In a financial economy with asymmetric information and incomplete markets, we study how agents, having no model of how equilibrium prices are determined, may still refine their information by eliminating sequentially "arbitrage state(s)", namely, the state (s) which would grant the agent an...

The conventional estimate of technological progress and aggregate productivity growth, the total factor productivity, or TFP, can be upwardly biased if environmental externalities generated during the production processes are not accounted for. In this paper, we revisit TFP growth rates across...

This paper examines mild conditions under which a macroscopic fundamental diagram (MFD) emerges, relating space-averaged speed to occupancy in some area. These conditions are validated against empirical data. We allow local speed-occupancy relationships and , in particular, require no...

This note establishes a new identification result for additive random utility discrete choice models (ARUM). A decision-maker associates a random utility U_{j}+m_{j} to each alternative in a finite set j∈{1,.,J}, where U={U₁,.,U_{J}} is unobserved by the researcher and random with an unknown...

Using high frequency price information and strengthening market intelligence on high-impact food items for nowcasting is an integral part of the inflation forecasting framework at the Reserve Bank of India. Three key vegetables viz., tomatoes, onions and potatoes (TOP), with a combined weight of...

This paper establishes mild probability-theoretical conditions under which observations of space-averaged speed and occupancy in some area concentrate with low scatter around a well-defined curve. These conditions are validated against empirical data from Stockholm and Geneva. No equilibrating...