the experiment. As predicted by theory, we find that the presence of a flexible market price prevents herding. However …

social learning can result in herding and possibly in an inefficient cascade. While Chamley and Gale characterize the … attacks and IPO underpricing among others. However, it has proven difficult to move beyond the demonstration that herding may … inefficient herding in these markets. This paper develops a framework that may be useful in providing a first pass in the analysis …

This paper considers the extension to panel data of models that are specified cross-sectionally in terms of a … distribution of yit given xit. Estimation in the panel could be based on the joint distribution of yi1,...,yiT given xi1,...,xiT …

This paper considers a spatial panel data regression model with serial correlation on each spatial unit over time as … across the spatial units using random effects. The paper then derives several Lagrange Multiplier tests for this panel data … Bera (1998) and in the panel data context by Baltagi, Song and Koh (2003). The second is the LM tests for the error …

wage of female workers compared to those of male workers using panel data of Japanese firms. The relative wage of female …