In this paper, we use the individual-level USR data for the whole population of 1993 leavers from the ¿old¿ universities of the UK to investigate the determinants of graduate occupational earnings. Among other results, we find that there are significant differences in the occupational earnings...

Truancy is often seen as irrational behaviour on the part of school age youth. This paper takes the opposite view and models truancy as the solution to a time allocation problem in which youths derive current returns from activities that reduce time spent at school. The model is estimated using...

We discuss moving-maximum models, based on weighted maxima of independent random variables, for extreme values from a time series. The models encompass a range of stochastic processes that are of interest in the context of extreme-value data. We show that a stationary stochastic process whose...

In the past few years, widespread frustration with sprawling development patterns has precipitated an explosion in innovative thinking and action across the United States. This new thinking ¿ generally labeled as ¿smart growth¿ ¿ contends that the shape and quality of metropolitan growth in...

Despite their potentially strong impact on poverty, agricultural innovations are often adopted slowly. Using a unique household dataset on sunflower adoption in Mozambique, we analyse whether and how individual adoption decisions depend upon the choices of others in the same social networks....

Many cultural products have the same nonrival nature as scientific knowledge. They therefore face identical difficulties in creation and dissemination. One traditional view says market failure is endemic: societies tolerate monopolistic inefficiency in intellectual property (IP) protection to...

This paper studies how the introduction of social learning with costs to delay affects coordination games with incomplete information. We present a tractable noisy dynamic coordination game with social learning and costs to delay. We show that this game has a unique monotone equilibrium. A...

Financial contagion is modeled as an equilibrium phenomenon in a dynamic setting with incomplete information and multiple banks. The equilibrium probability of bank failure is uniquely determined. We explore how the cross holding of deposits motivated by imperfectly correlated regional liquidity...

We attempt to present Denis Sargan's work in some kind of historical perspective, in two ways. First, we discuss some previous members of the Tooke Chair of Economic Science and Statistics, which was founded in 1859 and which Sargan held. Second, we discuss one of his artices 'Asymptotic Theory...

Temkin (1986,1993) sets out a philosophical basis for the analysis of income inequality that provides an important alternative to the mainstream welfarist approach. We show that the Temkin principles can be characterised by a parsimonious axiomatic structure and we use this structure to derive a...