This paper presents an alternative characterization of separability based on elasticities of complementarity. Earlier studies have formulated separability restrictions in terms of the Allen elasticities of substitution. The Hicks and Antonelli elasticities of complementarity are presented to...

This paper presents new evidence on the estimation of the demand for education. Unlike previous studies, this study uses the translog-LES indirect utility function to analyze the demand for education within a multicommodity framework for annual U.S. consumption expenditures for the period...

We formulate and estimate a dynamic structural model of consumer behavior with the user cost of durable goods by incorporating costly reversibility and adjustment costs, and analyze the demands for durable and nondurable goods, using U.S. data. We find an important role of a secondhand market in...

We evaluate the performance of various methods for forecasting tourism demand. The data used include 380 monthly series, 427 quarterly series and 530 yearly series, all supplied to us by tourism bodies or by academics from previous tourism forecasting studies. The forecasting methods implemented...

In this paper we have demonstrated the implications of incorrectly normalising the parameters of a reduced rank regression model to achieve global identification, and presented a method for estimating this model without using the ordering restrictions imposed in previous Bayesian and frequentist...

The analysis of economic time series assumes specific economic behaviour of a representative agent. The data used in analysis is generated by aggregating observations of all individuals in a population. This is valid only if all members of a population have the same data generating process, but...

Age-sex-specific population forecasts are derived through stochastic population renewal using forecasts of mortality, fertility and net migration. Functional data models with time series coefficients are used to model age-specific mortality and fertility rates. As detailed migration data are...

This paper provides an empirical analysis of a range of alternative single-factor continuous time models for the Australian short-term interest rate. The models are indexed by the level effect parameter for the volatility in the short rate process. The inferential approach adopted is Bayesian,...

Several studies advocating safety first as a major concern to investors propose downside beta risk as an alternative to the traditional systematic risk-beta. Downside measures are concerned with a subset of the data and therefore the results in the studies that consider the downside beta only...