The recent vote by Britain to quit European Union (EU) and the political pressures in some member countries to exit EU necessitates a critical evaluation of the long-run economic benefits of economic integration or union to member countries. Consequently, this paper examines recent empirical...

The recent vote by Britain to quit European Union (EU) and the political pressures in some member countries to exit EU necessitates a critical evaluation of the long-run economic benefits of economic integration or union to member countries. Consequently, this paper examines recent empirical...

Testing for stochastic dominance between distributions is an important issue in the study of asset distribution, income distribution and market efficiency. This paper applies Monte Carlo simulations to examine the size and power of some commonly used stochastic dominance tests when the...