Gaussian Process (GP) models are popular statistical surrogates used for emulating computationally expensive computer simulators. The quality of a GP model fit can be assessed by a goodness of fit measure based on optimized likelihood. Finding the global maximum of the likelihood function for a...

This paper develops an overlapping generations general equilibrium model to show how the phenomenon of child labor can arise due to a combination of poverty and credit constraints. It further shows that in the presence of credit constraints, the incidence of child labor is positively related...

This paper constructs a model where otherwise identical economies having different initial conditions are in different steady-states in autarky because skill accumulation is subject to credit constraint. In a two country world it is shown how international trade in goods can cause complete...

We consider two types of consumers, educated and uneducated, with each preferring a different variety of goods. A decisive set of persons can impose compulsory education on all. We find conditions under which educated persons will want to impose compulsory education, and conditions under which...

We consider a model with two types of consumers, with each preferring a different variety of goods, and with each better at producing the type of good it prefers to consume. We find that under plausible conditions members of the majority group earn a higher wage and enjoy higher utility than...

Department: Economics.