We introduce the concept of a paramaterized collection of games with side payments and determine a bound on epsilon so that all sufficiently large games in such a collection have non-emplty epsilon-cores. A parametrized collection of games is described by (a) the number of approximate player...

Are the most efficient risk-return banks more solvent than the inefficient banks? From a theoretical point of view, the answer is straightforward for non-financial firms, but it is not clear for banking firms. Likewise, if there is not a clear relationship between efficiency and solvency on the...

The aim of this paper is to provide a simulation-based analysis on the bahavior of the Durbin-Watson statistic as a misspecification test againstthe presence of unbalanced regressions among nonstationary fractionally integrated process. Theoretically, it is well-known that this statistic...

A standard assumption in the economic approach to individual decision making is that people have independent preferences. We study equilibria of the classic common pool resource extraction and public good games when some of the players have negatively interdependent preferences while the...

In this work we found first derivatives for the log likelihood function of the multivariate probit model.

This paper investigates the origins of the collinearity problems encountered in the two-step estimation method for sample selection models. The analysis reveals several critical misconceptions and deficiencies in the literature. Remedies to the collinearity problems are proposed and evaluated.

Данная статья является результатом комплексного исследования, посвященного заложению основ комплекснозначной экономики – современного перспективного...

This paper investigates the technical efficiency of sorghum production and its determinants, using the stochastic frontier production function which incorporates a model of inefficiency effects. Farm level data were collected from a sample of 100 sorghum farmers in Hong local government area of...

The paper considers Caratheodory's Theorem on the properties of the Inverse of the Bordered Hessian of an Optimization Problem. After a new proof of the complete theorem, using matrix theory methods, the paper considers the sensitivity of the optimal solution in parameters appearing either in...

We compare the random preference, Fechner, and constant error (or "tremble") approaches to the stochastic modelling of choice under risk. Various combinations of these approaches are used with expected utility and rank-dependent theory to generate a set of econometric models. These are estimated...