This paper discusses the incentive to bundle when consumer valuations are non-additive and/or when products are supplied by separate sellers.  Whether integrated or separate, a firm has an incentive to introduce a bundle discount when demand for the bundle is more elastic than the overall...

This paper investigates two channels through which research and development (R&D) and human capital may affect regional total factor productivity growth in the manufacturing sector, using panel data on 159 EU-15 regions from 1992 to 2005.  Based on the endogenous growth model of Griffith,...

Estimating the covariance and correlation between assets using high frequency data is challenging due to market microstructure effects and Epps effects.  In this paper we extend Xiu's univariate QML approach to the multivariate case, carrying out inference as if the observations arise from an...

Consider a finite data set of price vectors and consumption bundles; under what conditions will there be a weakly separable utlity function that rationalizes the data?  This paper shows that rationalization in this sense is possible if and only if there exists a preference order on some finite...

Following the transposition of the EU Energy Performance of Buildings Directive into Irish law, all properties offered for sale or to let in Ireland are obliged to have an energy efficiency rating.  This paper analyses the effect of energy efficiency ratings on the sale and rental prices of...

A common problem in estimation of discrete choice models is that the complete choice set is very large.  A good example is supermarket consumer goods, like breakfast cereal where there are often a hundred or more varieties (SKUs or UPCs) to choose from.  In that case, estimation of complex...

In this paper, I explore the reactions of financial amrket participants to news relating to the Kimberley Process Certification Scheme (KPCS), a body that regulates aspects of global diamond production and trade.  I use an event study approach with data on the returns for shares of leading...

In many countries, house prices are subject to boom/bust cycles and in some these are linked to severe economic and financial instability.  Overheating can have both a price and a quantity dimension, but it is likely that they are linked by common drivers.  However, much depends on the...

Understanding the workings of whole economies is essential for sound policy advice - but not necessarily for accurate forecasts.  Structural models play a major role at most central banks and many other governmental agencies, yet almost none forecast the financial crisis and ensuing...

Information asymmetries constitute a significant obstacle to capital flows across international borders, and in particular to flows of foreign investment (FDI) to emerging markets.  Many governments aim to reduce information barriers by emerging in investment promotion activities.  Despite...