misspecified. This paper investigates the small sample performance of four well-known cointegration tests when a system has been …When dealing with time series that are integrated of order one, the concept of cointegration becomes crucial for the … specification of a model. Using the best available tests, one can reduce the probability of estimating econometric models that are …

In this paper we examine, by means of Monte Carlo simulation, the properties of several cointegration tests when long … gradual changes. Our Monte Carlo analysis reveals that tests with cointegration as the null hypothesis perform badly, while … tests with the null of no cointegration retain much of their usefulness in this context. …

In this paper we examine the properties of several cointegration tests when long run parameters are subject to multiple … cointegration with the usual procedures is a quite unreliable task, since the performance of the tests is poor for a number of … shifts, resorting to Monte Carlo methods. We assume that the changes in cointegration regimes are governed by a unobserved …

oligopolies with two, three, four, and five firms in a unified frame. With two firms we find some collusion. Three …-firm oligopolies tend to produce outputs at the Nash level. Markets with four or five firms are never collusive and typically settle at …

Our trust in competition policy is based on faith in markets. When markets are oligopolies, already classical … economists’ trust in competition busted: Oligopolies carry the seeds of collusion. To develop, collusion needs trust between …

oligopolies with two, three, four, and five firms in a unified frame. With two firms we find some collusion. Three …-firm oligopolies tend to produce outputs at the Nash level. Markets with four or five firms are never collusive and typically settle at …