This paper considers the issue of discounting in relation to the appraisal of very long-term social projects. This is an increasingly important matter given the growing concerns over the environmental and safety impacts of many projects on future generations. Standard discounting practice...

Population ageing is a significant demographic phenomenon facing many countries. The present paper aims to ascertain the relationship between population ageing and macroeconomic performance, within the framework of an economic growth model endogenously incorporating innovation and human capital....

This paper uses data envelopment analysis (DEA) to explore the issue of congestion in British universities.? The focus is on 41 former polytechnics that became universities in 1992, and the analysis covers the period 1995/6 to 2003/4.? These new universities differ from the older universities in...

The use of the GARCH-class of models is commonplace when examining stock market returns. In this paper we use data on stock markets in two transition economies, the Czech Republic and Romania, to demonstrate the importance of using the correct GARCH specification. When residuals are...

A rarely noted, economically unrealistic feature of Goodwins (1967; 1972) celebrated growth-cycle model is that its state variables, the wage share of output and the employment proportion, can exceed unity. We propose a novel extension of the two-variable dynamical system which ensures that its...

Following Barzel (1976), product quality increases in response to unit taxation but remains unchanged by ad valorem taxation.? While many tax theorists agree this argument is theoretically sound, empirical support of Barzel's theory is limited to the cigarette market.? This paper tests and...

Exchange rate uncertainty is said to have negative or positive effects on the trade flows. A Large body of the empirical research that tries to address the issue has used aggregate trade data between one country and rest of the world, or bilateral total trade data between two countries. The...

The determinants of the credit risk of banks in emerging economies have received limited attention in the literature. Using advanced panel data techniques, the paper seeks to examine the factors affecting problem loans of Indian state-owned banks for the period 1994-2005, taking into account...

Targets have become a key instrument in UK economic policy. Numerical targets, such as the UK target for waiting list times for inpatient treatment, have a rationale in terms of public choice analysis. They appear to be premised on politicians' pursuit of getting elected. However, increasingly...

This paper presents estimates, based on survey evidence, of the determinants of total demand by the public for attendance at live events, such as opera, rock music, musicals and theatre. The paper estimates equations for total attendance in the last twelve months as a function of perceptions of...