The use of Multinomial Logit (MNL) models specification for the simulation of residential location have been often criticised due to the Independence of Irrelevant Alternatives hypothesis (IIA) which does not allow for the existence of spatial correlation between residential zones. Moreover, it...

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...