The dominating subject pool in economic experiments is undergraduate university students. Reasons for this include access and convenience to experimentors, but the representativeness of this pool has not been fully established. This paper describes one possible method for using other subject...

Case studies have claimed that private consumption growth is higher during fiscal contractions due to the very fact that government spending is cut. Indeed, neoclassical theory has this implication. This paper uses regression analysis of a panel of 19 OECD countries and shows that this is not...

Disability-adjusted life years (DALYs) is a concept which has rapidly gained in popularity in health policy and considerable research resources are being allocated to the area. Proponents of DALYs suggest that the measure can be used both as a “GDP of health” and to help in setting...

Instead of relying on descriptive statistics to evaluate the permanence of a fiscal contraction, this paper suggests that this issue should be studied using tests for structural breaks in cointegrating relationships between taxes and spending. We label a fiscal contraction as 'permanent' if a...

The purpose of this paper is to examine whether the strategic motive for protection present in trade and agglomeration models, in the so-called new economic geography framework, is sensitive to the standard assumption that there is a sole agglomeration industry. We first investigate unilateral...

This paper examines the impact of estimation error in a simple single-period portfolio choice problem when the investor has power utility and asset returns are jointly lognormally distributed. These assumptions imply that such an investor selects portfolios using a modified mean-variance...

This paper investigates the questions of dynamic portfolio selection and intertemporal hedging within a Markovian regime-switching framework. The investment opportunity set is spanned by a well-diversified home-market portfolio and the risk-free asset. Our results highlight the economic...

This paper presents a novel way to analyze the organization of public hospitals by applying the property rights approach to organizations (PRA) to the problem. It is proposed that while PRA is suitable for the analysis of all hospitals it is especially so for public hospitals.The analysis...

In this paper we examine, by means of Monte Carlo simulation, the properties of the so called 'Pantula principle' for the simultaneous determination of rank and deterministic components in a vector error correction model. Examining the five models contained within the Johansen methodology, we...

This paper develops two very simple tests for the null hypothesis of no cointegration in panel data. The tests are general enough to allow for heteroskedastic and serially correlated errors, unit specific time trends, cross-sectional dependence and an unknown structural break in both the...