We explore the implications for asset prices and implied volatilities in an equilibrium model of commodity production. Production of the commodity can be carried out in one of two regimes. In the first regime the reserves are set in constant decline while in the second regime new additions to...

This paper studies the implications for reserve lifetime and related quantities in a continuous time model of resource extraction under uncertainty. Both the resource price and the extracted amount are assumed to follow stochastic processes. Reserve lifetime is determined by the...

For developing economies the development of enterprises should be a strategic goal, this way of thinking may become viable only as a result of a combination of judicious analysis based on specific local economic aspects and a set of actions to correct any slippage or amplify existing development...

Successful product line design and development often requires balancing technical and market trade-offs. Quantitative methods for optimizing product attribute levels using preference elicitation (e.g., conjoint) data are useful for many product types. However, products with substantial...

We use a multivariate hazard model for the analysis of data on the timing of ratifications of different conventions. The model accounts for two random effects, one at the country level and the other at the convention level. We use a semi-parametric Bayesian approach, based on the partial...

Change point models using hierarchical priors share in the information of each regime when estimating the parameter values of a regime. Because of this sharing, hierarchical priors have been very successful when estimating the parameter values of short-lived regimes and predicting the...

This paper describes a semiparametric Bayesian method for analyzing duration data. The proposed estimator specifies a complete functional form for duration spells, but allows flexibility by introducing an individual heterogeneity term, which follows a Dirichlet mixture distribution. I show how...

This paper estimates the structural parameters of a job search model with hyperbolic discounting and endogenous search effort. It estimates quantitatively the degree of hyperbolic discounting, and assesses its implications for the impact of various policy interventions aimed at reducing...

We study job durations using a multivariate hazard model allowing for worker-specific and firm-specific unobserved determinants. The latter are captured by unobserved heterogeneity terms or random effects, one at the firm level and another at the worker level. This enables us to decompose the...

We model the log-cumulative baseline hazard for the Cox model via Bayesian, monotonic P-splines. This approach permits fast computation, accounting for arbitrary censorship and the inclusion of nonparametric effects. We leverage the computational efficiency to simplify effect interpretation for...