Information and communication technologies (ICTs) are increasingly seen as integral to the development process. This paper reviews some of the evidence for the link between telecommunications and the Internet and economic growth, the likely impact of the new ICTs on income inequality and...

We investigate the nonlinear effects of real estate uncertainty shocks and the role of financial conditions in the U.S. over the business cycle. We employ a logistic smooth transition vector autoregressive (LSTVAR) model and identify uncertainty shocks using the short-run restriction. The...

This paper proposes a semiparametric realized stochastic volatility model by integrating the parametric stochastic volatility model utilizing realized volatility information and the Bayesian nonparametric framework. The flexible framework offered by Bayesian nonparametric mixtures not only...

Submitting queries to search engines has become a major way in which consumers search for information and products. The massive amount of search query data available today has the potential to provide valuable information on consumer preferences. In order to unlock this potential, it is...

We develop an incentive-aligned experimental paradigm to study how consumer purchase dynamics are affected by the interplay between the loyalty programs and the pricing and promotional strategies of competing firms. In our experiment, subjects made sequential choices between two competing...

This paper suggests a new approach to evaluate realized covariance (RCOV) estimators via their predictive power on return density. By jointly modeling returns and RCOV measures under a Bayesian framework, the predictive density of returns and ex-post covariance measures are bridged. The forecast...

In this paper, we suggest a Bayesian multivariate approach for pricing a reverse mortgage, allowing for house price risk, interest rate risk and longevity risk. We adopt the principle of maximum entropy in risk-neutralisation of these three risk components simultaneously. Our numerical results...

We present an experiment that models a repeated public good provision setting where the policy maker or manager does not have perfect control over information flows. Rather, information seeking can be affected by changing the information default as well as the price of information. The default...