We use the work-leisure choice model to estimate equilibrium labour supply (hours-worked) in New Zealand and Australia over the period 2000 – 2008. We then stochastically solve the model over a future period from 2010 to 2015, and then re-solve it under six different tax policy scenarios for...

In this paper, we develop methods of the determination of the rank of random matrix. Using the matrix perturbation theory to construct or find a suitable bases of the kernel (null space) of the matrix and to determine the limiting distribution of the estimator of the smallest singular values. We...

Reliability has been largely applied to industrial systems in order to study the various possibilities of systems’ failure. The goal is to establish the chain of events leading to any system’s failure, namely the top event. Looking for the minimal paths leading to any system’s fault allows...

Greed and the unethical behavior of financial institutions obviously played a part in the collapse of the world capital market in 2008. But, this paper argues that the main culprits are the neo-liberal ideology (requiring ever smaller gov-ernments and privatization) and the flawed theories of...

This paper examines a recent view of Pritchett (2006) that there is a wide gap between the theoretical and empirical growth literature and the policy needs of the developing countries. Growth literature has focussed on the long term growth outcomes but policy makers of the developing countries...

Since the early 1970s there has been a worldwide upsurge in the price of energy and in particular of gasoline. Therefore, demand functions for energy and its components like gasoline have received much attention. However, since confidence in the estimated demand functions is important for use in...

An extensive empirical literature indicates that, even without formal intellectual property rights, innovators enjoy a variety of first-mover advantages and that `imitation' is itself a costly activity. There is also accumulating evidence that an `open' approach to knowledge production can...

A transport infrastructure investment as any kind of transport initiative has an impact on the monetary cost, time cost, efficiency and quality of transportation of goods and people. Prior to launching a transport initiative, all such initiatives are subject to cost benefit analyses at the...

In this paper we explore spatial effects in a hedonic price function framework for a large sample of apartments in Moscow. We find strong evidence of both spatial lag and spatial autocorrelation. Our results are robust across both the spatial model specifications and the choice of the spatial...

Explained variance (R^2) is a familiar summary of the fit of a linear regression and has been generalized in various ways to multilevel (hierarchical) models. The multilevel models we consider in this paper are characterized by hierarchical data structures in which individuals are grouped into...