The Big Mac Index, introduced by The Economist magazine more than two decades ago, claims to provide the quot;true valuequot; of a large number of currencies. This paper assesses the economic value of this index. We show that (i) the index suffers from a substantial bias; (ii) once the bias is...

This study analyses the general-equilibrium impacts of a number of possible allocation schemes for greenhouse gas emission permits on the Western Australian economy. It finds that emissions would fall by up to 11 percent from the base level in Western Australia. However, such environmental...

Henri Theil devoted a good deal of the last two decades of his professional activities to the analysis of international consumption patterns. This paper commences with a review of Theil’s path-breaking research on cross-country demand, and then investigates in some detail two important...