We estimate three models of cost per student using data from Carnegie I and II public research universities. There are 841 usable observations covering the period from 1987 to 2008. We find that staffing ratios are individually and collectively significant in each model. Further, we find...

We estimate a structural model of optimal life-cycle housing and nonhousing con- sumption in the presence of labor income and house price uncertainties. The model postulates constant elasticity of substitution between housing service and nonhousing consumption, and explicitly incorporates a...

In this article, we explore whether relative risk aversion varies with wealth. First, we derive theoretical predictions on how risky shares respond to wealth uctuations in a portfolio choice model with both external habits and time-varying labor income. Our analytical results indicate that: (1)...

In this paper we study the relationship between multi-way means of communication and corruption. Unlike traditional platforms like TV or print media, which only provide a one-way channel of communication, the internet and social media platforms provide for two-way flow of information. Using...

Over the past decade, research explaining cross country income differences has increasingly pointed to the dominant role of total factor productivity (TFP) gaps as opposed to factor accumulation. Nevertheless, it is a widely held belief that a country’s ability to absorb and implement...

We explore the properties of a Stein-like shrinkage estimator that combines the fully correlated and uncorrelated Random Parameters Logit model(RPLM). Monte Carlo experiments show that shrinkage and pretest estimators can improve upon the fully correlated RPLM estimator.