DCM (Discrete Choice Models) is a package for estimating a class of discrete choice models. Written in Ox, DCM is a class that implements a wide range of discrete choice models including standard binary response models, with notable extensions including conditional mixed logit, mixed probit,...

We consider a multi-award generalisation of King Solomon’s problem: k identical and indivisible awards should be distributed among agents, k < n, with the top k valuation agents receiving the awards. Agents have complete information about each other’s valuations. Glazer and Ma (1989) analysed the single-prize (i.e. k = 1) version of this problem. We show that in the ‘more than two agents’ problem the mechanism of Glazer and Ma admits inefficient equilibria and thus fails to solve Solomon’s problem. So, first we modify their mechanism to rule out inefficient equilibria and implement efficient prize allocation in sub-game perfect equilibrium when there are at least three agents. Then it is shown that a simple repeated application of our modified mechanism will distribute k (>1) prizes efficiently in sub-game perfect equilibria without any monetary transfers in equilibrium. Finally, in the multi-awards case we relax the...</n,>

This paper proposes simple tests of error cross section dependence which are applicable to a variety of panel data models, including stationary and unit root dynamic heterogeneous panels with short T and large N. The proposed tests are based on average of pair-wise correlation coefficients of...

Since the early 1990s, substantial resources and effort have been spent on implementing market-oriented electricity reform in developing countries. Important sectoral, economic, and social dimensions are involved in electricity reform, but empirical analysis and evaluation have been of limited...

In models with unobserved taste heterogeneity, distributional assumptions can be placed in two ways: (1) by specifying the distribution of coefficients in the utility function and deriving the distribution of willingness to pay (wtp), or (2) by specifying the distribution of wtp and deriving the...

The Dutch regulatory process for setting the first X-Factors in the electricity distribution sector has gone badly wrong. During two-and-a-half years four different X-Factors were published by the regulator. These X-Factors fluctuated wildly. We demonstrate that Dutch electricity consumers will...

CO2 emission certificates internalise effects of fossil fuel consumption on global climate and sea levels. If they are only implemented in some countries, then their effectiveness is limited; Consumption, production and investment decisions do not reach the optimal allocation, production with...

This paper examines the history of the various actual and proposed interconnectors between New South Wales and Victoria into South Australia. It covers the period from the earliest proposal for a regulated interconnector to the recent Victoria Supreme Court review and the latest ministerial...

The paper provides an empirical analysis of fiscal incentives for Russian regional governments to foster economic growth and development. It points out several serious problems with previous empirical studies of fiscal incentives into Russian federalism, develops a new theoretical framework for...

This paper provides a review of linear panel data models with slope heterogeneity, introduces various types of random coefficients models and suggests a common framework for dealing with them. It considers the fundamental issues of statistical inference of a random coefficients formulation using...