Game theory is the science of strategic decision-making. It is a powerful tool in understanding the relationships that are made and broken in the course of competition and cooperation. It is not a panacea for the shortcomings of bad management. For managers, or those who interact with...

For a simplified structural equation/IV regression model with one right-side endogenous variable, we obtain the exact conditional distribution function for Moreira's (2003) conditional likelihood ratio (CLR) test. This is then used to obtain the critical value function needed to implement the...

In the conventional perfectly competitive model of the labour market, wage-setting is individualistic in the sense that identical workers should receive identical wages in different firms and different workers should receive different wages in the same firm. But, in reality, wages often seem to...

Little is known about the payoffs to apprenticeship training in the German speaking countries for the participants. OLS estimates suggest that the returns are similar to those of other types of schooling. However, there is a lot of heterogeneity in the types of apprenticeships offered, and...

Purpose – Increasingly, reports of consumers are witnessed expressing their concerns regarding corporate practices through behaviours of boycotting, buycotting and voice. The theory of consumer votes suggests that such consumers may view their purchases as “votes” in the marketplace. The...

We document and account for two facts regarding the relation between international interest rates and total factor productivity (TFP) in a sample of developing countries. First, there is a negative correlation between both variables at quarterly frequency. Second, the share of agricultural labor...

This paper considers computer intensive methods for inference on cointegrating vectors in maximum likelihood analysis. It investigates the robustness of LR , Wald tests and an F-type test for linear restrictions on cointegrating space to misspecification on the number of cointegrating relations....

The paper focuses on the individual's choice of activity on completion of compulsory schooling - to remain in full-time education or to seek employment - and the factors influencing this decision. Information from the England and Wales Youth Cohort Studies, coupled with labour market data, is...

This paper adds a land market to a standard Harris-Todaro framework. In the standard model, the equilibrating force that limits rural-urban migration is a decline in the probability of formal employment, which follows from enlargement of the informal sector. The key insight of the present paper,...

The policy implications of estimated macro-econometric systems depend on the formulations of their equations, the methodology of empirical model selection and evaluation, the techniques of policy analysis, and their forecast performance. Drawing on recent results in the theory of forecasting, we...