This paper empirically assesses the impact brownfield sites have on market values of single-family residential properties. Using three different hedonic model specifications, namely Ordinary Least Squares, Spatial Autoregressive, and Spatial Error Model, this study shows that properties located...

This paper quantitatively analyzes the importance of taste versus health in food demand, as well as the effect on consumers’ experienced taste of the non-intrinsic value of healthy labels. Our analysis is based on taste experiments and Vickrey second price auctions on potato chips and bread....

Central banks have been made more independent in many countries. A common rationale has been the existence of a credibility (or lack-of-trust) problem for monetary policy. This indicates a possible and until now unexplored link between social trust and central-bank independence. Our empirical...

The p-median model is used to locate P facilities to serve a geographically distributed population. Conventionally, it is assumed that the population patronize the nearest facility and that the distance between the resident and the facility may be measured by the Euclidean distance. Carling,...

In this paper, three innovative panel error correction model (PECM) tests are proposed. These tests are based on the multivariate versions of the Wald (W), Likelihood Ratio (LR) and Lagrange Multiplier (LM) tests. By means of Monte Carlo simulations, the size and power properties of the tests...

The p-median model is used to locate P facilities to serve a geographically distributed population. Conventionally, it is assumed that the population always travels to the nearest facility. Drezner and Drezner (2006, 2007) re-estate three arguments on why this assumption might be incorrect, and...

The purpose of this paper is to investigate whether increasing gender diversity on the board of directors improves firm perfomance, using a data-set of 20,487 limited companies in Sweden during 1997-2005. We use a random-effects random-coefficients model to account for unobserved firm...

Location Models are used for planning the location of multiple service centers in order to serve a geographically distributed population. A cornerstone of such models is the measure of distance between the service center and a set of demand points, viz, the location of the population (customers,...

Multilevel (ML) models allow for total variation in the outcome to be decomposed as level one and level two or ‘individual and group’ variance components. Multilevel Mixture (MLM) models can be used to explore unobserved heterogeneity that represents different qualitative relationships in...

This paper introduces two different non-parametric tests for panel unit root based on the wavelet decomposition of time series which may be used in the presence of cross-sectional dependency and an unknown structural break in the data. These tests are compared with the parametric IPS test...