When analysing cointegration in vector autoregressive models it is usually assumed that (i) the number of cointegrating relations is not smaller than what is tested for, (ii) the number of unit roots equals the number of common stochastic trends, and (iii) the remaining characteristic roots of...

Low enrolment and educational wastage are serious problems in sub-Saharan Africa, particularly in rural areas of Ethiopia where participation in formal education is extremely poor. An aspect of both problems is late entry to primary school, which has dire consequences for educational attainment,...

The most important issues in auction design are the traditional concerns of competition policy-preventing collusive, predatory, and entry deterring behaviour. Ascending and uniform-price auctions are particularly vulnerable to these problems (we discuss radiospectrum and football TV-rights...

This paper gives a proof of the existence of competitive equilibrium under the added assumption that the excess demand function satisfies the weak axiom. In this case, a proof using the separating hyperplane theorem, and without using a fixed point theorem, is possible.

Herding arises when an agents private information is swamped by public information in what Jackson and Kalai (1997) call a recurring game. The agent will fail to reveal his own information and will follow the actions of his predecessor and, as a result, useful information is lost, which might...

This paper looks at earnings differentials between (1) members of different ethnic groups and (2) employers’ relatives, unrelated co-ethnics, and other workers, in the Ghanaian manufacturing sector. We find that a significant proportion of the identified earnings differentials between ethnic...

Real wage rises for the unskilled are one mechanism by which poor people can obtain rises in their incomes and a reduction in their economic vulnerability. In this paper it is shown that over a period in Ghana when measured poverty declined, 1988 to 1992, real wages for the unskilled rose, by...

This is an analysis of strategic voting under the qualified majority rule. Existing formal analyses of the plurality rule predict the complete coordination of strategic voting: A strict interpretation of Duvergers Law. This conclusion is rejected. Unlike previous models, the popular support for...

The concept of preference structuration not only provides possible escape-routes for social-choice-theoretic impossibility problems, but also points towards ways of formalizing notions of pluralism, consensus and issue-dimensionality. The present note introduces two methods of (operationally)...

Education will have externality effects in agriculture if, in the course of conducting their own private economic activities, educated farmers raise the productivity of uneducated farmers with whom they come into contact. This paper seeks to determine the potential size and source of such...