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Limit Theory For Mildly Integrated Process With Intercept, Yijie FEI 2018 Singapore Management University

Limit Theory For Mildly Integrated Process With Intercept, Yijie Fei

Research Collection School Of Economics

Some asymptotic results are given for first-order autoregressive (AR(1)) time series with two features: (i). a nonzero constant intercept (ii). a root moderately deviating from unity. Both stationary and explosive sides are studied. It is shown that the inclusion of intercept will change drastically the large sample properties of the least-squares (LS) estimator obtained in Phillips and Magdalinos (2007, PM hereafter). For near-stationary case, only an unusual convergence of a linear combination of intercept and AR coefficient can be derived. For near-explosive case, on the other hand, the limiting distributions of two estimators will be independent and Gaussian, with ...


Industrial Output Fluctuations In Developing Countries: General Equilibrium Consequences Of Agricultural Productivity Shocks, Iona Hyojung LEE 2018 Singapore Management University

Industrial Output Fluctuations In Developing Countries: General Equilibrium Consequences Of Agricultural Productivity Shocks, Iona Hyojung Lee

Research Collection School Of Economics

This paper shows that a negative shock to agricultural productivity may increase food prices, and labor and capital can move away from manufacturing into agriculture to meet the subsistence requirement for food. This effect depends on income levels and openness to trade. Using annual manufacturing data and rainfall shocks as the instrument for crop yields (proxy for agricultural productivity), I find that an exogenous decline in yield decreases manufacturing output as well as employment and capital investment in manufacturing. Overall, crop yield variation can explain up to 44% of industrial output fluctuations in developing countries (rainfall shocks cause 31% of ...


On Random Social Choice Functions With The Tops-Only Property, Shurojit CHATTERJI, Huaxia ZENG 2018 Singapore Management University

On Random Social Choice Functions With The Tops-Only Property, Shurojit Chatterji, Huaxia Zeng

Research Collection School Of Economics

We study the standard voting model with randomization. A Random Social Choice Function (or RSCF) satisfies the tops-only property if the social lottery under each preference profile depends only on the peaks of voters' preferences. We identify a general condition on domains of preferences (the Interior Property and the Exterior Property) which ensures that every strategy-proof RSCF satisfying unanimity has the tops-only property. We show that our condition applies to important classes of voting domains which include restricted connected domains (Sato, 2013) and the multi-dimensional single-peaked domain (Barberà et al., 1993). As an application of our result, we show that ...


On Random Social Choice Functions With The Tops-Only Property, Shurojit CHATTERJI, Huaxia ZENG 2018 Singapore Management University

On Random Social Choice Functions With The Tops-Only Property, Shurojit Chatterji, Huaxia Zeng

Research Collection School Of Economics

We study the standard voting model with randomization. A Random Social Choice Function (or RSCF) satisfies the tops-only property if the social lottery under each preference profile depends only on the peaks of voters' preferences. We identify a general condition on domains of preferences (the Interior Property and the Exterior Property) which ensures that every strategy-proof RSCF satisfying unanimity has the tops-only property. We show that our condition applies to important classes of voting domains which include restricted connected domains (Sato, 2013) and the multi-dimensional single-peaked domain (Barberà et al., 1993). As an application of our result, we show that ...


A Large Class Of Strategy-Proof Exchange Rules With Single-Peaked Preferences, Peng LIU 2018 Singapore Management University

A Large Class Of Strategy-Proof Exchange Rules With Single-Peaked Preferences, Peng Liu

Research Collection School Of Economics

We study the classical house exchange problem (Shapley and Scarf (1974)) and identified a large class of rules, each of which is strategy-proof, efficient, and individually rational with single-peaked preferences. These rules are generalisations of Gale’s top trading cycles rule: In each step a subset of houses are allowed to be traded along top trading cycles and in particular, the next step subset of trading houses may depend on the exchanges happened already. We believe that the flexibility introduced by this class of rules is desirable when the designer faces some context-specific requirements.


Nebraska Business And Consumer Confidence Indexes: January 5, 2018, Eric Thompson 2018 University of Nebraska-Lincoln

Nebraska Business And Consumer Confidence Indexes: January 5, 2018, Eric Thompson

Leading Economic Indicator Reports

Consumer and business confidence declined in Nebraska during December 2017. The Consumer Confidence Index – Nebraska (CCI-N) fell to 93.3 in December, well below the neutral level of 100.0. The index had reached a record level of 106.2 in November, but that high level of confidence was not sustained. The Business Confidence Index – Nebraska (BCI-N) fell from 114.1 in November to 107.5 in December. While lower, the December reading remains well above the neutral value of 100.0. When asked about the most important issue facing their business, customer demand was mentioned by 38 percent of ...


International Reserves And Rollover Risk, Javier Bianchi, Juan Carlos Hatchondo, Leonardo Martinez 2018 SelectedWorks

International Reserves And Rollover Risk, Javier Bianchi, Juan Carlos Hatchondo, Leonardo Martinez

Leonardo Martinez

No abstract provided.


Economics Of Recruiting Interactions In Collegiate Sport: An Analysis In Game Theory And Matching Markets, Jessica Twaddle 2018 Murray State University

Economics Of Recruiting Interactions In Collegiate Sport: An Analysis In Game Theory And Matching Markets, Jessica Twaddle

Murray State Theses and Dissertations

This paper seeks to explain the interactions involved in recruiting prospective student-athletes to universities, particularly in the sport of softball. By employing the concepts of Game Theory, Prisoner’s Dilemma, and Matching Markets, the market for recruiting is explored and explained. Recent legislative changes in the market are then examined as well as possible outcomes as a result. Research on commitments in softball and lacrosse was collected in order to make claims in regard to incentives. The market for recruiting is compared to the residency placement matching system. Ideas are presented on ways to achieve a market that clears where ...


Understanding The Shifting U.S Retail Environment: A Theoretical Economic Cause And Affect Analysis (1996-2018), John P. Palermo 2018 Bard College

Understanding The Shifting U.S Retail Environment: A Theoretical Economic Cause And Affect Analysis (1996-2018), John P. Palermo

Senior Projects Spring 2018

Senior Project submitted to The Division of Social Studies of Bard College.

In this paper is a theoretical analysis that provides rationalization to identifying and understanding the main determinants that have led to a shifting retail environment. Effectively over the last 20 years the traditional retail industry has had to modify its traditional ways of businesses strategy to better accommodate the latest behavioral pattern shifts of consumer spending in retail environments and non-retail environment externalities. Some of the major factorial determinants that have and are producing retail shifts are; the developments of new technology being introduced into the retail environment ...


The Road Ahead For Chinese Soes, Jingyu Mao 2018 Bard College

The Road Ahead For Chinese Soes, Jingyu Mao

Senior Projects Spring 2018

Many Chinese State Owned Enterprises are facing problems of over-capacity and inefficient productivity. These problems have contributed to the slowdown of Chinese economic growth. Some people believe that this is the time for SOEs to improve their productivity and financial system in order to be more efficient to support future Chinese economic growth. However, the central government has decided to not reform the current SOE system and continue funding SOEs in order to let them play an important role in the "Belt and Road Initiative." Many people think that this is a way to vindicate SOEs, or to excuse the ...


The Specter Of Caste, Kabir Raj Khanna 2018 Bard College

The Specter Of Caste, Kabir Raj Khanna

Senior Projects Spring 2018

Senior Project submitted to The Division of Social Studies of Bard College.


The Arts In The United States: Can The Arts Become A Public Good?, Alexander van der Veen 2018 Bard College

The Arts In The United States: Can The Arts Become A Public Good?, Alexander Van Der Veen

Senior Projects Fall 2018

Senior Project submitted to The Division of Social Studies of Bard College.


'Once Were Warriors', Now We're Unemployed: A Solution For New Zealand's Persistent Unemployment, Jack Eammon English 2018 Bard College

'Once Were Warriors', Now We're Unemployed: A Solution For New Zealand's Persistent Unemployment, Jack Eammon English

Senior Projects Fall 2018

The economic policies of New Zealand have tended to reflect the economic orthodoxies of academia at any given time. Given that adherence to economic ‘truth’ as espoused by neoclassical economics is supposed to engender allocative efficiency and general equilibrium, this paper takes just one variable - unemployment - and explores why its market has continually failed to clear. Both demand and supply side factors are explored through a survey of the literature on employment determination, and a theoretically robust solution is proposed in the tradition of Modern Money Theory.


Imperfect Markets And Non-Private Goods, Seamus Xiaoyang Li 2018 University of Colorado at Boulder

Imperfect Markets And Non-Private Goods, Seamus Xiaoyang Li

Economics Graduate Theses & Dissertations

My dissertation examines several theoretical and empirical issues under the context of non-private goods that experience imperfect market mechanisms. Each successive chapter covers the respective topics of the provision of public goods through procurement auctions, the monopolistic competition of digital goods exhibiting network externality, and the depletion of common resources with poorly defined and seldom enforced property rights.

In the first chapter, I estimate the structural parameters of both uncertainty and its heterogeneity with respect to firm size in highway procurement auctions within a semiparametric generalized method of moments framework. The estimation results allow further analyses of firm behavior and ...


21st Century Chinese Art Market Boom, Ayca Deniz Ergin 2018 University of Pennsylvania

21st Century Chinese Art Market Boom, Ayca Deniz Ergin

Summer Program for Undergraduate Research (SPUR)

This research paper provides a detailed analysis of how China has become the fastest growing art market around the world. How did the economic development in China led the country to the top in recent years, in contrast to its Western competitors? What is China’s role in the global art market scene? What changes have been made, in a socialist system, to accommodate foreign investors and what future changes should be made to sustain its growth?

Through focusing on the correlation between economic growth and art market expansions, this research develops the relationship through referencing various quantitative and qualitative ...


Pre-Play Learning And The Preference Reversal Phenomenon, Younjun Kim, Elizabeth Hoffman 2018 Southern Connecticut State University

Pre-Play Learning And The Preference Reversal Phenomenon, Younjun Kim, Elizabeth Hoffman

Economics Working Papers (2002–2016)

Elicited preference rankings for two lotteries are typically inconsistent in choice and price. We test whether pre-play learning makes preference rankings consistent. Pre-play learning denotes ex-ante lottery learning, where subjects observe playing lotteries before making decisions. We find that pre-play learning makes the average selling prices for the p-bet, of subjects who choose the p-bet, higher than their average selling prices for the $-bet. However, pre-play learning is not strong enough to equalize the rates of standard and non-standard reversals, although pre-play learning reduces the rate of standard reversals.


The Modigliani-Miller Theorem At 60: The Long-Overlooked Legal Applications Of Finance’S Foundational Theorem, Michael S. Knoll 2018 University of Pennsylvania Law School

The Modigliani-Miller Theorem At 60: The Long-Overlooked Legal Applications Of Finance’S Foundational Theorem, Michael S. Knoll

Faculty Scholarship at Penn Law

2018 marks the 60th anniversary of the publication of Franco Modigliani and Merton Miller’s The Cost of Capital, Corporation Finance, and the Theory of Investment. Widely hailed as the foundation of modern finance, their article, which purports to demonstrate that a firm’s value is independent of its capital structure, is little known by lawyers, including legal academics. That is unfortunate because the Modigliani-Miller capital structure irrelevancy proposition (when inverted) provides a framework that can be extremely useful to legal academics, practicing attorneys and judges.


The Coalition Model, A Private-Public Strategic Innovation Policy Model For Encouraging Entrepreneurship And Economic Growth In The Era Of New Economic Challenges, Anat Alon-Beck 2018 New York University School of Law

The Coalition Model, A Private-Public Strategic Innovation Policy Model For Encouraging Entrepreneurship And Economic Growth In The Era Of New Economic Challenges, Anat Alon-Beck

Washington University Global Studies Law Review

Innovation driven entrepreneurial firms have an important role in contributing to job creation, generating technological innovation, and stimulating the United States economy. However, there is recently a notable decline in emerging growth entrepreneurial activity in the United States. The Coalition Model proposes ways to maximize opportunities for industry, academia, and government to collaborate and build sustainable relationships, to help convert the current challenges in the U.S. market into opportunities.

Designing a new innovation strategy will lead the United States in generating innovation, technology, and economic growth, as well as help the federal government harness new approaches for institutional change ...


Time Delay And Investment Decisions: Evidence From An Experiment In Tanzania, Plamen Nikolov 2018 State University of New York (at Binghamton)

Time Delay And Investment Decisions: Evidence From An Experiment In Tanzania, Plamen Nikolov

Economics Faculty Scholarship

Attitudes toward risk underlie virtually every important economic decision an individual makes. In this experimental study, I examine how introducing a time delay into the execution of an investment plan influences individuals’ risk preferences. The field experiment proceeded in three stages: a decision stage, an execution stage and a payout stage. At the outset, in the Decision Stage (Stage 1), each subject was asked to make an investment plan by splitting a monetary investment amount between a risky asset and a safe asset. Subjects were informed that the investment plans they made in the Decision Stage are binding and will ...


The Zambian Consensus, Stefan Jan Briggs 2018 Bard College

The Zambian Consensus, Stefan Jan Briggs

Senior Projects Spring 2018

Senior Project submitted to The Division of Social Studies of Bard College.


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