Empirically, a higher frequency of lightning strikes is associated with slower growth in labor productivity across the 48 contiguous US states after 1990; before 1990 there is no correlation between growth and lightning. Other climate variables (e.g., temperature, rainfall and tornadoes) do not...

In a binary prediction market in which risk-neutral traders have heterogeneous prior beliefs and are allowed to invest a limited amount of money, the static rational expectations equilibrium price is demonstrated to underreact to information. This effect is consistent with a favorite-longshot...

In this paper we consider solutions which select from the core. For games with side payments with at least four players, it is well-known that no core-selection satifies monotonicity for all coalitions; for the particular class of core-selections found by maximizing a social welfare function...

This paper gives a definition of adaptive learning for extensive form games and provides sufficient conditions for convergence points of adaptive learning sequences to be sequential equilibria.

In the minimum cost spanning tree model we consider decentralized pricing rules, i.e. rules that cover at least the efficient cost while the price charged to each user only depends upon his own connection costs. We define a canonical pricing rule and provide two axiomatic characterizations....

This paper is a survey of existing estimation techniques for stationary and ergodic diffusion processes observed at discrete points in time. The reader is introduced to the following techniques: (i) estimating functions with special emphasis on martingale estimating functions and so-called...

This paper develops a model of simple 'reputation systems' that monitor and publish information about the behavior of sellers in a market with search frictions and asymmetric information. The reputations created by these systems influence the equilibrium search patterns of buyers and thus...

For cooperative games with sidepayments the prekernel has been characterized by a reduced game property and its converse. In this paper we investigate the possibilities for a generalization of this result to the environment of cooperative games without sidepayments. This leads to the...

In this article we show that technological parameter estimates obtained by estimating a cost function that is derivable as the dual of a production function can be biased and inconsistent if the stochastic structure of the model arises from certain types of behavioural assumptions made about...

The lack of appropriate production data has hitherto hampered any attempt in estimating changes in labour productivity in pre-industrial economies. The method applied here estimates labour productivity by making inferences from available information on changes in the occupational structure,...