This paper tests a series of prominent hypotheses regarding the determinants of per-capita income using a novel spatial econometric approach to control for spillovers among neighboring countries and for spatially correlated omitted variables. We use simultaneous equations to identify alternative...

Cooper and Willis (2003) is the latest in a sequence of criticisms of our methodology for estimating aggregate nonlinearities when microeconomic adjustment is lumpy. Their case is based on “reproducing” our main findings using artificial data generated by a model where microeconomic agents...

In many circumstances, a principal, who wants prices to be as low as possible, must contract with agents who would like to charge the monopoly price. This paper compares a Demsetz auction, which awards an exclusive contract to the agent bidding the lowest price (competition for the field) with...

In this paper a bioeconomic simulation of the U.S. fisheries for silver hake, Merluccius bilinearis, is presented. The model design combines elements of age-structured population and harvest yield models with economics of the silver hake fishery. The analysis evaluates both biological and...

Stated preference analyses commonly impose strong and unrealistic assumptions in response to spatial welfare heterogeneity. These include spatial homogeneity or continuous distance decay. Despite their ubiquity in the valuation literature, global assumptions such as these have been increasingly...

The threshold autoregressive (TAR) model by Enders and Granger (1998) and Enders and Siklos (2001) is a popular econometric model that estimates asymmetric price transmission (APT) with non-stationary time series data. However, empirical studies have not considered much the arbitrariness of...

In the last two years, Ukraine exported an average of 11 million tons of wheat per year (USDA) and has become an important player in the international wheat market. This paper examines the nature of the short- and long-run wheat price dynamics between Ukraine and other major wheat exporters -...

Regarding the nature of yield data, there are two basic characteristics that needs to be accommodated while we are about to model a yield distribution. The first one is the nonstationary nature of the yield distribution, which causes the heteroscedasticity related problems. The second one is the...

Cocoa beans are produced in equatorial and sub-equatorial regions of West Africa, Southeast Asia and South America. These are also the regions most affected by El Nino Southern Oscillation (ENSO) -- a climatic anomaly affecting temperature and precipitation in many parts of the world. Thus,...

One of the major shortcommings of past environmental Kuznets curve (EKC) studies is that the spatiotemporal aspects within the data have largely been ignored. By ignoring the spatial aspect of pollution emissions past estimates of the EKC implicitly assume that a region’s emissions are...