We propose a consistent and computationally efficient 2-step methodology for the estimation of multidimensional non-Gaussian asset models built using Lévy processes. The proposed framework allows for dependence between assets and different tail-behaviors and jump structures for each asset. Our...

We show that adding replications in replicated difference test results in larger power and smaller variance when the number of assessors is fixed. On the other hand, when the number of total assessments is fixed, the power usually decreases and the variability increases whenever replications are...

The focus of this Element is on the idea that choice is hierarchical so that there exists an order of acquisition of durable goods and assets as real incomes increase. Two main approaches to deriving such an order are presented, the so-called Paroush approach and Item Response Theory. An...