We experimentally investigate the development of voluntary transfers in an overlapping generations environment. By varying the information conditions of the game, we study whether the development of transfers is related to the possibility of future generations to monitor and reciprocate...

Given the assumption that the components of a vector time series are stationary about nonlinear deterministic time trends, nonlinear co-trending is the phenomenon that one or more linear combinations of the time series are stationary about a linear trend, hence the series have common nonlinear...

This paper discusses the methodological views of David Hendry. A critique is given on the reification of the so-called Data Generating Process. The merits of general to specific modelling are analyzed. Hendry's neo-Popperian philosophy is examined. It is argued that this philosophy is not able...

The well known Sperner lemma states that in a simplicial subdivision of a simplex with a properly labeled boundary there is a completely labeled simplex. We present two combinatorial theorems on polytopes which generalize Sperner's lemma.Using balanced simplices, a generalized concept of...

This paper proposes a standard for notation in econometrics.It presents a fully integrated and internally consistent framework for notation and abbreviations, which is as close as possible to existing common practice and also obeys ISO regulations.The symbols used are instantly recognizable and...

An exchange economy with fixed prices is considered. In this setting a Walrasian equilibrium generically does not exist. In a so-called Dreze equilibrium rationing on excess demand and on excess supply of the non-numeraire commodities is present. In this paper a new type of adjustment process is...

Simulation models may have many parameters and input variables (together called factors), while only a few factors are really important (parsimony principle). For such models this paper presents an effective and efficient screening technique to identify and estimate those important factors. The...

In this paper we develop tests for the hypothesis that a series (observed in discrete time) is generated by a diffusion process and discuss the results of these tests for several exchange rates and stock market indices. The tests of this hypothesis that have been proposed up to now in literature...

Existing research on the hedging effectiveness of currency futures assumes that futures positions are continuously adjusted. This is an unrealistic assumption in practice. In this paper we study the hedging effectiveness for futures positions which are not adjusted during the hedge period. For...

Consumers can accumulate product information on the basis of a combination of searching, product advertising and expert advice.Examples of experts who provide product information include doctors advising patients on treatments, motor mechanics diagnosing car problems and recommending repairs,...