Cowles Foundation Discussion Papers

From Cowles Foundation for Research in Economics, Yale University
Yale University, Box 208281, New Haven, CT 06520-8281 USA.
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749: Relying on the Information of Interested Parties

Paul Milgrom and John Roberts

747: Some Three Person Games in Coalitional Form for Teaching and Experimentation

Martin Shubik

746: An Axiomatization of Utility and Subjective Probability Based on Objective Probability

Mamoru Kaneko

745: Coordinating Coordination Failures in Keynesian Models

Russell Cooper and Andrew John

744: The Use of Simple Games to Illustrate Concepts and to Provide Experimental Evidence

Martin Shubik

743: Do We Reject Too Often? Small Sample Bias in Tests of Rational Expectations

N. Gregory Mankiw and Matthew Shapiro

742: Aggregation and Linearity in the Provision of Intertemporal Incentives

Bengt Holmstrom and Paul Milgrom

741: Two Stage and Related Estimators and Their Applications

Adrian Pagan

740: Time Series Regression with a Unit Root

Peter Phillips

739: The Distribution of FIML in the Leading Case

Peter Phillips

738: Risk and Return: Consumption Beta Versus Market Beta

Matthew Shapiro and N. Gregory Mankiw

736: Capital Utilization and Capital Accumulation: Theory and Evidence

Matthew Shapiro

735: The Dynamic Demand for Capital and Labor

Matthew Shapiro

734: A Note on the Unbiasedness of Feasible GLS, Quasi-Maximum Likelihood, Robust Adaptive, and Spectral Estimators of the Linear Model

Donald Andrews

733: Games with Perceptive Commanders But Less Perceptive Subordinates

Martin Shubik

732: Testing the Random Walk Hypothesis: Power Versus Frequency of Observation

Pierre Perron and Robert Shiller

731: The Exact Distribution of the Wald Statistic: The Non-Central Case

Sam Ouliaris and Peter Phillips

730: A Note on Enough Money in a Strategic Market Game with Complete or Fewer Markets

Martin Shubik

729: Managerial Incentives and Capital Management

Bengt Holmstrom, I. Ricard and Joan Costa

728: Neighborhood Systems for Production Sets with Indivisibilities

Herbert Scarf

727: Expansionary Government Policy in an Economy with Commodity and Labor

Russell Cooper

726: Optimal Cartel Equilibria with Imperfect Monitoring

Dilip Abreu, David G. Pearce and Ennio Stacchetti

725: Trends, Random Walks, and Tests of the Permanent Income Hypothesis

Matthew Shapiro and N. Gregory Mankiw

724: On a General Existence Theorem for Marginal Cost Pricing Equilibria

Donald Brown, Geoffrey Heal, M. Khan and Rajiv Vohra

723: An Everywhere Convergent Series Representation of the Distribution of Hotelling's Generalized T_{0}^{2}

Peter Phillips

722: The Exact Distribution of the Wald Statistic

Peter Phillips

721: Testing for Serial Correlation and Unit Roots Using a Computer Function Routine Bases on ERA's

Peter Phillips and R.C. Reiss

720: General Equilibrium with Wage Rigidities: An Application to Belgium

Victor Ginsburgh and Ludo Van der Heyden

719: Stock Prices and Social Dynamics

Robert Shiller

718: The Use of Expected Future Variables in Macroeconometric Models

Ray Fair

717: Empirical Tests of the Rationality of Economic Forecasters: A Fixed Horizons Approach

William Nordhaus and Steven Durlauf

716: Product Warranties and Double Moral Hazard

Russell Cooper and Thomas Ross

715: Strategic Market Games: A Dynamic Programming Application to Money, Banking and Insurance

Martin Shubik

714: Plausible Outcomes for Games in Strategic Form

Martin Shubik

713: The Many Approaches to the Study of Monopolistic Competition

Martin Shubik

712: Nuclear Warfare, C_{3}I and First and Second Scenarios (A Sensitivity Analysis)

Martin Shubik, J. Bracken and Haviv Tulowitzki

711: A Mean-Variance Approach to Fundamental Valuations

James Tobin

710: Stability Comparisons of Estimators (5/1985 and 11/1985)

Donald Andrews

709: Price and Advertising Signals of Product Quality

Paul Milgrom and John Roberts

708: Job Discrimination, Market Forces and the Invisibility Hypothesis

Paul Milgrom

707: Estimated Trade-Offs Between Unemployment and Inflation

Ray Fair

706: The Cooperative Form, the Value and the Allocation of Joint Costs and Benefits

Martin Shubik

705: Consumption, Liquidity Constraints and Asset Accumulation in the Presence of Random Income Fluctuations

Richard Clarida

704: A Comparison of the Michigan and Fair Models: Further Results

Ray Fair and Lewis Alexander

703: A Comparison of the Michigan and Fair Models

Ray Fair and Lewis Alexander

702: Conditional Projection by Means of Kalman Filtering

Richard Clarida and Diane Coyle

701: On the Stochastic Steady-State Behavior of Optimal Asset Accumulation in the Presence of Random Wage Fluctuations and Incomplete Markets

Richard Clarida

700: A General Equilibrium Expression of the Paradox of Thrift

Christophe Chamley

699: Optimal Taxation of Capital Income in Economies with Identical Private and Social Discount Rates

Christophe Chamley

698: A Zero-One Result for the Least Squares Estimator

Donald Andrews

697: Robust Estimation of Location in a Gaussian Parametric Model: II

Donald Andrews

696: A Note on Biology, Time and the Golden Rule

Martin Shubik

695: The Behavior of U.S. Short-Term Interest Rates Since 1979-10

Richard Clarida and Benjamin M. Friedman

694: Current Account, Exchange Rate, and Monetary Dynamics in a Stochastic Equilibrium Model

Richard Clarida

693: Effects of Expected Future Government Deficits on Current Economic Activity

Ray Fair

692: Excess Labor and the Business Cycle

Ray Fair

691: Insurance, Flexibility and Non-contingent Trades

Russell Cooper

690: Fiscal and Monetary Policy in a General Equilibrium Model

Truman F. Bewley

689: On a Variable Dimension Algorithm for the Linear Complementarity Problem

Ludo Van der Heyden

688: Monopoly Provision of Product Quality with Uninformed Buyers

Russell Cooper and Thomas Ross

687: Net Present Value Maximization and Imperfections in the Loan Market: A Note

Cynthia Van Hulle

686: Stochastic Equilibrium and Turnpike Property: The Discounted Case

Ramon Marimon

685: Dominance and Shareholder Unanimity: A New Approach

Cynthia Van Hulle

684: The Optimality of Regulated Pricing: A General Equilibrium Analysis

Donald Brown and Geoffrey Heal

683: Finite Sample Econometrics Using ERA's

Peter Phillips

682: The Exact Distribution of the Stein-Rule Estimator

Peter Phillips

681: The Exact Distribution of Exogenous Variable Coefficient Estimators

Peter Phillips

680: The Exact Distribution of Zellner's SUR

Peter Phillips

679: On University Education in Econometrics: Remarks on an Article by Eric R. Sowey

Peter Phillips

678: A Note on the 'Corelessness' of Antibalance of a Game

Martin Shubik and Shlomo Weber

677: Intertemporally Separable Overlapping Generations Economies

John Geanakoplos and Heracles M. Polemarchakis

676: Information Patterns and Nash Equilibria in Extensive Games

Pradeep Dubey and Mamoru Kaneko

675: Strategic Resource Extraction: When Easy Doesn't Do It

Jeremy I. Bulow and John Geanakoplos

674: Multimarket Oligopoly

Jeremy I. Bulow, John Geanakoplos and Paul Klemperer

673: Multiperiod Insurance Contracts

Russell Cooper and Beth Hayes

672: Organizing Production in a Large Economy

Paul Milgrom and Robert Weber

671: Worker Asymmetric Information and Involuntary Unemployment

Russell Cooper

670: Linear Complementarity and the Average Volume of Simplicial Cones

Roger Howe

669: Macroeconomics Under Debate

James Tobin

668: Profit-Sharing in a Collusive Industry

Martin Osborne and Carolyn Pitchik

667: Forward Rates and Future Policy: Interpreting the Term Structure of Interest Rates

Robert Shiller, John Campbell and Kermit Schoenholtz

666: Fiscal Incidence in a Dynamic Life-Cycle Model with Land

Christophe Chamley and Brian Wright

665: Blockmodeling Complex Statutes: Mapping Techniques Based on Combinatorial Optimization for Analyzing Economic Legislation and Its Stress Points over Time

Scott A. Boorman and Paul R. Levitt

664: First Order Autoregressive Processes and Strong Mixing

Donald Andrews

663: The Exact Distribution of LIML: II

Peter Phillips

662: Monetary Policies with Increasing Returns

Graciela Chichilnisky and Geoffrey Heal

661: A Strategic Market Game with Transaction Costs

John D. Rogawski and Martin Shubik

660: Predetermined Prices and the Allocation of Social Risks

Costas Azariadis and Russell Cooper

659: Robust and Asymptotically Efficient Estimation of Location in a Stationary Strong Mixing Gaussian Parametric Model

Donald Andrews

658: The Exact Distribution of LIML: I

Peter Phillips

657: Near-Markets and Market Games

Martin Shubik and Myrna Wooders

656: Optimal Labor Contracts and the Role of Monetary Policy in an Overlapping Generations Model

Russell Cooper

655: Global Stability in a Class of Markets with Three Commodities and Three Consumers

Masayoshi Hirota

654: Constancy and Constant Differences of Price Elasticities of Demand

Tjalling Koopmans and Hirofumi Uzawa

653: Marginal Versus Average Cost Pricing in the Presence of a Public Monopoly

Donald Brown and Geoffrey Heal

652: Investment Versus Savings Incentives: The Size of the Bang for the Buck and the Potential for Self-Financing Business Tax Cuts

Alan Auerbach and Laurence Kotlikoff

651: A Geometric Explanation of the Transfer Paradox in a Stable Economy

John Geanakoplos and Geoffrey Heal

650: Stable Disequilibrium Prices: Macroeconomics and Increasing Returns I

Geoffrey Heal

649: Scarf's Procedure for Integer Programming and a Dual Simplex Algorithm

Philip M. White, Andrew Caplin and Ludo Van der Heyden

648: The Structure of Social Risk

William Nordhaus and Steven Durlauf