Firms often delegate important decisions to committees which are set up specifically for that purpose; for example selection committees. We analyze the equilibrium behavior of a game in which committee members (the players) interview candidates sequentially, either hiring or going on to the next...

A levy on the Clean Development Mechanism and other carbon trading schemes is a potential source of finance for climate change adaptation. An adaptation levy of 2% is currently imposed on all CDM transactions which could raise around $500 million between now and 2012. This paper analyses the...

This paper studies the estimation of a semi-strong GARCH(1,1) model when it does not have a stationary solution, where semi-strong means that we do not require the errors to be independent over time. We establish necessary and sufficient conditions for a semi-strong GARCH(1,1) process to have a...

We propose estimators of previous termfeatures of the distributionnext term of an unobserved random variable W. What is observed is previous termanext term sample of Y,V,X where previous termanext term binary Y equals one when W exceeds previous termanext term threshold V determined by...

This paper reviewed current discounting practice in the OECD. It found a wide variance in guidance across countries (which may or may not be justifiable by different economic conditions), and significant differences in guidance within countries. Furthermore, even when discounting guidance is...

Empirical evidence has emerged of the possibility of fractional cointegration such that the gap, β, between the integration order δ of observable time series and the integration order γ of cointegrating errors is less than 0.5. This includes circumstances when observables are stationary or...

We develop a sequence of tests for specifying the cointegrating rank of, possibly fractional, multiple time series. Memory parameters of observables are treated as unknown, as are those of possible cointegrating errors. The individual test statistics have standard null asymptotics and are...

We examine a test for the hypothesis of weak dependence against strong cyclical components. We show that the limiting distribution of the test is a Gumbel distribution, denoted G(·). However, since G(·) may be a poor approximation to the finite sample distribution, being the rate of the...

The economic impact of climate change is usually measured as the extent to which the climate of a given period affects social welfare in that period. This static approach ignores the dynamic effects through which climate change may affect economic growth and hence future welfare. In this paper...

This paper discusses some of the elements that may characterise an efficient strategy to adapt to a changing climate. Such a strategy will have to reflect the long time horizon of, and the prevailing uncertainties about, climate change. An intuitively appealing approach therefore seems to be to...