We illustrate the importance of placing model-consistent restrictions on expectations in the estimation of forward-looking Euler equations. In two-stage limited-information settings where first-stage estimates are used to proxy for expectations, parameter estimates can differ substantially,...

The purpose of the paper is a clarification of the concept of competition from a classical/ Sraffian perspective; including an elucidation of how a classical/Sraffian approach might go about defining the degree of competition. This in turn allows for a sharper contrast between the Sraffian view...

In the world of mutual funds management, responsibility for investment decisions is increasingly entrusted to small teams instead of individuals. Yet the effect of team decision-making in a market environment has never been studied in a controlled experiment. In this paper, we investigate the...

We extend the property-rights framework to allow for: a separation of the ownership rights of access and veto; and sequential investment. Parties investing first (ex ante) do so before contracting is possible. Parties that invest second (ex post) can contract on (at least some) of their...

We study the interplay between innovation, communication in an organization and leadership. Although a firm requires both strong leadership and sufficient communication in order to innovate, we posit that frequent communication - particularly amongst strong leaders and in larger firms - can lead...

A prize is located at an unknown point on an island. In each period, each of n players searches a subset of the as yet unsearched portion of the island. If one player alone finds the prize he wins it and the game ends. Players have a per-period discount factor and a search cost proportional to...

We propose the use of likelihood-ratio-based confidence sets for the timing of structural breaks in parameters from time series regression models. The confidence sets are valid for the broad setting of a system of multivariate linear regression equations under fairly general assumptions about...

An iceberg theory of intermediate services that bridge the transaction cost gap between producers and consumers is immersed in a symmetric two country-two sector model with a monopolistically competitive manufacturing sector producing an endogenous number of varieties. With a proportion of the...

Research on Trends in professionalisation and specialisation in the early journal literature as part of a historical study of twentieth century economics discloses interesting data on the changing role of women in the production of journal literature over the first four decades of the century. A...

Trade Policy has since 1987 been driven by the 'multilateralist' thrust, centred on the Australian Government's active position taken at the Uruguay Round of GATT negotiations. The bureaucratic politics which lead to this emphasis are of major importance to economists, not least because the...