This paper explains the endowment effect, whereby sellers generally demand considerably more for a good than buyers are prepared to pay, and related anomalies. Many decisions, including nominating buying or selling prices, involve uncertainty, and we assert that people experience negative...

To explain the value added along the coffee commodity chain we propose and estimate a theoretical model of the coffee commodity chain. The theoretical model consists of four markets and five agents in the coffee commodity chain and predicts that prices in the coffee commodity chain move together...

In this paper we are interested in detecting structural change at an unknown point. We argue that the CUSUM test may not be ideal for this and propose an alternative test. Critical values for this test are determined based on the multiple student t test procedure. A Monte Carlo study suggests...