We consider the classical duality operators for convex objects such as the polar of a convex set containing the origin, the dual norm, the Fenchel-transform of a convex function and the conjugate of a convex cone. We give a new, sharper, unified treatment of the theory of these operators,...

This paper analyzes the responsiveness of Thai outbound tourism to East Asian destinations, namely China, Hong Kong, Japan, Taiwan and Korea, to changes in effective relative price of tourism, total real total tourism expenditure, and one-off events. The nonlinear and linear Almost Ideal Demand...

People are concerned about maintaining purchasing power in times of rising inflation. We formulate investment objectives in terms of real wealth, assuming investors derive utility from the number of goods they can buy with their monetary wealth. We derive closed-form solutions for the portfolio...

The significant impact of international tourism in stimulating economic growth is especially important from a policy perspective. For this reason, the relationship between international tourism and economic growth would seem to be an interesting and topical empirical issue. The purpose of this...

We propose a novel Bayesian test under a (noninformative) Jeffreys’ prior speciï¬ca- tion. We check whether the ï¬xed scalar value of the so-called Bayesian Score Statistic (BSS) under the null hypothesis is a plausible realization from its known and standard- ized distribution...

In many economic and social contexts, individual players choose their partners and also decide on a mode of behavior in interactions with these partners. This paper develops a simple model to examine the interaction between partner choice and individual behavior in games of coordination. An...

In this paper a likelihood-based multivariate unit root testing framework is utilized to test whether the real exchange rates of G10 countries are non-stationary. The framework uses a likelihood ratio statistic which combines the information across all involved countries while retaining...

This paper revisits inflation forecasting using reduced form Phillips curve forecasts, i.e., inflation forecasts using activity and expectations variables. We propose a Phillips curve-type model that results from averaging across different regression specifications selected from a set of...

It is generally believed that index decomposition analysis (IDA) and input-output structural decomposition analysis (SDA) (Rose and Casler, 1996; Dietzenbacher and Los, 1998) are different approaches in energy studies; see for instance Ang, Liu and Chung (2004). In this paper it is shown that the...

We discuss how prior regression on seasonal dummies leads to singularities in periodogram regression procedures for the detection of long memory. We suggest a modified procedure. We illustrate the problems using monthly inflation data from Hassler and Wolters (1995).