This article explores how individual socio-economic characteristics affect unobserved heterogeneity in self-reporting behaviour and health production using a multivariate finite mixture model. Results show a positive relationship between objective and subjective observable health indicators and...

It is often necessary to use ratios rather than absolute numbers as inputs and outputs in data envelopment analysis. This may be necessary in order to reflect accurately the underlying production function, or because of the nature of the data available. This note explains why the Banker, Charnes...

The Euler equation model is used to determine the fraction of consumers who are liquidity constrained in ten Asian developing countries. Our estimates of the fraction of liquidity constrained consumers range between 0.5 and 0.9. We further investigate whether financial liberalization has...

The mean variance efficiency (MVE) of a portfolio of international bonds and equities is tested using a CAPM model of excess returns. The conditional variances and covariances of the portfolio returns are allowed to time-vary according to shocks in up to three global macro-economic variables...