The simplicial complex K(A) is defined to be the collection of simplices, and their proper subsimplices, representing maximal lattice free bodies of the form {x : Ax = b}, with A a fixed (n + 1) x n matrix. The topological space associated with K(A) is shown to be homeomorphic to R^{n}, and the...

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...

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...

In a generic finite normal form game with 2(alpha) + 1 Nash equilibria, at least alpha of the equilibria are nondegenerate mixed strategy equilibria (that is, they involve randomization by some players).

Let A be a fixed integer matrix of size m by n and consider all b for which the body is full dimensional. We examine the set of shortest non-zero integral vectors with respect to the family of norms. We show that the number of such shortest vectors is polynomial in the bit size of A, for fixed...

In his paper "To Criticize the Critics" (1991), Peter Phillips discusses Bayesian methodology for time series models. The main point that Uhlig and I set out to make, however, was that careful consideration of the implications of the likelihood principle suggests that much of the recent work...

Efficient markets models assert that the price of each asset is equal to the optimal forecast of its ex-post or fundamental value. These models do not imply, however, that the covariance between two asset prices is given by the covariance between the ex-post values they respectively forecast:...

This study uses data on men's track and field and road racing records by age to estimate the rate at which men slow down with age. For most of the running events (400 meters through the half marathon), the slowdown rate per year is estimated to be .80 percent between ages 35 and 51. At age 51...

I prove an "average" version of the Lyapunov convexity theorem and apply it to establish some core equivalence results for an atomless economy.

This paper reexamines the permanent income hypothesis (PIH) in the frequency domain. Using a simple model, we demonstrate that the PIH implies the marginal propensity to consume (MPC) out of zero frequency income is unity. The PIH also implies that the MPC out of transitory (or high frequency)...