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Semiparametric estimation in perturbed long memory series
(2005-05)
The estimation of the memory parameter in perturbed long memory series has recently attracted attention motivated especially by the strong persistence of the volatility in many financial and economic time series and the ...
The Relationship between Risk and Expected Return in Europe
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-01)
We employ MIDAS (Mixed Data Sampling) to study the risk-expected return trade-off in several European stock indices. Using MIDAS, we report that, in most indices, there is a significant and positive relationship between ...
The role of personal involvement and responsibility in dictatorial allocations: A classroom experiment
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-08)
This paper explores the motivations behind giving. Specifically, it focuses on personal involvement and responsibility to explain why decision makers give positive amounts in dictatorial decisons. The experiment is designed ...
On the strategic equivalence of multiple-choice test scoring rules
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-12)
A disadvantage of multiple-choice tests is that students have incentives to guess. To discourage guessing, it is common to use scoring rules that either penalize wrong answers or reward omissions. These scoring rules are ...
Do experimental subjects favor their friends?
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-06)
Ideally we would like subjects of experiments to be perfect strangers so that the situation they face at the lab is not just part of a long run interaction. Unfortunately, it is not easy to reach those conditions and ...
Union Formation and Bargaining Rules in the Labor Market
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-03)
This paper analyzes union formation in a model of bargaining between a firm and several unions. We address two questions: first, the optimal configuration of unions (their number and size) and, second, the impact of the ...
Admissible Hierachic Sets
(2005-05)
In this paper we present a solution concept for abstract systems called the admissible hierarchic set. The solution we propose is a refinement of the hierarchic solution, a generalization of the von Neumann and Morgenstern ...
How Does the New Keynesian Monetary Model Fit in the U.S. and the Eurozone? an Indirect Inference Approach
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-05)
This paper estimates a standard version of the New Keynesian monetary (NKM) model under alternative specifications of the monetary policy rule using U.S. and Eurozone data. The estimation procedure implemented is a classical ...
Valuing Flexibility: The case of an Integrated Gasification Combined Cycle Power Plant
(2005-10)
In this paper we analyze the valuation of options stemming from the flexibility in an Integrated Gasification Combined Cycle (IGCC) Power Plant. First we use as a base case the opportunity to invest in a Natural Gas Combined ...
A Behavioral Foundation for Models of Evolutionary Drift
(2005-07)
Binmore and Samuelson (1999) have shown that perturbations (drift) are crucial to study the stability properties of Nash equilibria. We contribute to this literature by providing a behavioural foundation for models of ...