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We propose two nonparametric transition density-based speciÞcation tests for continuous-time diffusion models. In contrast to marginal density as used in the literature, transition density can capture the full dynamics of a diffusion process, and in particular, can distinguish processes with...
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We show why considering a number of education-dependent covariates in the wage equation decreases coefficient of education in the wage equation. We use a meta-analysis of results for Portugal to show, empirically, that this is the case. The coefficient decreases when we use covariates that can...
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This paper discusses the use of hedonic techniques to theoretically and empirically understand the wages of higher education faculty. The paper first presents theoretical models of department and faculty choice. These models represent a synthesis of prior work in the hedonic area. The models...
Persistent link: https://www.econbiz.de/10014199522
This study presents an alternative way of estimating credit transition matrices using a hazard function model. The model is useful both for testing the validity of the Markovian assumption, frequently made in credit rating applications, and also for estimating transition matrices conditioning on...
Persistent link: https://www.econbiz.de/10014216942
In this paper, we discuss the substantive range of spatial interdependence in political and related social sciences. We offer a generic theoretical model demonstrating that interdependence arises whenever utilities of one actor depend on the choices of other actors - i.e., inter alia, in all...
Persistent link: https://www.econbiz.de/10014220987
When production functions are estimated as frontier functions, the deviations from the frontier can be interpreted as individual inefficiency estimates. Unfortunately, it has recently been shown that efficiency differences across individuals are very often statistically insignificant. In this...
Persistent link: https://www.econbiz.de/10014153612
This paper presents a procedure for studying industrial performance and related issues such as changes in the wage structure. This procedure combines cluster analysis and discriminant analysis as a package, and applies this package to time series data. This enables us to organize industrial data...
Persistent link: https://www.econbiz.de/10014156247
This report describes the Minnesota Income Tax Compliance Experiment conducted by the Minnesota Department of Revenue in 1995. The experiment tested alternate strategies to improve voluntary compliance with the state's individual income tax. These strategies included: increased examination and...
Persistent link: https://www.econbiz.de/10014075558