In recreation demand studies much of the data is collected via on-site samples. Thus, no data is collected for those not visiting the recreation site. The fact that no information is available for those not visiting the recreation area complicates statistical analyses because the result is an...

This paper examines the efficient market hypothesis for the wine market using a novel unit root test while accounting for sharp shifts and smooth breaks in the monthly data. We find evidence of structural shifts and nonlinearity in the wine indices. Contrary to the results from conventional...