This paper reassesses the debate over the role of education in farm production in Bangladesh using a large dataset on rice producing households from 141 villages. Average and stochastic production functions are estimated to ascertain the effect of education on productivity and efficiency. A full...

Uganda suffers from a high rate of child mortality which has improved little if at all in the last twenty years. The paper uses data from the 1992 Integrated Household Survey to model the determinants of child mortality and malnutrition. Parental beliefs about health have a strong and very...

The conjunction fallacy occurs whenever probability compounds are thought of as more likely than its component probabilities alone. In the experiment we present, subjects chose between simple and compound lotteries after some practice. Depending on the condition, they were given more or less...

This paper presents a neural network model developed to simulate the endogenous emergence of bounded-rational behavior in normal-form games. There exists an algorithm which, if learnt by a neural network, would enable it to perfectly select Nash equilibria in never before seen games. However,...

To interpret estimates of empirical earnings functions, and to resolve sample selection problems such as tenure bias, the wage determination process must be specified. This paper shows that an earnings function can be interpreted as a wage offer in a labour market auction in which the worker...

This paper examines experimental evidence relating to herd behaviour in situations when subjects can learn from each other, and can delay their decision. Subjects acted rationally, gaining from observational learning, despite penalties for delay. Cascades were ubiquitous and reverse-cascades...

We discuss computational aspects of likelihood-based estimation of unvariate ARFIMA (p,d,q) models. We show how efficient computation and simulation is feasible, even for large samples. We also discuss the implementation of analytical bias corrections.

This paper gives a selected review of some of the work on poverty mobility, largely based on recent research. The literature is vast and many interesting suggestive findings have emerged. Most evidence points to the importance of household endowments, in terms of education or assets, as well as...

In the 1980s conditional lending for structural adjustment in developing countries moved the IMF beyond its role of macroeconomic crisis management. Fund-supported adjustment programmes have often been flawed by a lack of distributional analysis and by poor sequencing of reforms, notably...

A continuous time econometric modelling framework for multivariate market event (or transactions) data is developed in which the model is specified via the vector stochastic intensity. This has the advantage that the conditioning sigma-field is updated continuously in time as new information...