We derive the empirical content of an instrumental variables model of sectoral choice with discrete outcomes. The partial identification results extend existing work on sharp bounds in binary choice threshold crossing models in allowing sector specific unobserved heterogeneity. Assumptions on...

Semiparametric spectral methods seem particularly appropriate for the analysis of long financial time series, providing they are robust to a variety of forms of conditional heteroscedasticity, which is generally recognized as a dominant feature of financial returns. This paper analyses the...

A formalization of the Precautionary Principle is given here: We formalize scientific knowledge on the likelihood of events in the state space and the concepts of scientifically unambiguous events and acts. We give a definition of a non-precautionary social planner as a Savage Expected Utility...

We propose a model of labor market sector self-selection that combinescomparative advantage, as in the Roy model, and sector composition preference.Two groups choose between two sectors based on heterogeneous potential incomesand group compositions in each sector. Potential incomes incorporate...

We derive the empirical content of Nash equilibrium in 2x2 games of perfect information, including duopoly entry and coordination games. The derived bounds are nonparametric intersection bounds and are simple enough to lend themselves to existing inference methods. Implications of pure strategy...

Two-component mixtures are nonparametrically identified under tail-dominance conditions on the component distributions if a source of variation is available that affects the mixing proportions but not the component distributions. We motivate these restrictions through several examples. One...