We build a dynamic equilibrium model of a durable goods oligopoly with a competitive secondary market to evaluate the bias in estimating the structural parameters of demand and supply when durability is omitted. We simulate data from our dynamic model and use them to estimate the model’s static counterpart. We find that the static estimate of the elasticity of demand is an overestimate of the t...

Static headspace analysis can provide reasonably good sensitivity for halogenated hydrocarbons and aromatic compounds. But USEPA Method 524.2 Revision 4 requires the evaluation of several analytes containing different functional groups such as ketones, ethers, and esters. Such compounds can be particularly difficult to analyze at low concentration using static headspace due to the affinity of p...

The stable isotopic composition of soil (13)CO(2) flux is important for monitoring soil biological and physical processes. While several methods exist to measure the isotopic composition of soil flux, we do not know how effective each method is at achieving this goal. To provide clear evidence of the accuracy of current measurement techniques we created a column filled with quartz sand through ...

This paper characterizes the set of Nash equilibria in a model of price-setting duopoly in which each firm has limited capacity, and demand is continuous and decreasing. In general there is a unique equilibrium, so that comparative static exercises are meaningful. The properties of the equilibrium conform with a number of stylized facts. The equilibrium prices are lower, the smaller is demand r...

In lecture 8 we have formulated the condition of static equilibrium of bodies and structures by studying a small change (variation) of the total potential energy. The system was said to be in equilibrium if the first variation of the total potential energy vanishes. The analysis did not say anything about the stability of equilibrium. The present lecture will give an answer to that question by ...

The presence of multiple equilibria in games is a big challenge for identification and estimation. Without information of the equilibrium selection, it is impossible to perform counterfactual analysis. Allowing for possibly multiple equilibria, this paper provides nonparametric identification of finite games with incomplete information. Upon observing players’ actions from cross-sectional games...