We conducted a sensitivity analysis of the results of weighted voting experiments by varying two features of the experimental protocol by Montero et al. (2008): (1) the way in which the roles of subjects are reassigned in each round (random role versus fixed role) and (2) the number of proposals that subjects can simultaneously approve (multiple approval versus single approval). It was observed...

We consider a single-asset investment fund that in the absence of transactions costs would hold a constant amount of wealth in the risky asset. In the presence of market frictions wealth is allowed to fluctuate within a control band: Its upper (lower) boundary is chosen so that gains (losses) from adjustments to the target minus (plus) fixed plus proportional transaction costs maximize (minimiz...

Individual heterogeneity is an important source of variation in demand. Allowing for general heterogeneity is needed for correct welfare comparisons. We consider general heterogenous demand where preferences and linear budget sets are statistically independent. We find that the dimension of heterogeneity and the individual demand functions are not identified. We also find that the exact consume...

Effects of In-Class Variation and Student Rank on the Probability of Withdrawal: Cross-Section and Time-Series Analysis for UK University Students From individual-level data for nine entire cohorts of undergraduate students in UK universities, we estimate the probability that an individual will drop out of university during their first-year. We examine the 1984-85 to 1992-93 cohorts of students...

We consider one-to-one matching markets in which agents can either be matched as pairs or remain single. In these so-called roommate markets agents are consumers and resources at the same time. We investigate two new properties that capture the effect a newcomer has on incumbent agents. Competition sensitivity focuses on the newcomer as additional consumer and requires that some incumbents will...

In this paper we discuss sensitivity of forecasts with respect to the information set considered in prediction; a sensitivity measure called impact factor, IF, is defined. This notion is specialized to the case of VAR processes integrated of order 0, 1 and 2. For stationary VARs this measure corresponds to the sum of the impulse response coefficients. For integrated VAR systems, the IF has a di...

JEL classification: C65, D63, D71, D81 Mathematics Subject Classification (2000): 91B16

This paper addresses issue of sensitivity of efficiency classification of variable returns to scale (VRS) technology for enhancing the credibility of data envelopment analysis (DEA) results in practical applications when an additional decision making unit (DMU) needs to be added to the set being considered. It also develops a structured approach to assisting practitioners in making an appropria...

Heterogeneous Treatment Effects: Instrumental Variables without Monotonicity? A fundamental identification problem in program evaluation arises when idiosyncratic gains from participation and the treatment decision depend on each other. Imbens and Angrist (1994) were the first to exploit a monotonicity condition in order to identify an average treatment effect parameter using instrumental varia...

This paper asks how well a general equilibrium agency cost model describes the dynamic relationship between credit variables and the business cycle. A Bayesian VAR is used to obtain probability intervals for empirical correlations. The agency cost model is found to predict the leading, countercyclical correlation of spreads with output when shocks arising from the credit market contribute to ou...