statistical test results. Methodologically, when proOutput supplies and input demands were estimated duction structure is homothetically separable in a for each of five South Central states. The model ubset of outputs and/or inputs, both prices and structure in each state was based on prior parametric quantities of the subset can be consistently aggretests of homothetic separability, and estima...

A setting with optimal monetary policy is susceptible to the well-known timeinconsistency problem, where the credibility of the central bank plays a crucial role. First, in a simple model of optimal monetary policy we show how different assumptions about the level of credibility can have important implications for the term structure of interest rates. Next, using a regime-switching approach, we...

This paper analyses the relation between air quality and subjective well-being in Germany. Life Satisfaction (LS) data from the German Socio-Economic Panel Study (SOEP) is connected with daily county pollution in terms of carbon monoxide (CO), nitrogen dioxide (NO2) and ozone (O3) from 1998 to 2008. The assumed microeconometric happiness function is estimated considering individual time invaria...

How to accurately predict customers’ adoption behavior is becoming more important and challenging to many credit card marketers as competition increases. This calls for more knowledge about the consumer utility function and the corresponding decision behavior. In this study, we challenge the commonly used logit model which implies linear utility function and constant marginal rate of substituti...

statement of the problem: although all-ceramic restorations are broadly used, there is a lack of information concerning how their fit is affected by fabrication procedure and marginal configuration. purpose: the purpose of this study was to evaluate the marginal fit of zirconia cad/cam ceramic crowns before and after porcelain firing. the influence of finish line configuration on the marginal f...

We investigate the structure of the pricing kernels in a general dynamic investment setting by making use of their duality with the self financing portfolios. We generalize the variance bound on the intertemporal marginal rate of substitution introduced in Hansen and Jagannathan (1991) along two dimensions, first by looking at the variance of the pricing kernels over several trading periods, an...

HIV-stigma is a major reason why HIV continues to be a global epidemic. Interventions targeting HIV-stigma are therefore necessary. To find an intervention that is worthwhile, a Cost-Benefit Analysis is needed which compares costs and benefits. There are many documented costs of HIV-stigma. What is missing is a valuation of the benefits of reducing HIV-stigma. The purpose of this paper is to pr...

Standard real business cycle models must rely on total factor productivity (TFP) shocks to explain the observed comovement of consumption, investment, and hours worked. This paper shows that a neoclassical model consistent with observed heterogeneity in labor supply and consumption can generate comovement in the absence of TFP shocks. Intertemporal substitution of goods and leisure induces como...

Labour market imperfections are one of the leading causes of economic backwardness that result in under utilization of labour, the most important input in production process. Labour markets are shallow in subsistence agricultural economies which causes problem in determining the wage rate. The household production function provides an alternative to estimating the shadow wage rate such that it ...