This paper considers the theoretical justifications of Lütkpohl’s (1988) test statistics when the data-generating process is relaxed to be a stationary ARFIMA process. Under suitable regularity conditions, we prove the applicability of Lütkpohl’s (1988) method to the stationary ARFIMA (p,...

Behavioral economics has in recent decades emerged as a prominent set of methodological developments that have attracted considerable attention both within and outside the economics profession. The time is therefore auspicious to assess behavioral contributions to particular subfields of...

Behavioral/experimental economics is poised to enter a new phase in its relatively brief intellectual history, moving beyond empirical tests of standard behavioral assumptions in the social sciences to the problem of designing improved institutions that are tuned to fit real-world behavior. For...

Merrifield (2009) provides a useful polemic about the sad state of data analysis too frequently encountered in the school choice literature. The available data come mostly from limited policy experiments with only modest amounts of choice and competition. These data are then misapplied in...

The emergence of behavioural economics has provided new insights into economic and business phenomena by integrating elements of economic theory and experimental psychology. So far, the behavioural economics research agenda has concentrated on the empirical validity of foundational assumptions,...

This article describes the emerging subfield known as behavioral economics, which borrows from psychology, empirically tests assumptions used elsewhere in economics, and provides theories that aim to be more realistic and closely tied to experimental and field data. Highlights from the...