Studies of Disequilibrium Econometrics, Rationing, and      Optimization
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
This project continues important work in the area of econometric                analysis of models where the market is not in equilibrium.  Many early          models assumed that the economy, the labor market for instance, will            always either be in equilibrium or be moving toward equilibrium.  The           classical model, in vogue at the beginning of the 20th century, did             not allow for long term disequilibrium.  The Great Depression with its          long lines of unemployed workers provided overwhelming empirical                evidence that involuntary unemployment is possible for extended                 periods of time, and thus the assumptions of rapid market                       equilibration had to be discarded.  More modern and realistic models            of the economy incorporate the concept of disequilibrium in markets in          various ways, typically by allowing for rigidities such as long term            contracts to be included in the analytical model.  There are also               models which are constructed with the idea of disequilibrium embedded           in them.  Such models can realistically depict many of the world's              economies, particularly economies where central planning plays a large          role.                                                                                                                                                           This project examines the econometric difficulties encountered in               constructing and estimating models of economic disequilibrium.  These           models pose many problems for the econometrician in that the standard           statistical assumptions of normally distributed errors, random                  variation of variables around the mean of the observed values, and              constant variance from observation to observation do not hold.  This            project focusses on three areas of disequilibrium estimation.  First,           disequilibrium in the labor market is analyzed.  It extends previous            work by making output endogenous.  Second, models of product                    rationning are studied.  Of particular interest is the case where               rationning is the result of central planning.  Third, firm behavior             under central planning is examined.  This includes situations where             the state regularly insures against firms' losses.  If such bailouts            become an integral part of the expectations of the firm manager,                output will be affected.  This research will shed light on the                  workings of both socialist and free market economies.
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{'Name': 'Princeton University', 'CityName': 'PRINCETON', 'ZipCode': '085442001', 'PhoneNumber': '6092583090', 'StreetAddress': '1 NASSAU HALL', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'New Jersey', 'StateCode': 'NJ', 'CONGRESSDISTRICT': '12', 'CONGRESS_DISTRICT_ORG': 'NJ12', 'ORG_UEI_NUM': 'NJ1YPQXQG7U5', 'ORG_LGL_BUS_NAME': 'THE TRUSTEES OF PRINCETON UNIVERSITY', 'ORG_PRNT_UEI_NUM': None}
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{'Code': '1320', 'Text': 'Economics'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1987&All=true', 'xml': '8706984.xml'}