The existence of rational expectations equilibrium: a retrospective

This paper provides a selective review of theoretical research on the consistency of rational expectations equilibrium and its properties in microeconomic models. The general equilibrium framework is emphasized throughout the paper. After defining rational expectations equilibrium for a pure exchange economy, the paper presents a simple counterexample to illustrate that rational expectations equilibria need not exist. Results are summarized for the generic existence of fully revealing rational expectations equilibria in smooth economies satisfying additional dimensionality assumptions. Then the rational expectations equilibrium existence problem is related to earlier analysis of informationally decentralized allocation mechanisms. Next the efficiency properties of rational expectations equilibrium allocations are examined. Finally, the possibilities for partially revealing rational expectations equilibria are discussed.Equilibrium (Economics) - Mathematical models ; Rational expectations (Economic theory)

Land Grant Application- Jordan, James (Monroe)

Land grant application submitted to the Maine Land Office on behalf of James Jordan for service in the Revolutionary War, by their widow Hannah.https://digitalmaine.com/revolutionary_war_me_land_office/1509/thumbnail.jp

Advancing Information Design for Architectural Image Interfaces

A Level II Digital Humanities Start-Up grant of $49,673 is requested for the design and implementation of an innovative and highly sophisticated user interface for the Brumfield Russian Architecture Photographic Collection of some 30,000 images, which has been digitized and cataloged by the University of Washington Libraries-- an enormously labor-intensive process. This work was supported by an NEH grant in 2006-2009, an earlier pilot grant from the Gladys Kriebel Delmas Foundation, and subsequent smaller awards from the Allen and Smith Foundations. This project will realize in a fully functioning interface both the possibilities inherent in the already innovative metadata structure devised for the collection under the previous grants, and the potential of the most recent techniques and strategies for managing and presenting large and complex data sets on the internet

Oral History Interview: James Jordan

This interview is one of a series conducted concerning West Virginia Vietnam veterans. James Bud Jordan discusses his family and his education, as well as enlisting in the Army. He then details his experiences in the army, and also talks about anti-war activity.https://mds.marshall.edu/oral_history/1045/thumbnail.jp

Diagnostic Laboratory Begins a Program for Practitioners

In September the Diagnostic Laboratory began a continuing education program which enables practitioners to observe and participate in Diagnostic Laboratory activities. Practitioners have always been welcome to visit the laboratory at their convenience. This program provides for an organized and informative three day visit. Large and small animal practitioners are equally welcomed

The Unemployment Trap Meets the Age-Earning Profile.

The relative costs of taking employment or receiving welfare are usually understood through comparisons of a person’s social security entitlements and their wage alternative, known as replacement rates. In some situations it appears that the additional income from working is negligible, and this is said to constitute an “unemployment trap”. However, conventional replacement rates ignore the fact that age-earnings profiles slope upward through the acquisition of labour market experience. We offer a dynamic reinterpretation and compare alternative calculations for Australia in 2000. The usual and incorrect approach exaggerates significantly the likelihood of unemployment traps, but the presence of children mitigates considerably, and can even reverse, this assessment.unemployment traps, social security, age-earnings profiles, wages

Three Essays on Incentive Design

We present three distinct works on the subject of incentive design. The first focuses on a fundamental aspect of all principal-agent models, the participation constraint. We endogenise the constraint, allowing the agent to influence his outside option, albeit at some detriment to the project he is contracted to work upon. We compare the optimal contract to the literature on the supposed trade-off between risk and incentives. We find support for the Prendergast (2002) observation of a positive relationship between the two variables and ofer an explanation through the use of said influence activities. The second contribution introduces another principal-agent framework for models with both adverse selection and moral hazard, with the novel inclusion of limited liability. Described in a target-setting environment, the findings are related to and support the use of tenure contracts in academia. This is justified by the fact that pooling equilibria maximise the value to the principal and fully separating equilibria are implemented with non-monotonic wage structures. Finally, in opposition to conventional literature, those of low type make rent gains over and above their reservation utility, while the high types break even. The final chapter studies organisational design and allocation of control. We offer conditions whereby firms would wish to integrate, or profit-share, with another, given varying degrees of control allocation. We show that integration comes at a lower cost for the decision-making firm when control is contractible as opposed to transferable. Also we show that the level of incompatibility between firms, unrelated to financial gain, can affect the integration decision.ESR

A salary schedule for Lawrence, Mass

Thesis (M.A.)--Boston University, 1946. This item was digitized by the Internet Archive