Firms often delegate important decisions to committees which are set up specifically for that purpose; for example selection committees. We analyze the equilibrium behavior of a game in which committee members (the players) interview candidates sequentially, either hiring or going on to the next...

This paper studies the estimation of a semi-strong GARCH(1,1) model when it does not have a stationary solution, where semi-strong means that we do not require the errors to be independent over time. We establish necessary and sufficient conditions for a semi-strong GARCH(1,1) process to have a...

We propose estimators of previous termfeatures of the distributionnext term of an unobserved random variable W. What is observed is previous termanext term sample of Y,V,X where previous termanext term binary Y equals one when W exceeds previous termanext term threshold V determined by...

Empirical evidence has emerged of the possibility of fractional cointegration such that the gap, β, between the integration order δ of observable time series and the integration order γ of cointegrating errors is less than 0.5. This includes circumstances when observables are stationary or...

We develop a sequence of tests for specifying the cointegrating rank of, possibly fractional, multiple time series. Memory parameters of observables are treated as unknown, as are those of possible cointegrating errors. The individual test statistics have standard null asymptotics and are...

We examine a test for the hypothesis of weak dependence against strong cyclical components. We show that the limiting distribution of the test is a Gumbel distribution, denoted G(·). However, since G(·) may be a poor approximation to the finite sample distribution, being the rate of the...

In this paper we analyse the equilibrium structure for a particular type of electricity market. We consider a market with two generators offering electricity into a pool. Generators are centrally dispatched, with cheapest offers used first. The pool price is determined as the highest-priced...

In this paper, we consider the optimal policy for a generator offering power into a wholesale electricity market operating under a pool arrangement. Anderson and Philpott [Math. Oper. Res., 27 (2002), pp. 82--100] recently discussed necessary conditions for an optimal offer curve when there is...

We revisit Western Europe's record with labor-productivity convergence, and tentatively extrapolate its implications for the future path of Eastern Europe. The poorer Western European countries caught up with the richer ones through both higher rates of physical capital accumulation and greater...

Dynastic management is the inter-generational transmission of control over assets that is typical of family-owned firms. It is pervasive around the World, but especially in developing countries. We argue that dynastic management is a potential source of inefficiency: if the heir to the family...