Manuel S. Santos

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1 Paper presented at the meetings of the Society of Economic Dynamics (Sardinia, June 1999), the Society of Economic Theory (Rhodes, July 1999), and the Latin American Meetings of the Econometric Society (Cancun, August 1999). Comments and suggestions from several conference participants have been extremely beneficial. The author is especially grateful to(More)
This paper analyzes asymptotic convergence properties of policy iteration in a class of stationary, infinite-horizon Markovian decision problems that arise in optimal growth theory. These problems have continuous state and control variables and must therefore be discretized in order to compute an approximate solution. The discretization may render(More)
This paper studies the econometrics of computed dynamic models. Since these models generally lack a closed-form solution, their policy functions are approximated by numerical methods. Hence, the researcher can only evaluate an approximated likelihood associated with the approximated policy function rather than the exact likelihood implied by the exact(More)
The resistance of malaria parasites to available drugs continues to grow, and this makes the need for new antimalarial therapies pressing. Aminoacyl-tRNA synthetases (ARSs) are essential enzymes and well-established antibacterial targets and so constitute a promising set of targets for the development of new antimalarials. Despite their potential as drug(More)
In this paper we are concerned with the performance of stock option contracts in the provision of managerial incentives. In our simple framework, we restrict the space of contracts available to the principal to those conformed by a fixed payment and a package of call options on the firm’s stock. As compared to the fixed payment and the option grant, we find(More)
According to the Developmental Origins of Health and Disease hypothesis intrauterine or postnatal adaptations to the environment causes morphologic, physiologic or metabolic changes that influence health later in life. These adaptations seem to be carried out through structural, functional and epigenetic modifications. Multiple animal models of(More)
This paper studies first–order differentiability properties of the value function in concave dynamic programs. Motivated by economic considerations, we dispense with commonly imposed interiority assumptions. We suppose that the correspondence of feasible choices varies with the vector of state variables, and we allow the optimal solution to belong to the(More)
It is well known that if mild sector–specific externalities are considered, then the steady state of the standard two-sector real business cycle model can become locally indeterminate and endogenous business cycles can arise. We show that this result is not robust to the introduction of standard intertemporal capital adjustment costs, which may accrue when(More)
In this paper we provide some sufficient conditions for the differentiability of the value function in a class of infinite-horizon continuous-time models of convex optimization arising in economics. We dispense with an interiority condition which is quite restrictive in constrained optimization and it is usually hard to check in applications. The(More)