Given any observed demand behavior by means of a demand function, we quantify by how much it departs from rationality. The measure of the gap is the smallest Frobenius norm of the correcting matrix function that would yield a Slutsky matrix with its standard rationality properties (symmetry, singularity, and negative semidefiniteness). A useful classification of departures from rationality is s...

Concern over the distributional effects of policies which induce changes in peer group structure, or ‘associational redistributions’ (Durlauf, 1996c), motivates a substantial body of theoretical and empirical research in economics, sociology, psychology, and education. A growing collection of econometric methods for characterizing the effects of such policies are now available. This chapter sur...

We provide necessary optimality conditions for a general class of discounted infinitehorizon dynamic optimization problems. As part of the resulting maximum principle we obtain explicit bounds on the adjoint variable, stronger than the transversality conditions in Arrow–Kurz form. r 2005 Elsevier B.V. All rights reserved. JEL classification: C60; C61

The magnetic response of C60 has been studied and compared to its spherical aromatic counterpart C60(10+), focusing on the overall and local shielding tensors. A high axis dependence behavior at the outside region of the structure is characterized, unravelling a characteristic pattern of the local chemical shift anisotropy as a consequence of the spherical aromatic behavior.

Abstract T his paper empirically examines the impact of dependence structure between the assets on the portfolio optimization, composed of Tehran Stock Exchange Price Index and Borsa Istanbul 100 Index. In this regard, the method of the Copula family functions is proposed as powerful and flexible tool to determine the structure of dependence. Finally, the impact of the dep...

The frictional behaviors of fullerenes C60 and C70 were studied because they were speculated to be solid lubricants. For the sublimated pure C60 films on Si(001), a high friction coefficient (0.55–0.8) was observed under different loads and pin materials. For the C70 film, the friction coefficient showed a pin dependence, which changed from 0.5 with an Al2O3 pin to about 0.9 with a 440 stainles...

We present a simple example where the use of σ-algebras as a model of information leads to a paradoxical conclusion: a decision maker prefers less information to more. We then explain that the problem arises because the use of σ-algebras as the informational content of a signal is inadequate. We provide a characterization of the different models of information in the literature in terms of Blac...

We prove that a preference relation which is continuous on every straight line has a utility representation if its domain is a convex subset of a finite dimensional vector space. Our condition on the domain of a preference relation is stronger than Eilenberg (1941) and Debreu (1959, 1964), but our condition on the continuity of a preference relation is strictly weaker than theirs. JEL classific...

We provide several generalizations of Mailath’s (1987) result that in games of asymmetric information with a continuum of types incentive compatibility plus separation implies differentiability of the informed agent’s strategy. The new results extend the theory to classic models in finance such as Leland and Pyle (1977), Glosten (1989), and DeMarzo and Duffie (1999), that were not previously co...

This note illustrates that the saturation property of a probability space can be used to routinely generalize results on the integration of Banach valued correspondences over a Loeb measure space to those over an arbitrary saturated probability space. On the other hand, the saturation property is also necessary for the validity of those results when the target space is infinite dimensional. © 2...