Total factor productivity (TFP) growth is measured as a residual and its sources typically remain unknown inside the residual. This paper aims to identify the underlying sources of this residual growth, being explicit about both micro underpinnings and transitional growth. The key forces are...

In theory the potential for credit risk diversifcation for banks could be substantial. Portfolios are large enough that idiosyncratic risk is diversifed away leaving exposure to systematic risk. The potential for portfolio diversifcation is driven broadly by two characteristics: the degree to...

This paper proposes a modi?ed version of Swamy’s test of slope homogeneity for panel data models where the cross section dimension (N) could be large relative to the time series dimension (T). The proposed test exploits the cross section dispersion of individual slopes weighted by their...

This paper studies the market for monopolistically supplied sweepstakes. We derive equilibrium demands for fixed-prize and variable-prize sweepstakes and determine the profit maximizing prize level and payout ratio respectively. It can be profitable to offer each type of sweepstake when there...

This paper examines the cost efficiency in the nursing home industry, an issue of concern to Swiss policy makers because of the explosive growth of national expenditure on elderly care and the aging of the population. A stochastic cost frontier model has been applied to a panel of 1780...

Improvements in cars' fuel efficiency may induce people to travel more, taking back some of the potential fuel savings. This behavior, known as the (direct) rebound effect, has received much attention in the literature. However, no consensus has been reached regarding its size or the methodology...

This paper investigates how households respond to efficiency improvement of their heating system. Micro-level rebound effects are estimated using a survey with an innovative choice experiment based on the stated preference approach. The experiment design allows to identify the direct and...

This article explores the interactions between direct and embodied energy requirements of households in Switzerland in order to assess the net impacts of standard energy policies focusing exclusively on direct energy use. For this purpose, we estimate direct and embodied energy demand of Swiss...

The Swiss Household Energy Demand Survey (SHEDS) has been developed as part of the research agenda of the Competence Center for Research in Energy, Society, and Transition (SCCER CREST). It is designed to collect a comprehensive description of the Swiss households' energy-related behaviors,...