It is customary to suggest that the asymmetry in the transmission of oil price shocks to real output is well established. Much of the empirical work cited as being in support of asymmetries, however, has not directly tested the hypothesis of an asymmetric transmission of oil price innovations....

In this paper we propose a mixture model of willingness to pay distributions for contingent valuation studies. By allowing a point mass at zero, this model nests the conventional model as a special case. We discuss both parametric and nonparametric estimations of the mixture model. We consider...

This paper rationalizes the LASSO algorithm based on uncertain fat-tail priors and max-min robust optimization. Our rationalization excludes heuristic learning or restrictive prior assumptions in the original interpretation of LASSO (Tibshirani (1996)). In our setting, economic agents...

This article revisits the issue of crop-yield distributions using improved model specifications, estimation, and testing procedures that address the concerns raised in recent literature, which could have invalidated previous findings of yield nonnormality. It concludes that some aggregate and...

In this paper we examine the properties of conditional distribution functions in the presence of several types of misspecification. We derive the properties of the cumulative conditional distribution function in the case of measurement error in the dependent variable, measurement error in the...

The important role of finite mixture models in the statistical analysis of data is underscored by the ever-increasing rate at which articles on mixture applications appear in the statistical and general scientific literature. The aim of this article is to provide an up-to-date account of the...

Introduction -- The Revived Interest in the Problems of Income and Wealth Distribution -- Re-incorporating Distributional Issues Into the Main Body of Economic Analysis -- Aim and Contents of this Book -- The Parametric Approach to Income and Wealth Distributional Analysis -- The Idea of a...