This paper examines asymptotic expansions for estimation errors expressed explicitly as functions of underlying random variables. Taylor series expansions are obtained from which "rst and second moment approximations are derived. While the expansions are essentially equivalent to the traditional Nagar type, the terms are expressed in a form which enables moment approximations to be obtained in ...

In this paper various methods for the estimation of simultaneous equation models with lagged endogenow variables and List order s&fly correlated errors are discussed. The m.&ods dilfer in tbe number of instrumental variables used. The asymptotic and small sample properties of the various metlmds are compared, and the variables which must be included as insuuments to insure consistent estimates ...

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.

We use a local energy method to study the spatial localization of the supports of the solutions of a reaction{ diiusion system with nonlinear diiusion and a general reaction term. We establish nite speed of propagation and the existence of waiting times under a set of weak assumptions on the structural form of the system. These assumptions allow for additive and multiplicative reaction terms an...

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.