In this paper, we intend to develop a new unit root testing procedure. The novelty of this methodology includes (1) accommodating possible trend breaks of unknown number, unknown dates, and unknown form by employing the Fourier form without directly estimating such breaks; (2) considering...

This article argues that the presence of nondeceptive counterfeits may benefit the monopolist of genuine products in a durable good scenario. For a monopolist selling a durable good over time, the presence of counterfeits mitigates the monopolist's incentives to lower the price in later periods...