This paper uses an original panel dataset with posted prices and sales to estimate a dynamic demand. We find that consumers become more price sensitive as time to departure nears which is consistent with having lower valuations. This result provides empirical support to a key theoretical...

This paper finds empirical support to systematic peak-load pricing in airlines---higher fares in ex-ante known congested periods. It estimates a congestion premia and supports the main empirical prediction in Gale and Holmes (1993) [Gale, I., Holmes, T., 1993. Advance-purchase discounts and...

We challenge the assumption in the literature of constant housing supply elasticities across housing expansions. Using a time-varying parameter (TVP)-VAR model on monthly US data since the early 1990s, we find that the response of housing supply to an expansionary monetary policy shock relative...

We test the effect of the solemn oath (HO) in Hypothetical CE Survey (CE). We conducted CE surveys with three treatments: (1) CE without a cognitive task, (2) CE with a CT script, and (3) CE with a HO. Results generally suggest lower WTPs values with the HO, than without the HO script.

Unit specific effects are often used to estimate non-spatial efficiency. We extend such estimators to the case where there is spatial autoregressive dependence and introduce the concept of spillover efficiency. Intuitively, we present an approach to benchmark how successful units are at...

Using data on developing economies, we estimate a flexible semiparametric panel data model that incorporates potentially nonlinear effects of inflation on economic growth. We find that inflation is associated with significantly lower growth only after it reaches about 12 percent, which is...

In the standard generalized method of moments estimation of dynamic panel data models, the constant term is usually omitted from instrument sets. As a result, adding a constant to the dependent variable affects the estimates for models without full period dummies. Omitting the constant term from...

This paper examines the effects of age and tenure on job satisfaction. We estimate a generalized dynamic random effects ordered probit model using the British Household Panel Survey. Contrary to previous literature, we find that age has no significant impact on job satisfaction for females, and...

This article is an original contribution to the understanding of the relationship between fiscal decentralization and public expenditure composition. Relying on recent panel cointegration techniques, our findings show that the level of decentralization influences the expenditure composition of...

We complement existing inferential theory for panel factor models by deriving the asymptotics for the first differences of the estimated factors and common components obtained from a non-stationary panel factor model. As an application, we propose an estimator for the long run variance of the...