In this study, we explore the relationship between the rank of a demand system and the estimation results both in terms of consumption behaviour and more importantly in terms of welfare analysis. Money-metric utility levels given by equivalent expenditures are taken as welfare indicators for...

Declines of many North American birds are of conservation concern. Monitoring their population changes has largely depended on formally structured Breeding Bird Surveys, and Migration Monitoring Stations, although some use has been made of lists by birders. For almost 40 years, birders have kept...

We analyze the discrimination power of well-known model selection criteria when R2 is low as in typical asset return predictability studies. We find that the discrimination power is low in this setup and in particular give another interpretation to the well-cited Bossaerts and Hillion (1999)...