Bayesian model selection with posterior probabilities and no subjective prior information is generally not possible due to the Bayes factors being ill-defined. Using careful consideration of the parameter of interest in cointegration analysis and a respecifcation of the triangular model of...

In this paper, we estimate the consequences of teenage motherhood on schooling and subsequent adult wages. The common wisdom states that teenage childbearing, by competing for time, reduces schooling and labour market experience, thus reducing adult wages. However, the decisions to have a child...

We study the technological pre-conditions for competitive equilibrium in a multisectoral economy where land is an essential imput. Earlier results by Bidard and Salvadori require either very low interest rates or are unable to predict the type of final demand vectors that can be supported by an...

Pupils from poorer background are commonly observed to have lower schooling than other pupils. However, the effect of family income on the child’s educational attainment is unclear. The effect could be direct and due to financial constraints preventing parental investment in their children’s...

In most sub-Saharan African (SSA) countries there is a strong connection between tradables recovery and the alleviation of rural poverty through higher farm incomes, agricultural wages, rural multiplier effects and inter-sectoral linkages. Liberalisation policies, as elaborated in the Berg...

Improving the quality of state-funded secondary school education has become a major issue in the UK. However, without a valuation of the social benefits derived from public provision of educational services, the rational evaluation of policy to this end is difficult. Utilising the argument that...

In this paper we show how the size of innovation can affect the incentive for cooperative R&D and social welfare. When cost difference between large and small innovations is not sufficiently large then social welfare can be more under small innovation compared to large innovation. However, the...