The paper explains how the Almon polynominal lag specification can be made stochastic in two different ways - one suggested by Shiller and another following the lines of Lindley and Smith. It is shown that both the estimators can be considered as modified ridge estimators. The paper then...

Reports statistics that show that the number of economics majors in the USA achieved a peak in 1989‐90 but had declined by 11 percent by 1993 and experienced further 8.8 percent drop from 1992‐93 to 1993‐94 while at the same time the number of overall Bachelor’s degrees granted in all...

Examines the importance of the role of economic incentives in privatization using data collected at the micro level from auctions of state‐owned apartments in Moscow. Describes the nature of the auctions, the data collected and the estimated hedonic price functions. Concludes that the auction...

This chapter reviews the recent literature on disequilibrium and selectivity models. The cornerstone of the disequilibrium models is the minimum condition. One of the most disturbing points in the empirical applications is that the disequilibrium models have been mechanically applied with no...

A preliminary investigation of two specification error problems in truncated dependent variable models is reported. It is shown that heteroscedasticity in a tobit model results in biased estimates when the model is misspecified. This differs from the OLS model where estimates are still...

A variety of qualitative dependent variable models are surveyed with attention focused on the computational aspects of their analysis. The models covered include single equation dichotomous models; single equation polychotomous models with unordered, ordered, and sequential variables; and...