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...

If the value cumulative distribution functions are log-concave at the highest lower extremity of their supports of the first-price auction in the asymmetric indepent private values model.

This paper proposes a formal model of migration in which workers are heterogeneous and markets are stochastically correlated. We derive and characterize the optimal migration pattern of a family. It is shown to depend on differences in expected earnings, costs of migration, income risks, and...

Some recent empirical findings are used to motivate employing a model in which consumption exhibits durability, and habits develop over the flow of services provided by them, in order to study the effects of tariff protection on the current account. Durability leads to adjacent substitutability...

India has experienced a much-documented dowry inflation since the 1950s, which has been attributed to a spurt in population growth post-World War II. Will recent declines in fertility lead to a reversal of this trend and a regime of bride price? My paper develops a dynamic general equilibrium...

This paper examines the interaction between root causes, domestic policy considerations and the use of extremism as a strategic tool in an external conflict. Within a two-country three-stage game, we show that, in general, domestic policies will be used strategically to achieve the desired level...

We consider a federation with three regions and an imperfectly mobile population. If in the Nash equilibrium one region makes transfers to the other two then the outcome is efficient. If in the Nash equilibrium two regions make transfers to a third region the outcome may be inefficient, because...