Congestion is a subject of considerable importance, particularly in outdoor recreation. This article comments on a recent review of the literature on the economics of congestion. The purpose of this article is to formally distinguish between the subjective and objective effects of crowding and...

In this paper, the authors develop and test a model to explain travel expenditures in the United States by Canadians. The model examines a consumer's choice problem where income is allocated between domestic and foreign consumption. Consumers do not know the foreign price level and base their...

This paper tests for nonlinearity in EMS exchange rates using the bispectrum. The early experience of the ERM witnessed numerous realignments. We find that exchange rates follow a linear process over the period 1979-1987, consistent with the predictions of the realignment target zone model,...