Mixed signals among tests for cointegration

This paper illustrates that, under the null hypothesis of no cointegration, the correlation of p‐values from a single‐equation residual‐based test (i.e., ADF or ) with a system‐based test (trace or maximum eigenvalue) is very low even as the sample size gets large. With data‐generating processes under the null or ‘near’ it, the two types of tests can yield virtually any combination of p‐values regardless of sample size. As a practical matter, we also conduct tests for cointegration on 132 data sets from 34 studies appearing in this Journal and find substantial differences in p‐values for the same data set. Copyright © 2004 John Wiley & Sons, Ltd.     

Lock-in and path dependence: an evolutionary approach to eco-innovations

The article presents an overview of the evolutionary approach to eco-innovations with particular emphasis on the role of lock-in and path dependence. In doing so, it focuses on the processes of radical change and the transition of technological systems that require the co-evolution of technology, firms, institutions and the society as a whole. Starting from clarifying the different notions of eco-innovations used in the literature, the article discusses the issues of lock-in and path dependence, by investigating the technological, organizational, institutional and social processes that strengthen as well as weaken path dependence. To this aim, it draws upon the evolutionary literature and discusses the relevance of path dependence and lock-in processes to understand the development of eco-innovations.