This paper uses control variables to identify and estimate models with nonseparable, multidimensional disturbances. Triangular simultaneous equations models are considered, with instruments and disturbances independent and reduced form that is strictly monotonic in a scalar disturbance. Here it is shown that the conditional cumulative distribution function of the endogenous variable given the i...

We investigate the prescriptive power of sequential iterated admissibility in coordination games of the Gale-Stewart style, i.e., perfectinformation games of infinite duration with only two payoffs. We show that, on this kind of games, the procedure of eliminating weakly dominated strategies is independent of the elimination order and that, under maximal simultaneous elimination, the procedure ...

The simultaneous ascending auction has proved to be a successful method of auctioning many related items. Simultaneous sale and ascending bids promote price discovery, which helps bidders build desirable packages of items. Although package bids are not allowed, the auction format does handle mild complementarities well. I examine the auction design and its performance in practice.

The purpose of this paper is to see whether and how G-10 banks have complied with the 1988 Basel Capital Accord. The interest of this study lies in the fact that the standardized approach of the New Basel Accord is similar to the 1988 agreement. However, very little is known about the reaction of non-US banks to the imposition of fixed minimum capital requirements. Building on previous studies,...

Can we detect the merger paradox in the year 1908 in Germany? An event-study method that uses daily returns in contrast to former historical research gives answers. The merger paradox is not confirmed by our data, and the adaptation process of stock prices according to newly available information is finished in a few days around the event. In addition, we use cumulated abnormal returns as depen...

In this paper we use nonparametric kernel density estimation techniques to develop a new class of smooth estimators for the parameters in SURE and simultaneous equations models. The eeciency property of the proposed estimators is also analysed. are thankful to H. L utkepohl and a referee for useful comments on the earlier version of this paper.