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Book
Heat, Greed and Human Need
Climate Change, Capitalism and Sustainable Wellbeing

Ian Gough

Watch Professor Ian Gough present his new book which aims to build an essential bridge between climate change and social policy: Download slides from the launch event here This book buil...Read more...

1 November 2017

Development Discussion Paper
Decentralization of Health and Education in Developing Countries: A Quality-Adjusted Review of the Empirical Literature

Anila Channa and Jean-Paul Faguet

We review empirical evidence on the ability of decentralization to enhance preference matching and technical efficiency in the provision of health and education in developing countries. Many influential surveys have foun...Read more...

1 July 2012

Public Economics Programme Discussion Paper
Optimal Control of Externalities in the Presence of Income Taxation

Louis Kaplow

A substantial literature examines second-best environmental policy, focusing particularly on how the Pigouvian directive that marginal taxes should equal marginal external harms needs to be modified in light of the preex...Read more...

May 2010

Econometrics Paper
Optimal Smoothing for a Computationally and Statistically Efficient Single Index Estimator

Wolfgang Härdle, Oliver Linton and Yingcun Xia

In semiparametric models it is a common approach to under-smooth the nonparametric functions in order that estimators of the finite dimensional parameters can achieve root-n consistency. The requirement of under-smoothin...Read more...

July 2009

Econometrics Paper
An Alternative Way of Computing Efficient Instrumental Variable Estimators

Xiaohong Chen, David T. Jacho-Chávez and Oliver Linton

A new way of constructing efficient semiparametric instrumental variable estimators is proposed. The method involves the combination of a large number of possibly inefficient estimators rather than combining the instrume...Read more...

June 2009

Econometrics Paper
Nonparametric Transformation to White Noise

Oliver Linton and Enno Mammen

We consider a semiparametric distributed lag model in which the “news impact curve” m is nonparametric but the response is dynamic through some linear filters. A special case of this is a nonparametric regression with se...Read more...

August 2006

Theoretical Economics Paper
AGREEING NOW TO AGREE LATER: Contracts that Rule Out but do not Rule In

Oliver Hart and John Moore

We view a contract as a list of outcomes. Ex ante, the parties commit not to consider outcomes not on the list, i.e., these are 'ruled out'. Ex post, they freely bargain over outcomes on the list, i.e., the contract spec...Read more...

March 2004

Theoretical Economics Paper
Efficiency and Equilibrium when Preferences are Time-Inconsistent

Erzo G J Luttmer and Thomas Mariotti

We consider an exchange economy with time-inconsistent consumers whose preferences are additively separable. When these consumers trade in a sequence of markets, their time-inconsistency may introduce a non-convexity tha...Read more...

January 2003

Econometrics Paper
More Efficient Kernel Estimation in Nonparametric Regression with Autocorrelated Errors

Raymond J Carroll, Oliver Linton, Enno Mammen and Zhijie Xiao

We propose a modification of kernel time series regression estimators that improves efficiency when the innovation process is autocorrelated. The procedure is based on a pre-whitening transformation of the dependent vari...Read more...

June 2002

Econometrics Paper
A Nonparametric Regression Estimator that Adapts to Error Distribution of Unknown Form

Oliver Linton and Zhijie Xiao

We propose a new estimator for nonparametric regression based on local likelihood estimation using an estimated error score function obtained from the residuals of a preliminary nonparametric regression. We show that our...Read more...

June 2001

Development Economics Paper
Commodity Taxation and Social Welfare: The Generalised Ramsey Rule

David Coady and Jean Drèze

Commodity taxes have three distinct roles: (1) revenue collection, (2) interpersonal redistribution, and (3) resource allocation. The paper presents an integrated treatment of these three concerns in a second-best genera...Read more...

September 2000

Econometrics Paper
Testing the Capital Asset Pricing Model Efficiently under Elliptical Symmetry: A Semiparametric Approach

Douglas J Hodgson, Oliver Linton and Keith Vorkink

Adaptive estimation; capital asset pricing model; efficiency...Read more...

July 2000

Econometrics Paper
Simulated Asymptotic Least Squares Theory

Ramdan Dridi

We develop in this paper a general econometric methodology referred to as the Simulated Asymptotic Least Squares (SALS). It is shown that this approach provides a unifying theory for 'approximation-based' or simulation-b...Read more...

June 2000

Development Economics Paper
Decentralization Schemes, Cost-Benefit-Analysis, and Net National Product as a Measure of Social Well-Being

Partha Dasgupta and Karl-Goran Maler

This paper is about net national product (NNP). We are concerned with what NNP means, what it should include, what it offers us and, therefore, why we may be interested in it. We show that NNP, properly defined, can be u...Read more...

October 1998

Development Economics Paper
Investigating Rationality in Wage-Setting

Sonia R Bhalotra

This paper investigates the efficiency wage hypothesis and derives a tractable expression for the profit loss incurred by deviations from the efficiency wage. The extent of the wage deviation can be inferred from product...Read more...

February 1998

Economics of Industry Paper
The Size Distribution of Businesses, Part II

John Sutton

This paper specifies and estimates a production function for the airline industry, identifying firms? network characteristics and efficiency as the main determinants of their productivity. The application of this analysi...Read more...

December 1995

Economics of Industry Paper
Productivity Differences in the Airline Industry: Partial Deregulation Versus Short-Run Protection

Pedro L Marin

The paper specifies and estimates a production function for the airline industry, identifying firms' network characteristics and efficiency as the main determinants of their productivity. The application of this analysis...Read more...

December 1995