Recent empirical findings have cast doubt on the neoclassical model of labor supply. However, estimation issues, and not workers' behavior, may be responsible for these findings. This paper investigates this possibility by examining daily labor supply of Florida lobster fishermen. I invariably...

Recent empirical findings have cast doubt on the neoclassical model of labor supply. However, estimation issues, and not workers' behavior, may be responsible for these findings. This paper investigates this possibility by examining daily labor supply of Florida lobster fishermen. I invariably...

Information flows across international financial markets typically occur within hours, making volatility spillover appear contemporaneous in daily data. Such simultaneous transmission of variances is featured by the stochastic volatility model developed in this paper, in contrast to usually...