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-shaped” spiral growth. From 2004 to 2008, China's grain production costs increased rapidly, with the primary driving force the rapid … growth of labor, land and material costs. In the middle stage of industrialization, China's grain production costs will … to around 2012, grain production costs will drop, but average production costs may be higher than in the current upward …
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Many recent theoretical papers have come under attack for modeling prices as Geometric Brownian Motion. This process can diverge over time, implying that firms facing this price process can earn infinite profits. We explore the significance of this attack and contrast investment under Geometric...
Persistent link: https://www.econbiz.de/10012473890
This paper studies the properties of the Bayesian approach to estimation and comparison of dynamic equilibrium economies. Both tasks can be performed even if the models are nonnested, misspecified, and nonlinear. First, we show that Bayesian methods have a classical interpretation:...
Persistent link: https://www.econbiz.de/10013032688
Many recent theoretical papers have come under attack for modeling prices as Geometric Brownian Motion. This process can diverge over time, implying that firms facing this price process can earn infinite profits. We explore the significance of this attack and contrast investment under Geometric...
Persistent link: https://www.econbiz.de/10013310260
This paper studies the properties of the Bayesian approach to estimation and comparison of dynamic equilibrium economies. Both tasks can be performed even if the models are nonnested, misspecified, and nonlinear. First, the authors show that Bayesian methods have a classical interpretation:...
Persistent link: https://www.econbiz.de/10014122702