While economic studies often assume that labor markets are in equilibrium, there may be specialized labor markets that … are likely in disequilibrium. We develop a new methodology to improve the estimation of a reduced form disequilibrium …-indicator informed disequilibrium model includes as a special case the foundational model of Maddala and Nelson (1974). We demonstrate …

This paper focuses on the estimation and predictive performance of several estimators for the time-space dynamic panel … data model with Spatial Moving Average Random Effects (SMA-RE) structure of the disturbances. A dynamic spatial Generalized …

This paper studies how an institution such as markets affects the evolution of mankind. My key point is that the forces …

the players and policies in the many distinct domestic and international markets that exist for the inputs and outputs of …

Market completeness has important implications for household behavior. I firmly reject complete markets for …

Friedman (1962) suggested that in general, unfettered markets ensure the efficient provision of goods and services …

Markets are ubiquitous in our daily life and, despite many imperfections, they are a great source of human welfare …. Nevertheless, there is a heated recent debate on whether markets erode social responsibility and moral behavior. In fact …, competitive pressure on markets may create strong incentives for unethical practices (like using child labor) to increase …