Many popular estimators for duration models require independent competing risks orindependent censoring. In contrast, copula based estimators are also consistent in presence ofdependent competing risks. In this paper we suggest a computationally convenient extensionof the Copula Graphic...

The paper proves that in two-player logit form symmetric contestswith concave success function, commitment to a particular strategydoes not increase a player's payo, while in contests with more thantwo players it does. The paper also provides a contest-like game inwhich commitment does not...

Can pegging reduce real as well as nominal, and multilateral as well as bilateralexchange rate volatility? We investigate this issue using monthly data for 139countries from January 1990 to June 2006...

Empirical evidence from the UK market is brought to bear on recent theories of closed-endfund discounts. Market pricing of skill, relative to the fees charged for it, accounts for asignificant portion of discount variation, but cannot explain the rarity of index funds orwhy they trade at a...

Real effective exchange rate volatility is examined for 90 countries using monthlydata from January 1990 to June 2006. Volatility decreases with openness tointernational trade and per capita GDP, and increases with inflation, particularlyunder a horizontal peg or band, and with terms-of-trade...

The fact that members of an immigrant community may have different demographiccharacteristics, or may have different tastes, to the indigenous population, may manifestitself in differences in saving behaviour. In addition, depending on their ethnicbackground, there could be differences among the...

We consider a two-person Cournot game of voluntary contributions to a public good with identicalindividual preferences, and examine equilibrium aggregate welfare under a separable, symmetric andconcave social welfare function. Assuming the public good is pure, Itaya, de Meza and Myles...

A poor country with volatile export prices borrows in international markets. When debtis denominated in foreign currency, there is a temptation to repudiate when export pricesare low...

We model a general choice environment via probabilistic choice correspondences, with (possibly)incomplete domain and infinite universal set of alternatives. We offer a consistency restrictionregarding choice when the feasible set contracts. This condition, ‘contraction consistency’,...

This paper explores the relationship between the denomination ofpublic debt and the choice of exchange rate regime. Unlike indexeddomestic debt, foreign debt is subject to valuation e¤ects from realexchange rate shocks. In a standard set-up, where a peg functions onlyas a nominal anchor, more...