We use data from the New England and Wales Arrestee Drug Abuse Monitoring (NEW-ADAM) programme to assess the validity of self-report measures of illicit drug use and to evaluate the use of alternative drug testing strategies within survey enquiries. Our analysis of the NEW-ADAM data reveals that...

In this paper the employment of Scottish and English self- reporting drug users is considered using data drawn from the Scottish and British Crime Surveys. Univariate and bivariate estimates of the probability of being employed reveal a robustly negative and statistically significant association...

Empirical tests of purchasing power parity (PPP) are implicitly based on the conditions of symmetry and proportionality of the price coefficients. We investigate a separate condition, which we term homogeneity. Specifically, while there may be factors that drive a wedge between prices and...

Probability matching occurs when an action is chosen with a frequency equivalent to the probability of that action being the best choice. This sub-optimal behavior has been reported repeatedly by psychologist and experimental economist. We provide an evolutionary foundation for this phenomenon...

We put forward a plausible explanation of African financial under-development in the form of a bad credit market equilibrium. Utilising an appropriately modified IO model of banking, we show that the root of the problem could be unchecked moral hazard (strategic loan defaults) or adverse...

In a competitive-equilibrium analysis of giving to charity, we show that strategic complementarity between individual giving and aggregate giving can lead to multiple equilibria. This provides a possible explanation for observed heterogeneity in giving. It is possible, but not necessary, that at...

This paper examines how higher education affects job and marital satisfaction. We build up a model with assortative matching where individuals decide whether to attend university both for obtaining job satisfaction and for increasing the probability to be matched with an educated partner. The...

In this paper we begin by stressing the empirical importance of non-linear weighting of probabilities, which expected utility theory (EU) is unable to accommodate. We then go on to outline three stylized facts on non-linear weighting that any alternative theory of risk must address. These are...