The basic competitive, general equilibrium growth model with nonrenewable resource depletion suggests that, due to the lack of perfect foresight, there is no way to guarantee that an economy using a depletable resource will follow an efficient path to a steady-state of sustainable per capita...

Donohue and Levitt (2001) attribute over half the current decline in U.S. crime rates to the legalization of abortion. I contribute to the literature by using provincial Canadian data, which permits the segregation of trends in teenage abortions from general abortion rates. This distinction is...

In this paper we seek to add to the understanding of the cost characteristics of Atlantic Canadian manufacturing. We examine the effects of public infrastructure on provincial manufacturing costs. The modelling technique employed is that of the CES-TL variable system.

Why do societies impose legal restrictions that limit the disposable property rights of some individuals? The explanation proposed here is that these constraints arise as an institutional response against financial markets that, in a sense, work 'too well'. That is, we demonstrate how a...

A copula approach is adopted to examine the extreme return-volume relationship in six emerging East-Asian equity markets. The empirical results indicate that the return-volume dependence is significant and asymmetric at extremes for all six East-Asian markets. In particular extremely high...

This paper compares two well-known approaches for valuing a risky investment using real options theory: contingent claims (CC) with risk neutral valuation and dynamic programming (DP) using a constant risk adjusted discount rate. Both approaches have been used in valuing forest assets. A proof...

This paper examines the effect of the proportion of females in the establishment on the male/female wage gap and the effectiveness of an affirmative action program in reducing this gap. A unique data set makes this paper possible since it has information on both individuals and the...