38 research outputs found
Firm's R & D Behavior Under Rational Expectations
This paper formulates dynamic R&D investment decisions of private firms as an optimal stochastic control problem. It derives explicitly R&D investment decision rule and the cross equations parameter restrictions imposed by the rational expectations hypothesis, using the Riccati equations only and not requiring the use of Wiener-Kolmogorov prediction formula. Idenfitication and estimation of the structural parameters are essential for evaluating policies such as R&D subsidies, firm size, market concentration so that the evaluations of these policies stand against Lucas critique. We find conditions under which the structural parameters are identified; we then discuss econometric procedures for using aggregate time series data or panel data on firms to deal with unobserved technological knowledge, to estimate the structural parameters, and to test the model.research and development, rational expectations, stochastic control
Long Term Effects of Preschool Investment on school Performance and Labor Market Outcome
Using the NLSY data set, this paper formulates and then empirically estimates the production processes for social, motivational and cognitive skills during early childhood development and the long-term effects of these skills on learning and life-time earnings of an individual. Using these estimated relationships, the paper provides a calibrated intergenerational altruistic model of parental investment in children's preschool. This dynamic model is then used to estimate the effects of publicly provided preschool to the children of poor socioeconomic status (SES) on college mobility and intergenerational social mobility and to estimate the tax burden of such a social contract.Preschool Investment, Early Childhood Development, Intergenerational Social Mobility, College Mobility
Learned Convention and Subgame Perfect Equilibrium in an Overlapping Generations Model with Two-Sided Altruism
R&D Activities and Export Performance of Indian Private Firms
This paper formulates a model of optimal export decision of private firms and then empirically studies the effect of firm size, R&D activities and competitiveness on export performance of Indian private firms during the period 1975-1986. The paper argues that the Cragg model is more appropriate to model firms’ export behavior than the commonly used Tobit model. The evaluation of the export promotion and partial import liberalization policies of 1980 based on the Tobit model is found to be qualitatively quite different from the evaluation based on the Cragg model. The LR and LM specification tests reject the Tobit model against the Cragg model in all specifications.Exports, R&D, Price-Cost-Margin
Learning to Perfect Manipulation: Implications for Fertility, Savings, and Old-Age Social Security
Physics Potential of the ICAL detector at the India-based Neutrino Observatory (INO)
The upcoming 50 kt magnetized iron calorimeter (ICAL) detector at the
India-based Neutrino Observatory (INO) is designed to study the atmospheric
neutrinos and antineutrinos separately over a wide range of energies and path
lengths. The primary focus of this experiment is to explore the Earth matter
effects by observing the energy and zenith angle dependence of the atmospheric
neutrinos in the multi-GeV range. This study will be crucial to address some of
the outstanding issues in neutrino oscillation physics, including the
fundamental issue of neutrino mass hierarchy. In this document, we present the
physics potential of the detector as obtained from realistic detector
simulations. We describe the simulation framework, the neutrino interactions in
the detector, and the expected response of the detector to particles traversing
it. The ICAL detector can determine the energy and direction of the muons to a
high precision, and in addition, its sensitivity to multi-GeV hadrons increases
its physics reach substantially. Its charge identification capability, and
hence its ability to distinguish neutrinos from antineutrinos, makes it an
efficient detector for determining the neutrino mass hierarchy. In this report,
we outline the analyses carried out for the determination of neutrino mass
hierarchy and precision measurements of atmospheric neutrino mixing parameters
at ICAL, and give the expected physics reach of the detector with 10 years of
runtime. We also explore the potential of ICAL for probing new physics
scenarios like CPT violation and the presence of magnetic monopoles.Comment: 139 pages, Physics White Paper of the ICAL (INO) Collaboration,
Contents identical with the version published in Pramana - J. Physic
Firm’s R & D Behavior Under Rational Expectations
This paper formulates dynamic R&D investment decisions of private firms as an optimal stochastic control problem. It derives explicitly R&D investment decision rule and the cross equations parameter restrictions imposed by the rational expectations hypothesis, using the Riccati equations only and not requiring the use of Wiener-Kolmogorov prediction formula. Identification and estimation of the structural parameters are essential for evaluating policies such as R&D subsidies, firm size, market concentration so that the evaluations of these policies stand against Lucas critique. We find conditions under which the structural parameters are identified; we then discuss econometric procedures for using aggregate time series data or panel data on firms to deal with unobserved technological knowledge, to estimate the structural parameters, and to test the model