The commonly used hyperbolic and quasi-hyperbolic discount functions have been developed to accommodate decreasing impatience, which is the prevailing empirical finding in intertemporal choice, in particular for aggregate behavior. However, these discount functions do not have the flexibility to accommodate increasing impatience or strongly decreasing impatience. This lack of flexibility is par...

We prove the non-emptiness of the core of an NTU game satisfying a condition of payoff-dependent balancedness, based on transfer rate mappings. We also define a new equilibrium condition on transfer rates and we prove the existence of core payoff vectors satisfying this condition. The additional requirement of transfer rate equilibrium refines the core concept and allows the selection of specif...

The correspondence principle suggests a link between asymptotic stability properties of equilibria of economic models and the equilibrium response to data that describe the model or the model environment. However, this link has been impaired by a logical-mathematical deficiency. This paper, by introducing a conceptual requirement of (local) structural stability as part of the principle hypothes...

We offer a framework to analyze Value-at-Risk based regulation rules and their possible distortion effects on financial markets. Our model is formulated in a continuous-time economy where investors maximize expected utility subject to some regulatory Value-at-Risk constraint when asset price dynamics are not lognormal and exhibit stochastic volatility. To retain tractability of the optimization...

This paper analyzes the problem faced by a risk-averse firm considering how much to invest in a risky project. The firm receives a signal about the value of the project. We derive necessary and sufficient conditions on the signal distribution such that (i) the agent's investment is nondecreasing in the realization of the signal, and (ii) different signals can be ranked according to their ex ant...

As in the case of carbon nanotubes, also boron nitride nanotubes may host arrays of C60 molecules and form a nanopeapod (NPP). The observed separation between C60 molecules in BN NPP’s is consistently shorter than in carbon NPP’s, which influences their electronic properties. Here we report on total-energy pseudopotential density functional theory (DFT) calculations for polymerized and nonpolym...

Within the affiliated private-values paradigm, we develop a tractable empirical model of equilibrium behaviour at first-price, sealed-bid auctions that admits a general dependence structure. The model is nonparametrically identified, but estimating the primitives is plagued by the curse of dimensionality when the number of bidders is even modestly large, so we develop a semiparametric estimatio...

The recent accounting scandals at Enron, WorldCom, and Tyco were related to the misrepresentation of liabilities. We provide a structural model of correlated multi-firm default, in which public bond investors are uncertain about the liability-dependent barrier at which individual firms default. Investors form prior beliefs on the barriers, which they update with the default status information o...

This paper describes an empirical comparison of four specifications of the exponential family of random graph models (ERGM), distinguished by model specification (dyadic independence, Markov, partial conditional dependence) and, for the Markov model, by estimation method (Maximum Pseudolikelihood, Maximum Likelihood). This was done by reanalyzing 102 student networks in 57 junior high school cl...

We observe, with angle-resolved photoemission, a dramatic change in the electronic structure of two C60 monolayers, deposited, respectively, on Ag (111) and (100) substrates, and similarly doped with potassium to half filling of the C60 lowest unoccupied molecular orbital. The Fermi surface symmetry, the bandwidth, and the curvature of the dispersion at Gamma point are different. Orientations o...