In the last few decades, the study of ordinal data in which the variable of interest is not exactly observed but only known to be in a specific ordinal category has become important. In Psychometrics such variables are analysed under the heading of item response models (IRM). In Econometrics,...

This study explores the way in which social information about giving impacts the stability of distributional preferences. We designed a two-stage treatment which varied the information participants received about the maximum amounts given to recipients. Information on maximum giving can...

Understanding how emotions stemming from negative outcomes affect investment decisions is critical for studying choice under uncertainty. I build a framework to study how past and anticipated negative emotions interact with an agent's preference and environment to influence her investment level....

This paper introduces the fundamentals of extreme value theory as well as practical aspects for estimating and assessing statistical models for tail-related risk measures.

We address the issue of estimation and inference in dependent nonstationary panels of small cross-section dimensions. The main conclusion is that the best results are obtained applying bootstrap inference to single-equation estimators. SUR estimators perform badly, or are even unfeasible, when...

After more than 20 years of European Monetary Union (EMU), surprisingly few scientific studies exist which study the growth effects of introducing a common currency in large parts of the European Union. I do so using a large panel (NUTS3 data) of regional data for the EU-15. Some 800 (treated)...

This work proposes a class of seasonal autoregressive integrated moving average models whose period is an independent and identically distributed random process valued in a finite set. The causality, invertibility, and autocovariance shape of the model are first revealed. Then, the estimation of...

We study sequential auctions in which bidders demand multiple units. We collect a novel data set on sequential water auctions for the empirical study. Although water units are identical, two features from the empirical setting create a trade-off whereby units of water end up being complements or...

We investigate the roles of individual characteristics and punishment progressivity on crime. Our analysis reconciles low crime rates with light punishments in self-governed communities (Ostrom, 1990), using formal punishments to deter crime (Becker, 1968). We use a novel trial dataset on water...

In Pötscher and Preinerstorfer (2022) and in the abridged version Pötscher and Preinerstorfer (2024, published in Econometrica) we have tried to clear up the confusion introduced in Hansen (2022a) and in the earlier versions Hansen (2021a,b). Unfortunatelly, Hansen's (2024) reply to Pötscher...