I consider an oligopoly model where, prior to price competition, firms invest in persuasive advertising and induce brand loyalty in consumers who would otherwise buy the cheapest alternative on the market. This setting, in which persuasive advertising is introduced to homogenous product markets, provides an alternative explanation for price dispersion phenomena. Despite ex-ante symmetry, the eq...

Random Coefficient Panel Data Models This paper provides a review of linear panel data models with slope heterogeneity, introduces various types of random coefficients models and suggest a common framework for dealing with them. It considers the fundamental issues of statistical inference of a random coefficients formulation using both the sampling and Bayesian approaches. The paper also provid...

By disaggregating price indices, it becomes apparent that the real exchange rate consists of the real exchange rate for a single good and a weighted sum of relative prices between goods. When applying a battery of panel unit root tests to this sum and its components, it is found that both the sum and the relative prices are non-stationary. This implies that PPP is invalid even if the LOP holds ...

Recently, considerable emphasis has been placed on the problems arising out of cross-sectional dependence in panel unit root tests. This paper adopts the factor based cross-sectional dependence paradigm of Bai and Ng (2004) but suggests alternative factor extraction methods. Some theoretical results for these methods are provided. Further, a detailed Monte Carlo study of these methods for multi...

This paper explores the issue of efficiency in English higher education using data envelopment analysis and stochastic frontier analysis to estimate an output distance function (which incorporates measures of both quantity and quality of teaching and research inputs and outputs) over a thirteen-year period. The study compares the efficiency estimates derived from various estimation methods, and...

We analyze the relationship between website visits, magazine demand and the demand for advertising pages using Granger non-causality tests on the basis of an extensive and externally audited quarterly data set for the German magazine market spanning the period I/1998 to II/2004. We use traditional panel data estimators and an estimator suitable for heterogeneity across magazines. We find very r...

سابقه و هدف: هزینه مبادله که برخاسته از اقتصاد نهادگرا است، با مفهوم کارایی مرتبط است. یکی وظایف برنامه‌ریزان، افزایش فرایند برنامه‌ریزی به همین دلیل شناسایی عوامل مؤثر بر همچون هزینه‌های جست‌وجوی اطلاعات، مذاکره، ایجاد اعمال ساز­و­کارهای نظارتی حائز اهمیت زیرا این طریق است برنامه‌ریزان می‌توانند تکیه طراحی نهادی ساختارهای حکمرانی، را کاهش دهند. طرح تفصیلی در نظام ایران، برنامه‌ای بازیگران متعد...

Ekonomide belirsizlik, dış ticaret ve döviz kuru gibi makro ekonomik değişkenler üzerinde etkili olabilmektedir. Küreselleşmenin ilerlemesi ekonomilerin karşılıklı bağımlılığının artmasıyla birlikte uluslararası ticaret, ekonomide yaşanan belirsizlik ortamından güçlü bir şekilde etkilenmektedir. Literatürde ekonomi politika belirsizliğinin üzerindeki etkilerine ilişkin tam olarak görüş birliği ...