The non-differentiability and implicit definition of boundary of production possibility set (PPS) in data envelopment analysis (DEA) are two important difficulties for obtaining directional characteristics, including different elasticity measures and marginal rates of substitution. Also, imposing weight restrictions in DEA models have some shortcomings and misunderstandings. In this paper we ut...

A rchimedes said, “Give me the place to stand, and a lever long enough, and I will move the Earth” (Hirsch, Kett, and Trefil, 2002, p. 476). Economists have their own powerful lever: the instrumental variable estimator. The instrumental variable estimator can avoid the bias that ordinary least squares suffers when an explanatory variable in a regression is correlated with the regression’s distu...

consumption of dairy products in terms of the health and economic terms is very important. the analysis of consumer behavior can help to take policies consistent and correct in this regard. in this study the demand for milk, yogurt and cheese was estimated by using time series data related to 1984-2009 in the framework of the idea of an almost ideal demand system. the results showed that all of...

This paper studies the identification and estimation of optimal linear approximation a structural regression function. The parameter in is called Optimal Linear Instrumental Variables Approximation (OLIVA). shows that necessary condition for standard inference on OLIVA also sufficient existence an IV estimand model. instrument unknown may not be identified. A Two-Step (TSIV) estimator based Tik...

In this paper, we establish an axiomatically founded generalized recursive smooth ambiguity model that allows for a separation among intertemporal substitution, risk aversion, and ambiguity aversion. We axiomatize this model using two approaches: the second-order act approach à la Klibanoff et al. (2005) and the twostage randomization approach à la Seo (2009). We characterize risk attitude and ...