This paper reconsiders the equilibrium correction model of nondurable consumption in the UK by Davidson et al. (1978), denoted DHSY. The DHSY model fails outside the original observation period and several studies claim that this is due to neglected nonlinearities or time-varying parameters....

Environmental planning and policy analysis, design and implementation are complicated by the fact that environmental problems are almost always part of a complex sociotechnical system, the behaviour of which is not intuitive. The complexity of the problem necessitates a technical and scientific...

This paper discusses the possible uses of economic analysis for strategic planning decisions in firms. It proposes an approach which emphasizes the role of common knowledge for decentralized parallel decision processes. Planning is interpreted as an interactive process among a set of agents who...

This paper reconsiders a nonlinear error-correction model of UK broad money demand by Ericsson, Hendry and Prestwich. Their model can be viewed as an approximation to a smooth transition regression (STR) type specification. The corresponding STR model, when estimated, turns out to encompass the...

This paper develops a model of the U.S. sheep industry with monthly data for 1964-1980. Consumption of lamb has decreased rapidly since 1970. Findings suggest that consumers are highly sensitive to changes in lamb prices relative to prices for beef and pork.