This paper uses Bayesian stochastic frontier methods to measure the productivity gap between Poland and Western countries that existed before the beginning of the main Polish economic reform. Using data for 20 Western economies, Poland and Yugoslavia (1980-1990) we estimate a translog stochastic...

We consider likelihood-based inference from multivariate regression models with independent Student-t errors. Some very intruiging pitfalls of both Bayesian and classical methods on the basis of point observations are uncovered. Bayesian inference may be precluded as a consequence of the coarse...

This paper presents some two-step estimators for a wide range of parametric panel data models with censored endogenous variables and sample selection bias. Our approach is to derive estimates of the unobserved heterogeneity responsible for the endogeneity/selection bias to include as additional...

We report empirical evidence that in problems of random walk with positive drift, bounded rationality leads individuals to under-estimate the probability of success in the long run.In particular, individuals who were given the stage by stage probability distribution failed to aggregate this...

In empirical studies of sequential auctions of identical objects prices have been found to decline.We study auctions of ancient Chinese porcelain recovered from shipwrecks.In these auctions there are very long sequences of lots of identical objects.We find that the average price decline is...