A statistical analysis of the UNESCO World Heritage List is presented. The World Heritage Convention intends to protect global heritage of outstanding value to mankind, but there has been great concern about the missing representativity of the member countries. There is a strongly biased...

The Enron Corporation went from a $65 billion dollar market capitalization to bankruptcy in just 16 months. Using statistical techniques for extracting the implied probability distributions built into option prices, I examine the market's expectation of Enron's risk of collapse. I find that the...

Characteristics models have been found to be useful in many areas of economics. However, their empirical implementation tends to rely heavily on functional form assumptions. In this paper we develop a revealed preference-based nonparametric approach to characteristics models. We derive the...

Two classes of quantile regression estimation methods for the recursive structural equation models of Chesher (2003) are investigated. A class of weighted average derivative estimators based directly on the identification strategy of Chesher is contrasted with a new control variate estimation...

This paper studies models for discrete outcomes which permit explanatory variables to be endogenous. In these models there is a single nonadditive latent variate which is restricted to be locally independent of instruments. The models are silent about the nature of dependence between the latent...

This paper applies a regularization procedure called increasing rearrangement to monotonize Edgeworth and Cornish-Fisher expansions and any other related approximations of distribution and quantile functions of sample statistics. Besides satisfying the logical monotonicity, required of...

Measurement errors in survey data on hourly pay may lead to serious upward bias in low pay estimates. We consider how to correct for this bias when auxiliary accurately measured data are available for a subsample. An application to the UK Labour Force Survey is described. The use of fractional...

The distribution of the least squares and the instrumental variable estimators of the coefficients in a linear relation is noncentral student when the data are normally distributed around possibly non-constant means. This is the claim of the paper and we show for what definition of a noncentral...

We view achieving a particular correlated equilibrium distribution for a normal form game as an implementation problem. We show, using a parametric version of the two-person Chicken game and a wide class of correlated equilibrium distributions, that a social choice function that chooses a...

This paper develops a method for quantitatively and qualitatively assessing the adequacy of the normality assumption in regime switching models. A formal test that extends Jarque and Bera’s (1982) normality test to regime switching settings is proposed. Quasi maximum likelihood estimation of...