This paper presents a closed-form asymptotic variance-covariance matrix of the Maximum Likelihood Estimators (MLE) for the GARCH(1,1) model. Starting from the standard asymptotic result, a closed form expression for the information matrix of the MLE is derived via a local approximation. The...

What could explain the emergence of parliament and its ascendancy? I argue that dictatorial kings encountered difficulties in securing the cooperation of their subjects because they could not commit not to confiscate subjects' gains. Where the gain from cooperation increased and kings were more...

We develop a model which is intended to accurately portray the behavior of the key players in this drama centering on the survival of the black rhinos and we estimate the optimal prices and quantities of rhino horn delivered to the market which will result in the preservation of the black rhino...

The fact that weak instruments lead to spurious inference is now widely recognized. In this paper we ask whether spurious inference occurs more generally in weakly identified models. To distinguish between models where spurious inference will occur from those where it does not, we introduce the...