Optimization algorithms must be among the most common numerical methods used by economists. Yet, there is surprisingly little guidance on choosing the appropriate one. This problem is most notable with regard to conventional versus global optimizers. Typically, a global optimizer is used when a...

Cet article présente une méthodologie d’évaluation des licences UMTS en utilisant un modèle d’options réelles. L’acquisition d’une licence est perçue comme donnant droit à entreprendre les investissements d’infrastructure du réseau, que la firme peut différer dans le temps. La...

In July 2003 a new Road Code was approved by the Italian parliament. Among many reforms whose validity is not questioned here, the new law states that on three-lane motorways the right lane should not be reserved anymore to slow vehicles alone. As in two-lane roads, all vehicles must now drive...

We discuss the nonparametric approach to profit efficiency analysis at the firm and industry levels in the absence of complete price information, and propose two new insights. First, choosing one commodity (whose price is known) as a numeraire good enables us to measure profit inefficiency in...

This memorandum provides a scenario analysis of the likely macroeconomic impacts of a limited foot-and-mouth disease (FMD) outbreak in New Zealand. It is worth stressing at the outset that it is not a forecast, nor a ‘central’ scenario, but an exercise to gauge broad magnitudes and to trace...