The paper investigates price dynamics under market liberalization, with a focus on the effects of lowering price floors. We analyze price dynamics by specifying and estimating a dynamic Tobit model under time-varying volatility, where the market price is censored by a government-set support...

This paper presents an econometric analysis of the effects of price support program and stocks on price dynamics and price volatility. Considering a price support program as a censoring scheme, market prices are specified as a dynamic Tobit model under time varying volatility. The model is...

The paper investigates the implications of hedonic pricing of components, with an application to the dynamics of dairy product prices. A conceptual model of hedonic pricing is developed under a Leontief technology, showing how commodity prices reflect the underlying value of their components....

This paper presents an econometric analysis of the effects of price support programs and stocks on price dynamics and price volatility. Considering a price support program as a censoring mechanism, market prices are specified as a dynamic Tobit model with time varying volatility. The model is...

The Bayh-Dole Act of 1980, key court decisions, and several breakthrough process technologies, paved the way for a period of remarkable growth in the patenting of life science research by U.S. universities in the 1980s and 1990s. Using a multiple-output cost framework and panel data on 96...

This paper develops an economic and econometric analysis of demand dynamics, with an application to US aggregate data over the period 1948-2010. The model builds on duality and the benefit function, which provide strong linkages with the theory. The research involves the specification and...

A model of household fresh potato consumption incorporating prices, income, family size and other socioeconomic effects is estimated by maximum likelihood Tobit procedures. The effects of truncation bias due to non-purchasing households are evaluated and decompositions of the Tobit elasticities...