Housing Benefit (HB) in the UK subsidizes the rent of tenants in both the private and public sectors. Its share in total welfare benefits has risen markedly through time and there is widespread dissatisfaction with it. But, reform has been very slow. One important issue is the extent to which...

Two behavioral models of two-person normal-form game play are presented and estimated, using three experimental data sets. The models are variants of the Quantal Response Equilibrium model defined by McKelvey and Palfrey (1995, Games and Economic Behavior), but allow a player to hold inaccurate...

We perform a comprehensive test of order choice theory from a sample period when the NYSE trades in decimals and allows automatic executions. We analyze the decision to submit or cancel an order or to take no action. For submitted orders we distinguish order type (market vs. limit), order side...

In 2000 the UK government introduced, under the Employment Relations Act of 1999, a new statutory union recognition procedure, while in 2003 it published a consultation document on its Review of the Act. The document concluded that th eunion procedure was broadly working and confirmed that the...

We investigate a class of semiparametric ARCH(∞) models that includes as a special case the partially nonparametric (PNP) model introduced by Engle and Ng (1993) and which allows for both flexible dynamics and flexible function form with regard to the 'news impact' function. We propose an...

In this paper we seek to explain the emergence of different voice regimes, and to do so by using approaches from institutional economics. In particular we analyse the emergence of different voice regimes as a contracting problem; a ¿make¿ or ¿buy¿ decision on the part of the employer. A...

One of the most important findings in empirical finance has been the fact that returns are not i.i.d. Predictability, or time variation in the conditional distribution of returns, is one of the basic ingredients of asset pricing and portfolio choice models nowadays. Under the current renewed...

This paper analyses the increase in mothers¿ employment in Britain over the period 1974¿2000. The approach consists of isolating those birth cohorts whose mothers experienced significant increases in employment and relating those to changes in policies (maternity rights, taxation and...

This article reports a study that tests whether the internal consistency of the standard gamble can be improved upon by incorporating loss weighting and probability transformation parameters in the standard gamble valuation procedure. Five alternatives to the standard EU formulation are...

This paper solves for optimal international portfolio choice in the presence of liquidity constraints and undiversifiable labor income risk. Optimal portfolios are internationally diversified while positive correlation between domestic stock market returns and permanent labor income shocks can...