This paper describes the problem specification searches pose for inference, presents the results of some simulations for purposes of illustration, and uses the bootstrapping procedure to give a better estimate of statistical significance than a standard t-test. The value of the illustrations of...

The purpose of this paper is to explore the answers to several questions raised by the fact that econometrics in theory is not the same as econometrics in practice. An obvious question is why econometrics in theory differs from econometrics in practice. The simple answer is that the benefits...

This study points out that changes in the format of the playoffs in the National Basketball Association have had the effect of lengthening the championship series and reducing the variance in the length of the series. These are valuable goals for the organization because they provide higher...

The distinction between technological and pecuniary externalities, usually made in production, can also be applied to consumption. Technological externalities create resource misallocations while pecuniary externalities do not. Taking a household production approach to consumption, this paper...

This study uses panel data from 19 developing countries from 1980 to 1997 to examine the impact of public investment on private investment. A model is developed to identify both the short run and long-run effects of public investment on private investment, builds in the role of uncertainty on...

The literature on the impact of welfare programs consistently shows that the incentives implied by these programs have effects on potential recipients. This paper supports that conclusion by showing that an increase in the generosity of Aid to Families with Dependent Children (AFDC) increased...