In shallow markets where there are mutual gains from cooperation among agents, collusive behavior may occur even if it does not constitute a Nash equilibrium. Yet, such behavior is rarely sustainable. Bolle (1994) reports the results of one period team selection experiments in which subjects...

This paper examines the Regional Clean Air Incentives MArket (RECLAIM) which was launched in Los Angeles in January 1994. RECLAIM is an emissions trading program which is expected to decrease hazardous pollutants from stationary sources in the South Coast Basin. I analyze the transactions data...

sta The Consumption Capital Asset Pricing Model (C-CAPM) is tested using data on equity prices in Jordan, Turkey, and Pakistan over the period 1986-93. The analysis is carried out in two steps. The parameters of agents' dynamic consumption and investment decisions are first estimated, and then...

A procedure for computing the parameters of latent multifactor models in econometrics is proposed based on indirect estimation methods.

Research by Ghali (1999) tested for the existence of causality between wages and prices in United States' aggregate data using a multivariate cointegration framework. We show that Ghali's model is misspecified and that the correct specification leads to a different interpretation of the long-run...

This paper analyzes the quality of life over time in the U.S. In this paper we propose a statistical cluster analysis method based on an informationbased measure. This method is then employed to cluster diverse attributes of the quality of life. Aggregate annual measures of welfare are computed...

Unit root and stationarity test suggest that shocks to quarterly US, Japanese and UK inflation are infinitely persistent. Recently developed test based on threshold autoregressions are used to distinguish between non-stationarity and non-linearity. The evidence suggests that inflation is well...