Among Irving Fisher's many contributions to economics, one that is little noted and barely remembered is his emphasis on the economic importance of health. For the most part, his concern was in promoting healthy life styles. In addition, he made an early (perhaps the earliest) estimate of the...

Two players seek to co-ordinate their behavior in an incomplete information setting. We show that if each player's preferences over his opponent's action is independent of his own action or type, then cheap talk cannot expand the set of equilibrium outcomes.

We present a method for consistently estimating nonparametric functions and distributions in simultaneous equations models. This method is used to identify and estimate a random utility model of consumer demand. Our identification conditions for this particular model extend the results of...

A new model of near integration is formulated in which the local to unity parameter is identifiable and consistently estimable with time series data. The properties of the model are investigated, new functional laws for near integrated time series are obtained, and consistent estimators of the...

A discussion of some of the problems in the utilization of game theoretic solution concepts is given. It is suggested that a considerable broadening of solution concepts is called for to take into account sufficient context. Mass agent simulations appear to offer promise for some economic and...

This paper uses the newly developed RICE-98 model to analyze the economics of the Kyoto Protocol. It analyzes versions of the Kyoto Protocol that have different approaches to trading emissions rights and compares these with efficient approaches. The major conclusions are: (a) the global cost of...

Over many years some simple cooperative games have been considered in lectures on game theory. The games were selected in order to provide insight into various normative theories of solution to n-person games. It is suggested that the results indicate that when solutions have outcomes in common,...

The Multifractal Model of Asset Returns ("MMAR," see Mandelbrot, Fisher, and Calvet, 1997) proposes a class of multifractal processes for the modelling of financial returns. In that paper, multifractal processes are defined by a scaling law for moments of the processes' increments over finite...

This paper establishes the asymptotic distribution of extremum estimators when the true parameter lies on the boundary of the parameter space. The boundary may be linear, curved, and/or kinked. The asymptotic distribution is a function of a multivariate normal distribution in models without...

Band spectral regression with deterministic and stochastic trends is considered. It is shown that conventional trend removal by regression in the time domain prior to band spectral regression leads to biased and inconsistent estimates of the parameters in a model with frequency dependent...