We review, under a historical perspective, the developement of the problem of nonfundamentalness of Moving Average (MA) representations of economic models, starting from the work by Hansen and Sargent [1980]. Nonfundamentalness typically arises when agents’ information space is larger than the econometrican’s one. Therefore it is impossible for the latter to use standard econometric techniques,...

INTRODUCTION Core outcome sets are standardised lists of outcomes, which should be measured and reported in all clinical studies of a specific condition. This study aims to develop core outcome sets for economic evaluations in asthma studies. Economic outcomes include items such as costs, resource use or quality-adjusted life years. The starting point in developing core outcome sets will be con...

Classical economic models often place emphasis on the aggregate interactions of suppliers and consumers in a marketplace, and many assume market actors have easy access to shared, trustworthy information. While these models have been widely effective in describing economic phenomena, they neglect an inherent and important property of economies: that they are networks of independent firms, inter...

This paper discusses issues related to parallel computing in Economics. It highlights new methodologies and resources that are available for solving and estimating economic models and emphasizes situations when they are useful and others where they are impractical. Two examples illustrate the different ways parallel methods can be employed to speed computation as well as their limitations.

That is, not just that the different utilities the agent is seeking are independent or even conflicting but that there is no meaningful mapping from these different utilities to a single utility function, even a single ordinal utility ranking. In other words that the utilities may be of fundamentally different kinds so that any mapping to a single measure could only be made by losing the essent...

Consumer choice in surveys and in the marketplace reflects a complex process of screening and evaluating choice alternatives. Behavioral and economic models of choice processes are difficult to estimate when using stated and revealed preferences because the underlying process is latent. This paper introduces Bayesian methods for estimating two behavioral models that eliminate alternatives using...

In this study, we attempt to understand how household budget allocations across various expenditure categories change when the economy is in recession or expansion. The common assumption is that a household’s tastes would not change as a function of economic conditions and therefore any adjustments in expenditure patterns during economic contractions/expansions would simply be due to changes in...

The attempt is made in this discussion to describe and draw lessons from the treatment of behavioral demographic variables in the Bachue demo-economic models constructed for the Philippines, Kenya, Brazil and Yugoslavia. Focus is on certain theoretical, technical and practical problems encountered in inserting demographic variables in the system as a whole; how they have been measured in the v...