In the absence of revealed preference behaviour, economists use experimental techniques to estimate welfare changes. Such an approach relies on a number of assumptions concerning individual behaviour. This paper uses a discrete choice experiment to test three of these assumptions - rationality,...

Though excellent for comparing living standards, conventional PPP-adjusted real income measures may be a poor basis for ranking economies by total size. They assign a far larger share of World output to poor countries than would a more relevant alternative based on valuing output using the...

The uncovered interest parity (UIP) test for Brazil is presented from the standpoint of rational expectations hypothesis. The period is January 1984 to October 1998. The econometric tests validate the UIP just for the sub-period January 1990 to June 1994. The result suggests fail with the UIP in...

A nonparametric method is empirically applied here to test the efficiency in performance of mutual fund portfolios. It provides a more flexible and robust alternative to the traditional mean variance theory.

This letter examines the first difference of the logarithm of real per capita GNP of the USA (approximately growth rate) to see whether it possesses a moving average unit root (overdifferencing). The presence of such a moving average unit root implies that the logarithm of real per capita GNP of...

This paper investigates the effect of unionization on the flow of research and development (R&D) investment and import competition in US manufacturing industries. If the unions adopt a myopic strategy, they may attempt to maximize current rents, even if it reduces strategic R&D necessary to...

One of the reasons given for compliance with environmental programmes is that firms want to project an environmentally friendly image, as this would have a positive effect on their sales and eventually on their market share. This paper tries to test the effect of environmental friendliness on...

Past test of differences in economic efficiency between small and large farms in developing countries used arbitrary criteria to divide samples of farms into the two size groups. Given the inferential danger from such arbitrary groupings, this paper presents a method for conducting the...