[Macroeconomic models with rational expectations find a new justification if these models appear as limits of some learning procedures. In this paper we consider the case in which, during the learning period, the predictions are obtained by regression. We exhibit the necessary and sufficient condition on the parameter of the model ensuring the convergence of the learning process. The limit is the solution of a rational expectations model in which the information set only includes the exogenous variables used in the auxiliary regression.]

This paper considers a generalized mean value m(p) defined implicitly for a probability measure p on the reals as the unique y for which J +(x, y) dp(x) = 0, where 0 is skewsymmetric and strictly increasing in its first argument. Conditions on m that are necessary and sufficient for the implicit characterization are given and its relationship to certainty equivalence is discussed.

On donne la distribution d'echantillon finie exacte de la statistique de Wald pour tester des restrictions lineaires generales sur les coefficients dans le modele lineaire multivariable

in this paper we specify and estimate a structural limited dependent variable model with which we study both the health and retirement status of the elderly.Standard linear estimators, which assume that these variables are continuous, are not appropriate and categorical estimation techniques are preferred.Our model differs from previous work in that we have longitudinal data and random effects that are correlated over time for different individuals.The problem is made more complicated because there is sample truncation, which could potentially bias coefficient estimates, since approximately twenty percent of the individuals in our sample die.We outline the full information maximum likelihood estimator for such a model and implement it in our empirical analysis.With our structural estimates we analyze, among other things, the degree to which endogeneously determined health status affects the probability of retirement and how changes in social security benefits and eligibility for transfer payments modify both healthiness and the demand for leisure.

On montre comment le test de Wald s'applique a des ensembles de restrictions d'egalite et d'inegalite et on presente la distribution, pour de grands echantillons, du test sous l'hypothese nulle

[We consider an economy in which agents may or may not communicate with each other. Coalitions can form only between linked agents. We consider two cases: agents must communicate directly to be in the same coalition or in the second case indirectly. We consider the communication to be random. The economy may then be represented by a stochastic graph; the admissible coalitions are then stochastic and thus so is the core of an economy. We demonstrate that if the probability that agents are linked with each other does not tend to zero too fast as this number increases, then the probability that a coalition will form and block any non-Walrasian allocation tends to one, as the number of agents goes to infinity.]

[The axiomatic derivation of mobility indices for first-order Markov chain models in discrete time is extended to continuous-time models. Many of the logical inconsistencies among axioms noted in the literature for the discrete time models do not arise for continuous time models. It is shown how mobility indices in continuous time Markov chains may be estimated from observations at two points in time. Specific attention is given to the case in which the states are fractiles, and an empirical example is presented.]