A fundamental question in economics since the 1930s has been whether an administrative price system could simulate the results of perfect competition even without a true market for the means of production. The theoretical possibility of such a system has been known since the introduction of...

Individual personalities and tastes are incorporated into male and female earnings equations and their effects on discrimination are analyzed. Results indicate that the omission of tastes and personalities from previous studies may have led to an overestimation of the extent of discrimination...

This paper proposes an improved way of treating experience in estimating wage equations for women when measures of actual experience are lacking. It shows that using a predicted value for experience from occupation-specific equations estimated on another data set containing actual experience is...

There is an inherent problem with comparing and ranking competing Value at Risk (VaR) and Expected shortfall (ES) models since we are measuring only a single realization of the underlying data generation process. The question is whether there is any significant statistical difference in the...