We obtain an inequality for th esmaple varaince of a Brownian motion on [0,1] and an associated Ornstein-Uhlenbeck process. The result is applied to a regression involving a near-integrated regressor, and establishes that in the limit the dispersion of the least squares estimator is greater in...

The more liberal a country's foreign exchange system, the more foreign direct investment is likely to be independent of current account and other capital flows.Fry, Claessens, Burridge, and Blanchet examine flows of foreign direct investment to 46 developing countriesto test whether such flows...

Suppose that the Ordinary Least Squares regressors X follow a vector Ornstein-Uhlenbeck process, with growth matrix bA. The limiting sample variance matrix V is of interest. If A=kI, k[greater-or-equal, slanted]0, then [not partial differential]V/[not partial differential]b[greater-or-equal,...

Pattanaik and Peleg showed that the power structure under a probabilistic voting procedure which satisfies regularity, ex-post Pareto optimally and independance of irrelevant alternatives is almost completely characterized by random dictatorship. Their characterization is not complete because it...

This paper considers the distribution of coalitional influence under probabilistic social choice correspondences, which are randomized social choice rules that map each combination of a preference profile and a feasible subset of the universal set to a social choice lottery over the subsets of...