Knowledge that Transforms

[Cette note discute les conditions d'existence d'un noyau non vide dans une économie de propriété privée où des possibilités de production sont associées à chaque coalition en fonction de sa composition. On étudie les relations entre noyau et équilibre concurrentiel dans le cas particulier où il existe un ensemble d'entreprises et où l'ensemble de production d'une coalition est égal à la somme des ensembles de production des entreprises dont les membres de la coalition possèdent une majorité des parts.]

[Arrow's impossibility theorem can be viewed as requiring that each subset of two social alternatives be a potential feasible subset or environment, with transitive and complete social choices over these subsets for each profile of individual preference orders. The feasibility assumption for every two-alternative subset is relaxed with consequent changes in the social ordering condition. An Arrow-type impossibility result still obtains when the set of social alternatives is the union of two disjoint sets, each of which has two or more elements, and when \{x, y\} is feasible whenever x is from one set and y is from the other. Variants of the basic theorem are included, one of which requires that strict binary social choices be acyclic.]

[This paper extends the single equation regression model with the truncated dependent variable considered by Tobin [10] and Amemiya [1] to multivariate and simultaneous equation models and proposes a computationally simple consistent estimator.]

In applications of linear regression analysis, the unknown error covariance matrix has to be somehow estimated. This can lead to biased estimates of the covariance matrix of the regression coefficients. Since such bias is difficult to eliminate completely, its sensitivity to alternative estimates of error covariances is studied by Watson, Theil, Malinvaud, and others with the help of bounds on the bias derived under certain assumptions. This paper gives similar bounds under less restrictive assumptions, and illustrates them in the context of heteroscedasticity and autocorrelation problems. In particular, for the first order error autocorrelation coefficient of p the upper bound on proportionate bias is shown to be reasonably approximated by (1 + p)/(l - p) - 1.

[This paper proposes a method for measuring the numerical value of the conjectural variation which has been a key concept in oligopoly theories. The statistical property of the estimator for the conjectural variation is examined and two statistical tests are presented. One is a test for the hypothesis that the conjectural variation is a specified value. The other is designed for the hypothesis that there is a certain type of collusion among oligopoly firms. These are applied to the Japanese flat glass industry.]

A family of tests of significance is developed for coefficients in a single equation of a simultaneous system., Different members of this family are distinguished by the k-class estimator on which they are based, and on the alternative hypothesis against which they test. The size of the test is found when the disturbances are small, and the test is shown to be consistent if plim k = 1 or k = λ, the limited information maximum likelihood value.

Publisher Summary The work extends the results of an earlier paper by Hahn ; it presents a model of a barter economy with a sequence of markets in which each trader operates with his own transaction technology. An equilibrium is proved to exist and the efficiency of equilibrium is discussed.

The paper compares the power functions of the conventional tests of significance based on asymptotic theory with those of some alternative tests suggested by Dhrymes and Richardson and Rohr and also a test that was suggested earlier by Anderson and Rubin in a simple two equation model by means of Monte Carlo experiments.

[In the theory of production it is frequently assumed that the scale elasticity is decreasing with scale. There are, however, very few empirical studies that provide support for this assumption. The results of this study, based on individual establishment data, suggest quite clearly that the scale elasticity is decreasing with scale in Norwegian mining and manufacturing.]