In this paper, we introduce the Partial Conditional Expectation (PCE) variance reduction technique, derived by modifying the well-known Conditional Expectation (CE) technique to make it more widely applicable. We apply this PCE technique to obtain a consistent estimator for the expected waiting...

The introduction of a new computerised order processing system at Glaxo Pharmaceuticals made an enormous amount of production data available to the users of on‐line computer systems. To understand and act on this data effectively, it became increasingly evident that a wider understanding of...

In Centre for Economic Policy Research Discussion Paper Nos. 164 and 165 I presented econometric models of the industrialized countries (North) and the oil-importing developing countries (South). This paper links the two models so that the economic interdependence between North and South can be...