Some recent developments in the macroeconometric analysis of time series are discussed in the light of Haavelmo (1944). Experimental design in econometrics is discussed and related to the case of passive observation. The general ideas are illustrated with an analysis of the long-run and...

This paper gives a definition of adaptive learning for extensive form games and provides sufficient conditions for convergence points of adaptive learning sequences to be sequential equilibria.

In the minimum cost spanning tree model we consider decentralized pricing rules, i.e. rules that cover at least the efficient cost while the price charged to each user only depends upon his own connection costs. We define a canonical pricing rule and provide two axiomatic characterizations....

For cooperative games with sidepayments the prekernel has been characterized by a reduced game property and its converse. In this paper we investigate the possibilities for a generalization of this result to the environment of cooperative games without sidepayments. This leads to the...

The lack of appropriate production data has hitherto hampered any attempt in estimating changes in labour productivity in pre-industrial economies. The method applied here estimates labour productivity by making inferences from available information on changes in the occupational structure,...

This paper analyses the impact of tax reforms that decrease income tax progression in an equilibrium search model with wage bargaining and endogenous individual working time. The working time is either bargained together with the hourly wage (case 1) or determined solely by workers after...

The paper introduces some simplifying tools and methods for studying Rational Beliefs and for proving existence of Rational Belief Equilibria: We identify a set of stable non-stationary stochastic processes, named SIDS processes. Furthermore we introduce the concept of a Rational Belief...

I consider a two period model with an incumbent firm and a potential entrant each of whom produces a homogeneous good. There is a demand uncertainty: it can be high or low and it realizes in the second period. The question I ask: How by choosing capacity at an earlier period of actual production...

The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold. In our view, this lack of understanding is due to a misallocation of research efforts in...