This paper examines the vertical integration issue of the electricity industry. This industry is typically vertically integrated and heavily regulated. The paper investigates the potential technological efficiency loss due to the vertical disintegration using the translog production function....

A new estimation technique is proposed to deal with missing response variables in the context of a nested multinomial logit model. Survey data often have a significant number of incomplete or missing responses. If such data are systematically missing (i.e. not missing at random) and if such...

We propose an econometric procedure for obtaining de facto exchange rate regime classifications which we apply to study the relationship between exchange rate regimes and economic growth. Our classification method models the de jure regimes as outcomes of a multinomial logit choice problem...

Contingent valuation surveys have become an important tool in placing monetary values on non-market goods and amenities. Many policy issues involve evaluation of several alternatives such as different environmental quality levels, different levels of risk, etc. Contingent valuation then involves...

This paper investigates the structural differences of the free floating exchange rate regime after the economic crisis compared to the managed float exchange rate regime before the economic crisis. This paper focuses on the relationship between exchange rates and economic fundamentals. It is...

This paper estimates UIP slope parameters using a large number of cross-country bilateral exchange rates from a broad spectrum of developed and developing countries. Empirical evidence shows that short-term (one month) UIP holds well, and the failure of UIP is largely due to the key currency...

Korea provides a unique opportunity to study the different behaviors or roles, if any, of limited flexibility and free floating exchange rate regimes. Korea shifted from a limited flexibility to a free floating exchange rate regime after the 1997 economic crisis. It is well documented that the...