Estimating structural models is often viewed as computationally difficult, an impression partly due to a focus on the nested fixed-point (NFXP) approach. We propose a new constrained optimization approach for structural estimation. We show that our approach and the NFXP algorithm solve the same...

This paper develops and estimates a dynamic model of stock market participation, where consumers’ decisions regarding stock market participation are influenced by participation costs. The practical significance of the participation costs is considered as being a channel through which financial...

This article proposes a novel approach to assess the dynamic effect that advertising expenditures have regarding which products consumers include in their choice sets. In a discrete-choice model consumers face choice sets that evolve according to their awareness of each product. Advertising...

The aim of this paper is twofold. Firstly, we attempt to investigate the challenges for the constantly changing music industry on the ex- ample of Poland, positing a conclusion that both artists and lables could prot from a precisely determined set of factors in uencing the ultimate sales...

The study concerns rent seeking in the allocation of structural funds for cultural development in the Italian region of Calabria. By statistical analysis the study shows that the variables relating to major cultural sites had no robust significance. Rent seeking variables relating to non...

Revitalization of state brands is deemed important to several constituencies. Stated preference with choice experiment methods were used to elicit consumer preferences for two locally grown products: spinach, which has had a well-publicized food safety incidence, and carrots, which have had no...