Showing 141 - 150 of 820
Persistent link: https://www.econbiz.de/10005687569
Asymptotic analyses of unit root tests in autoregressive time series are usually based on the assumptions that the number of unit roots is known and that the remaining characteristic roots are stable. The last assumption seems not to be necessary. This is stated more precisely for two examples.
Persistent link: https://www.econbiz.de/10005687570
This paper considers the extension of Ellison's (2000) "Radius-Modified Coradius" Theorem from the uniform-mutations case to a general stochastic setting. A modified theorem is presented, with a crucial role now played by the most probable evolutionary paths between states. The form of such...
Persistent link: https://www.econbiz.de/10005687572
OLS estimation of an impulse-indicator coefficient is inconsistent, but its variance can be consistently estimated. Although the ratio of the inconsistent estimator to its standard error has a tdistribution, that test is inconsistent: one solution is to form an index of indicators. We provide...
Persistent link: https://www.econbiz.de/10005687573
This paper argues that delegation (optimal institutional design) is not a solution to the dynamic inconcistency problem, and can even reinforce it. We show that 'optimal' delegation is not consistent with government's incentives. We solve for delegation schemes that are consistent with these...
Persistent link: https://www.econbiz.de/10005687574
This note proposes a necessary and sufficient condition on a preference to guarantee that the demand function it generates satisfies the law of demand. It shows that the law of demand may be succinctly characterized by differences in an agent's level of risk aversion when she is confronted with...
Persistent link: https://www.econbiz.de/10005687575
This paper systematically analyzes and enriches the observational learning paradigm of Banerjee (1992) and Bikhchandani, Hirshleifer, and Welch (1992).
Persistent link: https://www.econbiz.de/10005687576
Persistent link: https://www.econbiz.de/10005687578
The Malthusian “preventive check” mechanism has been well documented for preindustrial England through evidence for a negative correlation between the marriage rate and the price of wheat. Other literature, however, speculates that the correlation was in fact positive from the early...
Persistent link: https://www.econbiz.de/10005687579
This paper presents estimates of agricultural productivity (net value added per full-time labour unit) for 21 German regions for the years 1880/4, 1893/7 and 1905/9. The estimates are derived from regional accounts for agricultural production and costs. The methods used to draw up these accounts...
Persistent link: https://www.econbiz.de/10005687580