Vassar Scholarship

This paper presents an easily implemented test of the assumption of a normally distributed error term for the ordered probit model. As this assumption is the central maintained hypothesis in all estimation and testing based on this model, the test...

This paper attempts to ascertain which of the convergence hypotheses – absolute, conditional, or club – best describes the economic development of the U.S. states since 1950. We use regression tree analysis to identify convergence clubs among the states and...

There are numerous examples of assets with identical payout streams being priced differently. These violations of the law of one price result from two factors. First, investors have heterogeneous asset valuations so that if two groups of investors trade in...

There are numerous examples of assets with identical payout streams being priced differently. These violations of the law of one price result from two factors. First, investors have heterogeneous asset valuations so that if two groups of investors trade in...

In this paper I present a real options model of patent litigation when patents are not perfectly enforceable. I consider both finite horizon and infinite horizon models. The theoretical results demonstrate that patent value depends not only on the underlying...

I present a model that can transform discounts on closed-end mutual funds into a measure of investor sentiment about the ability of fund managers to beat the market. This measure of sentiment varies positively with capital flows into actively managed...

A model incorporating a discrete full-time/part-time/do not work labor choice and decomposing labor supply into its full-time and part-time components was used to examine the increase in labor supplied by nurses (the increase per nurse on average) over the 1977-88...