A relatively simple and convenient score test of normality in the bivariate probit model is derived. Monte Carlo simulations show that the small sample performance of the bootstrapped test is quite good. The test may be readily extended to testing normality in related models.

I argue that a households interdependent decisions over their childrens labor and school activities are not only a function of observable hard facts but also of its intrinsic values and beliefs. Applying econometric methods, after all observable factors have been controlled for, the degree to...

The importance of the physician-patient relationship for the health care market is beyond controversy. Most theoretical work is done in a principal-agent framework, dealing with moral hazard problems. Recent work emphasizes a two-sided asymmetric information relationship between physician and...

There are significant gender differences in child schooling in the Indian states though very few studies explain this gender difference. Unlike most existing studies we take account of the implicit and explicit opportunity costs of schooling and use a bivariate probit model to jointly determine...

Voter turnout is frequently cited as gauging a polity's health. The ease with which electoral members produce political support can, however, retard an economy's productive capacity. For example, while mobile electorates might efficaciously monitor political agents, they may also lack...

Voter turnout is frequently cited as gauging a polity's health. The ease with which electoral members produce political support can, however, retard an economy's productive capacity. For example, while mobile electorates might efficaciously monitor political agents, they may also lack...

Voter turnout is frequently cited as gauging a polity's health. The ease with which electoral members can produce political support, however, can retard an economy's productive capacity. For example, while mobile electorates might efficaciously monitor political agents, they may also lack...

In the financial crisis literature, it is usually argued that, contrary to the case of currency crises, building a time series index to identify banking crisis episodes is highly difficult, particularly because of the lack of reliable data on banking sector variables (non-performing loans,...

This paper examines the performances of Asian asset management companies (AMCs). The analysis reveals that AMCs vary in their design and performance. Asset management companies can trigger moral hazard- inspired bank lending. Empirical examination of the Thai experience reveals that the moral...