This paper examines whether patenting increases the private incentives to innovate in manufacturing. To study this issue, we build a model in which the value of an innovation depends both on the type of innovation implemented (product, process) and on the existence of a patent protection or not....

This paper examines whether patenting increases the private incentives to innovate in manufacturing. To study this issue, we build a model in which the value of an innovation depends both on the type of innovation implemented (product, process) and on the existence of a patent protection or not....

This paper examines whether patenting increases the private incentives to innovate in manufacturing. To study this issue, we build a model in which the value of an innovation depends both on the type of innovation implemented (product, process) and on the existence of a patent protection or not....

The paper compares two approaches to the estimation of panel probit models: the Generalized Method of Moments (GMM) and the Simulated Maximum Likelihood (SML) technique. Both have in common that they circumvent multiple integrations of joint density functions without the need to impose...

This paper analyzes small sample properties of several versions of z-tests in multinomial probit models under simulated maximum likelihood estimation. OurMonte Carlo experiments show that z-tests on utility function coefficients provide more robust results than z-tests on variance covariance...

This study extends a test for the presence of binding zoning, originally developed to be applied across many adjacent jurisdictions, so that it can be applied within a single jurisdiction. This study also demonstrates how to carry out this test in the presence of spatially correlated OLS...

This study examines the performance of acquisitions in the Real Estate Investment Trust (REIT) industry around the acquisition announcement and in the long-run. The results suggest that the acquiring REITs experience statistically significant negative abnormal returns while the target REITs earn...

Our goal in this chapter is to explain concretely how to implement simulation methods in a very general class of models that are extremely useful in applied work: dynamic discrete choice models where one has available a panel of multinomial choice histories and partially observed payoffs....

This thesis consists of four papers concerning modelling of count data and tourism demand. For three of the papers the focus is on the integer-valued autoregressive moving average model class (INARMA), and especially on the INAR(1) model. The fourth paper studies the interaction between...

In recent years, major advances have taken place in three areas of random utility modeling: (1) semiparametric estimation, (2) computational methods for multinomial probit models, and (3) computational methods for Bayesian stimation. This paper summarizes these developments and discusses their...