We study discretionary equilibria in dynamic linear-quadratic rational expectations models. In contrast to the assumptions that pervade this literature we show that these models do have multiple equilibria in some situations. We demonstrate the existence of multiple discretionary equilibria by example. We investigate general properties of discretionary equilibria and discuss implications for numerical algorithms.
Abstract. There are a range of diagram types that can be used to visualize sets. However, there is a significant lack of insight into which is the most effective visualization. To address this knowledge gap, this paper empirically evaluates four diagram types: Venn diagrams, Euler diagrams with shading, Euler diagrams without shading, and the less well-known linear diagrams. By collecting performance data (time to complete tasks and error rate), through crowdsourcing, we establish that linear diagrams outperform the other three diagram types in terms of both task completion time and number of errors. Venn diagrams perform worst from both perspectives. Thus, we provide evidence that linear diagrams are the most effective of these four diagram types for representing sets.
We propose a test for neglected nonlinearity that uses an alternative artificial neural network (ANN) specification to the one commonly used in the literature. We use radial basis functions for the 'hidden layer' with basis function centres and radii chosen from the sample data set and selected on the basis of an information criterion. The procedure is straightforward to implement and outperforms, in many cases, the ANN test proposed by Lee et al. (1993) and the analytic variation devised by Teräsvirta et al. (1993).
This paper presents a strategy for rapid summarisation and browsing of video sequences. The input video is first transformed into a sequence of representative feature vectors. Using this representation a utility function is designed that assigns high reward to subsequences of keyframes that are maximally distinct and individually carry the most information. For a specified level of detail and endpoints the keyframe sequence that maximises this utility function can be obtained by a non-iterative Dynamic Programming procedure, thus allowing the user to efficiently zoom in on any part or all of the video sequence. For the sake of compactness and clarity the working of the algorithm is illustrated on a television commercial.
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