In this paper a model, based on the nested multinomial logit model, is used to analyze airport competition and airline competition in a multiple airport region. It is shown that if the frequency elasticity of demand is smaller than 1, airfare-frequency and airport tax equilibria exist and are...

In this paper the reliability of travelling by public transport modes is investigated. We deal with the reliability of travel times in public travel chains. Until now the only research in this field has been directed towards the reliability of trips where only one move is made. Therefore, a new...

Substantial differences exist among fuel taxes in various countries. Thesedifferences represent a form of fiscal competition that has undesirable side effects because it leads to cross-borderfuelling and hence to extra kilometres driven.One possible way of solving the problem of low fuel taxes...

In this paper we present an exact maximum likelihood treatment forthe estimation of a Stochastic Volatility in Mean(SVM) model based on Monte Carlo simulation methods. The SVM modelincorporates the unobserved volatility as anexplanatory variable in the mean equation. The same extension...

Mostly infinite dimensional economies can be considered limits offinite dimensional economies, in particular when we think of time orproduct differentiation. We investigate conditions under which sequences of quasi-equilibria in finite dimensional economies converge to a quasi-equilibrium in the...

This paper studies urban sustainability from the perspective ofexternalities. We develop a general spatialequilibrium model of a monocentric city, in which two types ofexternalities occur. On the one hand, pollution inthe industrial centre leads to a spatially differentiateddeterioration of the...

Price elasticities of transport demand are an important tool toassess the impacts of pricing policies. Empirical research on these elasticitiesleads to a rather wide range of outcomes. There is obviously a need for a morerigorous methodological framework. This paper provides a new...

In this paper we compare the predictive abilility of Stochastic Volatility (SV)models to that of volatility forecasts implied by option prices. We develop anSV model with implied volatility as an exogeneous var able in the varianceequation which facilitates the use of statistical tests for...

This paper introduces and surveys ecological-economic analysis ofbiodiversity. It seeks to identify the complex linkages betweeneconomic and ecological systems with a view to a solid exploration ofvaluation issues in biodiversity. Against this background the studyoffers a review of key...