Showing 321 - 330 of 2,394
Some limit properties for information based model selection criteria are given in the context of unit root evaluation and various assumptions about initial conditions. Allowing for a nonparametric short memory component, standard information criteria are shown to be weakly consistent for a unit...
Persistent link: https://www.econbiz.de/10005463847
The aggregation problem in demand analysis and exchange equilibrium is studied by putting restrictions on the shape of the distribution of the agents' characteristics. This is done by exploiting the finite dimensional linear structure induced on demand functions by affine transformations of the...
Persistent link: https://www.econbiz.de/10005463848
Persistent link: https://www.econbiz.de/10005463849
Stimulated by Frank Knight's work, "Risk, Uncertainty and Profit," I present a theory of innovation based on what I term Knightian decision theory. This theory includes a concept of uncertainty aversion, a behavioral property that makes people reluctant to undertake new unevaluatable risks. This...
Persistent link: https://www.econbiz.de/10005463850
This chapter discusses simulation estimation methods that overcome the computational intractability of classical estimation of limited dependent variable models with flexible correlation structures in the unobservable stochastic terms. These difficulties arise because of the need to evaluate...
Persistent link: https://www.econbiz.de/10005463851
Persistent link: https://www.econbiz.de/10005463852
This paper looks for markers of ends of real estate booms or busts. The changes in market psychology and related indicators that occurred at real estate market turning points in the United States since the 1980s are compared with changes at turning points in the more distant past. In all these...
Persistent link: https://www.econbiz.de/10005463853
The organization of supply relations varies across industries. This paper builds a theoretical framework to compare three alternative supply structures: vertical integration, networks, and markets. The analysis considers the relationship between uncertainty in demand for specific inputs,...
Persistent link: https://www.econbiz.de/10005463854
Competitive equilibrium allocations are indeterminate when the net trades in commodities are constrained, while the asset market is incomplete.
Persistent link: https://www.econbiz.de/10005463855
Sufficient conditions are given for large replica games without side payments to have non-empty approximate cores for all sufficiently large replications. No "balancedness" assumptions are required. The conditions are superadditivity, a very weak boundedness condition, and convexity of the...
Persistent link: https://www.econbiz.de/10005463856