Czech farmers experienced an enormous exogenous shock when they joined the common agricultural market (CAM) and the Common Agricultural Policy (CAP) in 2004. Using the World Bank's dataset, we apply the synthetic control method to establish a counterfactual case of the Czech Republic food...

In stated preference literature, the tendency to choose the alternative representing the status quo situation seems to exceed real life status quo effects. Accordingly, status quo bias can be a problem. In Choice Experiments, status quo bias is found to be strongly correlated with protest...

The application of stated preference methods rests on the assumption that respondents act rationally and that their demand for the non-market good on the hypothetical market is equal to what their real demand would be. Previous studies have shown that this is not the case and this gap is known...

The linear dynamic panel data model provides a possible avenue to deal with unobservable individual-specific heterogeneity and dynamic relationships in panel data. The model structure renders standard estimation techniques inconsistent. Estimation and inference can, however, be carried out with...

Today's socio-economic development leads to a dilution of the "border" between rural and urban areas, especially if we look at economically developed economies, members of the OECD and/or the most powerful economies in the world united in the G7. Technology and computerization of agriculture and...

This paper examines New Zealand's ranking in the OECD based on real GDP per capita. The fall in ranking experienced by New Zealand implies that real GDP per capita growth in New Zealand has been relatively poor in comparison to other OECD countries. The paper examines the history of New...

Although linearly interpolated series are often used in economics, little has been done to examine the effects of interpolation on time-series properties and on statistical inference. We show that linear interpolation of a trend stationary series superimposes a ‘periodic’ structure on the...

In 2015, an estimated 429,000 deaths and 212 million cases of malaria occurred worldwide, while 70% of the deaths occurred in children under five years old. Changes in climatic exposure such as temperature and precipitation makes malaria one of the most climate sensitive outcomes. Using a global...

A challenge in enterprise risk measurement for diversified financial institutions is developing a coherent approach to aggregating different risk types. This has been motivated by rapid financial innovation, developments in supervisory standards (Basel 2) and recent financial turmoil. The main...

I show that the detrending of financial variables with the Hodrick and Prescott (1981, 1997) (HP) and band-pass filters leads to spurious cycles. I find that distortions become especially severe when considering medium-term cycles, i.e., cycles that exceed the duration of regular business...