Corporate managers and executive compensation in many industries place significant emphasis on measures of firm size, such as sales revenue or market share. Such objectives have an important yet thus far unquantified impact on market performance. With n symmetric firms, equilibrium welfare...

This study documents two empirical facts using matched employer-employee data for Denmark and Portugal. First, workers who are hired last, are the first to leave the firm. Second, workers’ wages rise with seniority (= a worker’s tenure relative to the tenure of her colleagues). The...

Following the liberalisation of the electricity industry since the early 1990s, many sector regulators have recognised the potential for cost efficiency improvement in the networks through incentive regulation aided by benchmarking and productivity analysis. This approach has often resulted in...

To advance current knowledge of the uranium market, a system dynamics model of the nuclear fuel cycle for the time period 1988 to 2048 has been developed. The proposed framework of analysis illustrates some of the key features of the market for this commodity, including the role that time lags...

This paper proposes a new instrumental variables approach for consistent and asymptotically efficient estimation of panel data models with weakly exogenous or endogenous regressors and residuals generated by a multifactor error structure. In this case, the standard dynamic panel estimators fail...

This paper studies how human capital affects agents' tendency to participate in revolutions and consequently political outcomes. We show that since human capital is not expropriatable in the way land or other assets are, revolutions are more attractive if human capital is an important source of...

This paper identifies neighbourhood effects in consumption using the randomized nature of the Progresa programme. Recent studies establish that the programme affects the consumption of both eligible and neighbouring ineligible households but the underlying mechanism of the spillovers is not...

Solving dynamic models with inequality constraints poses a challenging problem for two major reasons: dynamic programming techniques are reliable but often slow, while Euler equation based methods are fast but have problematic or unknown convergence properties. This paper attempts to bridge this...

This paper extends the Common Correlated Effects (CCE) approach developed by Pesaran (2006) to heterogeneous panel data models with lagged dependent variable and/or weakly exogenous regressors. We show that the CCE mean group estimator continues to be valid but the following two conditions must...

The RES-E promotion policy in Spain gave priority to the photovoltaic (henceforth, PV) ground-mounted installations. For years, the coupling of customer-side generation coupled with excess energy exports was never specifically considered. However, some months ago this option was suggested as a...