Based on detailed shipping figures of Suriname’s main harbour in Paramaribo, we estimate the total shipments (in kilograms) of original and counterfeit medical products for 1996-2008 across five product categories. Using various time series techniques, we document that total cumulative...

We construct models which enable a decision-maker to analyze the implications of typical time series patterns of daily exchange rates for currency risk management. Our approach is Bayesian where extensive use is made of Markov chain Monte Carlo methods. The effects of several model...

In this paper we discuss the level set method of Joó and how to use it to give an elementary proof of the well-known Sion’s minimax result. Although this proof technique is initiated by Joó and based on the inter-section of upper level sets and a clever use of the topological notion of...

In this paper the issue of detecting and handling outliers in the GARCH(1,1) model is addressed. Simulation evidence shows that neglecting even a single outlier has a dramatic on parameter estimates. To detect and correct for outliers, we propose an adaptation of the iterative in Chen and Liu...

Theory predicts that dismissing the 1 and 2 euro cent coins from the denominational range of the euro leads to more payment efficiency. To examine whether this theory holds true in practice, we collected data for the Netherlands before and after September 1 2004, which marks the day that retail...

Volatility breaks are tested and documented for 19 important monthly macroeconomic time series across the G7 countries. Across all conditional mean specifications considered, including both linear and nonlinear models with and without a structural break, volatility breaks are found to be...

In this paper we reconsider the analysis of the effect of education on income by Angrist and Krueger (1991). In order to account for possible endogeneity of the education spell, these authors use quarter of birth to form valid instruments. Angristand Krueger apply a classical method, two-stage...

A sensible Bayesian model selection or comparison strategy implies selecting the model with the highest posterior probability. While some improper priors have attractive properties such as, e.g., low frequentist risk, it is generally claimed that Bartlett's paradox implies that using improper...

Due to the shipping industry’s international legal framework and the existence of loopholes in the system, an estimated 5-10 percent of substandard ships exist which are more likely to have incidents with high economic cost. This article uses ship life cycles to provide insight into the...

We study the diffusion of original and counterfeit products in three distinct categories in a developing country. The focus is on when their diffusion processes peak, how sales of original and counterfeit products are related and how marketing efforts can influence this process. Using a unique...