This paper presents an empirical study of paintings that have failed to meet their reserve price at auction. In the art trade it is often claimed that when an advertised item goes unsold at auction, its future value will be affected. We have constructed a new dataset specifically for the purpose...

Mixed bundling in imperfectly competitive industries causes some prices to rise and others to fall. This paper studies under what conditions mixed bundling works for or against the consumer interest. We find that if buyers incur firm specific costs or have shop specific tastes then competitive...

When a supply and demand model is recursive, with errors uncorrelated across the two equations, ordinary least square (OLS) is the recommended estimation procedure. Supply to a daily fish market is determined by the previous night`s catch, so this would appear to be a good example of a recursive...

A generalized version of the capital management problem posed in a classic paper by R.H. Strotz is analyzed for the case of the naive planner who fails to anticipate any impending change in his own preferences. By imposing progressively stronger restrictions on the primitive of the problem -...

Labour force participation in India is found to respond to a plurality of causal mechanisms. Employment and unpaid labour are both measured using the 1999/2000 Indian National Sample Survey. Men`s labour-force participation stood at 85% and women`s at 35%. The overall rate of labour force...

The reality of protected area management is that enforcing forest and park boundaries is costly and so most likely incomplete, due in part to the pressures exerted on the boundaries by local people who often have traditionally relied on the park resources. Buffer zones are increasingly being...

We focus on the management of highly persistent shocks to aid flows, including HIPC or MDG-related increases in net flows, in the presence of currency substitution by the domestic private sector. Such shocks have beneficient long-run effects, but when currency substitution is high they can...

Governance is becoming increasingly important in development and poverty reduction policies. However, the forms and methods by which it is to be incorporated into donor programs are only emerging at present. In this paper, we contrast two very different approaches - the White House led...

Inequality considerations are a motive for making positive offers in the Ultimatum Game and rejecting small ones, but decision error could have the same effect. I find evidence for both of these considerations and a different relative importance amongst Zimbabwean villagers, of whom some...

In this paper we ask how the returns to academic education compare with the return to two types of training drawing on labour force data from Tanzania`s manufacturing sector. The first is vocational training or attending a technical college as part of schooling, the second is on-the-job training...