This paper investigates in detail the design parameters of the two most prominent U.S. tradeable emission permit program - the U.S. EPA Sulfur Allowance Trading Program and the South Californian Regional Clean Air Incentives Market (RECLAIM). In contrast to expectations and the existing...

This paper examines the pattern of the labor market appraisal of workers’ schooling, focusing on the Northern regions of the country. The manufacturing industry is studied in particular since a large part of the economic activity is located in the North, relative to the rest of the country’s...

This paper details particle Markov chain Monte Carlo (PMCMC) techniques for analysis of unobserved component time series models using several economic data sets. PMCMC provides a very compelling, computationally fast and efficient framework for estimation and model comparison. For instance, we...

This paper discusses the principles that determine firstly how cities evolve over seven phases in what I call the Affinity Factor model. Secondly, we see how Affinity Factor model may help understand how development spreads or distributes within the city. We observe how these principles impact...

The present paper examines the changes in work participation rates, participation rate in education and the growth of employment, and explores the prospects of employment growth in the state of Andhra Pradesh (India) in the scenario of declining population growth which acts as a limiting factors...

This paper examines real estate pricing featuring the price response curve, both theoretically and empirically. The Bertrand model with differentiated products suggests that the price response of real estate may differ when properties in the vicinity are priced by an affiliated firm or one's own...

We provide a generalization of the Anderson-Rubin (AR) procedure for inference on parameters which represent the dependence between possibly endogenous explanatory variables and disturbances in a linear structural equation (endogeneity parameters). We focus on second-order dependence and stress...

This study compares the performance of the widely used risk measure Value-at-Risk (VaR) across a large sample of developed and developing countries. The performance of the VaR is assessed by both unconditional and conditional tests of Kupiec and Christoffersen, respectively, as well as the...

How do inflows of unauthorized immigrants shape elections? Political economy theories often yield competing predictions and mixed empirical results. The main hurdle of empirically evaluating the impact of unauthorized immigrants on election outcomes is finding reliable data that can measure...

This paper introduces a new game theoretic equilibrium, Bayesian equilibrium by iterative conjectures (BEIC). It requires agents to make predictions, starting from first order uninformative predictive distribution functions (or conjectures) and keep updating with statistical decision theoretic...