For a simplified structural equation/IV regression model with one right-side endogenous variable, we obtain the exact conditional distribution function for Moreira's (2003) conditional likelihood ratio (CLR) test. This is then used to obtain the critical value function needed to implement the...

Game theory is the science of strategic decision-making. It is a powerful tool in understanding the relationships that are made and broken in the course of competition and cooperation. It is not a panacea for the shortcomings of bad management. For managers, or those who interact with...

Since the implementation of the open-door policy in China, many Hong Kong-based manufacturers' production lines have moved to China to take advantage of the lower production cost, lower wages, and lower rental costs, and thus, the finished products must be transported from China to Hong Kong. It...

Tremendous growth in the credit industry has spurred the need for Credit Scoring and Its Applications, the only book that details the mathematical models that help creditors make intelligent credit risk decisions.Creditors of all types make risk decisions every day, often haphazardly. This book...

This paper applies a geo-additive generalized linear mixed model to describe the spatial variation in the prevalence of cough among children under 5 years of age using the 2000 Demographic and Health survey (DHS) data from Malawi. Of particular interest in the analysis were the small area effect...

We consider two competing financial state space models and investigate whether additional information in the form of option price data is helpful to the estimation of either the unobservable state variable (volatility) or the unknown parameters in the model. The complete discussion of the...

This paper shows that coordination failure and contractual incompleteness can lead to socially excessive investment. Firms and workers choose investment levels then enter a stochastic matching process. If investment levels are discrete, then if match frictions are low enough, high investing...