Markov chains have become a mainstay in the literature on regional income distribution dynamics and convergence. Despite its growing popularity, the Markov framework has some restrictive characteristics associated with the underlying discretization income distributions. This paper introduces...

The industrial composition of places has received considerable attention because of the widespread belief that industrial diversity buffers regional economies from economic shocks. Subsequently, a variety of toolkits and indices have been developed with the goal of better capturing the...

Omitted variables and measurement errors in explanatory variables frequently occur in hedonic price models. Ignoring these problems leads to biased estimators. In this paper, we develop a constrained autoregression–structural equation model (ASEM) to handle both types of problems. Standard...