This paper considers the endogenous determination of administered trade rules and investigates the effects on lobbying behaviour of a less protection-friendly legislative and administered process (which could be triggered by international constraints or institutional changes, for instance).

We study a decision-maker who follows the Savage axioms. We show that if s(he) is able to take unobservable actions which influence the probabilities of outcomes then it can appear to an outsider as if his/her subjective probabilities are non-additive. Implications for multi-period decisions are...

Two agents have to choose one of three alternatives. Their ordinal rankings of these alternatives are commonly known among them. The rankings are diametrically opposed to each other. Ex-ante efficiency requires that they reach a compromise, that is choose the alternative which they both rank...

It is undoubtedly desirable that econometric models capture the dynamic behaviour,like trends and cycles, observed in many economic processes. Building models with such capabilities has been an important objective in the continuous time econometrics literature, see for instance the cyclical...

This paper focuses on some of the practical issues involved in developing coluntary domestic markets for government debt.

In this paper the author uses numerical techniques to investigate the finite sample porperties of data-based approaches to selecting the lag truncation order in the context of the augmented Dickey-Fuller unit root test in a general autoregressice first-order integrated moving-average model.

Using a two-country model of monetary union, we derive the expected time and probability for any one country wanting to return to monetary independence when national inflation biases follow geometric Brownian motions.

Living in a democratic society has been internationally recognized as a basic human right. While most of the literature tries to identify the effect of democracy on economic prosperity, little work has been done to understand the determinants of economic growth under democracy. This paper...