This paper focuses on the practice of serial correlation correcting of the Linear Regression Model (LRM) by modeling the error. Simple Monte Carlo experiments are used to demonstrate the following points regarding this practice. First, the common factor restrictions implicitly imposed on the...

This paper demonstrates that linear regression models with an AR(1) error structure implicitly assume that y{t} does not Granger cause any of the exogenous variables in X{t}. An indirect test of the common factor restrictions based on this Granger non-causality is proposed and shown to...

Zoning decisions related to residential lot size and density affect residential land value. Effects of size on residential parcel value in Roanoke County, VA, are estimated with fixed effects hedonic models. Parcel size; elevation; soil permeability; proximity to urban areas, malls, and roads;...

Estimates the impact of taxes on donations based on dynamic specifications and data on a large panel of middle-class taxpayers followed over a period of time that included two major tax reforms (1979-1986). Finds that taxes determine both the long-run level and the timing of donations....

Bovine somatotropin (bST), a genetically engineered hormone for dairy cows that could increase milk yields by as much as 10 to 25 percent, is currently in the final phases of the U.S. Food and Drug Administration (FDA) approval process. Anticipating its ultimate approval economists and industry...

A mailed questionnaire was used to assess consumer concerns and potential consumption response attributable to the introduction of bovine somatotropin (bST). Responses from 605 households in Virginia are described and analyzed. Logit models were estimated to identify which issues shape...

Quadratic flexible forms, such as the translog and generalized Leontief, are separability inflexible. That is, separability restrictions render them inflexible with regard to separable structures. A class functional forms is proposed that is flexible with regard to general production structures...