Most empirical research on personal discount rates (PDRs) relates to individuals purchasing household appliances and inter-temporal choices on monetary transactions. No estimates of PDRs associated with natural resource exploitation were found in the literature and the purpose of this letter is...

It is found that nonconvexities do not reduce the overall efficiency of Coasean bargaining in the laboratory. Also, it is observed that most bargainers act in their own constrained self-interest when bargaining over an efficient corner solution relative to the standard baseline case.

Recent empirical work has documented the existence of specific information in the slope of the term structure which is relevant to forecast future changes in economic activity. A good forecasting model of term structure slopes could therefore be helpful to anticipate changes in economic activity...

Using data from the Family Expenditure Survey, this paper analyses participation in, and expenditure on, the UK National Lottery by individuals for the period 1995/1996 to 1999/2000. Probit and truncated Tobit models are employed in a two part estimation. The results highlight the importance of...

Bomberger and Makinen reported in 1993 that the significant positive relationship between relative price variability and the rate of inflation, documented by Parks in 1978 and by others, disappears when the oil-shock years 1974 and 1980 are excluded from the sample. Using a sample of yearly and...

Modelling public behaviour with the data from double bounded dichotomous choice contingent valuation surveys is often complicated by zero willingness to pay (WTP) responses in the sample. To deal with the zero response data to obtain an appropriate welfare measure such as the mean and median...

This paper examines the causes behind the high ex post real interest rates experienced in the United States during the early 1980s. This paper shows that expected long-term inflation rates were very high during the period, resulting in ex ante long-term real interest rates that were much lower...

The paper extends Lo and MacKinlay's 1990 findings by testing for mean and variance spillovers among size-sorted portfolios for the UK stock market. The London Business School Share Price Database, which contains the returns of approximately 6000 companies, is used to construct two sets of...

Using a common trends model, a forward-looking 'core' inflation measure is estimated for the Euro area based on long-run relations among major macroeconomic variables, bearing the interpretation of long-run inflation forecast. The proposed measure may be particularly suitable for the...

Structure-pricing linkages are estimated for single-market banks, to measure structure and pricing more accurately. Loan loss ratios are controlled for predicted to be important by information-theoretic models of lending. A strong structure-pricing linkage is found.