In this article, we develop a methodology to estimate production functions characterized by multiple inputs and multiple outputs. Aggregate output is estimated assuming a piecewise-linear production possibility set and by measuring distance to the boundary using nonparametric techniques. The...

Previous research indicates that the maximum likelihood estimates of Generalized Autoregressive Conditional Heteroscedasticity (GARCH) models on foreign exchange rates, under various distributional assumptions, are sensitive to the presence of outliers. The advantage of the proposed Bounded...