Journal Article Rate of Growth Effects on Aggregate Savings: Further Analysis Get access Thomas Russell Thomas Russell University of Rochester Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 44, Issue 1, February 1977, Pages 153–168, https://doi.org/10.2307/2296979 Published: 01 February 1977 Article history Received: 01 November 1974 Accepted: 01 December 1975 Published: 01 February 1977

Dwight M. Jaffee, Thomas Russell; Imperfect Information, Uncertainty, and Credit Rationing: A Reply*, The Quarterly Journal of Economics, Volume 99, Issue 4, 1

I. Introduction, 651.—II. The model of borrowing behavior, 652.—III. Lender and market behavior under competitive conditions, 658.—IV. Market solutions under monopoly, 663.—V. Conclusion, 664.—VI. Appendix, 665.

This article provides a unified framework for studying the identification of counterfactual parameters in a general class of discrete outcome models, allowing for endogenous regressors and multidimensional latent variables, all without parametric distributional assumptions. Our main theoretical result is that, when the covariates are discrete, the infinite-dimensional latent variable distribution can be replaced with a finite-dimensional version that is equivalent from an identification perspective. The finite-dimensional latent variable distribution is constructed in practice by enumerating regions of the latent variable space with a new and efficient cell enumeration algorithm for hyperplane arrangements. We then show that bounds on a certain class of counterfactual parameters can be computed by solving a sequence of linear programming problems, and show how the researcher can introduce additional assumptions as constraints in the linear programmes. Finally, we apply the method to a mobile phone choice example with heterogeneous choice sets, and to an airline entry game example.