Several lessons learned from a Bayesian analysis of basic economic time series models by means of the Gibbs sampling algorithm are presented. Models include the Cochrane-Orcutt model for serial correlation, the Koyck distributed lag model, the Unit Root model, the Instrumental Variables model...

The Basel II framework strictly defines the conditions under which financial institutions are authorized to accept real estate as collateral in order to decrease their credit risk. A widely used concept for its valuation is the hedonic approach. It assumes, that a property can be characterized...

Previous studies have found that firstborn children enjoy a distinct advantage over their later- born counterparts in terms of educational attainment. This paper advances the state of knowledge in this area in two ways. First, it analyses the role of young peoples aspirations, estimating the...