In this paper, Markov chain Monte Carlo sampling methods are exploited to provide a unified, practical likelihood-based framework for the analysis of stochastic volatility models. A highly effective method is developed that samples all the unobserved volatilities at once using an approximating...

This paper presents a flexible functional form called third-order translog, which includes higher-order terms, to estimate systems of budget-share equations using Canadian crosssectional micro-data. We test the statistical significance of the third-order terms, and also test regularity...

This paper evaluates the effects of quality change on the price index for new passenger cars in Portugal for the years 1997-2001. Hedonic regression models are studied, giving particular emphasis to the relation between the form of the price index and the specification of the hedonic equation...

The economics of information goods suggest the need for institutional intervention to address the problem of revenue extraction from investments in resources characterized by high fixed costs of production and low marginal costs of reproduction and distribution. Solutions to the appropriation...