model is a spin system on a graph which may be obtained from the basic voter model by adding spontaneous flipping from 0 to 1 and from 1 to 0 at each site. Using duality, we obtain exact formulas for some important time-dependent and equilibrium functionals of this process. By...

This paper studies the role of financial frictions as a barrier to international trade. We investigate new exporter dynamics in order to identify the extent to which these frictions affect export decisions. We study an economy with heterogeneous firms subject to financing constraints and working...

We show, in a very plausible theoretical setting, that control function estimators (CFEs) of firm production function, such as Olley-Pakes, may be biased. The bias will occur, in particular, when investments respond differently to short- and long-lasting changes in productivity. We modify the...