Journal ArticleDOI
Shape Constraints in Economics and Operations Research
TLDR
This paper briefly reviews an illustrative set of research utilizing shape constraints in the economics and operations research literature and highlights the methodological innovations and applications with a particular emphasis on utility functions, production economics and sequential decision making applications.Abstract:
Shape constraints, motivated by either application-specific assumptions or existing theory, can be imposed during model estimation to restrict the feasible region of the parameters. Although such restrictions may not provide any benefits in an asymptotic analysis, they often improve finite sample performance of statistical estimators and the computational efficiency of finding near-optimal control policies. This paper briefly reviews an illustrative set of research utilizing shape constraints in the economics and operations research literature. We highlight the methodological innovations and applications, with a particular emphasis on utility functions, production economics and sequential decision making applications.read more
Citations
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Order Restricted Statistical Inference.
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The collective model of household consumption: A nonparametric characterization
TL;DR: In this paper, the authors provide a nonparametric characterization of a general collective model for household consumption, which includes externalities and public consumption, and establish testable necessary and sufficient conditions for data consistency with collective rationality that only include observed price and quantity information.
Proceedings Article
Hard Shape-Constrained Kernel Machines
TL;DR: In this paper, the authors prove that hard affine shape constraints on function derivatives can be encoded in kernel machines, which represent one of the most flexible and powerful tools in machine learning and statistics.
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Multivariate Convex Regression at Scale
Wenyu Chen,Rahul Mazumder +1 more
TL;DR: This framework can solve instances of the convex regression problem with $n=10^5$ and $d=10$---a QP with 10 billion variables---within minutes; and offers significant computational gains compared to current algorithms.
References
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Journal ArticleDOI
A Note on the Pure Theory of Consumer's Behaviour
TL;DR: For example, the authors argues that the most modern theory confines itself to an analysis of indifference elements, budgetary equilibrium being defined by equivalence of price ratios to respective indifference slopes, which is circular or to many people inadmissible.
Journal ArticleDOI
Optimal Replacement of GMC Bus Engines: An Empirical Model of Harold Zurcher
TL;DR: In this paper, a simple, regenerative, optimal stopping model of bus-engine replacement is proposed to describe the behavior of Harold Zurcher, superintendent of maintenance at the Madison (Wisconsin) Metropolitan Bus Company.
Journal ArticleDOI
Optimal Policies for a Multi-Echelon Inventory Problem
Andrew J. Clark,Herbert E. Scarf +1 more
TL;DR: The problem of determining optimal purchasing quantities in a multi-installation model of this type, which arises when there are several installations, is considered.
Book
Nonparametric Econometrics : Theory and Practice
Qi Li,Jeffrey S. Racine +1 more
TL;DR: Nonparametric Econometrics covers all the material necessary to understand and apply nonparametric methods for real-world problems and is the ideal introduction for graduate students and an indispensable resource for researchers.