http://hdl.handle.net/2262/62011 2017-11-03T02:44:16Z 2017-11-03T02:44:16Z Conniffe, Denis Eakins, John http://hdl.handle.net/2262/61901 2016-09-09T19:06:54Z 2003-01-01T00:00:00Z

Does the stochastic specification of the linear expenditure system matter? Conniffe, Denis; Eakins, John When ?income? in a system of demand equations is defined as total expenditure, actual expenditure on any commodity must lie between zero and income, or equivalently, budget shares must lie between zero and one. But models for expenditures or shares are often the sum of deterministic components (predicted values), which are functions of prices and income, and disturbances, usually assumed multivariate normal. The predicted values ought to satisfy the same bounds as the dependent variables and will do so if the demand system is ?regular?. But even then, the situation is theoretically inconsistent with unbounded disturbances and it has been proposed (Fry et al., 1996) that analysis be appropriately modified. In assessing how much practical difference this makes, the linear expenditure system (LES) is, for reasons described in the paper, the crucial case. We compare estimation methods for the LES, using Irish data from 1979-99 on some broadly defined commodities, and find that the differences are not of practical concern.

2003-01-01T00:00:00Z Apergis, Nicholas Zikos, Spyros http://hdl.handle.net/2262/61583 2016-09-09T19:08:09Z 2003-01-01T00:00:00Z

The law of Verdoorn: evidence from Greek disaggregated manufacturing time series data Apergis, Nicholas; Zikos, Spyros This paper tests the validity of Verdoorn?s law in Greek manufacturing. Through the Generalised Method of Moments (GMM) methodology, estimates of the Verdoorn law in aggregated and disaggregated manufacturing Greek data are obtained in order to explain disparities in income and growth among Greek manufacturing sectors. The results provided evidence that increasing returns to scale with certain, albeit low, substitutability possibilities between capital and labour are present in Greek manufacturing groups.

2003-01-01T00:00:00Z Crowley, Ethel http://hdl.handle.net/2262/60518 2016-09-09T18:49:01Z 2003-01-01T00:00:00Z

The evolution of the Common Agricultural Policy and social differentiation in rural Ireland Crowley, Ethel This paper investigates the contribution of the Common Agricultural Policy (CAP) to the process of social differentiation in contemporary rural Ireland. It traces the evolution of the CAP from its inception in 1962, and evaluates the social implications of two rounds of CAP reform and the recent introduction of agri-environmental schemes. It is argued that the underlying productivist rationale of the CAP has exacerbated the marginalisation of smaller farmers, especially in marginal areas. The recent introduction of the Rural Environment Protection Scheme (REPS) has cast these farmers in the role of environmental managers, while productivist agriculture continues unabated in other regions of the country.

2003-01-01T00:00:00Z Parlane, Sarah http://hdl.handle.net/2262/60164 2016-09-09T18:49:01Z 2003-01-01T00:00:00Z

Procurement contracts under limited liability Parlane, Sarah This paper analyses procurement when contractors have limited liability and when the sponsor cannot commit to any specific form of future negotiation. It shows that introducing limited liability enhances competition and thus the likelihood of bankruptcy. Among efficient auctions in which only the winner gets paid, the commonly used first price auction is shown to give the lowest probability of bankruptcy. Finally, it shows that the characterisation of a mechanism minimising the project?s cost results from trading-off bankruptcy costs with informational rents.

2003-01-01T00:00:00Z