Model Selection and Error Estimation
RECERCAT - Dipòsit de Recerca de Catalunya
penalty functions, involving error estimates on independent test data, empirical {\sc vc} dimension, empirical {\sc vc} entropy, and margin-based quantities. We also consider the maximal difference between the error on the first half of the training data...
Reflections on Gains and Losses: A 2x2x7 Experiment
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Antoni Bosch-Domènech; Joaquim Silvestre; Resumen : We test whether risk attitudes change when losses instead of gains are involved. The study of gain-loss asymmetries...
Debt and Deficit Fluctuations and the Structure of Bond Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Albert Marcet; Andrew Scott; Resumen : This paper tests for the market environment within which US fiscal policy operates, that is we test for the incompleteness of the...
Risk Dominance Selects the Leader. An Experimental Analysis
RECERCAT - Dipòsit de Recerca de Catalunya
experimental analysis to test whether the risk dominance prediction is supported by the behaviour of laboratory agents. We show that the probability that the risk dominance prediction is right depends crucially on the degree of asymmetry of the game. The...
Social Preferences: Some Simple Tests and a New Model
RECERCAT - Dipòsit de Recerca de Catalunya
experiments on simple two-person and three-person games with binary choices that test these theories more directly than the array of games conventionally considered. Our experiments show strong support for the prevalence of "quasi-maximin" preferences: People...
Stepwise Multiple Testing as Formalized Data Snooping
RECERCAT - Dipòsit de Recerca de Catalunya
dependence structure of the test statistics, which results in increased ability to detect alternative hypotheses. We prove our method asymptotically controls the familywise error rate under minimal assumptions. We present our methodology in the context of...
It's Parties that Choose Electoral Systems (or Duverger's Law Upside Down)
RECERCAT - Dipòsit de Recerca de Catalunya
model develops the argument and presents the concept of 'behavioral-institutional equilibrium' to account for the relation between electoral systems and party systems. The most comprehensive dataset and test of these notions to date, encompassing 219...
Asset Pricing Implications of Benchmarking: A Two-Factor CAPM
RECERCAT - Dipòsit de Recerca de Catalunya
benchmark's variance) covariance between the asset excess return and the excess return of the market over the benchmark index. Different to Brennan, the empirical test supports the model's predictions. The cross-section return on the active management risk is...
Timing of Seasonal Sales
RECERCAT - Dipòsit de Recerca de Catalunya
of designs induces a store to put one of them on sales earlier to test the market. Moreover, price competition in the discount market induces stores to start sales earlier because of a greater perceived first-mover advantage in capturing the discount...
Market Institutions and Judicial Rulemaking
RECERCAT - Dipòsit de Recerca de Catalunya
until the 19th century, we argue that constraining judicial discretion was instrumental in protecting freedom of contract and developing the market order in civil law. We test this hypothesis by analyzing the history of Western law. In England, a unique...
Restless Bandits, Partial Conservation Laws and Indexability
RECERCAT - Dipòsit de Recerca de Catalunya
; membership in this class is tested through a single run of the adaptive-greedy algorithm, which also computes the Whittle indices when the test is positive; this provides a tractable sufficient condition for indexability; (2) we further indentify the class of...
Gerontocracy, Retirement, and Social Security
RECERCAT - Dipòsit de Recerca de Catalunya
orientation, or even ocupation, The model has a variety of implications for the design of social security programs, which we test using data from the Social Security Administration. For example, the model predicts that social security programs with retirement...
