This paper tests an intertemporal consumption-leisure model with non-expected utility. There is evidence to reject the commonly used expected-utility specification and to accept the non-expected utility one as the model's restrictions are not rejected by the data

This paper studies simulation-based optimization with multiple outputs. It assumes that the simulation model has one random objective function and must satisfy given constraints on the other random outputs. It presents a statistical procedure for testing whether a specific input combination...

This paper provides series expansions of the stationary distribution of a finite Markov chain. This leads to an efficient numerical algorithm for computing the stationary distribution of a finite Markov chain. Numerical examples are given to illustrate the performance of the algorithm

To understand the relevance of marketing efforts, it has become standard practice to estimatethe long-run and short-run effects of the marketing-mix, using, say, weekly scanner data. Acommon vehicle for this purpose is an econometric time series model. Issues that areaddressed in the literature...

We develop a Neo-Classical growth model with habit formation to exhibit an equilibrium non-linear relationship between aggregate consumption growth and income growth. We provide empirical evidence consistent with this relationship both for the U.S. and France, and we estimate this non-linear...