In this paper, we empirically investigate the dynamics of the marginal propensity to pirate for computer software. We introduce a state space formulation that allows us to estimate error structures and parameter significance, in contrast to previous work. For data from 1987-92, we find a rising...

This study deals with the problem of measuring the real exchange rate (RER). We consider four aspects of this measurement problem: (a) Using end- of- period or period averages of the nominal exchange rate. (b) Choosing price indexes. (c) In obtaining the real effective exchange rates (REER),...

A biography of Elda Cecchele, a textile artisan working in the Veneto countryside from the late forthies to the eighthies of last Century. She produced very elegant textiles for famous Italian fashion designers, as Giuliana di Camerino, Salvatore Ferragamo and the archietects Tobia and Afra Scarpa.

A major implication of global climate change is that future generations will suffer severe damages while the current generation benefits. In this paper a model is developed to analyze the potential need for mitigating the adverse impacts of the greenhouse effect on efficiency grounds. The model...

This paper examines the behavior of financial markets efficiency during the recent financial market crisis. Using the Hurst exponent as a criterion of market efficiency we show that level of market efficiency is different for pre-crisis and crisis periods. We also classify financial markets of...

Eight consumption-based asset pricing models are developed, estimated and compared their capacities in accounting for the asset markets in Hong Kong. Results based on conventional metrics or recently developed econometric techniques deliver similar results: introducing housing into the...

Financial Inclusion for inclusive growth is a topic of contemporary significance and relevance. This study besides establishing the growth enhancing role of bank-based financial intermediation through empirical evidence has also found that access to finance by the poor is a prerequisite for...

In this paper, I consider two heterogeneous economies that engage in a currency union. The small economy adopts the currency of the large and is highly dependent on its wealthier partner for trade. The effects of a currency union, deficit financing and institutional restraints on inflation are...

The purpose of this paper is to examine the most appropriate slaughtering time for deer from an economic perspective under the following conditions: (1) standard deer farming and temporal deer farming; (2) unit price of venison is constant and is a function of age in months (3) grazing and pen...

This paper investigates the offsetting effect theory, using individual-level accident data to analyze how drivers respond to seat-belt laws. I find that drivers drive their vehicles more carefully when more stringent seat-belt laws are in effect. I also find that careful driving is not...