This article adds technology choice to a free-entry Cournot model with linear demand and constant marginal costs. Firms can choose from a discrete set of technologies. This simple framework yields non-existence of equilibrium, existence of multiple equilibria and equilibria in which ex-ante identical ̄rms choose di®erent technologies as possible outcomes. I provide a full characterization of th...

The basic assumption of a structural VARMA model (SVARMA) is that it is driven by a white noise whose components are independent and can be interpreted as economic shocks, called “structural” shocks. When the errors are Gaussian, independence is equivalent to noncorrelation and these models have to face two kinds of identification issues. The first identification problem is “static” and is due ...

Hamiltonian Monte Carlo (HMC) is a recent statistical procedure to sample from complex distributions. Distant proposal draws are taken in a sequence of steps following the Hamiltonian dynamics of the underlying parameter space, often yielding superior mixing properties of the resulting Markov chain. However, its performance can deteriorate sharply with the degree of irregularity of the underlyi...

This paper avails of the multinational-level Amadeus dataset to study the dynamics of the European pharmaceutical industry in the Single Market Programme era: 1990-2004. Our unit of investigations are multinationals that every period decide whether to expand or not, by capturing at least one of the arisen opportunities. By using a dynamic panel probit approach with unobserved heterogeneity we s...

This paper analyzes the relationship between long-term care provision and the average individual wage rate. In addition, the eff ects of the number of hours spent on caregiving on the probability of employment as well as on the number of hours worked are examined. Data from the Survey of Health, Ageing and Retirement (SHARE) of 2004 and 2006 is used to analyze caregiving eff ects on the Europea...

In the present paper we study a semiparametric version of the Generalized Dynamic Factor Model introduced in Forni, Hallin, Lippi and Reichlin (2000). Precisely, we suppose that the common components have rational spectral density, while no parametric structure is assumed for the idiosyncratic components. The parametric structure assumed for the common components does not imply that the model h...

Six major challenges confront statistical researchers attempting to quantify accurately the independent effect of neighbourhood context on individuals: (1) defining the scale of neighbourhood; (2) identifying mechanisms of neighbourhood effect; (3) measuring appropriate neighbourhood characteristics; (4) measuring exposure to neighbourhood; (5) measuring appropriate individual characteristics; ...

This paper presents the empirical results of an econometric investigation of the demand and supply of real money with Livingston‟s price expectations and real Federal debt in the U.S.A. economy as a Vector Auto-Regressions System with subsequent „Hendryfication‟. This allows the study to focus on a partial equilibrium model of the money market that pinpoints the crucial variables of fiscal and ...

The two primary approaches to estimate marginal willingness-to-pay (MWTP) are hedonic (Rosen, 1974) and discrete choice models (McFadden, 1974). This paper provides a tractable framework to investigate the relationship between MWTP in these models. By deriving the hedonic price gradient implicitly from the share function in the discrete choice model, I present an analytical mapping between the ...