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Learning the optimum as a Nash equilibrium
(Elsevier, 2000-04)This paper shows the computational benefits of a game theoretic approach to optimization of high dimensional control problems. A dynamic noncooperative game framework is adopted to partition the control space and to search ... -
Demographic Shock Transmission from Large to Small Countries: An Overlapping Generations CGE Analysis
(Elsevier, 2001-08)International commodity and capital flows provide channels for the transmission of the effects of demographic changes in large countries onto small open economies by altering the prices and interest rates facing them. This ... -
Statistical properties of genetic algorithm learning in a model of exchange rate
(Elsevier, 2000-06)We study statistical properties of the time series of the exchange rate data generated in the environment where agents update their savings and portfolio decisions using the genetic algorithm. The genetic algorithm adaptation ... -
The comparative performance of the public enterprise sector in Turkey: A Malmquist productivity index approach
(Elsevier, 1997-10)The public enterprise sector in Turkey has grown appreciably since the 1950's and has made a marked impact on aggregate production, employment, and saving. However, since the early 1980's, public enterprises have been ... -
A plea for greater attention to data in policy analysis
(Elsevier, 1999-12)The technical difficulties associated with building and solving applied general equilibrium (GE) models seem to have distracted our attention from the data. In this article, we forcefully stress that whatever the sophistication ... -
Tests for cointegration with infinite variance errors
(Elsevier, 1998-09)This paper develops the asymptotic theory for residual-based tests and quasi-likelihood ratio tests for cointegration under the assumption of infinite variance errors. This article extends the results of Phillips and ... -
Learning by imitation
(Elsevier, 1999-09)This paper introduces a learning algorithm that allows for imitation in recursive dynamic games. The Kiyotaki-Wright model of money is a well-known example of such decision environments. In this context, learning by ... -
Strategic policies and growth: An applied model of R&D-driven endogenous growth
(Elsevier, 1999-12)We introduce and explore a general equilibrium model with R&D-driven endogenous growth, whose antecedents are the models of Romer (1990) [Romer, P.M., 1990. Endogenous technological change. Journal of Political Economy, ... -
Managerial defections, promotion criteria and firm growth
(Elsevier, 1999-10)Junior managers' learning decisions and career expectations, promotion criteria, and parent firms' growth strategies are interdependent. We study this interdependence in a two-stage game where a junior manager invests in ... -
Managing Turkish Debt: An OLG Investigation of the IMF's Fiscal Programming Model for Turkey
(Elsevier, 2005-09)In this paper we investigate the fiscal policy alternatives on domestic debt management, cohort welfare, and growth for the Turkish economy. We utilize a model of exogenous growth in the overlapping generations (OLG) ... -
The minimal conditions for a financial crisis: a multiregional intertemporal CGE model of the Asian crisis
(Elsevier, 2000-06)The globalization of world capitalism constrains the ability of the developmental state to pursue an independent industrialization and foreign trade strategy. We use an intertemporal, multiregion CGE model, to study the ... -
Currency Substitution: New Evidence from Emerging Economies
(Elsevier, 2003-02)This paper provides new empirical evidence for currency substitution in different emerging market economies. Estimation results from a money-in-the-utility-function framework indicate that foreign currencies are strong ... -
Financial liberalisation: from segmented to integrated economies
(Elsevier, 2003)Capital market liberalisation transforms segmented stock markets into integrated ones. Further impact should be expected on the dynamics of the rest of the domestic economy. This study presents evidence to that effect. A ... -
Relaxation of multidimensional variational problems with constraints of general form
(Elsevier, 2001-08)A relaxation of multidimensional variational problems with constraint of rather general form on gradients of admissible functions is investigated. It is assumed that the gradient of an admissible function belongs to an ... -
Extreme value theory and Value-at-Risk: Relative performance im emerging markets
(Elsevier, 2004)In this paper, we investigate the relative performance of Value-at-Risk (VaR) models with the daily stock market returns of nine different emerging markets. In addition to well-known modeling approaches, such as ... -
Environmental efficiency in carbon dioxide emissions in the OECD: a nonparametric approach
(Elsevier, 2000-02)The role of the environment is an important issue in the policy-making and hence, the accurate assessment of the environmental conditions is vital. In this paper, an environmental efficiency index is developed for the OECD ... -
Parametric Pension Reform with Higher Retirement Ages: A Computational Investigation of Alternatives for A Pay-As-You-Go Pension System
(Elsevier, 2001-06)This. paper discusses parametric reform options to control losses generated by a publicly managed pay-as-you-go (PAYG) pension system under alternative deficit reduction (reform) strategies involving changes in contribution ... -
The energy demand in the manufacturing sector of Pakistan: some further results
(Elsevier, 2000-12)The purpose of this study was to re-examine the role of energy in the manufacturing sector of Pakistan using a Partial Equilibrium Approach. GL restricted cost function along with the factor demand equations were estimated ... -
Effects of skewness and kurtosis on model selection criteria
(Elsevier, 1998-04-01)We consider the behavior of model selection criteria in AR models where the error terms are not normal by varying skewness and kurtosis. The probability of estimating the true lag order for varying degrees of freedom (k) ... -
Prakash and Sertel's theory of non-cooperative equilibria in social systems - twenty years later
(Elsevier, 1996)This paper is intended as a companion to the paper 'Existence of non-cooperative equilibria in social systems by Prakash and Sertel (1974b) appearing in this volume. It aims to perform two tasks: (1) to give the reader a ...
