There has been an increased focus on zoning as a cause of high house prices in many metropolitan areas in the United States. But isolating the direct causal impact of zoning on house prices is difficult. This study overcomes the problems in the existing literature by investigating the effect of...

We perform probit-based Oaxaca-Fairlie decompositions of the change in ownership rates for four ethnic groups and three age groups over five censuses, and then construct second-order decompositions of the white/non-white differentials. There is substantial heterogeneity in how Hispanic, Asian...

This study tested for the presence of risk premiums on crude oil and natural gas. The econometric analysis followed from a stochastic model in which the equilibrium value of inventories depends on a convenience yield and an option value related to price uncertainty. The empirical findings...