A recent article (Breslaw and Smith, 1995) published in this journal provided an iterative numerical technique for computing the welfare effects of price changes. In this note we take issue with the application used to demonstrate this technique. In particular, we show that the demands used are...

We use recent statistical tests, based on a 'distance' between the model and the Hansen-Jagannathan bound, to compute the rejection rates of true models. For asset-pricing models with time-separable preferences, the finite-sample distribution of the test statistic associated with the...

The increasing availability of customer-level data and the willingness of marketers to customize the timing of their offers to consumers makes the accurate segment-level description of household purchase timing decisions a compelling issue. In this paper we employ a finite mixture accelerated...