With the advent of flexible functional forms and their superior econometric performance, the use of closed form utility functions is now limited co general equilibrium or simulation models. This is because they automatically satisfy the axioms of consumer behaviour and thus guarantee that a...

The objective of this paper to introduce the Slutsky demand curve as a tool in welfare analysis. It is shown that the compensating or equivalent variation can in most cases be measured to within a fraction of a percent of their true value without any numerical integration techniques. Two well...

David Ricardo (1772-1823) and Thomas Tooke (1774-1858) were contemporaries in the ‘golden era’ of English classical economics, along with Malthus, Torrens and McCulloch. The central figure in that era was undoubtedly Ricardo with his vital contributions to the ‘core’ analysis of value...

We use longitudinal data on stock prices of cross-listed firms to investigate abnormal systematic changes in the price disparity of cross-listed stocks between the Hong Kong and Shanghai exchanges from 2002 to 2014. We identify a liberalization policy that generated an unprecedented abrupt...