The relative stock market valuation of the intangible asset created by R&D; investment in U.S. manufacturing firms has fallen from rough equality with ordinary tangible assets during the 1973-1982 period to about twenty to thirty percent of ordinary capital during the 1986-1990 period. At the...

We present asymptotic distribution theory for the inverse-density-weighted quasi-maximum likelihood estimator of semi-parametric index models proposed by Ruud. We also compare the performance of this estimator with the average derivative estimators proposed by Stoker.

Equivalence of the core and the set of Walrasian allocations has long been taken as one of the basic tests of perfect competition. The present paper examines this basic test of perfect competition in economies with an infinite dimensional space of commodities and a large finite number of agents....

There are four parts to this working paper. In the first part, we show that in an exchange economy where all agents have homothetic preferences, and where preferences and endowments are independently distributed, the economy's demand may be represented by a single agent. The proof involves...