Browsing by Subject "Econometrics"
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Item Restricted A Time Series Analysis of Representative Agent Models of Consumption and Leisure Choice Under Uncertainty(1992) Eichenbaum, Martin S.Item Open Access An analysis of strategic behavior in eBAY auctions(World Scientific Publishing Co. Pte. Ltd., 2009) Gonzalez, R.; Hasker, K.; Sickles, R. C.A relatively new type of panel data analysis is becoming more and more topical in the applied econometrics literature as auction mechanisms are being explored in more depth. The typical data utilized in such studies involves repeated measures of auction outcomes, where the variable of interest involves order statistics from the sample of bids from many bids on completed auctions for a particular commodity. This article presents structural estimates of bidding behavior in eBay computer monitor auctions. We exploit characteristics of such repeated measures to analyze the efficiency of private value auctions for a relatively homogeneous good, computer monitors sold on eBay. We discuss how outcomes of the auction mechanism can be analyzed and their equilibrium outcomes assessed and evaluate the consumer surplus that is generated from such auctions. Particular attention is given to the collection of the eBay data from data recovery protocols that monitor in real time and in relative detail, characteristics of a particular auction with heterogeneity controls for different types of monitors and for different reputation effects of the auctioneer. Among other findings, our results point to a rejection of the use of Jump Bidding (Avery, 1998) or "Snipe or War" bidding (Roth and Ockenfels, 2002). We also find that longer auctions only have a small effect on price and experienced auctioneers respond to this incentive. © 2009 World Scientific Publishing Company.Item Open Access Econometric tests of asset price bubbles: taking stock(Wiley-Blackwell Publishing Ltd., 2008) Gürkaynak, R. S.Can asset price bubbles be detected? This survey of econometric tests of asset price bubbles shows that, despite recent advances, econometric detection of asset price bubbles cannot be achieved with a satisfactory degree of certainty. For each paper that finds evidence of bubbles, there is another one that fits the data equally well without allowing for a bubble. We are still unable to distinguish bubbles from time-varying or regime-switching fundamentals, while many small sample econometrics problems of bubble tests remain unresolved. © 2008 The Author Journal compilation © 2008 Blackwell Publishing Ltd.Item Restricted Economic Methodology: Heterogeneity and Relevance(1989) Sen, AmartyaItem Open Access Higher education in turkey: subsidizing the rich or the poor?(Pergamon Press, 2013) Caner, A.; Okten, C.We investigate how the benefits of publicly financed higher education in Turkey are distributed among students with different socioeconomic backgrounds. We use a dataset from a nationally representative sample of university entrance exam takers together with data on government subsidies to public universities. We compare the characteristics of students who succeed in the exam to those who do not and those who enter public universities to those who go to private ones. Our econometric analyses based on a three-stage selection model reveal that students from wealthier and more educated families are more likely to be successful at university entrance. Unlike the findings in other countries, students who enroll in private universities come from higher income and more educated families. Among those who enter public universities, students from higher income and better educated families are more likely to go to universities that receive larger subsidies from the government.Item Open Access Income inequality and economic convergence in Turkey: a spatial effect analysis(Sage Publications, 2009) Yildirim, J.; Öcal, N.; Özyildirim, S.Even though the convergence of regional per capita income has been a highly debated issue internationally, empirical evidence regarding Turkey is limited as well as contradictory. This article is an attempt to investigate regional income inequality and the convergence dynamics in Turkey for the time period 1987-2001. First, the Theil coefficient of concentration index is used to analyze the dispersion aspects of the convergence process. The geographically based decomposition of inequality suggests a strong correlation between the share of interregional inequality and spatial clustering. Then, we estimate convergence dynamics employing alternative spatial econometric methods. In addition to the global models, we also estimate local models taking spatial variations into account. Empirical analysis indicates that geographically weighted regression improves model fitting with better explanatory power. There is considerable variation in speed of convergence of provinces, which cannot be captured by the traditional beta convergence analysis.