This paper uses a growth model with public and private education alternatives to investigate the implications of education voucher for economic growth and the evolution of income inequality. The results indicate that introducing education vouchers can increase economic growth. families that...

We study the portfolio allocation decisions of Australian households using the relatively new Household Income and Labour Dynamics in Australia (HILDA) survey. We focus on household allocations to risky financial assets. Our empirical analysis considers a range of hypothesised determinants of...

We provide a model in which small and relatively isolated communities can successfully manage local commons informally in circumstances where larger or less isolated communities could not do so. The reason for this is the non-anonymous nature of many interactions between the members of a small...

This paper addresses some theoretical and econometric aspects of modelling addictive consumption. We show that the solution to the optimisation problem leads to a specification of the reduced form equation which is different from what is found in the literature. We also demonstrate that it is...

This paper proposes a new method of interval estimation for the long run response (or elasticity) parameter from a general linear dynamic model. We employ the bias- corrected bootstrap, in which small sample biases associated with the parameter estimators are adjusted in two stages of the...

The interactions between real and securities markets are investigated when the degree of monopoly increases. An elaboration of Kaldor's neo-Pasinetti model is used to analyse the relationship between consumption, investment, capital gains and the prices of securities. There are two principal...