Local bifurcation theory typically deals with the response of a degenerate but isolated equilibrium state or periodic orbit of a dynamical system to perturbations controlled by one or more independent parameters, and characteristically uses tools from singularity theory. There are many...

We introduce the concept of inconsequential arbitrage and, in the context of a model allowing short-sales and half-lines in indifference surfaces, prove that inconsequential arbitrage is sufficient for existence of equilibrium. Moreover, with a slightly stronger condition of nonsatiation than...

Unemployment durations are generally modelled by using survival analysis. In the past, in Britain, all such studies have not only used very restrictive parametric specifications of the hazard functions, most commonly Weibull in form, but also only modelled unemployment durations without...

This paper is concerned with a paradox associated with parameter estimation in the presence of nuisance parameters. In a statistical model with unknown nuisance parameters, the efficiency of an estimator of a parameter usually increases when the nuisance parameters are known. However the...

This paper estimates the long- and short-run elasticities for Lotto. It is particularly concerned with the dynamic response to price variations since, for some goods, this has sometimes been used to infer the presence of addiction. The price elasticity is identified through variation in the...

We consider two competing financial state space models and investigate whether additional information in the form of option price data is helpful to the estimation of either the unobservable state variable (volatility) or the unknown parameters in the model. The complete discussion of the...

The purpose of this paper is to describe the performance of generalized empirical likelihood (GEL) methods for time series instrumental variable models specified by nonlinear moment restrictions as in Stock and Wright (2000, Econometrica 68, 1055-1096) when identification may be weak. The paper...

This paper has two main purposes. Firstly, we develop various ways of defining efficiency in the case of multiple-output production. Our framework extends a previous model by allowing for nonseparability of inputs and outputs. We also specifically consider the case where some of the outputs are...

A fundamental problem with the latent-time framework in competing risks is the lack of identifiability of the joint distribution. Given observed covariates along with assumptions as to the form of their effect, then identifiability may obtain. However it is difficult to check any assumptions...

This paper focuses on the implications of different monetary regimes for short- and long-run price uncertainty. We derive. expressions for the relative variance of short- and long-run uncertainty under price level targeting and price drift regimes and measure the relative size of these...