We explore the age-value and age-quantity productivity proles of fty- three great Western artists whose work has been auctioned in the last decade. In terms of the average value of their paintings, we nd that artists have three distinct phases to their careers: a steep incline, more than...

Tests of the null hypothesis of stationarity against the unit root alternative play an increasingly important role in empirical work in macroeconomics and in international finance. We show that the use of conventional asymptotic critical values for stationarity tests may cause extreme size...