Many health-care systems allocate funding according to measures of need. The utilisation approach for measuring need rests on the assumptions that use of health care is determined by demand and supply and that need is an important element of demand. By estimating utilisation models which allow...

Objective: Consultants employed by the NHS in England are allowed to undertake private practice to supplement their NHS income. Until the introduction of a new contract from October 2003, those employed on full-time contracts were allowed to earn private incomes no greater than 10% of their NHS...

The recognition that policies aimed at “getting prices right” in less developed countries werefailing due to incomplete markets has spurred a new wave of reforms, directed instead at“getting markets and institutions right”. Although previous studies have documented thepotentially crucial...

In this paper, we extend Bai and Perron's (1998, Econometrica, pp. 47-78) method for detecting multiple breaks to nonlinear models. To that end, we consider a nonlinear model that can be estimated via nonlinear least squares (NLS) and features a limited number of parameter shifts occurring at...

In this paper, we extend Bai and Perron’s (1998, Econometrica, p.47-78) framework for multiple break testing to linear models estimated via Two Stage Least Squares (2SLS). Within our framework, the break points are estimated simultaneously with the regression parameters via minimization of the...

In this paper, we present a limiting distribution theory for the break point estimator in a linear regression model estimated via Two Stage Least Squares under two different scenarios regarding the magnitude of the parameter change between regimes. First, we consider the case where the parameter...

This study investigates the implications of firm's demand for real balances from the production and monetary economics perspective. Money is a component of production as a factor increasing efficiency in exchange in input markets. Firms may improve efficiency in production by holding real money...

The three essays of this thesis research model selection and estimation issues in financial econometrics. Special attention is given to comparing various approaches used previously in the literature and attempting to compare their out-of-sample performance. Chapter two explores the value of...

In its search for sustenance and cover, wildlife imposes costs on agricultural property owners. A mosaic of privateand public contractual arrangements has evolved to address this problem, with private agricultural organizations,county commissions, wildlife agencies and state and federal...

In stochastic volatility models, the unit root test on the time series of the unobserved log-volatilities may be performed by applying the commonly usedfrequentist unit root tests. For instance, augmented Dickey Fuller tests based on the log-squared meancorrected returns can be used. The...