Bringing together the classic defense of liberty and democracy, the political economy of hierarchy, endogenous growth theory, and the new institutional economics on growth, we propose a new institutional theory that identifies democracy's unique advantage in prompting economic growth. We contend...

A preference over menus is said to be an indirect preference if it is induced by a preference over the objects that make up those menus, i.e., a menu A is ranked over B whenever A contains an object that is preferred to every object in B. The basic question we address in this paper is the...

We introduce a new updating rule, the conditional maximum likelihood rule (CML) for updating ambiguous information. The CML formula replaces the likelihood term in Bayes’ rule with the maximal likelihood of the given signal conditional on the state. We show that CML satisfies a new axiom,...

Motivated by the literature on random choice and in particular the random utility models, we extend the analysis in Bossert and Sprumont (2013) to include the possibility that players exhibit stochastic preferences over alternatives. We prove that every random choice rule is backwards-induction...

Bringing together the classic defense of liberty and democracy, the political economy of hierarchy, endogenous growth theory, and the new institutional economics on growth, we propose a new institutional theory that identifies democracy's unique advantage in prompting economic growth. We contend...

We introduce the contraction rule for updating ambiguous beliefs. With the rule, a realized event renders an individual’s belief unambiguous when and only when the event has small ambiguity. The contraction rule is continuous and insensitive to priors that are less likely given the...

This study evaluated hydrogen generation through the hydrolysis of an Al/NaBH4/Co/NaAlO2 system. Hydrogen generation performance can be altered by changing the Al/NaBH4 mass ratios, Co amount and NaAlO2 concentration. The optimized composite can achieve a hydrogen yield of more than 90% within...

Using the long-term wavelet component of monthly S&P 500 excess returns as supervision information, we employ a machine learning method to extract the common predictive information of 14 prevalent macroeconomic variables, and construct a new macroeconomic index aligned for predicting stock...

Using the long-term wavelet component of monthly S&P500 excess returns as supervision information, we employ a partial least squares method to extract the common predictive information of 14 prevalent macroeconomic variables, and construct a new macroeconomic index aligned for predicting stock...