Econometrics and economic statistics Books

Book SynopsisWorld Statistics on Mining and Utilities 2018 provides a unique biennial overview of the role of mining and utility activities in the world economy. This extensive resource from UNIDO provides detailed time series data on the level, structure and growth of international mining and utility activities by country and sector. Country level data is clearly presented on the number of establishments, employment and output of activities such as: coal, iron ore and crude petroleum mining as well as production and supply of electricity, natural gas and water.This unique and comprehensive source of information meets the growing demand of data users who require detailed and reliable statistical information on the primary industry and energy producing sectors. The publication provides internationally comparable data to economic researchers, development strategists and business communities who influence the policy of industrial development and its environmental sustainability.Table of ContentsAbout this Publication Introduction Part I: Summary Tables Part II: Country Tables

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Book SynopsisWritten in a comprehensive yet accessible style, this Handbook introduces readers to a range of modern empirical methods with applications in microeconomics, illustrating how to use two of the most popular software packages, Stata and R, in microeconometric applications. International contributors expertly investigate the development of advanced methods driven by the accumulation of numerous data sets at the level of individuals, households and firms, and by an increase in the capacity and speed of computers. The Handbook highlights that, while the more traditional empirical methods were largely limited to establishing correlations, these new methods aim to uncover causality. Examination of these advances shows new possibilities for applied research in microeconomics in the estimation of sophisticated structural models and the evaluation of policy interventions. This insightful Handbook is a must-read for graduate students and instructors in applied microeconomics as well as researchers in government departments and academia pursuing modern advanced methods of policy evaluation and data analysis.Table of ContentsContents: Introduction to the Handbook of Research Methods and Applications in Empirical Microeconomics ix Nigar Hashimzade and Michael A. Thornton PART I ECONOMETRIC METHODS IN MICROECONOMICS 1 Linear dynamic panel data models 2 Ryo Okui 2 Spatial autoregressive nonlinear models in R with an empirical application in labour economics 23 Anna Gloria Billé 3 Econometric analyses of auctions: a selective review 42 Tong Li and Xiaoyong Zheng 4 An introduction to flexible methods for policy evaluation 82 Martin Huber PART II HOUSEHOLDS, BUSINESSES AND SOCIETIES 5 Econometric models of fertility 113 Alfonso Miranda and Pravin K. Trivedi 6 Measuring discrimination in the labour market 155 Emmanuel Duguet 7 Microeconomic models for designing and evaluating tax-transfer systems 195 Ugo Colombino 8 Bounds on counterfactuals in semiparametric discrete-choice models 223 Khai X. Chiong, Yu-Wei Hsieh and Matthew Shum 9 Bank performance analysis 238 Natalya Zelenyuk and Valentin Zelenyuk 10 Empirical methods in social epidemiology 280 Christopher F. Baum PART III POLICY EVALUATION AND CAUSALITY 11 Policy evaluation using causal inference methods 294 Denis Fougère and Nicolas Jacquemet 12 Regression discontinuity designs in policy evaluation 325 Otávio Bartalotti, Marinho Bertanha and Sebastian Calonico 13 Measuring the effect of health events in the labour market 359 Emmanuel Duguet PART IV NETWORKS AND BIG DATA IN MICROECONOMICS 14 Exploring social media: Twitteronomics and beyond 388 Tho Pham, Piotr Śpiewanowski and Oleksandr Talavera 15 Econometrics of networks with limited access to network data: a literature survey 416 Pedro C.L. Souza 16 Machine learning for causal inference: estimating heterogeneous treatment effects 438 Vishalie Shah, Noemi Kreif and Andrew M. Jones PART V STATA AND R IN MICROECONOMETRIC APPLICATIONS 17 Stochastic frontier analysis in Stata: using existing and coding new commands 489 Oleg Badunenko 18 Modern R workflow and tools for microeconometric data analysis 518 Giovanni Baiocchi 19 Robust inference in panel data microeconometrics, using R 564 Giovanni Millo 20 Econometric estimation of the “Constant Elasticity of Substitution” function in R: the micEconCES package 596 Arne Henningsen, Géraldine Henningsen and Gergő Literáti Index 641

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.This Advanced Introduction provides a critical review and discussion of research concerning spatial statistics, differentiating between it and spatial econometrics, to answer a set of core questions covering the geographic-tagging-of-data origins of the concept and its theoretical underpinnings, conceptual advances, and challenges for future scholarly work. It offers a vital tool for understanding spatial statistics and surveys how concerns about violating the independent observations assumption of statistical analysis developed into this discipline.Key Features: A concise overview of spatial statistics theory and methods, looking at parallel developments in geostatistics and spatial econometrics, highlighting the eclipsing of centography and point pattern analysis by geostatistics and spatial autoregression, and the emergence of local analysis Contemporary descriptions of popular geospatial random variables, emphasizing one- and two-parameter spatial autoregression specifications, and Moran eigenvector spatial filtering coupled with a broad coverage of statistical estimation techniques A detailed articulation of a spatial statistical workflow conceptualization The helpful insights from empirical applications of spatial statistics in agronomy, criminology, demography, economics, epidemiology, geography, remotely sensed data, urban studies, and zoology/botany, will make this book a useful tool for upper-level students in these disciplines. Trade Review‘With widespread and increasingly available georeferenced data, this book offers a timely assessment of contemporary methods, models, and metrics—such as the eigenvector spatial filtering approach to handling spatial autocorrelation—in spatial statistics. I salute the authors for this enlightening contribution! The book will greatly empower us to better uncover mechanisms behind georeferenced data.’ -- Li An, San Diego State University, USTable of ContentsContents: Preface 1. An advanced introduction to spatial statistics: motivation and scope 2. Describing spatial random variables 3. Spatial statistical model parameter estimation 4. A spatial statistical modeling workflow 5. Applications from A to Z of spatial statistical modeling 6. Nonparametric spatial statistical models Afterword References Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.This Advanced Introduction provides a critical review and discussion of research concerning spatial statistics, differentiating between it and spatial econometrics, to answer a set of core questions covering the geographic-tagging-of-data origins of the concept and its theoretical underpinnings, conceptual advances, and challenges for future scholarly work. It offers a vital tool for understanding spatial statistics and surveys how concerns about violating the independent observations assumption of statistical analysis developed into this discipline.Key Features: A concise overview of spatial statistics theory and methods, looking at parallel developments in geostatistics and spatial econometrics, highlighting the eclipsing of centography and point pattern analysis by geostatistics and spatial autoregression, and the emergence of local analysis Contemporary descriptions of popular geospatial random variables, emphasizing one- and two-parameter spatial autoregression specifications, and Moran eigenvector spatial filtering coupled with a broad coverage of statistical estimation techniques A detailed articulation of a spatial statistical workflow conceptualization The helpful insights from empirical applications of spatial statistics in agronomy, criminology, demography, economics, epidemiology, geography, remotely sensed data, urban studies, and zoology/botany, will make this book a useful tool for upper-level students in these disciplines. Trade Review‘With widespread and increasingly available georeferenced data, this book offers a timely assessment of contemporary methods, models, and metrics—such as the eigenvector spatial filtering approach to handling spatial autocorrelation—in spatial statistics. I salute the authors for this enlightening contribution! The book will greatly empower us to better uncover mechanisms behind georeferenced data.’ -- Li An, San Diego State University, USTable of ContentsContents: Preface 1. An advanced introduction to spatial statistics: motivation and scope 2. Describing spatial random variables 3. Spatial statistical model parameter estimation 4. A spatial statistical modeling workflow 5. Applications from A to Z of spatial statistical modeling 6. Nonparametric spatial statistical models Afterword References Index

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Book SynopsisPresenting innovative modelling approaches to the analysis of fiscal policy and government debt, this book moves beyond previous models that have relied upon the assumption that various age-specific rates and policy variables remain unchanged when it comes to generating government expenditures and tax revenues. As a result of population ageing, current policy settings in many countries are projected to lead to unsustainable levels of public debt; Tax Policy and Uncertainty explores models that allow for feedbacks and uncertainty to combat this.Applicable to any country, the models in the book explore the optimal timing and extent of tax changes in the face of anticipated high future debt. Chapters produce stochastic debt projections, including probability distribution of debt ratios at each point in time. It also offers important analysis of fiscal policy trade-offs as well as providing advice on when and by how much tax rates should be increased.Economics scholars focusing on fiscal policy will appreciate the improved models in this book that allow both for uncertainty and feedback effects arising from responses to increased debt. It will also be helpful to economic policy advisors and economists in government departments.Trade Review’This book develops important innovations in addressing two problems in determining short term fiscal policy according to long run fiscal projections. The first problem is the difficulty of modelling the complex interactions of macroeconomic variables that generate feedback effects from policy decisions. Second is the potential sunk costs of making irreversible tax and spending decisions in the face of significant uncertainty about future phenomena such as population ageing and climate change. The authors build their analysis carefully and in a very readable style. It should provide a useful manual for fiscal policy makers around the world.’- Ross Guest, Griffith University, Australia -- ’Anyone seeking to understand tax policy modelling under uncertainty will certainly want to consult this book.’- James R. Hines Jr., University of Michigan, USTable of ContentsContents: 1. Introduction I Deterministic Projection Models 2. Projecting Tax Revenues 3. A Debt Projection Model II Uncertainty in Tax Models 4. Tax Policy under Uncertainty III Debt Projections and Uncertainty 5. Stochastic Projections and Debt 6. Optimal Tax Policy Bibliography Index

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Book SynopsisThis volume of the International Symposia in Economic Theory and Econometrics explores the latest economic and financial developments in Asia. Chapters cover a range of topics such as the consequences of green supply chain integration and environmental uncertainty on performance, along with the effects of perceived organisational support, transformational leadership, and teamwork on employee engagement. These peer-reviewed papers touch on a variety of timely, interdisciplinary subjects such as corporate social responsibility and the effects of public policy. Environmental, Social, and Governance Perspectives on Economic Development in Asia also includes empirical studies in financial economics and public governance. For example, one chapter analyses the impact of COVID-19 pandemic risk and lockdown on the Indian economy, while another empirically studies the influence of word of mouth variables on visits and re-visits for ecotourism in West Java. Together, ISETE 29 volume B, is a crucial resource of current, cutting-edge research for any scholar of international finance and economics.Table of ContentsChapter 1. The Economic Performance of China in Trade War: The Case Study of Three Global Economic Crisis in 1997 – 2020; Budi Sasongko, Suryaning Bawono, and Bambang Hadi Prabowo Chapter 2. Identifying Neighborhood Reinforcement Method to Enhancing Socio-Economic Development in Indonesia: A Quintuple Helix Perspective; Vidya Purnamasari, Ermita Yusida, Vika Annisa Qurrata, Santi Merlinda, Linda Seprillina, and Wen-Chi Huang Chapter 3. Materiality Analysis and CSR in Micro, Small, and Medium Enterprises; Erwin Saraswati Chapter 4. Green Supply Chain Integration and Environmental Uncertainty to Performance: The Mediating Role of Green Innovation; Siti Aisjah and Sri Palupi Prabandari Chapter 5. Entrepreneurial Perspective on Firm’s Environmental Activities; Duangporn Puttawong and Anusorn Kunanusorn Chapter 6. Facing International Environmental Challenges by Enhancing Employee Engagement; Reny Diana and B. Medina Nilasari Chapter 7. Innovation Orientation, Marketing Capability, Dynamic Capability, and Performance; Bahrun Borahima, Noermijati Noermijati, Djumilah Hadiwidjojo, and Ainur Rofiq Chapter 8. The Interactive Effect of Ethical Leadership and Employee Citizenship Behaviour on Organisational Success: Do Lenses of Corporate Governance Matter?; Amy Yeo Chu May, Carmen Teoh Chia Wen, and Jeffton Low Boon Tiong Chapter 9. Entrepreneurship in The Tourism Industry: Implication on Sustainable Economic Development; Murniati, Ghozali Maski, Iswan Noor, and Marlina Ekawaty Chapter 10. Investigation of Taxation Knowledge, Services, and Sanctions of The Head of Village Government Financial Affairs of Gunung Kidul Regency in Indonesia; Sang Ayu Putu Piastini Gunaasih Chapter 11. Impact of COVID-19 Pandemic Risk and Lockdown on the Indian Economy; Soumya Bhadury Chapter 12. The Impacts of Electronic Word of Mouth on the Intention of Patients to Join “In Vitro Fertilization” Program; Muhammad Rizal, Endang Ruswanti, and Moehammad Unggul Januarko Chapter 13. Model of Increasing Tourists Revisit Intention: Utilising the Environment as an Ecotourism Area; Dani Dagustani, Gatot Iwan Kurniawan, Heppy Agustiana Vidyastuti, and Rediawan Miharja

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Book Synopsis'In Economics as Anatomy Peter Swann has produced a wonderful sequel to his earlier 2006 classic, Putting Econometrics into Its Place. In this powerful new book, Peter Swann shows how key ideas from the economics of innovation can reconstruct economics as an empirical science. The challenge for mainstream economists is to embrace diversity and help rebuild the subject of economics so that it is no less innovative and dynamic than the economy itself. Economists need to go back to their roots and build something different.'- Kevin Dowd, Durham University, UK'This is an important, thought-provoking, well-argued and provocative work which questions the methodological basis of, and the status accorded to, econometric analyses. . . This book will prove useful to all economic researchers, whatever the stage of their career - from undergraduates to longstanding professors. This book should stimulate a lively debate and should result in all researching economists to reflect critically on their current approaches and become more open to methods other than the strictly econometric.'- Adrian Darnell, Durham University, UKThere are two fundamentally different approaches to innovation: incremental and radical. In Economics as Anatomy, G.M. Peter Swann argues that economics as a discipline needs both perspectives in order to create the maximum beneficial effect for the economy.Chapters explore how and why mainstream economics is very good at incremental innovation but seems uncomfortable with radical innovation. Swann argues that economics should follow the example of many other disciplines, transitioning from one field to a range of semi-autonomous sub-disciplines. In this book, he compares the missing link in empirical economics to being the economic equivalent of anatomy, the basis of medical discourse.Working as a sequel to Swann's Putting Econometrics in its Place, this book will be a vital resource to those who are discontent with the state of mainstream economics, especially those actively seeking to promote change in the discipline. Students wishing to see progress in the teaching of economics will also benefit from this timely book.Trade ReviewEconomics as Anatomy is a superb sequel to Peter Swann's earlier book, Putting Econometrics in its Place. It is filled with educated common sense. It critiques the profession without condemnation, and provides some excellent and well-reasoned suggestions for how the profession can (and should) do better. --David Colander, Middlebury College, US'Peter Swann's call for economics to embrace a federation of approaches to economics, akin to the diversity one finds in medicine, is a thoughtful insider's response to the calls for pluralism in economics by internal and external critics after the financial crisis of 2008. His demonstration that the signal to noise ratio in the vast majority of econometric studies is far too low to rely on econometrics alone as a way to evaluate economic theories should be read and appreciated by all econometricians. Humility may be the first necessary step in the reform of economics.' --Steve Keen, Kingston University London, UK'Swann applies ideas from the economics of innovation and standards plus entertaining analogies from medicine and Sherlock Holmes to make a persuasive case for improving empirical economics. He shows how this can be done by adopting a wider variety of methods and embracing free trade and a division of labour with other disciplines.' --Ron Smith, Birkbeck, University of London, UKTable of ContentsContents: Preface PART I RE-APPRAISAL 1. Introduction 2. How Good are Econometric Results? 3. Assumptions in Empirical Economics 4. Three Types of Rigour 5. Misinterpreting Kelvin’s Maxim 6. Myths about Case Studies 7. Discontent in the Academy 8. Wider Discontent PART II INNOVATION 9. Economics of Innovation 10. Incremental Innovation in Economics 11. Radical Innovation in Economics PART III THE FEDERATION 12. Why Emulate Medicine? 13. Economic Anatomy 14. Economic Physiology 15. Economic Pathology 16. Pathology in the Economics Discipline 17. Multidisciplinary Hybrids 18. Practitioner Hybrids 19. And Many Others … 209 20. Will the Federation Survive? References Index

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Book SynopsisThis book presents a quarter of a century of empirical research on interest rates and a variety of asset prices. It will serve to deepen our understanding of asset price inflation. The book includes extensive analysis of the measurement of interest rates, with case studies from The Netherlands, Belgium and EMU, and emphasizes statistical measurement and the attempt to understand interest rate behaviour through statistical estimation. The book also includes an examination of historical interest rate development in the long run, both theoretically and empirically. In conclusion, Professor Fase also analyses the behaviour of bonds, stocks and investment in art and examines the factors indispensable for a monetary strategy designed to target inflation.Table of ContentsContents: Introduction Part I: On Interest Rates 1. A Principal Components Analysis of Market Interest Rates in The Netherlands, 1962–1970 2. The Interdependence of Short-term Interest Rates in the Major Financial Centres of the World 3. On Interest Rates in Belgium and The Netherlands 4. International Convergence of Capital Market Interest Rates 5. Bond Yields and Expected Inflation 6. Anticipated Inflation and Interest Rates in an Open Economy 7. The Fisher Hypothesis and Exchange Rates in EMU 8. The Demand for Mortgage Credit and the Mortgage Rate in The Netherlands 9. Seventy Years of Interest Rates Part II: On Asset Prices 10. Index-linked Bonds and Inflation Risk in EMU 11. Price Determination on the Equity Market 12. The Linkage of Stock Exchange Markets Between Countries 13. The Interaction Between Trading Volume of Stocks and Options 14. The Equity Premium Puzzle 15. The Risk Premium on Equity in Core EMU 16. Purchase of Art Bibliography Index

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Book SynopsisThe rapidly increasing importance of China, India, Indonesia, Japan, South Korea and Taiwan both in Asia and in the world economy, represents a trend that is set to continue into the 21st century.This book provides an authoritative assessment of the 20th century performance of these countries, and in particular the factors contributing to the acceleration of Asian growth in the latter part of the century. The contributors look at Asia within a global perspective and detailed comparisons are drawn with Australia and the USA. Contributions from leading experts offer a comprehensive review of the procedures necessary to establish valid international comparisons for countries with very different economic histories and levels of development. These include methods of growth performance measurement and techniques of growth accounting.The Asian Economies in the Twentieth Century will be an indispensable new tool for policy analysts, international agencies and academic researchers.Trade Review'. . . this book should be on the shelf of economists and economic historians interested in Asia.' -- J. Thomas Lindblad, Bulletin of Indonesian Economic Studies'. . . this is a valuable collection of papers, which students of long-term economic growth in Asia will certainly need to read and ponder. Sceptics of historical national accounting may not be completely won over, but they will be forced to acknowledge that we can learn much from careful quantitative studies of the kind presented here.' -- Anne Booth, The World Economy'It would be a useful addition to faculty libraries in social science and business faculties. . . A book with a strong focus like this one and a wide regional range makes it a strong candidate for library purchase.' -- Malcolm Warner, Asia Pacific Business ReviewTable of ContentsContents: 1. Introduction: Measuring Asian Performances 2. The International Comparison of Real Product and Productivity 3. International Comparison of Farm Sector Performance: Methodological Options and Empirics Findings for Asia-Pacific Economies, 1900–94 4. A Comparison of Real Output and Productivity Levels in Australian and United States Manufacturing, 1970–95 5. Industrial Output and Labour Productivity in China 1949–94: A Reassessment 6. Twentieth Century Economic Performance of India 7. Indonesia’s Growth Performance in the Twentieth Century 8. The Long-term Performance of the Japanese Economy 9. Realising Growth Potential: South Korea and Taiwan, 1960 to 1998 Index

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Book SynopsisA unique and comprehensive source of information, this book is the only international publication providing economists, planners, policymakers and business people with worldwide statistics on current performance and trends in the manufacturing sector.The Yearbook is designed to facilitate international comparisons relating to manufacturing activity and industrial development and performance. It provides data which can be used to analyse patterns of growth and related long term trends, structural change, and industrial performance in individual industries. Statistics on employment patterns, wages, consumption and gross output and other key indicators are also presented.Trade Review'This annual publication seems to be the only international publication providing worldwide statistics on current performance and trends in the manufacturing sector. In terms of comprehensiveness, accuracy, and cross-country comparisons this volume is unparalleled . . . If you are looking for an authoritative source for comparative international statistics on industrial information, this is it.' -- Andrea Meyer, Business Information AlertAcclaim for previous editions:'This is a unique and massive effort by UNIDO providing comparative statistics on current performance and trends in the manufacturing sector worldwide . . . There is no doubt that the volume is a most important source book for economists, planners and policymakers.' -- Pradosh Nath, Journal of Science and Industrial Research'UNIDO has done well to bridge gaps in information noticed so far in industrial statistics worldwide and its companionship and usefulness will be realised by all users of this documentation in governmental, industrial and academic circles, as a must on every working desk. Its reliability is fully backed up by authoritative analysis.' -- Rajinder Kunmar, Marketing and Management NewsTable of ContentsContents: Introduction Appendices Part I: Summary Tables Part II: Country Tables

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Book SynopsisThis revised edition of Ryuzo Sato's seminal work illustrates the timeless nature of his contribution to economics. It is as pertinent today as when it was originally conceived, over twenty years ago.This book deals with a variety of topics in economic theory, ranging from the analysis of production functions to the general recoverability problem of optimal dynamic behavior. They are unified in the theme of 'transformation and invariance'. This book demonstrates the first application of the Lie theory to modern economics and provides a revealing analysis of market behavior and economic invariance.This book will be of interest to scholars of industrial economics, innovation, econometrics and microeconomics.Trade Review'Not until economists have given his impressive treatise a thorough reading shall we be in a position to put useful bounds on the value added to economics by this powerful and elegant technique. The ball is now in our court.' -- From the original preface by Paul A. Samuelson'Ryuzo Sato is a mathematical pioneer, and when Lie group theory is finally recognized as the natural language for the discussion of technical change and many other pivotal questions in the behavior of maximizing systems, this book will be seen as providing the foundation for the new approach.' -- Tom Russell, Santa Clara University, USTable of ContentsContents: Preface 1. An Overview 2. Holotheticity of a Technology 3. A Theory of Endogenous Technical Progress 4. “G-Neutral” Technical Change, Comparative Statics, and Integrability Conditions 5. Holotheticity of an Implicit Technology 6. Self-Dual Preferences and Technologies 7. Dynamic Symmetries and Economic Conservation Laws 8. A Lie Group Approach to the Index Number Problems 9. The Group Structure and the Theory of Observable Market Behavior Appendix: A Brief Survey of Lie’s Theory of Continuous Transformation Groups Index

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Book SynopsisThis unorthodox book derives and tests a simple theory of economic time series using several well-known empirical economic puzzles, from stock market bubbles to the failure of conventional economic theory, to explain low levels of inflation and unemployment in the US.Professor Stanley develops a new econometric methodology which demonstrates the explanatory power of the behavioral inertia hypothesis and solves the pretest/specification dilemma. He then applies this to important measures of the world's economies including GDP, prices and consumer spending. The behavioral inertia hypothesis claims that inertia and randomness (or 'caprice') are the most important factors in representing and forecasting many economic time series. The development of this new model integrates well-known patterns in economic time series data with well-accepted ideas in contemporary philosophy of science.Academic economists will find this book interesting as it presents a unified approach to economic time series, solves a number of important empirical puzzles and introduces a new econometric methodology. Business and financial analysts will also find it useful because it offers a simple, yet powerful, framework in which to study and predict financial market movements.Table of ContentsContents: Preface 1. Introduction 2. Empirical Paradox and the Behavioral Inertia Hypothesis 3. Economic Inertia as Humean Habit and Stylized Fact 4. Caprice: Dostoevsky’s Uncertainty Principle 5. Empirical Economics? An Econometric Dilemma with only a Methodological Solution 6. Ain’t Misbehavin’ – Capricious Consumption or Permanent Income? 7. Prices, Inflation, Unemployment, and Okun’s Law 8. An Empirical Critique of the Lucas Critique 9. Meta-Analysis of Ricardian Equivalence: New Wine in Old Bottles 10. The Trouble with Testing: Bubbles, Inertia and Experience in Experimental Asset Markets 11. Dénouement: What’s the Difference? References Index

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Book SynopsisBehavioral finance is the study of how psychology affects financial decision making and financial markets. A valuable resource for both academics and practitioners, this authoritative collection brings together the main works in both psychology and finance, dealing with the debate between proponents of the behavioral school and advocates of the efficient market school. The first volume contains works written by leading psychologists that underlie behavioral finance, focusing on general issues in asset pricing theory, and the studies on over-reaction and under-reaction. The second volume contains key works that develop and extend these themes. Topics include the psychology of prediction, reactions to corporate announcements, the term structure of interest rates, the equity premium, and options prices. The final volume is devoted to the psychology of decisions by individuals, both investors and corporate managers.Table of ContentsContents Volume I Acknowledgements Foreword Richard Roll Introduction Hersh Shefrin PART I BEHAVIORAL FOUNDATIONS 1. Paul Slovic (1972), ‘Psychological Study of Human Judgment: Implications for Investment Decision Making’ 2. Amos Tversky and Daniel Kahneman (1974), ‘Judgment Under Uncertainty: Heuristics and Biases’ 3. Amos Tversky and Daniel Kahneman (1982), ‘Evidential Impact of Base Rates’ 4. Ward Edwards (1982), ‘Conservatism in Human Information Processing’ 5. Dale Griffin and Amos Tversky (1992), ‘The Weighing of Evidence and the Determinants of Confidence’ 6. Stuart Oskamp (1982), ‘Overconfidence in Case-study Judgments’ PART II ASSET PRICING THEORY 7. Hersh Shefrin and Meir Statman (1994), ‘Behavioral Capital Asset Pricing Theory’ 8. Edward M. Miller (1977), ‘Risk, Uncertainty, and Divergence of Opinion’ 9. Lawrence Blume and David Easley (1992), ‘Evolution and Market Behavior’ 10. Andrei Shleifer and Robert W. Vishny (1997), ‘The Limits of Arbitrage’ 11. Terrance Odean (1998), ‘Volume, Volatility, Price, and Profit When All Traders Are Above Average’ PART III STUDIES ABOUT OVERREACTION AND UNDERREACTION 12. Werner F.M. De Bondt and Richard H. Thaler (1987), ‘Further Evidence on Investor Overreaction and Stock Market Seasonality’ 13. Jay R. Ritter (1988), ‘The Buying and Selling Behavior of Individual Investors at the Turn of the Year’ 14. Narasimhan Jegadeesh and Sheridan Titman (1993), ‘Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency’ 15. Josef Lakonishok, Andrei Shleifer and Robert W. Vishny (1994), ‘Contrarian Investment, Extrapolation, and Risk’ 16. Nicholas Barberis, Andrei Shleifer and Robert Vishny (1998), ‘A Model of Investor Sentiment’ 17. Kent Daniel, David Hirshleifer and Avanidhar Subrahmanyam (1998), ‘Investor Psychology and Security Market Under- and Overreactions’ 18. Harrison Hong and Jeremy C. Stein (1999), ‘A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets’ PART IV COMPETING VIEWS 19. Eugene F. Fama and Kenneth R. French (1996), ‘Multifactor Explanations of Asset Pricing Anomalies’ 20. Michael E. Solt and Meir Statman (1989), ‘Good Companies, Bad Stocks’ 21. Hersh Shefrin and Meir Statman (1995), ‘Making Sense of Beta, Size, and Book-to-Market’ 22. Kent Daniel and Sheridan Titman (1997), ‘Evidence on the Characteristics of Cross Sectional Variation in Stock Returns’ 23. Jennifer Conrad and Gautam Kaul (1993), ‘Long-term Market Overreaction or Biases in Computed Returns?’ 24. Ray Ball, S.P. Kothari and Jay Shanken (1995), ‘Problems in Measuring Portfolio Performance: An Application to Contrarian Investment Strategies’ 25. Tim Loughran and Jay R. Ritter (1996), ‘Long-term Market Overreaction: The Effect of Low-priced Stocks’ 26. Eugene F. Fama (1998), ‘Market Efficiency, Long-term Returns, and Behavioral Finance’ Name Index Volume II Acknowledgements Introduction Hersh Shefrin PART I PREDICTION 1. Michael E. Solt and Meir Statman (1988), ‘How Useful is the Sentiment Index?’ 2. Werner F.M. De Bondt (1993), ‘ Betting on Trends: Intuitive Forecasts of Financial Risk and Return’ 3. Paul B. Andreassen (1990), ‘Judgmental Extrapolation and Market Overreaction: On the Use and Disuse of News’ 4. Werner F.M. De Bondt (1992), Earnings Forecasts and Share Price Reversals 5. Rafael La Porta (1996), ‘Expectations and the Cross-section of Stock Returns’ 6. Benjamin Czaczkes and Yoav Ganzach (1996), ‘The Natural Selection of Prediction Heuristics: Anchoring and Adjustment versus Representativeness’ 7. Eli Amir and Yoav Ganzach (1998), ‘Overreaction and Underreaction in Analysts’ Forecasts’ PART II MARKET REACTIONS TO THE PREDICTIONS AND ANNOUNCEMENTS 8. Kent L. Womack (1996), ‘Do Brokerage Analysts' Recommendations Have Investment Value?’ 9. Roni Michaely and Kent L. Womack (1999), ‘Conflict of Interest and the Credibility of Underwriter Analyst Recommendations’ 10. Tim Loughran and Jay R. Ritter (1995), ‘The New Issues Puzzle’ 11. Tim Loughran and Jay R. Ritter (1997), ‘The Operating Performance of Firms Conducting Seasoned Equity Offerings’ 12. David Ikenberry, Josef Lakonishok and Theo Vermaelen (1995), ‘Market Underreaction to Open Market Share Repurchases’ 13. David L. Ikenberry, Graeme Rankine and Earl K. Stice (1996), ‘What Do Stock Splits Really Signal?’ 14. Roni Michaely, Richard H. Thaler and Kent L. Womack (1995), ‘Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?’ 15. Peter Klibanoff, Owen Lamont and Thierry A. Wizman (1998), ‘Investor Reaction to Salient News in Closed-end Country Funds’ PART III VOLATILITY IN THE TERM STRUCTURE OF INTEREST RATES 16. Robert J. Shiller (1979), ‘The Volatility of Long-term Interest Rates and Expectations Models of the Term Structure’ 17. John Y. Campbell and Robert J. Shiller (1991), ‘Yield Spreads and Interest Rate Movements: A Bird’s Eye View’ 18. Kenneth A. Froot (1989), ‘New Hope for the Expectations Hypothesis of the Term Structure of Interest Rates’ 19. Werner F.M. De Bondt and Mary M. Bange (1992), ‘Inflation Forecast Errors and Time Variation in Term Premia’ PART IV VOLATILITY IN EQUITY MARKETS 20. John Y. Campbell and Robert J. Shiller (1998), ‘Valuation Ratios and the Long-run Stock Market Outlook’ 21. Franco Modigliani and Richard A. Cohn (1979), ‘Inflation, Rational Valuation and the Market’ 22. Charles M.C. Lee, James Myers and Bhaskaran Swaminathan (1999), ‘What is the Intrinsic Value of the Dow?’ 23. Vernon L. Smith, Gerry L. Suchanek and Arlington W. Williams (1988), ‘Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets’ PART V OPTIONS AND ARBITRAGE 24. John E. Gilster, Jr. (1997), ‘Option Pricing Theory: Is "Risk-free" Hedging Feasible?’ 25. Robert Jarrow (1997), ‘Review of John E. Gilster, Jr. – "Option Pricing Theory: Is ‘Risk-free’ Hedging Feasible?"’ 26. Gary L. Gastineau (1997), ‘Comment on John E. Gilster, Jr. "Option Pricing Theory: Is ‘Risk-free’ Hedging Feasible?"’ 27. Hersh Shefrin (1999), ‘Irrational Exuberance and Option Smiles’ 28. Kenneth A. Froot and Emil M. Dabora (1999), ‘How are Stock Prices Affected by the Location of Trade?’ Name Index Volume III Acknowledgements Introduction Hersh Shefrin PART I FOUNDATION WORKS 1. Harry Markowitz (1952), ‘The Utility of Wealth’ 2. A.D. Roy (1952), ‘Safety First and the Holding of Assets’ 3. Daniel Kahneman and Amos Tversky (1979), ‘Prospect Theory: An Analysis of Decision Under Risk’ 4. Amos Tversky and Daniel Kahneman (1986), ‘Rational Choice and the Framing of Decisions’ 5. Lola L. Lopes (1987), ‘Between Hope and Fear: The Psychology of Risk’ PART II THE STRUCTURE OF INDIVIDUAL INVESTORS’ PORTFOLIOS 6. Hersh Shefrin and Meir Statman (2000), ‘Behavioral Portfolio Theory’ 7. Richard H. Thaler (1999), ‘Mental Accounting Matters’ 8. John J. McConnell and Eduardo S. Schwartz (1992), ‘The Origin of LYONs: A Case Study in Financial Innovation’ 9. Hersh Shefrin and Meir Statman (1993), ‘Behavioral Aspects of the Design and Marketing of Financial Products’ 10. Brad M. Barber and Terrance Odean (2000), ‘Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors’ 11. Werner F.M. De Bondt (1998), ‘A Portrait of the Individual Investor’ 12. Jay R. Ritter (1996), ‘How I Helped to Make Fischer Black Wealthier’ PART III THE DISPOSITION EFFECT 13. Terrance Odean (1998), ‘Are Investors Reluctant to Realize Their Losses?’ 14. Terrance Odean (1999), ‘Do Investors Trade Too Much?’ 15. Jeffrey Heisler (1994), ‘Loss Aversion in a Futures Market: An Empirical Test’ 16. Martin Weber and Colin F. Camerer (1998), ‘The Disposition Effect in Securities Trading: An Experimental Analysis’ 17. Chip Heath, Steven Huddart and Mark Lang (1999), ‘Psychological Factors and Stock Option Exercises’ PART IV INTERTEMPORAL ISSUES 18. Michael S. Rozeff (1994), ‘Lump-sum Investing versus Dollar-averaging’ 19. Meir Statman (1995), ‘A Behavioral Framework for Dollar-cost Averaging’ 20. Laurence Levin (1998), ‘Are Assets Fungible? Testing the Behavioral Theory of Life-cycle Savings’ 21. Shlomo Benartzi and Richard H. Thaler (1995), ‘Myopic Loss Aversion and the Equity Premium Puzzle’ 22. Lola L. Lopes (1996), ‘When Time Is of the Essence: Averaging, Aspiration, and the Short Run’ 23. Stephen A. Ross (1999), ‘Adding Risks: Samuelson’s Fallacy of Large Numbers Revisited’ 24. Kenneth L. Fisher and Meir Statman (1999), ‘A Behavioral Framework for Time Diversification’ 25. Eldar Shafir, Peter Diamond and Amos Tversky (1997), ‘Money Illusion’ 26. Jeffrey Pontiff (1997), ‘Excess Volatility and Closed-end Funds’ PART V MANAGERIAL DECISION-MAKING 27. John Lintner (1956), ‘Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes’ 28. Merton H. Miller (1986), ‘Behavioral Rationality in Finance: The Case of Dividends’ 29. Shlomo Benartzi, Roni Michaely and Richard Thaler (1997), ‘ Do Changes in Dividends Signal the Future or the Past?’ 30. François Degeorge, Jayendu Patel and Richard Zeckhauser (1999), ‘Earnings Management to Exceed Thresholds’ 31. Meir Statman and James F. Sepe (1989), ‘Project Termination Announcements and the Market Value of the Firm’ 32. Jeremy C. Stein (1996), ‘Rational Capital Budgeting in an Irrational World’ Name Index

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Book SynopsisThis volume addresses important issues in economic theory and international trade with contributions from internationally renowned researchers - including some of Murray C. Kemp's many colleagues and former students.Economic Theory and International Trade begins with an examination of classical trade theory and welfare economics. It goes on to discuss international trade policy, including international trading agreements, taxation, tariffs and quotas. Attention then turns to the role of market structure in joint ventures, innovation, tariff policy and political economy. The final section is devoted to economic dynamics and international economics, with an emphasis on learning mechanisms, sustainable growth and immigration.This book will be indispensable to academics and graduate students in the area of international trade. Economic theorists and international trade specialists such as research units and researchers in government will also find this book of great interest.Table of ContentsContents: Introduction Publications of Murray C. Kemp from 1992 Part I: Classical Trade Theory 1. A New Approach to the Theory of International Trade under Increasing Returns: The Two-Commodities Case 2. On the Shape of Production Possibility Loci under Variable Returns to Scale: The n Commodity m Factor Case 3. A Second Correspondence Principle 4. The Welfare Economics of Encouraging More Births Part II: International Trade Policy 5. The Economic Significance of the GATT/WTO Rules 6. Are Special Economic Zones Desirable? 7. Redistributive Taxation in Closed and Open Economies 8. Unilateral Reforms of Trade and Environmental Policy 9. Quotas, Voluntary Export Restraints and Welfare Part III: Market Structure 10. International Joint Ventures, Moral Hazards and Technology Spillovers 11. The Innovation and Market Structure in General Equilibrium 12. Imperfect Substitutes and Strategic Trade Policies under Cournot Duopoly 13. Comparative Static Analysis for Cournot Oligopoly 14. Endogenous Timing and Welfare in the Game of Trade Policies under International Oligopoly 15. Politics and the Nature of Competition in Oligopolistic Markets Part IV: Economic Dynamics 16. Learning in a Generalised Dornbusch Model of Exchange Rate Dynamics 17. International Immigration, Non-Traded Goods and Economic Welfare in an Overlapping Generations Model 18. The Environment, Externalities and Sustainable Growth in an Overlapping Generations Model 19. Why Trade Matters to Development: A Learning Model 20. The Effects of Growth of its Trading Partners on Malaysia Index

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Book SynopsisThe Dynamics of Industrial Collaboration revisits and reformulates issues previously raised by inter-firm collaboration. The latest research in collaboration, processes and evaluation of cooperation, and industrial and research networks, is presented by way of both empirical and theoretical studies. The authors use several theoretical perspectives to explain inter-firm and inter-institutional collaboration: the theory of transaction costs and contracts, evolutionary theory, and the resource-based view. The book illustrates that none of these approaches are dominant.The issue of collaboration is raised in various contexts such as the new economics, biotechnology, and the motor industry. It will be of special interest to industrial economists and scholars of evolutionary economics.Table of ContentsContents: Preface Introduction Part I: Forms of Collaboration: Theories and Trends Part II: Process and Evolution of Cooperation Part III: Industrial and Research Networks Index

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Book SynopsisA unique and comprehensive source of information, this book is the only international publication providing economists, planners, policymakers and business people with worldwide statistics on current performance and trends in the manufacturing sector.The Yearbook is designed to facilitate international comparisons relating to manufacturing activity and industrial development and performance. It provides data which can be used to analyse patterns of growth and related long term trends, structural change and industrial performance in individual industries. Statistics on employment patterns, wages, consumption and gross output and other key indicators are also presented.Trade Review'This annual publication seems to be the only international publication providing worldwide statistics on current performance and trends in the manufacturing sector. In terms of comprehensiveness, accuracy, and cross-country comparisons this volume is unparalleled . . . If you are looking for an authoritative source for comparative international statistics on industrial information, this is it.' -- Andrea Meyer, Business Information Alert'. . . one of the few books where this type of information can be obtained. . . This text would be indispensable in any libraries that have a focus on international industrial statistics.' -- Herbert W. Ockerman, American Reference Books Annual 2002Acclaim for previous editions:'UNIDO has done well to bridge gaps in information noticed so far in industrial statistics worldwide and its companionship and usefulness will be realised by all users of this documentation in governmental, industrial and academic circles, as a must on every working desk. Its reliability is fully backed up by authoritative analysis.' -- Rajinder Kunmar, Marketing and Management NewsTable of ContentsContents: Introduction Appendices Part I: Summary Tables 1.1. The Manufacturing Sector 1.2. The Manufacturing Branches Part II: Country Tables

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Book SynopsisThis volume provides a coherent analysis of the economic, monetary and political aspects of growth dynamics in the Euro area. The different relevant aspects in this debate, presented and discussed by leading scholars and representatives of international organizations, include an assessment of the newest theoretical growth models for open economies, and empirical investigation of: the growth divergence between the US and Europe the extent to which fiscal co-ordination is desirable in a monetary union the role of product and labor market reforms the complex relationships between exchange rates and growth the contribution of monetary policy to economic growth and the prospects for economic growth in monetary unions. Although primarily focused on the Euro area, the analysis is equally relevant to all other common currency areas and will be welcomed by academics and students with an interest in European studies and financial economics, as well as policy and decision makers in international organisations, national institutions and central banks.Table of ContentsContents: Foreword by Guy Quaden Introduction 1. Growth in an Open Economy 2. Knowledge, Technology and Economic Growth 3. Fiscal Policy and Growth in the Context of European Integration 4. Economic Growth and the Labour Markets 5. The Role of Exchange Rate in Economic Growth 6. The Contribution of Monetary Policy 7. Monetary Union and Economic Growth Index

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Book SynopsisNon-market valuation has become a broadly accepted and widely practiced means of measuring the economic values of the environment and natural resources. In this book, the authors provide a guide to the statistical and econometric practices that economists employ in estimating non-market values.The authors develop the econometric models that underlie the basic methods: contingent valuation, travel cost models, random utility models and hedonic models. They analyze the measurement of non-market values as a procedure with two steps: the estimation of parameters of demand and preference functions and the calculation of benefits from the estimated models. Each of the models is carefully developed from the preference function to the behavioral or response function that researchers observe. The models are then illustrated with datasets that characterize the kinds of data researchers typically deal with. The real world data and clarity of writing in this book will appeal to environmental economists, students, researchers and practitioners in multilateral banks and government agencies.Table of ContentsContents: Preface 1. Welfare Economics for Non-market Valuation 2. Parametric Models for Contingent Valuation 3. Distribution-Free Models for Contingent Valuation 4. The Distribution of Willingness to Pay 5. Topics in Discrete Choice Contingent Valuation 6. Modeling the Demand for Recreation 7. Single Site Demand Estimation 8. Site Choice Models 9. Hedonic Price Equations 10. New Directions in Non-market Valuation References A. Maximum Likelihood Estimation B. Some Useful Results Index

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Book SynopsisA unique and comprehensive source of information, this book is the only international publication providing economists, planners, policymakers and business people with worldwide statistics on current performance and trends in the manufacturing sector.The Yearbook is designed to facilitate international comparisons relating to manufacturing activity and industrial development and performance. It provides data which can be used to analyse patterns of growth and related long term trends, structural change and industrial performance in individual industries. Statistics on employment patterns, wages, consumption and gross output and other key indicators are also presented.Trade Review'This is one of the most important annual publications of UNIDO. The present volume is the eighth in series and as comprehensive as the earlier volumes. In any such international publication, comparability of data remains the major problem. The volume achieved a major milestone by accounting for the switchover by countries from their respective national industrial classification to ISIC system. . . Like the earlier volumes the present volume is a commendable accomplishment.' -- Pradosh Nath, Journal of Scientific and Industrial Research'This annual publication seems to be the only international publication providing worldwide statistics on current performance and trends in the manufacturing sector. In terms of comprehensiveness, accuracy, and cross-country comparisons this volume is unparalleled . . . If you are looking for an authoritative source for comparative international statistics on industrial information, this is it.' -- Andrea Meyer, Business Information AlertTable of ContentsContents: Introduction Appendices Part I: Summary Tables 1.1. The Manufacturing Sector 1.2. The Manufacturing Branches Part II: Country Tables

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Book SynopsisThis authoritative collection brings together the most important papers in time series econometrics published since 1990. These articles cover a range of central aspects of the field, concentrating in the main on theoretical and methodological developments. Taken together, they provide an overview of the current status of research in time series econometrics, emphasising those areas that appear to have attracted most recent interest in the profession.Volume I includes sections on unit root and stationarity tests; cointegration; structural breaks; nonlinearity; and long memory. Volume II covers conditional heteroskedasticity; stochastic volatility; unobserved components; trend function analysis; prediction; seasonality; and causality.These volumes will be essential reading for all who have an interest in this rapidly advancing subject.Trade Review'To summarise, these two volumes reach exactly the purpose they aim at. They represent an excellent reference for the academic researcher as they really contain some of the most important papers on time series analysis that have been written in the last decade.' -- Marco R. Barassi, The Economic JournalTable of ContentsContents: Volume I Acknowledgements Introduction Paul Newbold and Stephen J. Leybourne PART I UNIT ROOT AND STATIONARITY TESTS 1. Serena Ng and Pierre Perron (1995), ‘Unit Root Tests in ARMA Models With Data-Dependent Methods for the Selection of the Truncation Lag’ 2. Sastry G. Pantula, Graciela Gonzalez-Farias and Wayne A. Fuller (1994), ‘A Comparison of Unit-Root Test Criteria’ 3. Graham Elliott, Thomas J. Rothenberg and James H. Stock (1996), ‘Efficient Tests for an Autoregressive Unit Root’ 4. Denis Kwiatkowski, Peter C.B. Phillips, Peter Schmidt and Yongcheol Shin (1992), ‘Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root: How Sure Are We that Economic Time Series Have a Unit Root?’ 5. S.J. Leybourne and B.P.M. McCabe (1999), ‘Modified Stationarity Tests With Data-Dependent Model-Selection Rules’ 6. Ignacio N. Lobato and Peter M. Robinson (1998), ‘A Nonparametric Test for I(0)’ PART II COINTEGRATION 7. Cheng Hsiao (1997), ‘Cointegration and Dynamic Simultaneous Equations Model’ 8. Cheng Hsiao (2001), ‘Identification and Dichotomization of Long- and Short-run Relations of Cointegrated Vector Autoregressive Models’ 9. Alfred A. Haug (1996), ‘Tests for Cointegration: A Monte Carlo Comparison’ 10. Michael T.K. Horvath and Mark W. Watson (1995), ‘Testing for Cointegration When Some of the Cointegrating Vectors Are Prespecified’ 11. Pentti Saikkonen and Helmut Lütkepohl (2000), ‘Testing for the Cointegrating Rank of a VAR Process With an Intercept’ 12. Søren Johansen (1997), ‘Likelihood Analysis of the J(2) Model’ 13. Yongcheol Shin (1994), ‘A Residual-based Test of the Null of Cointegration Against the Alternative of No Cointegration’ PART III STRUCTURAL BREAKS 14. Stephen J. Leybourne, Terence C. Mills and Paul Newbold (1998), ‘Spurious Rejections by Dickey-Fuller Tests in the Presence of a Break Under the Null’ 15. Jushan Bai (1994), ‘Least Squares Estimation of a Shift in Linear Processes’ 16. Jushan Bai and Pierre Perron (1998), ‘Estimating and Testing Linear Models with Multiple Structural Changes’ 17. Eric Zivot and Donald W.K. Andrews (1992), ‘Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis’ 18. Timothy J. Vogelsang and Pierre Perron (1998), ‘Additional Tests for a Unit Root Allowing for a Break in the Trend Function at an Unknown Time’ PART IV NONLINEARITY 19. Ruey S. Tsay (1998), ‘Testing and Modeling Multivariate Threshold Models’ 20. Timo Teräsvirta (1994), ‘Specification, Estimation, and Evaluation of Smooth Transition Autoregressive Models’ 21. Øyvind Eitrheim and Timo Teräsvirta (1996), ‘Testing the Adequacy of Smooth Transition Autoregressive Models’ 22. Walter Enders and C.W.J. Granger (1998), ‘Unit-Root Tests and Asymmetric Adjustment With an Example Using the Term Structure of Interest Rates’ PART V LONG MEMORY 23. Richard T. Baillie (1996), ‘Long Memory Processes and Fractional Integration in Econometrics’ 24. P.M. Robinson (1994), ‘Efficient Tests of Nonstationary Hypotheses’ 25. P.M. Robinson (1995), ‘Gaussian Semiparametric Estimation of Long Range Dependence’ 26. Carlos Velasco and Peter M. Robinson (2000), ‘Whittle Pseudo-Maximum Likelihood Estimation for Nonstationary Time Series’ 27. I.N. Lobato and N.E. Savin (1998), ‘Real and Spurious Long-Memory Properties of Stock-Market Data’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I CONDITIONAL HETEROSKEDASTICITY 1. Tim Bollerslev, Ray Y. Chou and Kenneth F. Kroner (1992), ‘ARCH Modeling in Finance: A Review of the Theory and Empirical Evidence’ 2. Robert F. Engle and Kenneth F. Kroner (1995), ‘Multivariate Simultaneous Generalized ARCH’ 3. Richard T. Baillie, Tim Bollerslev and Hans Ole Mikkelsen (1996), ‘Fractionally Integrated Generalized Autoregressive Conditional Heteroskedasticity’ PART II STOCHASTIC VOLATILITY 4. Esther Ruiz (1994), ‘Quasi-maximum Likelihood Estimation of Stochastic Volatility Models’ 5. Andrew Harvey, Esther Ruiz and Neil Shephard (1994), ‘Multivariate Stochastic Variance Models’ 6. Bruce E. Hansen (1995), ‘Regression with Nonstationary Volatility’ 7. Andrew Harvey and Mariane Streibel (1998), ‘Testing for a Slowly Changing Level with Special Reference to Stochastic Volatility’ 8. Sangjoon Kim, Neil Shephard and Siddhartha Chib (1998), ‘Stochastic Volatility: Likelihood Inference and Comparison with ARCH Models’ 9. F. Jay Breidt, Nuno Crato and Pedro de Lima (1998), ‘The Detection and Estimation of Long Memory in Stochastic Volatility’ PART III UNOBSERVED COMPONENTS 10. Agustín Maravall and Christophe Planas (1999), ‘Estimation Error and the Specification of Unobserved Component Models’ 11. Andrew Harvey and Siem Jan Koopman (2000), ‘Signal Extraction and the Formulation of Unobserved Components Models’ PART IV TREND FUNCTION ANALYSIS 12. Eugene Canjels and Mark W. Watson (1997), ‘Estimating Deterministic Trends in the Presence of Serially Correlated Errors’ 13. Timothy J. Vogelsang (1998), ‘Trend Function Hypothesis Testing in the Presence of Serial Correlation’ PART V PREDICTION 14. Kenneth D. West (1996), ‘Asymptotic Inference about Predictive Ability’ 15. Todd E. Clark and Michael W. McCracken (2001), ‘Tests of Equal Forecast Accuracy and Encompassing for Nested Models’ PART VI SEASONALITY 16. Eric Ghysels, Clive W.J. Granger and Pierre L. Siklos (1996), ‘Is Seasonal Adjustment a Linear or Nonlinear Data-Filtering Process?’ 17. Denise R. Osborn (1991), ‘The Implications of Periodically Varying Coefficients for Seasonal Time-Series Processes’ 18. S. Hylleberg, R.F. Engle, C.W.J. Granger and B.S. Yoo (1990), ‘Seasonal Integration and Cointegration’ 19. Richard J. Smith and A.M. Robert Taylor (1999), ‘Likelihood Ratio Tests for Seasonal Unit Roots’ 20. H. Peter Boswijk and Philip Hans Franses (1996), ‘Unit Roots in Periodic Autoregressions’ PART VII CAUSALITY 21. Hafida Boudjellaba, Jean-Marie Dufour and Roch Roy (1992), ‘Testing Causality Between Two Vectors in Multivariate Autoregressive Moving Average Models’ 22. Helmut Lütkepohl and D.S. Poskitt (1996), ‘Testing for Causation Using Infinite Order Vector Autoregressive Processes’ 23. Clive W.J. Granger and Jin-Lung Lin (1995), ‘Causality in the Long Run’ Name Index

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Book SynopsisIn this landmark collection, the editor has selected the most influential papers on the econometrics of panel data published in the period from 1992-2001, thus providing an update on developments in the field since the two volumes edited by G.S. Maddala in 1993, which covered the period from 1966-1992.Topics covered in these latest volumes include core articles on dynamic panels and the generalized method of moments, heterogeneous panels, non-stationary panels including spurious regression, unit roots and tests for cointegration in panels, limited dependent variable models using panel data including models with censored endogenous variables and sample selection, non-linear panel data models, unbalanced panels, pseudo-panels and specification tests in panels.Trade Review'The editor of volumes like the present one has the chance to direct the reader's attention to nearly unknown but relevant papers. Baltagi has done this job very well. . . Summing up, the two volumes on recent developments of panel data belong in every library. The collection helps the newcomer to better understand this topic and it is a useful reference for the expert.' -- Olaf Hubler, Statistical PapersTable of ContentsContents: Volume I Acknowledgements Introduction Badi H. Baltagi PART I DYNAMIC PANELS AND GMM 1. Seung C. Ahn and Peter Schmidt (1995), ‘Efficient Estimation of Models for Dynamic Panel Data’ 2. Seung C. Ahn and Peter Schmidt (1997), ‘Efficient Estimation of Dynamic Panel Data Models: Alternative Assumptions and Simplified Estimation’ 3. César Alonso-Borrego and Manuel Arellano (1999), ‘Symmetrically Normalized Instrumental-Variable Estimation Using Panel Data’ 4. Manuel Arellano and Olympia Bover (1995), ‘Another Look at the Instrumental Variable Estimation of Error-Components Models’ 5. Richard Blundell and Stephen Bond (1998), ‘Initial Conditions and Moment Restrictions in Dynamic Panel Data Models’ 6. Bruno Crepon, Francis Kramarz and Alain Trognon (1997), ‘Parameters of Interest, Nuisance Parameters and Orthogonality Conditions: An Application to Autoregressive Error Component Models’ 7. Jinyong Hahn (1999), ‘How Informative is the Initial Condition in the Dynamic Panel Model with Fixed Effects?’ 8. Jan F. Kiviet (1995), ‘On Bias, Inconsistency, and Efficiency of Various Estimators in Dynamic Panel Data Models’ 9. Tom Wansbeek (2001), ‘GMM Estimation in Panel Data Models with Measurement Error’ 10. James P. Ziliak (1997), ‘Efficient Estimation with Panel Data when Instruments are Predetermined: An Empirical Comparison of Moment-Condition Estimators’ PART II HETEROGENEOUS PANELS 11. Badi H. Baltagi and James M. Griffin (1997), ‘Pooled Estimators vs. their Heterogeneous Counterparts in the Context of Dynamic Demand for Gasoline’ 12. Cheng Hsiao and A. Kamil Tahmiscioglu (1997), ‘A Panel Analysis of Liquidity Constraints and Firm Investment’ 13. G.S. Maddala, Robert P. Trost, Hongyi Li and Frederick Joutz (1997), ‘Estimation of Short-Run and Long-Run Elasticities of Energy Demand from Panel Data Using Shrinkage Estimators’ 14. M. Hashem Pesaran and Ron Smith (1995), ‘Estimating Long-Run Relationships from Dynamic Heterogeneous Panels’ PART III NON-STATIONARY PANELS 15. Kaddour Hadri (2000), ‘Testing for Stationarity in Heterogeneous Panel Data’ 16. Richard D.F. Harris and Elias Tzavalis (1999), ‘Inference for Unit Roots in Dynamic Panels Where the Time Dimension is Fixed’ 17. Chihwa Kao (1999), ‘Spurious Regression and Residual-Based Tests for Cointegration in Panel Data’ 18. G.S. Maddala and Shaowen Wu (1999), ‘A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test’ 19. Hyungsik R. Moon and Peter C.B. Phillips (1999), ‘Maximum Likelihood Estimation in Panels with Incidental Trends’ 20. Peter Pedroni (2000), ‘Fully Modified OLS for Heterogeneous Cointegrated Panels’ 21. M. Hashem Pesaran, Yongcheol Shin, and Ron P. Smith (1999), ‘Pooled Mean Group Estimation of Dynamic Heterogeneous Panels’ 22. Peter C.B. Phillips and Hyungsik R. Moon (1999), ‘Linear Regression Limit Theory for Nonstationary Panel Data’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I LIMITED DEPENDENT VARIABLES 1. Bo E. Honoré (1992), ‘Trimmed LAD and Least Squares Estimation of Truncated and Censored Regression Models with Fixed Effects’ 2. Bo E. Honoré and Ekaterini Kyriazidou (2000), ‘Panel Data Discrete Choice Models with Lagged Dependent Variables’ 3. Michael P. Keane (1994), ‘A Computationally Practical Simulation Estimator for Panel Data’ 4. Ekaterini Kyriazidou (1997), ‘Estimation of a Panel Data Sample Selection Model’ 5. Michael Lechner (1995), ‘Some Specification Tests for Probit Models Estimated on Panel Data’ 6. Myoung-jae Lee (1999), ‘A Root-N Consistent Semiparametric Estimator for Related-Effect Binary Response Panel Data’ 7. Francis Vella and Marno Verbeek (1999), ‘Two-step Estimation of Panel Data Models with Censored Endogenous Variables and Selection Bias’ 8. Jeffrey M. Wooldridge (1995), ‘Selection Corrections for Panel Data Models under Conditional Mean Independence Assumptions’ PART II NON-LINEAR PANEL MODELS 9. Jason Abrevaya (1999), ‘Leapfrog Estimation of a Fixed-Effects Model with Unknown Transformation of the Dependent Variable’ 10. Jeffrey M. Wooldridge (1999), ‘Distribution-free Estimation of Some Nonlinear Panel Data Models’ PART III UNBALANCED PANELS 11. Werner Antweiler (2001), ‘Nested Random Effects Estimation in Unbalanced Panel Data’ 12. Badi H. Baltagi and Ping X. Wu (1999), ‘Unequally Spaced Panel Data Regressions with AR (1) Disturbances’ 13. Badi H. Baltagi, Seuck Heun Song and Byoung Cheol Jung (2001), ‘The Unbalanced Nested Error Component Regression Model’ 14. Peter Davis (2002), ‘Estimating Multi-way Error Components Models with Unbalanced Data Structures’ PART IV PSEUDO-PANELS 15. M. Dolores Collado (1997), ‘Estimating Dynamic Models from Time Series of Independent Cross-Sections’ 16. Sourafel Girma (2000), ‘A Quasi-Differencing Approach to Dynamic Modelling from a Time Series of Independent Cross-Sections’ 17. David J. McKenzie (2001), ‘Estimation of AR(1) Models with Unequally Spaced Pseudo-Panels’ 18. Robert Moffitt (1993), ‘Identification and Estimation of Dynamic Models with a Time Series of Repeated Cross-Sections’ PART V SPECIFICATION TESTS IN PANELS 19. Badi H. Baltagi, Javier Hidalgo and Qi Li (1996), ‘A Nonparametric Test for Poolability Using Panel Data’ 20. Badi H. Baltagi and Qi Li (1995), ‘Testing AR(1) against MA(1) Disturbances in an Error Component Model’ 21. Anil K. Bera, Walter Sosa-Escudero and Mann Yoon (2001), ‘Tests for the Error Component Model in the Presence of Local Misspecification’ 22. Q. Li and C. Hsiao (1998), ‘Testing Serial Correlation in Semiparametric Panel Data Models’ 23. Gilbert E. Metcalf (1996), ‘Specification Testing in Panel Data with Instrumental Variables’ Name Index

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Book SynopsisNonlinear Models, Labour Markets and Exchange offers a number of broad introductory surveys in the areas of nonlinear modelling, labour economics and the economic analysis of exchange. This collection of articles consists largely of recently published refereed papers. The early chapters provide an introduction to the analysis of 'chaos and strange attractors' and the use of the very flexible generalised exponential family of frequency distributions in analysing both time series and cross-sectional distributions. The volume then provides syntheses of the theories of internal labour markets, trade union bargaining, and population ageing and its implications. It goes on to survey a range of topics in the broad area of the theory of exchange, which is central to the neoclassical economic model. Finally, the book provides some advice for students who are about to start their first piece of research. It ends with a unique survey of the history of economic analysis. Providing introductory material and syntheses of a wide range of topics, Nonlinear Models, Labour Markets and Exchange will be welcomed by economics academics and researchers interested in labour economics and econometrics.Table of ContentsContents: Part I: Nonlinear Models Part II: Labour Markets Part III: Demand and Exchange Part IV: A Mixture Index

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Book SynopsisIn recent years there has been a substantial global increase in interest in the study of gambling. To some extent this has mirrored seismic changes in the way that betting and gaming markets worldwide are taxed and regulated. This has heightened interest in a wide range of issues related to this sector including its regulation, public policy and commercial strategy as well as the ideal structure of gambling taxes and devising optimal responses to environmental changes, such as the growth of online gambling. This volume, by bringing together the work of leading scholars, will cover the spectrum of such perspectives, as well as examining the efficiency of betting markets, to provide an assessment of developments and current understanding in the study of the economics of gambling. This timely collection will be an immensely valuable resource for academics, policy-makers, those commercially involved in the betting and gaming sectors as well as the interested layman. Table of ContentsContents: Acknowledgements Introduction Leighton Vaughan Williams PART I THE ECONOMICS OF RACETRACK BETTING 1. R.M. Griffith (1949), ‘Odds Adjustments by American Horse-Race Bettors’ 2. Wayne W. Snyder (1978), ‘Horse Racing: Testing the Efficient Markets Model’ 3. Richard H. Thaler and William T. Ziemba (1988), ‘Anomalies. Parimutuel Betting Markets: Racetracks and Lotteries’ 4. Jack Dowie (1976), ‘On the Efficiency and Equity of Betting Markets’ 5. Richard E. Quandt (1986), ‘Betting and Equilibrium’ 6. Joe Golec and Maurry Tamarkin (1998), ‘Bettors Love Skewness, Not Risk, at the Horse Track’ 7. William Hurley and Lawrence McDonough (1995), ‘A Note on the Hayek Hypothesis and the Favourite-Longshot Bias in Parimutuel Betting’ 8. Michael A. Smith, David Paton and Leighton Vaughan Williams (2006), ‘Market Efficiency in Person-to-Person Betting’ 9. Hyun Song Shin (1991), ‘Optimal Betting Odds against Insider Traders’ 10. Leighton Vaughan Williams and David Paton (1997), ‘Why is There a Favourite-Longshot Bias in British Racetrack Betting Markets?’ 11. N.F.R. Crafts (1985), ‘Some Evidence of Insider Knowledge in Horse Race Betting in Britain’ 12. Leighton Vaughan Williams (1999), ‘Information Efficiency in Betting Markets: A Survey’ 13. M. Sung and J.E.V. Johnson (2010), ‘Revealing Weak-Form Inefficiency in a Market for State Contingent Claims: The Importance of Market Ecology, Modelling Procedures and Investment Strategies’ 14. Ruth N. Bolton and Randall G. Chapman (1986), ‘Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races’ 15. Kelly Busche and Christopher D. Hall (1988), ‘An Exception to the Risk Preference Anomaly’ PART II THE ECONOMICS OF SPORTS BETTING 16. Michael Cain, David Law and David Peel (2000), ‘The Favourite-Longshot Bias and Market Efficiency in UK Football Betting’ 17. David Paton and Leighton Vaughan Williams (2005), ‘Forecasting Outcomes in Spread Betting Markets: Can Bettors Use “Quarbs” to Beat the Book?’ 18. Colin F. Camerer (1989), ‘Does the Basketball Market Believe in the “Hot Hand”?’ 19. William O. Brown and Raymond D. Sauer (1993), ‘Does the Basketball Market Believe in the “Hot Hand”? Comment’ 20. Steven D. Levitt (2004), ‘Why are Gambling Markets Organised so Differently from Financial Markets?’ PART III THE ECONOMICS OF GAMING AND CASINO GAMBLING 21. William R. Eadington (1999), ‘The Economics of Casino Gambling’ 22. Daniel B. Suits (1979), ‘The Elasticity of Demand for Gambling’ 23. John E. Anderson (2005), ‘Casino Taxation in the United States’ 24. David Paton, Donald S. Siegel and Leighton Vaughan Williams (2002), ‘A Policy Response to the E-Commerce Revolution: The Case of Betting Taxation in the UK’ 25. David Paton, Donald S. Siegel and Leighton Vaughan Williams (2004), ‘Taxation and the Demand for Gambling: New Evidence from the United Kingdom’ 26. Ricardo Gazel (1998), ‘The Economic Impacts of Casino Gambling at the State and Local Levels’ 27. Donald Siegel and Gary Anders (2001), ‘The Impact of Indian Casinos on State Lotteries: A Case Study of Arizona’ 28. Donald S. Elliott and John C. Navin (2002), ‘Has Riverboat Gambling Reduced State Lottery Revenue’ 29. Douglas M. Walker and John D. Jackson (2008), ‘Do U.S. Gambling Industries Cannibalize Each Other?’ 30. Chad Cotti (2008), ‘The Effect of Casinos on Local Labor Markets: A Country Level Analysis’ 31. Patricia B. Reagan and Robert J. Gitter (2007), ‘Is Gaming the Optimal Strategy? The Impact of Gaming Facilities on the Income and Employment of American Indians’ PART IV THE ECONOMICS OF NATIONAL AND STATE LOTTERIES 32. Dek Terrell (1994), ‘A Test of the Gambler’s Fallacy: Evidence from Pari-mutuel Games’ 33. Charles T. Clotfelter and Philip J. Cook (1991), ‘Lotteries in the Real World’ 34. Charles T. Clotfelter and Philip J. Cook (1993), ‘Notes: The “Gambler’s Fallacy” in Lottery Play’ 35. Jonathan Guryan and Melissa S. Kearney (2008), ‘Gambling at Lucky Stores: Empirical Evidence from State Lottery Sales’ 36. Thomas A. Garrett and Russell S. Sobel (1999), ‘Gamblers Favor Skewness, Not Risk: Further Evidence from United States’ Lottery Games’ 37. David Forrest, Robert Simmons and Neil Chesters (2002), ‘Buying a Dream: Alternative Models of Demand for Lotto’ 38. Richard Thalheimer and Mukhtar M. Ali (1995), ‘The Demand for Pari-mutuel Horse Race Wagering and Attendance’ 39. Melissa Schettini Kearney (2005), ‘State Lotteries and Consumer Behavior’ 40. Kent R. Grote and Victor A. Matheson (2006), ‘Dueling Jackpots: Are Competing Lotto Games Complements or Substitutes?’

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Book SynopsisNon-market valuation has become a broadly accepted and widely practiced means of measuring the economic values of the environment and natural resources. In this book, the authors provide a guide to the statistical and econometric practices that economists employ in estimating non-market values.The authors develop the econometric models that underlie the basic methods: contingent valuation, travel cost models, random utility models and hedonic models. They analyze the measurement of non-market values as a procedure with two steps: the estimation of parameters of demand and preference functions and the calculation of benefits from the estimated models. Each of the models is carefully developed from the preference function to the behavioral or response function that researchers observe. The models are then illustrated with datasets that characterize the kinds of data researchers typically deal with. The real world data and clarity of writing in this book will appeal to environmental economists, students, researchers and practitioners in multilateral banks and government agencies.Table of ContentsContents: Preface 1. Welfare Economics for Non-market Valuation 2. Parametric Models for Contingent Valuation 3. Distribution-Free Models for Contingent Valuation 4. The Distribution of Willingness to Pay 5. Topics in Discrete Choice Contingent Valuation 6. Modeling the Demand for Recreation 7. Single Site Demand Estimation 8. Site Choice Models 9. Hedonic Price Equations 10. New Directions in Non-market Valuation References A. Maximum Likelihood Estimation B. Some Useful Results Index

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Book SynopsisNew Perspectives in Econometric Theory comprises specially selected papers by Halbert White which reflect his research in a variety of related areas in econometrics: heteroskedasticity of unknown form; nonlinear and nonparametric regression; instrumental variables and generalized method of moments estimation; and measurability and limit theory. In many instances, results from one paper provide the foundation for, or suggest new directions for, research taken up by others in the collection. The intent of collecting these papers together in the present volume, with new commentaries by the author, is to provide access both to a modern unified perspective for econometric theory and to a set of concepts and tools that will be useful to practitioners in the field.As a companion to the first volume entitled Advances in Econometric Theory, this latest selection of Halbert White's work will appeal to academics and researchers in econometrics and economic theory.Trade Review'The book presents an excellent overview of the research areas Halbert White has covered during this time [1980-1998], and it corresponds to the intention of the editors by collecting these papers to provide access to a modern unified perspective for econometric theory as well as to a set of concepts and tools that will be useful to practitioners.' -- Herbert S. Buscher, Zentralblatt MATHTable of ContentsContents: Introduction Part I: Heteroskedasticity of Unknown Form in Linear Models Part II: Nonlinear and Nonparametric Regression Part III: Instrumental Variables and GMM Estimation Part IV: Measurability and Limit Theory Index

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Book SynopsisThere is much confusion in the economics literature on wage determination and the employment-inflation trade-off. Few model builders pay as much careful attention to the definition and meaning of long-run concepts as did Albert Ando. Expanding on years of painstaking work by Ando, the contributors elaborate on the main issues of economic analysis and policies that concerned him.Some of the issues discussed include long-run properties of dynamic econometric models, demographic issues of modern times, stabilization policies - especially for Japan - and interaction between monetary and real economy issues, as well as life-cycle behavior patterns, and the appropriate role of the Phillips Curve and the determination of prices.Paying close attention to the concepts and properties of models, Long-run Growth and Short Run Stabilization is for those interested in the macroeconomics of the US, Italy, and Japan. Scholars of aggregative dynamic models based on realistic reasoning will benefit from the information imparted, as will policymakers who want to understand the functioning of the modern economy.Table of ContentsContents: Preface 1. The Economics Legacy of Albert Ando Lawrence R. Klein 2. The Age–Saving Profile and the Life-Cycle Hypothesis Tullio Jappelli and Franco Modigliani 3. Do Capital Gains Affect Consumption? Estimates of Wealth Effects from Italian Households’ Behavior Luigi Guiso, Monica Paiella and Ignazio Visco 4. Demographic Changes, Reforms to the Social Security System and Private Savings in Italy Sergio Nicoletti-Altimari 5. Do the Elderly Dissave in Japan? Charles Yuji Horioka 6. On Robust Monetary Policy Filippo Altissimo, Stefano Siviero and Daniele Terlizzese 7. The Euro and the Transmission of Monetary Policy Ignazio Angeloni and Michael Ehrmann 8. Monetary and Fiscal Policy in a Liquidity Trap Alan J. Auerbach and Maurice Obstfeld 9. A Three-Factor Yield Curve Model: Non-Affine Structure, Systematic Risk Sources and Generalized Duration Francis X. Diebold, Lei Ji and Canlin Li 10. The Over-Investment Hypothesis Fumio Hayashi 11. Designing Indexed Units of Account Robert J. Shiller 12. Land Prices and Business Fixed Investment in Japan Nobuhiro Kiyotaki and Kenneth D. West 13. Rationality, Behavior and Switching Idiosyncracies in the Euro–Dollar Exchange Rate Gabriella Cagliesi and Massimo Tivegna Index

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Book SynopsisA unique and comprehensive source of information, this book is the only international publication providing economists, planners, policymakers and business people with worldwide statistics on current performance and trends in the manufacturing sector.The Yearbook is designed to facilitate international comparisons relating to manufacturing activity and industrial development and performance. It provides data which can be used to analyse patterns of growth and related long term trends, structural change and industrial performance in individual industries. Statistics on employment patterns, wages, consumption and gross output and other key indicators are also presented.Trade Review'The International Yearbook of Industrial Statistics continues to be the only publication available which pulls together worldwide statistics on performance and trends in the manufacturing sector. This is an authoritative source on comparative international manufacturing statistics and is highly recommended for all business reference collections.' -- Christine D. Reid, Reference ReviewsAcclaim for previous editions:'This is a unique and massive effort by UNIDO providing comparative statistics on current performance and trends in the manufacturing sector worldwide . . . There is no doubt that the volume is a most important source book for economists, planners and policymakers.' -- Pradosh Nath, Journal of Science and Industrial Research'UNIDO has done well to bridge gaps in information noticed so far in industrial statistics worldwide and its companionship and usefulness will be realised by all users of this documentation in governmental, industrial and academic circles, as a must on every working desk. Its reliability is fully backed up by authoritative analysis.' -- Rajinder Kunmar, Marketing and Management NewsTable of ContentsContents: Introduction Part I: Summary Tables 1.1. The Manufacturing Sector 1.2. The Manufacturing Branches Part II: Country Tables

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Book SynopsisTax policy questions may relate to specific problems, concerning perhaps the revenue implications of a particular tax, or they may involve an extensive analysis of the cost and redistributive effects of many taxes and transfer payments. This book is concerned with the ways in which tax policy design can be enhanced by the use of a behavioural tax microsimulation model capable of evaluating the effects of planned or actual tax reforms. An advantage of such a large-scale tax simulation model, which reflects the heterogeneity of the population and captures the details of the tax structure, is that it can examine detailed practical policy questions and can provide direct inputs into policy debates. After introducing behavioural models, the authors discuss the role of means testing, several hypothetical policy reforms, actual and proposed reforms and recent modelling developments.Tax Policy Design and Behavioural Microsimulation Modelling will be of interest to academics and researchers of economics, econometrics and public finance. It will also be useful reading for policymakers responsible for the formulation of taxation.Table of ContentsContents: Part I: Introduction 1. Microsimulation Modelling 2. Outline of the Book 3. Flattening the Rate Structure Part II: Hypothetical Policy Reforms 4. Reducing Taper Rates 5. Reducing Family Payment Taper Rate 6. Distributional Change and the Safety Net 7. Survey Reweighting for Population Ageing Part III: Actual and Proposed Reforms 8. The Australian New Tax System 9. Inflation and Bracket Creep 10. The 2004 Federal Budget 11. The Australian Labor Party's Tax and Family Benefits Package 12. Policy Reforms in New Zealand Part IV: Further Developments 13. Modelling Extensions References Index

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Book SynopsisThis Handbook provides an authoritative overview of current research in the field of cost-benefit analysis and is designed as a starting point for those interested in undertaking advanced research. The Handbook contains major contributions to the development of the field, focussing on standard microeconomic policy evaluations, the relatively neglected area of macroeconomic policy and its integration into a formal CBA framework, and dynamic considerations in CBAPresenting insights from many influential thinkers, and edited by a leading academic in the field, this comprehensive work will prove an invaluable reference tool for economists, researchers and scholars.Trade Review'Anyone interested in cost-benefit analysis will find this anthology valuable.' -- E. Kacapyr, Choice'This book breathes new life into an old but intellectually robust field by applying the principles of cost-benefit analysis to contemporary issues such as drug-abuse treatment, active labor market programs, tobacco addiction, financial regulation, malnutrition and corruption. Several chapters link cost-benefit analysis to other techniques such as cost-effectiveness and impact evaluation. The book will be valuable to scholars wanting to do further research in the field, as well as to consumers of cost-benefit analysis - those who need to know the underpinnings of what their analysts give them.' -- Shanta Devarajan, The World Bank, US'This is a very nice and very useful set of articles on cost-benefit applications. The book will be particularly useful for students but also for professionals interested in keeping up with the state of applied work. I will use some of the articles in my class. Brent's introduction is also well done.' -- Richard O. Zerbe, University of Washington, USTable of ContentsContents: Preface PART I: INTRODUCTION 1. Overview of the Field and the Contributions in the Handbook Robert J. Brent PART II: MICROECONOMIC EVALUATIONS 2. Cost–Benefit Analysis for Health Peter Zweifel and Harry Telser 3. Cost–Benefit Analysis of Drug Abuse Treatment William S. Cartwright 4. Can Cost–Benefit Analysis Guide Education Policy in Developing Countries? Emmanuel Jimenez and Harry Anthony Patrinos 5. Cost–Benefit Analysis in Transport: Recent Developments in Rail Project Appraisal in Britain Chris Nash and James Laird 6. Cost–Benefit Analysis of Environmental Projects and the Role of Distributional Weights Robert J. Brent and Booi Themeli 7. Cost–Benefit Analysis Applied to Labour Market Programmes Michele Campolieti and Morley Gunderson 8. Regulation and Cost–Benefit Analysis Franco Papandrea 9. Can Cost–Benefit Analysis of Financial Regulation be Made Credible? Patrick Honohan PART III: MACROECONOMIC EVALUATIONS 10. The Welfare Effects of Inflation: A Cost–Benefit Perspective Karl-Heinz Tödter and Bernhard Manzke 11. Cost–Benefit Analysis of Economic Globalization Clem Tisdell 12. Poverty Alleviation Programs and their Impacts: A Survey Jyotsna Jalan 13. Too Hungry to Read: Is an Education Subsidy a Misguided Policy for Development? Parantap Basu 14. Project Finance and Cost–Benefit Analysis Peggy B. Musgrave 15. Cost–Benefit Analysis and the Evaluation of the Effects of Corruption on Public Projects Robert J. Brent PART IV: DYNAMIC EVALUATIONS 16. Social Security and Future Generations Hans Fehr and Øystein Thøgersen 17. Irreversible Investments: A Cost–Benefit Perspective Rati Ram and Rajeev K. Goel 18. Pro-Growth, Pro-Poor: Is There a Trade-off? J. Humberto Lopez 19. The Value of the 1964 Surgeon General’s Report Frank Chaloupka and Richard M. Peck Index

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Book SynopsisThe explosive growth of the credit risk industry is symbolic not only of the rapid expansion of finance into new and global markets, but is also representative of a widespread shift. The securitization of risk and, in particular, its transfer through the resulting credit derivatives, has dramatically changed the ways in which both the world economy and the finance industry work. This authoritative collection of key papers provides an overview of the subject from its beginnings through to current scholarship in this area. While the experienced investigator will find this anthology a convenient collection of essential papers, the student new to the field will be quickly taken to the front lines of research. Consequently, this collection will be of interest to historians, researchers, and students.Trade Review'From both theoretical and practical perspectives, credit risk engenders many of the outstanding questions in finance; thus, the topic provides numerous opportunities for research and profit. Pricing and managing credit risk are broadly and deeply imbedded in the bedrock of present-day economics and finance. This collection, assembled by Willi Semmler and Lucas Bernard, provides both a comprehensive review of the state-of-the-art of this topic and an educational tool for the many practitioners and students in finance and financial engineering who are concerned with these problems.'BR>- Charles S. Tapiero, New York Polytechnic University, USTable of ContentsContents: Acknowledgements Introduction Willi Semmler and Lucas Bernard PART I FOUNDATIONS 1. Franco Modigliani and Merton H. Miller (1958), ‘The Cost of Capital, Corporation Finance and the Theory of Investment’ 2. Fischer Black and Myron Scholes (1973), ‘The Pricing of Options and Corporate Liabilities’ 3. Robert C. Merton (1974), ‘On the Pricing of Corporate Debt: The Risk Structure of Interest Rates’ 4. J.E. Stiglitz and A. Weiss (1992), ‘Asymmetric Information in Credit Markets and its Implications for Macro-Economics’ PART II MEASURING CREDIT RISK 5. Marius J.L. Jonkhart (1979), ‘On the Term Structure of Interest Rates and the Risk of Default: An Analytical Approach’ 6. John Hull and Alan White (1995), ‘The Impact of Default Risk on the Prices of Options and Other Derivative Securities’ 7. Dilip B. Madan and Haluk Unal (1998), ‘Pricing the Risks of Default’ 8. Michel Crouhy, Dan Galai and Robert Mark (2000), ‘A Comparative Analysis of Current Credit Risk Models’ 9. Kay Giesecke and Lisa R. Goldberg (2004), ‘Forecasting Default in the Face of Uncertainty’ PART III CREDIT DERIVATIVES AND MODELING 10. John C. Hull and Alan White (2000), ‘Valuing Credit Default Swaps I: No Counterparty Default Risk’ 11. John Hull and Alan White (2001), ‘Valuing Credit Default Swaps II: Modeling Default Correlations’ 12. Philipp J. Schönbucher (2001), ‘Factor Models: Portfolio Credit Risk When Defaults Are Correlated’ 13. Darrell Duffie (2005), ‘Credit Risk Modeling with Affine Processes’ 14. Keith Kuester, Stefan Mittnik and Marc S. Paolella (2006), ‘Value-at-Risk Prediction: A Comparison of Alternative Strategies’ PART IV CONTROL AND MANAGEMENT OF CREDIT RISK 15. Douglas J. Lucas (1995), ‘Default Correlation and Credit Analysis’ 16. Edward W. Frees and Emiliano A. Valdez (1998), ‘Understanding Relationships Using Copulas’ 17. Lars Grüne and Willi Semmler (2005), ‘Default Risk, Asset Pricing, and Debt Control’ 18. Francis A. Longstaff, Sanjay Mithal and Eric Neis (2005), ‘Corporate Yield Spreads: Default Risk or Liquidity? New Evidence from the Credit-Default Swap Market’ 19. Sanjiv R. Das, Darrell Duffie, Nikunj Kapadia and Leandro Saita (2007), ‘Common Failings: How Corporate Defaults are Correlated’ Name Index

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Book SynopsisPutting Econometrics in its Place is an original and fascinating book, in which Peter Swann argues that econometrics has dominated applied economics for far too long and displaced other essential techniques. While Peter Swann is critical of the monopoly that econometrics currently holds in applied economics, the more important and positive contribution of the book is to propose a new direction and a new attitude to applied economics.The advance of econometrics from its early days has been a massive achievement, but it has also been problematic; practical results from the use of econometrics are often disappointing. The author argues that to get applied economics back on course economists must use a much wider variety of research techniques, and must once again learn to respect vernacular knowledge of the economy. This vernacular includes the knowledge gathered by ordinary people from their everyday interactions with markets. While vernacular knowledge is often unsystematic and informal, it offers insights that can never be found from formal analysis alone. As a serious, original and sometimes contentious book, its readership will be varied and international. Scholars throughout the many fields of economics - both skilled and unskilled in econometrics - are likely to be intrigued by the serious alternative approaches outlined within the book. It will also appeal to communities of economists outside economics departments in government, industry and business as well as business and management schools. Research centres for applied economics, policy research and innovation research, will also find it of interest due to its focus on getting reliable results rather than methodological orthodoxy for its own sake.Trade Review'I consider the book as well suited to provide a broader perspective on methods used in applied economic research. For the applied researcher the book will provide a nice overview on existing methods and some arguments as to which method might be particularly suitable for specific purposes.'Table of ContentsContents: Preface PART I: WHAT IS APPLIED ECONOMICS? 1. Introduction 2. Economics Will Only be Applied if it is Applied 3. Econometrics as Alchemy? PART II: THE FORMAL IN APPLIED ECONOMICS 4. The Surveyor’s Dream 5. What Do the Critics Say is Wrong? 6. The Problem of the Signal-to-Noise Ratio PART III: THE VERNACULAR IN APPLIED ECONOMICS 7. Vernacular Economics 8. The Vernacular as Local Knowledge 9. Economic Research as Composition PART IV: TEN APPROACHES TO APPLIED ECONOMICS 10. Plurality: Why and What? 11. Applied Econometrics 12. Experimental Economics 13. Surveys and Questionnaires 14. Simulation 15. Engineering Economics 16. Economic History and History of Economic Thought 17. Case Studies 18. Interviews 19. Common Sense and Intuition 20. Metaphor 21. Innovative Economics: An Essential Miscellany PART V: THE FUTURE IN APPLIED ECONOMICS 22. Danger in the Present Trajectory 23. Changing Attitudes 24. How Do We Make the Future Happen? 25. Conclusion References Index

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Book SynopsisPresents recent developments of probabilistic assessment of systems dependability based on stochastic models, including graph theory, finite state automaton and language theory, for both dynamic and hybrid contexts.Table of ContentsPREFACE ix INTRODUCTION xiii PART 1. PREDICTED RELIABILITY OF STATIC SYSTEMS; A GRAPH-THEORY BASED APPROACH 1 CHAPTER 1. STATIC AND TIME INVARIANT SYSTEMS WITH BOOLEAN REPRESENTATION 3 1.1. Notations 3 1.2. Order relation on U 4 1.3. Structure of a system 6 1.3.1. State diagram of a system 6 1.3.2. Monotony of an SF, coherence of a system 7 1.4. Cut-set and tie-set of a system 9 1.4.1. Tie-set 9 1.4.2. Cut-set 10 CHAPTER 2. RELIABILITY OF A COHERENT SYSTEM 13 2.1. Demonstrating example 15 2.2. The reliability block diagram (RBD) 18 2.3. The fault tree (FT) 21 2.4. The event tree 26 2.5. The structure function as a minimal union of disjoint monomials 28 2.5.1. Ordered graph of a monotone structure function 29 2.5.2. Maxima and minima of the ordered graph 31 2.5.3. Ordered subgraphs of the structure function 32 2.5.4. Introductory example 33 2.5.5. Construction of the minimal Boolean form 37 2.5.6. Complexity 43 2.5.7. Comparison with the BDD approach 45 2.6. Obtaining the reliability equation from the Boolean equation 492.6.1. The traditional approach 49 2.6.2. Comparison with the structure function by Kaufmann 50 2.7. Obtain directly the reliability from the ordered graph 52 2.7.1. Ordered weighted graph 53 2.7.2. Algorithm 56 2.7.3. Performances of the algorithm 59 CHAPTER 3. WHAT ABOUT NON-COHERENT SYSTEMS? 61 3.1. Example of a non-coherent supposed system 61 3.2. How to characterize the non-coherence of a system? 63 3.3. Extension of the ordered graph method 66 3.3.1. Decomposition algorithm 67 3.4. Generalization of the weighted graph algorithm 68 CONCLUSION TO PART 1 73 PART 2. PREDICTED DEPENDABILITY OF SYSTEMS IN A DYNAMIC CONTEXT 75 INTRODUCTION TO PART 2 77 CHAPTER 4. FINITE STATE AUTOMATON 83 4.1. The context of discrete event system 83 4.2. The basic model 84 CHAPTER 5. STOCHASTIC FSA 89 5.1. Basic definition 89 5.2. Particular case: Markov and semi-Markov processes 90 5.3. Interest of the FSA model 91 5.4. Example of stochastic FSA 92 5.5. Probability of a sequence 93 5.6. Simulation with Scilab 94 5.7. State/event duality 95 5.8. Construction of a stochastic SFA 96 CHAPTER 6. GENERALIZED STOCHASTIC FSA 101 CHAPTER 7. STOCHASTIC HYBRID AUTOMATON 105 7.1. Motivation 105 7.2. Formal definition of the model 105 7.3. Implementation 107 7.4. Example 109 7.5. Other examples 116 7.5.1. Control temperature of an oven 116 7.5.2. Steam generator of a nuclear power plant 118 7.6. Conclusion 120 CHAPTER 8. OTHER MODELS/TOOLS FOR DYNAMIC DEPENDABILITY VERSUS SHA 121 8.1. The dynamic fault trees 121 8.1.1. Principle 121 8.1.2. Equivalence with the FSA approach 124 8.1.3. Covered criteria 126 8.2. The Boolean logic-driven Markov processes 126 8.2.1. Principle 126 8.2.2. Equivalence with the FSA approach 127 8.2.3. Covered criteria 127 8.3. The dynamic event trees (DETs) 128 8.3.1. Principle 128 8.3.2. Equivalence with the FSA approach 129 8.3.3. Covered criteria 130 8.4. The piecewise deterministic Markov processes 131 8.4.1. Principle 131 8.4.2. Equivalence with the FSA approach 131 8.4.3. Covered criteria 132 8.5. Other approaches 132 CONCLUSION AND PERSPECTIVES 135 APPENDIX 137 BIBLIOGRAPHY 173 INDEX 181

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Book SynopsisPetri Nets were defined for the study of discrete events systems and later extended for many purposes including dependability assessment. In our knowledge, no book deals specifically with the use of different type of PN to dependability. We propose in addition to bring a focus on the adequacy of Petri net types to the study of various problems related to dependability such as risk analysis and probabilistic assessment. In the first part, the basic models of PN and some useful extensions are briefly recalled. In the second part, the PN are used as a formal model to describe the evolution process of critical system in the frame of an ontological approach. The third part focuses on the stochastic Petri Nets (SPN) and their use in dependability assessment. Different formal models of SPN are formally presented (semantics, evolution rules…) and their equivalence with the corresponding class of Markov processes to get an analytical assessment of dependability. Simplification methods are proposed in order to reduce the size of analytical model and to make it more calculable. The introduction of some concepts specific to high level PN allows too the consideration of complex systems. Few applications in the field of the instrumentation and control (l&C) systems, safety integrated systems (SIS) emphasize the benefits of SPN for dependability assessment.Table of ContentsIntroduction xi Part 1 Short Review of Petri Net Modeling 1 Introduction to Part 1 3 Chapter 1 Autonomous Petri Nets 5 1.1 Unmarked Petri nets 5 1.1.1 Definitions 5 1.1.2 Drawing 6 1.1.3 Other definitions 7 1.2 Marking of a PN 7 1.2.1 Order relation on markings 8 1.2.2 Enabled transition 9 1.3 Dynamics of autonomous PNs 9 1.3.1 Firing of a transition 9 1.3.2 Transition matrix 11 1.3.3 Firing sequence 11 1.3.4 Reachable marking 12 1.3.5 Fundamental equation 12 1.3.6 Properties of PN 14 1.3.7 Other properties 14 1.3.8 Invariants in a PN 15 1.3.9 Reachability graph 16 Chapter 2 Petri Nets and Event Languages 19 2.1 Labeled PNs 19 2.1.1 Formal definition 19 2.1.2 Generated and marked languages 20 2.2 Example 21 Chapter 3 Comparison Petri Nets – Finite State Automaton 25 3.1 Language expression 26 3.2 Building of the models 27 3.2.1 Synchronization of submodels 28 3.2.2 Resource sharing 29 3.2.3 Construction by refinement 30 3.3 Compactness of the model 32 Chapter 4 Some Extensions of Petri Nets 35 4.1 PN with inhibitor arcs 35 4.2 Timed PN 36 4.2.1 P-timed Petri nets 37 4.2.2 T-timed Petri nets 37 4.3 Synchronized PN 38 4.4 Timed synchronized PN 40 4.5 Interpreted PN 41 4.6 Colored PN 42 4.6.1 Introduction example 42 4.6.2 Formal definition 45 4.6.3 A dedicated software CPN Tools 46 Conclusion to Part 1 51 Part 2 A Formal Approach to Risk Assessment 53 Introduction to Part 2 51 Chapter 5 Ontology-based Accidental Process 61 5.1 Preliminary definitions 61 5.2 Elementary entities: HSE and VTE 63 5.2.1 Hazard supplier entity (HSE) 63 5.2.2 Vulnerable target entity (VTE) 63 5.3 Elementary situations and elementary events 64 5.3.1 State versus situation 64 5.3.2 Initial situation (IS) 64 5.3.3 Initiating event (IEv) 64 5.3.4 Hazard situation (HS) 65 5.3.5 Exposure event (EEv) 65 5.3.6 Exposure situation (ES) 65 5.3.7 Accident situation 65 5.3.8 Hazardous (feared) event (HEv) 65 5.4 Conclusion 66 Chapter 6 Petri Net Modeling of the Accidental Process 67 6.1 Elementary process 68 6.2 Sequence of elementary processes 71 6.3 Modeling the action of a safety barrier 71 6.4 Modeling of a cumulative process 73 6.5 PN as a support for risk assessment 75 6.5.1 Modeling of the damage 75 6.5.2 Modeling of the event frequencies 75 6.5.3 CPN Tools implementation 77 6.5.4 Evaluation rule of the risk 83 6.6 Conclusion 86 Chapter 7 Illustrative Example 87 7.1 Functional description 87 7.2 Building of an accidental process 88 7.2.1 First elementary process 88 7.2.2 Second elementary process 91 7.2.3 Parallel process 92 7.2.4 The whole model 92 7.3 Conclusion 94 Chapter 8 Design and Safety Assessment Cycle 95 8.1 Five essential steps 95 8.2 Ontological interest 98 Conclusion to Part 2 101 Part 3 Stochastic Petri Nets 103 Introduction to Part 3 105 Chapter 9 Basic Concept 107 9.1 Introductory example 107 9.2 Formal definition 108 Chapter 10 Semantics, Properties and Evolution Rules of an SPN 111 10.1 Conservatism properties 112 10.1.1 Conservatism of the mean marking in steady state 112 10.1.2 Conservatism of the flow in steady state 113 10.2 Mean sojourn time in a place of a SPN 113 10.3 Equivalent Markov process 114 10.4 Example of SPN for systems dependability modelling and assessment 116 Chapter 11 Simplification of Complex Models 121 11.1 Introduction 121 11.2 System modeling 122 11.3 Presentation of the quantitative analysis method 124 11.3.1 Steps to obtain an aggregated Markov graph 124 11.3.2 Toward a direct establishment of a reduced Markov graph 137 11.4 Example 137 11.4.1 Failure modeling 138 11.4.2 Study of the different functional and hardware solutions 139 11.4.3 Evaluation of the weighting coefficients from the Petri nets 144 11.4.4 Conclusion 147 Chapter 12 Extensions of SPN 149 12.1 Introduction 149 12.2 Relationship between stochastic Petri nets and stochastic processes 150 12.3 The transition firing policy 151 12.4 Associated stochastic processes 151 12.4.1 Temporal memory based on resampling 152 12.4.2 Temporal memory based on age memory or on enabling memory 153 12.4.3 Stochastic process underlying a stochastic PN 154 12.4.4 Embedded Markov chain of the stochastic process 157 12.4.5 Application to a case study 159 12.5 Synchronization problem in generalized stochastic Petri nets 162 12.5.1 GSPN with internal synchronization 162 12.5.2 SPN with predicates and assertions 164 12.6 Conclusion 168 Part 4 Applications of Stochastic Petri Nets to Assessment Problems in Industrial Systems 169 Introduction to Part 4 171 Chapter 13 Application in Dynamic Reliability 175 13.1 Presentation of the system and hypothesis 175 13.2 System modeling with Petri net 177 13.3 Methodology application 179 13.4 Construction of an aggregated Markov graph 180 13.5 Conclusion 185 Chapter 14 Classical Dependability Assessment 187 14.1 Availability study of a nuclear power plant subsystem 187 14.1.1 CPN modeling 188 14.1.2 Reliability and dependability assessment 192 14.1.3 Conclusion 196 14.2 Common causes failures in nuclear plants (safety oriented) 197 14.2.1 The Atwood model 197 14.2.2 Case study 199 14.2.3 Probabilistic dependability assessment 208 14.2.4 Conclusion 212 Chapter 15 Impact of Failures on System Performances 213 15.1 Reliability evaluation of networked control system 213 15.1.1 Statement of the problem 213 15.1.2 Reliability criteria of an NCS 215 15.1.3 Elements of modeling 216 15.1.4 Simulation and results 225 15.1.5 Evaluation of reliability 230 15.1.6 Conclusion 230 15.2 Railway signaling 231 15.2.1 Introduction 231 15.2.2 Interest 233 15.2.3 Signaling system specifications 234 15.2.4 Elements to be modeled 235 15.2.5 Architecture of the model 236 15.2.6 Example of an elementary model 237 15.2.7 Incident generation 239 15.2.8 Results 239 15.2.9 Conclusion 242 Conclusion 245 Appendix 247 Bibliography 251 Index 261

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Book SynopsisA unique and comprehensive source of information, this book is the only international publication providing economists, planners, policymakers and business people with worldwide statistics on current performance and trends in the manufacturing sector.The Yearbook is designed to facilitate international comparisons relating to manufacturing activity and industrial development and performance. It provides data which can be used to analyse patterns of growth and related long term trends, structural change and industrial performance in individual industries. Statistics on employment patterns, wages, consumption and gross output and other key indicators are also presented.Trade Review'The UNIDO International Yearbook of Industrial Statistics is now a classic reference. . . which constitutes a unique statistical tool for analyzing the world industry and aims at facilitating the comparison of industrial systems. The different editions of the Yearbook provide a unique statistical tool for analyzing the world industry.' -- Revue d'Economie Industrielle / Industrial Economics ReviewAcclaim for previous editions:'This is a unique and massive effort by UNIDO providing comparative statistics on current performance and trends in the manufacturing sector worldwide . . . There is no doubt that the volume is a most important source book for economists, planners and policymakers.' -- Pradosh Nath, Journal of Science and Industrial Research'UNIDO has done well to bridge gaps in information noticed so far in industrial statistics worldwide and its companionship and usefulness will be realised by all users of this documentation in governmental, industrial and academic circles, as a must on every working desk. Its reliability is fully backed up by authoritative analysis.' -- Rajinder Kunmar, Marketing and Management NewsTable of ContentsContents: Introduction Part I: Summary Tables 1.1. The Manufacturing Sector 1.2. The Manufacturing Branches Part II: Country Tables

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Book SynopsisThis Handbook provides an authoritative overview of current research in the field of cost-benefit analysis and is designed as a starting point for those interested in undertaking advanced research. The Handbook contains major contributions to the development of the field, focussing on standard microeconomic policy evaluations, the relatively neglected area of macroeconomic policy and its integration into a formal CBA framework, and dynamic considerations in CBAPresenting insights from many influential thinkers, and edited by a leading academic in the field, this comprehensive work will prove an invaluable reference tool for economists, researchers and scholars.Trade Review'Anyone interested in cost-benefit analysis will find this anthology valuable.' -- E. Kacapyr, Choice'This book breathes new life into an old but intellectually robust field by applying the principles of cost-benefit analysis to contemporary issues such as drug-abuse treatment, active labor market programs, tobacco addiction, financial regulation, malnutrition and corruption. Several chapters link cost-benefit analysis to other techniques such as cost-effectiveness and impact evaluation. The book will be valuable to scholars wanting to do further research in the field, as well as to consumers of cost-benefit analysis - those who need to know the underpinnings of what their analysts give them.' -- Shanta Devarajan, The World Bank, US'This is a very nice and very useful set of articles on cost-benefit applications. The book will be particularly useful for students but also for professionals interested in keeping up with the state of applied work. I will use some of the articles in my class. Brent's introduction is also well done.' -- Richard O. Zerbe, University of Washington, USTable of ContentsContents: Preface PART I: INTRODUCTION 1. Overview of the Field and the Contributions in the Handbook Robert J. Brent PART II: MICROECONOMIC EVALUATIONS 2. Cost–Benefit Analysis for Health Peter Zweifel and Harry Telser 3. Cost–Benefit Analysis of Drug Abuse Treatment William S. Cartwright 4. Can Cost–Benefit Analysis Guide Education Policy in Developing Countries? Emmanuel Jimenez and Harry Anthony Patrinos 5. Cost–Benefit Analysis in Transport: Recent Developments in Rail Project Appraisal in Britain Chris Nash and James Laird 6. Cost–Benefit Analysis of Environmental Projects and the Role of Distributional Weights Robert J. Brent and Booi Themeli 7. Cost–Benefit Analysis Applied to Labour Market Programmes Michele Campolieti and Morley Gunderson 8. Regulation and Cost–Benefit Analysis Franco Papandrea 9. Can Cost–Benefit Analysis of Financial Regulation be Made Credible? Patrick Honohan PART III: MACROECONOMIC EVALUATIONS 10. The Welfare Effects of Inflation: A Cost–Benefit Perspective Karl-Heinz Tödter and Bernhard Manzke 11. Cost–Benefit Analysis of Economic Globalization Clem Tisdell 12. Poverty Alleviation Programs and their Impacts: A Survey Jyotsna Jalan 13. Too Hungry to Read: Is an Education Subsidy a Misguided Policy for Development? Parantap Basu 14. Project Finance and Cost–Benefit Analysis Peggy B. Musgrave 15. Cost–Benefit Analysis and the Evaluation of the Effects of Corruption on Public Projects Robert J. Brent PART IV: DYNAMIC EVALUATIONS 16. Social Security and Future Generations Hans Fehr and Øystein Thøgersen 17. Irreversible Investments: A Cost–Benefit Perspective Rati Ram and Rajeev K. Goel 18. Pro-Growth, Pro-Poor: Is There a Trade-off? J. Humberto Lopez 19. The Value of the 1964 Surgeon General’s Report Frank Chaloupka and Richard M. Peck Index

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Book SynopsisA unique and comprehensive source of information, this book is the only international publication providing economists, planners, policymakers and business people with worldwide statistics on current performance and trends in the manufacturing sector.The Yearbook is designed to facilitate international comparisons relating to manufacturing activity and industrial development and performance. It provides data which can be used to analyse patterns of growth and related long term trends, structural change and industrial performance in individual industries. Statistics on employment patterns, wages, consumption and gross output and other key indicators are also presented.Trade ReviewAcclaim for previous editions:‘This annual publication seems to be the only international publication providing worldwide statistics on current performance and trends in the manufacturing sector. In terms of comprehensiveness, accuracy, and cross-country comparisons this volume is unparalleled . . . If you are looking for an authoritative source for comparative international statistics on industrial information, this is it.’ -- Andrea Meyer, Business Information Alert‘This is a unique and massive effort by UNIDO providing comparative statistics on current performance and trends in the manufacturing sector worldwide . . . There is no doubt that the volume is a most important source book for economists, planners and policymakers.’ -- Pradosh Nath, Journal of Science and Industrial Research‘UNIDO has done well to bridge gaps in information noticed so far in industrial statistics worldwide and its companionship and usefulness will be realised by all users of this documentation in governmental, industrial and academic circles, as a must on every working desk. Its reliability is fully backed up by authoritative analysis.’ -- Rajinder Kunmar, Marketing and Management NewsTable of ContentsContents: Introduction Part I: Summary Tables 1.1. The Manufacturing Sector 1.2. The Manufacturing Branches Part II: Country Tables

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Book SynopsisThis challenging and original book takes a fresh, innovative look at econometrics, and re-examines the scientific standing of structural econometrics as developed by the founders (Frisch and Tinbergen) and extended by Haavelmo and the Cowles modellers (particularly Klein) during the period 1930-1960.The authors begin by rethinking the scientific foundations of structural econometrics, offering a way around the problem of induction that also justifies the assumption of a data generating mechanism', and of ways to model this. They go on to explain how current critiques of the methodological foundations of structural econometrics are direct consequences of implicitly accepted but seriously flawed elements in neoclassical thinking. In the final part they present their distinctive methodological contribution: a blend of fieldwork and conceptual analysis designed to ensure that their models are well grounded in reality, and at the same time, conceptually coherent as well as statistically adequate. In so doing, they outline a number of elements that will be needed to develop a 'good' macroeconometric model of an advanced economy.Rational Econometric Man will prove a stimulating and thought-provoking read for scholars and researchers in the field of economics, and, more specifically, heterodox economics.Contents: Foreword by Lawrence R. Klein Introduction Part I: From Rational Economic Man to Rational Econometric Man 1. Re-reading Hollis and Nell 2. Haavelmo Reconsidered as Rational Econometric Man 3. Induction and the Empiricist Account of General Laws 4. Variables, Laws and Induction I: Are There Laws of Nature? 5. Variables, Laws and Induction II: Scientific Variables and Scientific Laws in Economics 6. The Concept of the 'Model' and the Methodology of Model Building Part II: The Critiques and the Foundations 7. Debating the Foundations: A New Perspective? 8. Scientific Issues in Structural Econometrics 9. Haavelmo and Beyond: Probability, Uncertainty, Specification and Stochasticism Part III: Structural Econometrics in its Place: Mapping New Directions 10. Conceptual Analysis, Fieldwork and the Methodology of Model Building 11. Working with Open Models: Lawlike Relations and an Uncertain Future Conclusion References IndexTrade Review‘This is a big book that presents big ideas and is well worth a read and re-read.’ -- Richard Fowles, Eastern Economic Journal‘This is a book macroeconomists were waiting for - a lucid history of macroeconometric model building. A must read.’ -- Willi Semmler, New School for Social Research, US‘Rational Econometric Man is an important book regarding an under-discussed subject. . . I would urge anyone with an interest in econometrics to read this book and so better understand what it is that they are doing and what it is that they could do.’ -- Jamie Morgan, Real-World Economics Review‘The authors have succeeded in orchestrating a lively debate over the scientific foundations of structural econometrics. Their book deserves a broad readership.’ -- From the foreword by Lawrence R. KleinTable of ContentsContents: Foreword by Lawrence R. Klein Introduction Part I: From Rational Economic Man to Rational Econometric Man 1. Re-reading Hollis and Nell 2. Haavelmo Reconsidered as Rational Econometric Man 3. Induction and the Empiricist Account of General Laws 4. Variables, Laws and Induction I: Are There Laws of Nature? 5. Variables, Laws and Induction II: Scientific Variables and Scientific Laws in Economics 6. The Concept of the ‘Model’ and the Methodology of Model Building Part II: The Critiques and the Foundations 7. Debating the Foundations: A New Perspective? 8. Scientific Issues in Structural Econometrics 9. Haavelmo and Beyond: Probability, Uncertainty, Specification and Stochasticism Part III: Structural Econometrics in its Place: Mapping New Directions 10. Conceptual Analysis, Fieldwork and the Methodology of Model Building 11. Working with Open Models: Lawlike Relations and an Uncertain Future Conclusion References Index

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Book SynopsisThis major book presents, for the first time, an authoritative history of developments in macroeconometric modelling since the 1930s. It focuses in particular on the construction of mathematico-statistical models of entire economies, estimated from national accounts and other macroeconomic data. International and comparative in scope, the book contains chapters prepared by specialists from the different countries concerned. This landmark book is indispensable to an understanding of the history and development of large scale econometric models of modern economies.Trade Review’This is highly recommended reading for all model-builders and model-users.’Table of ContentsContents: Part I: Introduction 1. Antecedents of Macroeconometric Models 2. Econometric Model-Building at the Origins Part II: Experience in the USA 3. American Econometric Models of the 1950s: the Klein-Goldberger Model 4. Expansion and Theoretical Development During the 1960s: the Brookings Model as a Milestone 5. American Econometric Models of the 1970s Part III: Comparative Experience 6. The History of Dutch Macroeconometric Modelling, 1936–1986 (A.P. Barten) 7. Macroeconometric Model-Building in the United Kingdom (Sir J. Ball and S. Holly) 8. Macroeconomic Modelling in France (R. Courbis) 9. Canadian Macroeconometric Modelling, 1947–1979 and Selectively Beyond 10. Econometric Models of the Japanese Economy (K. Sato) 11. Macroeconometric Modelling of South-East Asia: the Case of India 12. Macroeconometric Modelling of Latin American Countries, 1965–1985 (A. Beltran-del-Rio) Part IV: Systems of Models 13. Regional Econometric Models (Roger Bolton) 14. Project LINK and Multicountry Modelling (B.G. Hickman) Part V: Summing Up 15. A History of Computation in Econometrics 16. Lessons from Half a Century of Macroeconometric Modelling 17. Prospects for Macroeconomic Modelling

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Book SynopsisGeneral Equilibrium Theory has been one of the major intellectual developments in economics during the past half-century. The theory of general equilibrium is centred on an inquiry about human societies which has several of the characteristics of a fundamental scientific question. In an economy, a multitude of agents produce, exchange, and consume a large number of commodities. Their decisions are independent of each other and dictated by self-interest. Attempting to answer the question 'Why is social chaos not the result?' has required an intensive research effort by several generations of leading economists.This important three volume set gathers together many of the articles that have played an influential role in the history of ideas in the general equilibrium area in the contemporary period.

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Book SynopsisEconometric issues have provoked a lively and sometimes adversarial debate in the economics profession. The excitement and intellectual vitality of that debate is captured here for the reader in a lucid overview of econometric approaches, describing their advantages and limitations. This ambitious book focuses on the underlying methodological issues rather than concentrating upon econometric techniques. The limits of econometric investigations are identified through a critical appraisal of three different approaches associated with the work of Professors Hendry, Leamer and Sims. After explaining why the early optimism in econometrics was misplaced, it argues that rejection is not an appropriate response. It offers a rich spectrum of approaches to a problem of central importance in the development of modern economics. The book will appeal not only to all econometricians whatever their persuasion but also to all those with an interest in the methodology of economics.

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Book SynopsisThis important reference work offers readers, researchers and students a thoughtful, balanced selection of core articles from the voluminous literature on panel data. The Econometrics of Panel Data will be welcomed by econometricians and economists as a central reference point and guide to current thinking. The first volume features work on variance components model, its extensions and applications, estimation of variances, dynamic models, instrumental variable estimators and random coefficient models. The second volume covers errors in variables and incomplete data, specification tests, limited dependent variables, frontier production functions and some practical problems with panel data. G.S. Maddala has chosen a series of key contributions by leading econometricians which guide the reader through the literature. As well as reproducing the central articles and papers, intact with their original pagination, the editor provides a comprehensive introduction and additional references which will allow students and researchers to pursue their studies further.Trade Review'. . . in a rapidly expanding area such as this with publications appearing in such diverse journals, Maddala has done us all a great favour by picking out many of the articles that have shaped research in this area over the past two decades or more.' -- Richard Blundell, The Economic JournalTable of ContentsContents Acknowledgements Introduction PART I VARIANCE COMPONENT MODELS 1. Pietro Balestra and Marc Nerlove (1966), ‘Pooling Cross Section and Time Series Data in the Estimation of a Dynamic Model: The Demand for Natural Gas’ 2. T.D. Wallace and Ashiq Hussain (1969), ‘The Use of Error Components Models in Combining Cross Section with Time Series Data’ 3. G.S. Maddala (1971), ‘The Use of Variance Components Models in Pooling Cross Section and Time Series Data’ 4. Marc Nerlove (1971), ‘A Note on Error Components Models’ 5. Wayne A. Fuller and George E. Battese (1974), ‘Estimation of Linear Models with Crossed-Error Structure’ 6. Trevor S. Breusch (1987), ‘Maximum Likelihood Estimation of Random Effects Models’ PART II ESTIMATION OF VARIANCES 7. C. Radhakrishna Rao (1972), ‘Estimation of Variance and Covariance Components in Linear Models’ 8. Takeshi Amemiya (1971), ‘The Estimation of the Variances in a Variance-Components Model’ 9. G.S. Maddala and T.D. Mount (1973), ‘A Comparative Study of Alternative Estimators for Variance Components Models Used in Econometric Applications’ 10. William E. Taylor (1980), ‘Small Sample Considerations in Estimation from Panel Data’ 11. Tom Wansbeek (1980), ‘A Regression Interpretation of the Computation of MINQUE Variance Component Estimates’ PART III DYNAMIC MODELS 12. Marc Nerlove (1971), ‘Further Evidence on the Estimation of Dynamic Economic Relations from a Time Series of Cross Sections’ 13. Stephen Nickell (1981), ‘Biases in Dynamic Models with Fixed Effects’ 14. T.W. Anderson and Cheng Hsiao (1982), ‘Formulation and Estimation of Dynamic Models Using Panel Data’ 15. Alok Bhargava and J.D. Sargan (1983), ‘Estimating Dynamic Random Effects Models from Panel Data Covering Short Time Periods’ PART IV EXTENSIONS OF THE VARIANCE COMPONENTS MODEL 16. Badi H. Baltagi (1980), ‘On Seemingly Unrelated Regressions with Error Components’ 17. Badi H. Baltagi (1981), ‘Simultaneous Equations with Error Components’ 18. Gary Chamberlain (1982), ‘Multivariate Regression Models for Panel Data’ 19. Ingmar R. Prucha (1985), ‘Maximum Likelihood and Instrumental Variable Estimation in Simultaneous Equation Systems with Error Components’ PART V APPLICATIONS OF VARIANCE COMPONENTS MODELS 20. E. Philip Howrey and Hal R. Varian (1984), ‘Estimating the Distributional Impact of Time-of-Day Pricing of Electricity’ 21. Lee A. Lillard and Yoram Weiss (1979), ‘Components of Variation in Panel Earnings Data: American Scientists 1960–70’ 22. Gary Chamberlain and Zvi Griliches (1975), ‘Unobservables with a Variance-Components Structure: Ability, Schooling, and the Economic Success of Brothers’ PART VI INSTRUMENTAL VARIABLE ESTIMATORS 23. Jerry A. Hausman and William E. Taylor (1981), ‘Panel Data and Unobservable Individual Effects’ 24. Takeshi Amemiya and Thomas E. MaCurdy (1986), ‘Instrumental-Variable Estimation of an Error-Components Model’ 25. Trevor S. Breusch, Grayham E. Mizon, and Peter Schmidt (1989), ‘Efficient Estimation Using Panel Data’ 26. Michael P. Keane and David E. Runkle (1992), ‘On the Estimation of Panel-Data Models with Serial Correlation when Instruments are not Strictly Exogenous’ PART VII RANDOM-COEFFICIENT MODELS 27. P.A.V.B. Swamy (1970), ‘Efficient Inference in a Random Coefficient Regression Model’ 28. Barr Rosenberg (1973), ‘Linear Regression with Randomly Dispersed Parameters’ 29. A.F.M. Smith (1973), ‘A General Bayesian Linear Model’ 30. C. Radhakrishna Rao (1975), ‘Simultaneous Estimation of Parameters in Different Linear Models and Applications to Biometric Problems’ 31. Cheng Hsiao (1975), ‘Some Estimation Methods for a Random Coefficient Model’ 32. Harry H. Kelejian and Scott W. Stephan (1983), ‘Inference in Random Coefficient Panel Data Models: A Correction and Clarification of the Literature’ Name Index Volume II PART I ERRORS IN VARIABLES AND INCOMPLETE DATA 1. Zvi Griliches and Jerry A. Hausman (1986), ‘Errors in Variables in Panel Data’ 2. Erik Biørn (1981), ‘Estimating Economic Relations from Incomplete Cross-Section/Time-Series Data’ 3. Tom Wansbeek and Arie Kapteyn (1989), ‘Estimation of the Error-Components Model with Incomplete Panels’ 4. Angus Deaton (1985), ‘Panel Data from Time Series of Cross-Sections’ PART II SPECIFICATION TESTS 5. J.A. Hausman (1978), ‘Specification Tests in Econometrics’ 6. Yair Mundlak (1978), ‘On the Pooling of Time Series and Cross Section Data’ 7. Suk Kang (1985), ‘A Note on the Equivalence of Specification Tests in the Two-Factor Multivariate Variance Components Model’ 8. Brent R. Moulton (1987), ‘Diagnostics for Group Effects in Regression Analysis’ 9. Douglas Holtz-Eakin, Whitney Newey, and Harvey S. Rosen (1988), ‘Estimating Vector Autoregressions with Panel Data’ 10. Joshua D. Angrist and Whitney K. Newey (1991), ‘Over-Identification Tests in Earnings Functions With Fixed Effects’ 11. Manuel Arellano and Stephen Bond (1991), ‘Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations’ PART III LIMITED DEPENDENT VARIABLES 12. Gary Chamberlain (1980), ‘Analysis of Covariance with Qualitative Data’ 13. J.S. Butler and Robert Moffitt (1982), ‘A Computationally Efficient Quadrature Procedure for the One-Factor Multinomial Probit Model’ 14. D.M. Grether and G.S. Maddala (1982), ‘A Time Series Model with Qualitative Variables’ 15. Robert B. Avery, Lars Peter Hansen and V. Joseph Hotz (1983), ‘Multiperiod Probit Models and Orthogonality Condition Estimation’ 16. J.D. Kalbfleisch and J.F. Lawless (1985), ‘The Analysis of Panel Data under a Markov Assumption’ 17. Robin C. Sickles and Paul Taubman (1986), ‘An Analysis of the Health and Retirement Status of the Elderly’ 18. G.S. Maddala (1987), ‘Limited Dependent Variable Models Using Panel Data’ PART IV FRONTIER PRODUCTION FUNCTIONS 19. Peter Schmidt and Robin C. Sickles (1984), ‘Production Frontiers and Panel Data’ 20. Christopher Cornwell, Peter Schmidt and Robin C. Sickles (1990), ‘Production Frontiers with Cross-Sectional and Time-Series Variation in Efficiency Levels’ PART V SPECIAL PROBLEMS WITH PANEL DATA 21. Jerry A. Hausman and David A. Wise (1979), ‘Attrition Bias in Experimental and Panel Data: The Gary Income Maintenance Experiment’ 22. Jerry Hausman, Bronwyn H. Hall and Zvi Griliches (1984), ‘Econometric Models for Count Data with an Application to the Patents-R&D Relationship’ 23. James J. Heckman and Richard Robb, Jr. (1985), ‘Alternative Methods for Evaluating the Impact of Interventions: An Overview’ 24. Lawrence S. Mayer (1986), ‘On Cross-Lagged Panel Models with Serially Correlated Errors’ 25. Jacques Mairesse (1990), ‘Time-Series and Cross-Sectional Estimates on Panel Data: Why are They Different and Why Should They be Equal?’ Name Index

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Book SynopsisZvi Griliches has made many seminal contributions to econometrics during the course of a long and distinguished career. His work has focused primarily on the economics of technological change and the econometric problems that arise in trying to study it. This major collection presents Professor Griliches's most important essays and papers on method, applied econometrics and specification problems. It reflects his interests in data-instigated contributions to econometric methodology, developments in and exposition of specification analysis, statistical aggregation, distributed lag models, sample selection bias and measurement error and other unobservable variance component models. These methods are applied to important substantive questions such as the estimation of the returns to education, the measurement of quality change, and productivity and economies of scale.Practicing Econometrics provides an essential reference source to the work of one of the most influential econometricians of the late 20th century.Trade Review’Reading a paper by Griliches, one sees how empirical economic research should be done. As the twentieth century ends, researchers are specializing more and more. Sometimes the link between economics and econometrics is often weak, if not severed. Graduate students in economics programs should be required to read at least one classic paper by Griliches to see that economic theory, data and econometrics belong together.’ -- Journal of the American Statistical Association’An excellent reference source of this eminent economist's foremost work on method, applied econometrics and specification problems over the last forty years.’– Aslib Book GuideTable of ContentsContents: 1. Specification Analysis and Aggregation 2. Distributed Lags 3. Errors in Variables and Panel Data 4. Applications 5. Data Issues

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Book SynopsisThis volume comprises the classic articles on methods of identification and estimation of simultaneous equations econometric models. It includes path-breaking contributions by Trygve Haavelmo and Tjalling Koopmans, who founded the subject and received Nobel prizes for their work. It presents original articles that developed and analysed the leading methods for estimating the parameters of simultaneous equations systems: instrumental variables, indirect least squares, generalized least squares, two-stage and three-stage least squares, and maximum likelihood. Many of the articles are not readily accessible to readers in any other form.Table of ContentsThe nature and use of simultaneous equations models; theoretical restrictions and the identifiability of parameters in econometric models; estimation methods of the Cowles Commission; generalized least squares and two-stage least squares; instrumental variables; three-stage least squares and related methods; autocorrelated disturbances; relations among estimation methods.

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Book SynopsisThis two volume set is a collection of 30 classic papers presenting ideas which have now become standard in the field of Bayesian inference. Topics covered include the central field of statistical inference as well as applications to areas of probability theory, information theory, utility theory and computational theory. It is organized into seven sections: foundations, information theory and prior distributions; robustness and outliers; hierarchical, multivariate and non-parametric models; asymptotics; computations and Monte Carlo methods; and Bayesian econometrics.Table of ContentsVolume I: information theory and prior distributions; robustness and outliers. Volume II: hierarchical, multivariate and non-parametric models; asymptotics; computation via Monte Carlo methods; Bayesian econometrics.

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Book SynopsisEconomists have long sought to develop quantitative models of economic behaviour, which blend economic theory with data evidence. Econometric modelling of economic time series has strived to achieve this by seeking to discover sustainable and interpretable relationships. This important two-volume collection focuses on a central method used in selecting such models, namely simplification of an initially general model that adequately characterizes the empirical evidence within the investigators' theoretical framework. The volumes feature a wealth of evidence that has accrued over the last five years displaying its excellent abilities for model selection, based on Monte Carlo studies of automatic algorithms. These also throw light on several major methodological issues, and prompt many new ideas, which are discussed. The collection will be valuable to all empirical economists and econometricians.Trade Review'As data sets have become larger, computers greatly increased in capacity and speed, exploratory techniques have grown more sophisticated and models are now multivariate, dynamic, and possibly nonlinear. The number of models that could be considered, and thus compared, have become immense. Econometricians need to be helped through this tangled maze and this help can be found in these volumes. Here leading advocates of a variety of well-tried and appreciated approaches to modeling display their expert knowledge.' -- The late Sir Clive W.J. Granger, University of California, San Diego, US and 2003 Nobel Laureate in EconomicsTable of ContentsContents: Volume I Acknowledgements Introduction Julia Campos, Neil R. Ericsson and David F. Hendry PART I INTRODUCTION TO THE METHODOLOGY 1. Christopher L. Gilbert (1986), ‘Professor Hendry’s Econometric Methodology’ 2. David F. Hendry (1983), ‘Econometric Modelling: The “Consumption Function” in Retrospect’ 3. Christopher L. Gilbert (1989), ‘LSE and the British Approach to Time Series Econometrics’ 4. Aris Spanos (1989), ‘On Rereading Haavelmo: A Retrospective View of Econometric Modeling’ 5. Adrian Pagan (1987), ‘Three Econometric Methodologies: A Critical Appraisal’ 6. P.C.B. Phillips (1988), ‘Reflections on Econometric Methodology’ 7. Neil R. Ericsson, Julia Campos and Hong-Anh Tran (1990), ‘PC-Give and David Hendry’s Econometric Methodology’ PART II THEORY OF REDUCTION 8. David F. Hendry (1987), ‘Econometric Methodology: A Personal Perspective’ 9. David F. Hendry and Jean-François Richard (1982), ‘On the Formulation of Empirical Models in Dynamic Econometrics’ 10. Tjalling C. Koopmans (1950), ‘When is an Equation System Complete for Statistical Purposes?’ 11. A.W. Phillips (1956), ‘Some Notes on the Estimation of Time-Forms of Reactions in Interdependent Dynamic Systems’ 12. J.-F. Richard (1980), ‘Models with Several Regimes and Changes in Exogeneity’ 13. Robert F. Engle, David F. Hendry and Jean-François Richard (1983), ‘Exogeneity’ PART III DYNAMIC SPECIFICATION 14. David F. Hendry, Adrian R. Pagan and J. Denis Sargan (1984), ‘Dynamic Specification’ 15. David F. Hendry and Grayham E. Mizon (1978), ‘Serial Correlation as a Convenient Simplification, Not a Nuisance: A Comment on a Study of the Demand for Money by the Bank of England’ 16. J.D. Sargan (1980), ‘Some Tests of Dynamic Specification for a Single Equation’ 17. J.D. Sargan (1961), ‘The Maximum Likelihood Estimation of Economic Relationships with Autoregressive Residuals’ 18. Søren Johansen and Katarina Juselius (1990), ‘Maximum Likelihood Estimation and Inference on Cointegration – With Applications to the Demand for Money’ PART IV MODEL SELECTION PROCEDURES 19. T.W. Anderson (1962), ‘The Choice of the Degree of a Polynomial Regression as a Multiple Decision Problem’ 20. Thomas A. Yancey and George G. Judge (1976), ‘A Monte Carlo Comparison of Traditional and Stein-Rule Estimators Under Squared Error Loss’ 21. Grayham E. Mizon (1977), ‘Model Selection Procedures’ 22. N.E. Savin (1980), ‘The Bonferroni and the Scheffé Multiple Comparison Procedures’ 23. Halbert White (1990), ‘A Consistent Model Selection Procedure Based on m-testing’ 24. P.C.B. Phillips (1991), ‘Optimal Inference in Cointegrated Systems’ Name Index Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I MODEL SELECTION CRITERIA 1. Hirotugu Akaike (1981), ‘Likelihood of a Model and Information Criteria’ 2. Gideon Schwarz (1978), ‘Estimating the Dimension of a Model’ 3. E.J. Hannan and B.G. Quinn (1979), ‘The Determination of the Order of an Autoregression’ 4. A.C. Atkinson (1981), ‘Likelihood Ratios, Posterior Odds and Information Criteria’ 5. K.R. Sawyer (1983), ‘Testing Separate Families of Hypotheses: An Information Criterion’ 6. Peter C.B. Phillips (1996), ‘Econometric Model Determination’ PART II MODEL COMPARISONS 7. D.R. Cox (1961), ‘Tests of Separate Families of Hypotheses’ 8. D.R. Cox (1962), ‘Further Results on Tests of Separate Families of Hypotheses’ 9. Phoebus J. Dhrymes, E. Philip Howrey, Saul H. Hymans, Jan Kmenta, Edward E. Leamer, Richard E. Quandt, James B. Ramsey, Harold T. Shapiro and Victor Zarnowitz (1972), ‘Criteria for Evaluation of Econometric Models’ 10. M.H. Pesaran (1974), ‘On the General Problem of Model Selection’ PART III ENCOMPASSING 11. Grayham E. Mizon and Jean-François Richard (1986), ‘The Encompassing Principle and its Application to Testing Non-nested Hypotheses’ 12. David F. Hendry and Jean-François Richard (1989), ‘Recent Developments in the Theory of Encompassing’ 13. Jeffrey M. Wooldridge (1990), ‘An Encompassing Approach to Conditional Mean Tests with Applications to Testing Nonnested Hypotheses’ 14. Maozu Lu and Grayham E. Mizon (1996), ‘The Encompassing Principle and Hypothesis Testing’ 15. David F. Hendry (1988), ‘The Encompassing Implications of Feedback Versus Feedforward Mechanisms in Econometrics’ 16. Yock Y. Chong and David F. Hendry (1986), ‘Econometric Evaluation of Linear Macro-Economic Models’ 17. Neil R. Ericsson (1992), ‘Parameter Constancy, Mean Square Forecast Errors, and Measuring Forecast Performance: An Exposition, Extensions, and Illustration’ 18. Neil R. Ericsson and Jaime Marquez (1993), ‘Encompassing the Forecasts of U.S. Trade Balance Models’ 19. David F. Hendry and Grayham E. Mizon (1993), ‘Evaluating Dynamic Econometric Models by Encompassing the VAR’ PART IV COMPUTER AUTOMATION 20. Michael C. Lovell (1983), ‘Data Mining’ 21. Frank T. Denton (1985), ‘Data Mining as an Industry’ 22. Kevin D. Hoover and Stephen J. Perez (1999), ‘Data Mining Reconsidered: Encompassing and the General-to-Specific Approach to Specification Search’ 23. David F. Hendry and Hans-Martin Krolzig (1999), ‘Improving on “Data Mining Reconsidered” by K.D. Hoover and S.J. Perez’ 24. Kevin D. Hoover and Stephen J. Perez (1999), ‘Reply to our Discussants’ PART V EMPIRICAL APPLICATIONS 25. P.K. Trivedi (1970), ‘The Relation between the Order-Delivery Lag and the Rate of Capacity Utilization in the Engineering Industry in the United Kingdom, 1958–1967’ 26. James E.H. Davidson, David F. Hendry, Frank Srba and Stephen Yeo (1978), ‘Econometric Modelling of the Aggregate Time-Series Relationship Between Consumers’ Expenditure and Income in the United Kingdom’ 27. James E.H. Davidson and David F. Hendry (1981), ‘Interpreting Econometric Evidence: The Behaviour of Consumers’ Expenditure in the UK’ 28. David F. Hendry (1979), ‘Predictive Failure and Econometric Modelling in Macroeconomics: The Transactions Demand for Money’ 29. Hildegart A. Ahumada (1985), ‘An Encompassing Test of Two Models of the Balance of Trade for Argentina’ 30. Ronald MacDonald and Mark P. Taylor (1992), ‘A Stable US Money Demand Function, 1874–1975’ 31. Søren Johansen (1992), ‘Testing Weak Exogeneity and the Order of Cointegration in UK Money Demand Data’ 32. Kıvılcım Metin (1998), ‘The Relationship Between Inflation and the Budget Deficit in Turkey’ 33. Julia Campos and Neil R. Ericsson (1999), ‘Constructive Data Mining: Modeling Consumers’ Expenditure in Venezuela’ Name Index

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Book SynopsisAs communities in the United States and Europe confront shortages of disposal capacity, the growing solid waste stream increasingly threatens the environment.This important new book addresses a major policy question regarding the solid waste crisis: should municipalities charge households user fees for solid waste services? In her study of this issue, Professor Jenkins draws on a unique data set which relates the quantities of waste discarded and the prices charged to households for waste services in nine US communities. She thoroughly analyses the relationship between the quantity of waste that individuals discard and such socio-economic variables as household income, the age of individuals and the population density of the community. In addition she develops a utility maximization model that suggests that user fees do encourage people to recycle waste. Finally she provides simple instructions for forecasting the quantity of waste discarded by a particular community.This unique book will be essential reading not only for social scientists with an interest in the environment but also for government officials and community activists concerned with the solid waste crisis.Trade Review'In this admirable volume Jenkins utilises a unique data set relating to waste generation, composition, and collection in a range of communities in the US, in order to investigate the efficacy of user fees. . . a clearly written and technically competent piece of applied environmental economics, it is to be recommended.' -- R.K. Turner, The Economic JournalTable of ContentsPart 1 Introduction: the problem with the market for solid waste services; the primary purpose of this book; existing research on the Household's Response to User Fees for SWS; factors that affect residential and commercial demand for SWS; characteristic of the data collected; a summary of the empirical results; an outline of this book. Part 2 A review of the literature: the impact of volume-based user fees; the impact of service-level-based user fees and service levels; the impact of income and other socioeconomic variables; population density. part 3 Models of the household and the firm: a model to explain the household's decisions regarding solid waste; a model to explain the firm's decisions regarding household waste. Part 4 The residential and commercial demand equations - some econometric issues: specifications of the empirical model; stacking and aggregating the data; method of estimation. Part 5 A description of the data and details of the empirical model: data related to waste quantities and prices of SWS; the funding of SWS in non-user fee communities; inconsistancies within the quantity data; data related to community characteristics and regional prices; details of the empirical model. Part 6 How waste quantities respond to a user fee for SWS: results of the GLS estimation. Part 7 Tests and respecifications of the empirical model: an annual version of the generalized least squares (GLS) model; a Hausman test for endogeneity of the user fee variables; a test for constant slope coefficients. Part 8 Forecasting waste quantities: forecasting the quantity of residential waste; estimating the welfare gain from a residential user fee; forecasting the quantity of commercial waste; forecasting the sum of residential and commercial waste.

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Book SynopsisMeghnad Desai's work presents a significant challenge to economics as currently practised. Poverty, Famine and Economic Development brings together essays which reflect his long-standing interest in economic development. Issues discussed include econometric testing of the disguised unemployment hypothesis, theoretical and applied approaches to famine, poverty in rich as well as poor countries, poverty in Latin America and state involvement in economic development. The volume also includes a discussion of the essay by Lenin which was the basis of the 'New Economic Policy', the first attempt at Market Socialism in the Soviet Union.The volume also includes a substantial autobiographical preface, in which Lord Desai explains how he became an economist and the influences behind the development of his thought, as well as a specific introduction explaining how he came to produce the papers included in this volume.Trade Review'. . . a useful reference for those involved in teaching and researching poverty and famine.' -- J. G. Copestake, Economic JournalTable of ContentsA test of the hypothesis of disguised unemployment; an econometric approach to the measurement of poverty; the role of exchange and market relationships in the economics of the transition period - Lenin on the tax in kind; economic alternatives for labour; the economics of famine; drawing the line - on defining the poverty threshold; storytelling and formalism in economics - the instance of famine; rice and fish - assymetric preferences and entitlement failures in food growing economics with non-food producers; homilies of a Victorian sage - a review article on Peter Bauer; is state control necessary for economic development in the third world; a generla theory of poverty? - a review article; consumption and pollution; poverty and capability - towards an empirically implementable measure; methodological problems in the measurement of poverty in Latin America.

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Book SynopsisThe History of Econometrics is a two volume collection of major papers which have shaped the development of this subject. Part I includes articles which together provide an overview of the history of econometrics, part II addresses the relationship between econometrics and statistics, the articles in part III constitute early applied studies and part IV includes articles concerned with the role and method of econometrics.Table of ContentsVol 1:econometrics and statistics. Vol 2: Early applied studies; the role and method of econometrics.

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