We develop unit root tests that allow under the alternative hypothesis for a smooth transition between deterministic linear trends, around which stationary asymmetric adjustment may occur by employing exponential smooth transition auto-regressive (ESTAR) models The small sample properties of the...

An exhaustive and disjoint decomposition of social choice situations is derived in ageneral set theoretical framework using the new tools of the Lifted Pareto relation on thepower set of social states representing a pre-choice comparison of choice option sets. Themain result is the...

The consumption equivalence method is the theoretical basis of public cost-benefitanalysis. Consumption equivalence public capital prices are explicitly introduces in orderto sufficiently care for the opportunity cost of public expenditure. This can solve thedispute about the social rate of...

Much research has investigated the differences between option implied volatilities and econometric model-based forecasts. Implied volatility is a market determined forecast, in contrast to model-based forecasts that employ some degree of smoothing of past volatility to generate forecasts....

Why does venture capital work in some countries but not in others? This clinical study of the first German venture capital firm examines the difficulties of creating a venture capital market in a bank-based financial system. The analysis identifies the problem of creating appropriate governance...

This paper explores the possibility of cointegration existing between processes integrated at di¤erent frequencies. Using the demodulator operator, we show that such cointegration can exist and explore its form using both complex- and real-valued representations. A straightforward approach to...

This paper explores the possibility of cointegration existing between processes integrated at di¤erent frequencies. Using the demodulator operator, we show that such cointegration can exist and explore its form using both complex- and real-valued representations. A straightforward approach to...

Seasonality is pervasive across a wide range of economic time series and it substantially complicates the analysis of unit root non-stationarity in such series. This paper reviews recent contributions to the literature on non-stationary seasonal processes, focussing on periodically integrated (P...