We use a novel Bayesian inference procedure for the Lyapunov exponent in the dynamical system of returns and their unobserved volatility. In the dynamical system, computation of largest Lyapunov exponent by tradi- tional methods is impossible as the stochastic nature has to be taken explicitly...

Existing methods for the measurement of technical efficiency in the dynamic production models obtain it from the implied distance functions without making use of the information about intertemporal economic behavior in the estimation beyond an indirect appeal to duality. The main limitation of...

We developed a non-parametric technique to measure Total Factor Productivity (TFP). Our paper has two major novelties in estimating the production function. First, we propose a productivity modelling with both idiosyncratic firm factors and aggregate shocks within the same framework. Second, we...

Purpose: This paper aims to serve as an important guide for more rigorous quantitative research in tourism and hospitality. Design/methodology/approach: This paper relies on comments from several methodological experts in the field, as well as the authors’ main observation of the literature....