Correction to McKelvey and Page, 'Public and Private Information: an Experimental Study of Information Pooling'

Article Abstract:

The formulation of McKelvey and Page on the myopic-rational responses to payoffs errs in calculating the consequences as nonmyopic Bayes-Nash equilibrium. The error was committed in the quadratic proper scoring rule payoff table, in the assumption of 'honesty ' in the report of the nearest allowed posterior value and the assumption of the periodic occurrence of equilibrium pooling, especially in the third period even as the participants remain uninformed of the activities in the first period.

Econometrics & Model Building, Business models

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An empirical equilibrium search model of the labor market

Article Abstract:

An equilibrium search model was proven effective in characterizing observed labor market histories. The model's qualitative predictions for wages set by employers were validated by wage regressions. A consistency was also noted between job distributions and unemployment spells and the data under consideration. Moreover, the utilization of the model has lead to the determination of labor market segments.

Research, Labor market

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Habit formation and aggregate consumption

Article Abstract:

The use of a production economy with sufficient asset return distribution structure was proposed to address a problem that results in employing an endowment economy for the assessment of an equilibrium asset pricing model with habit formation. The proposed solution allows endogenous derivation of the aggregate consumption process. It entails the use of a powerful assumption regarding asset returns.

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