Carson, Richard(Association of Environmental and Resource Economists, 2010)
In the early 1990s the attention of economists was captured by empirical evidence suggesting that rising income levels in developing countries could be good rather than bad for the environment. This evidence drove a stake ...
Savage, Elizabeth; Hart, A(Economic Society of Australia, 1995)
Over the past two decades there has been growing interest in environmental policy. Lobbying by conservationists and growing community concern over pollution and the degradation of the natural environment have stimulated ...
We consider a pure exchange economy where one risky and one riskless security are traded in discrete time. Individual demands are expressed as fractions of individual wealth and depend on traders' forecasts about future ...
We show that a profit maximizing monopolistic intermediary may behave approximately like a Walrasian auctioneer by setting bid and ask prices nearly equal to Walrasian equilibrium prices. In our model agents choose to ...
We study two-person extensive form games, or "matches," in which the only possible outcomes (if the game terminates) are that one player or the other is declared the winner. The winner of the match is determined by the ...
We provide explanations for the results of the Levy, Levy and Solomon model, a recent simulation model of financial markets. These explanations are based upon mathematical analysis of a dynamic model of a market with an ...
In an age of tighter government regulation, many individuals and businesses are distorting our notion of the size of the Australian economy by actively participating in the underground economy. The consequences are clear: ...
Financial markets are typically characterized by high (low) price level and low (high) volatility during boom (bust) periods, suggesting that price and volatility tend to move together with different market conditions/states. ...
Examines problems associated with the estimation of the normal linear regression model of finite but unknown sequence of nested alternatives. Estimation criteria for the model selection; Derivation of the numerical bounds ...
This paper deals with the estimation of continuous-time diffusion processes which model the dynamics of a well diversified world stock index (WSI). We use the nonparametric kernel-based estimation to empirically identify ...
The paper analyzes the intensity of choice in an agent based financial optimization problem. Mean-variance optimizing agents choose among mutual funds of similar styles but varying performance. We specify a model for the ...
Wolpin, K. I; Keane, M. P(University of Wisconsin Press, Journal Division, 2002)
In this paper, we provide estimates of welfare benefit effects on a set of
behaviors that includes welfare participation, fertility, marriage, work and
schooling using approximations to the decision rules that would be ...
Wolpin, K. I; Keane, M. P(University of Wisconsin Press, Journal Division, 2002)
An extensive literature in economics seeks to determine the quantitative
impact of welfare benefits on economic and demographic behaviors. Most
studies adopt a static choice framework to motivate their empirical ...
In this paper we review the path integral technique which has wide applications in statistical physics and relate it to the backward recursion technique which is widely used for the evaluation of derivative securities. We ...
This paper presents a generalisation of McKean's free boundary value problem for American options by considering an American strangle position, where exercising one side of the payoff early knocks-out the remaining side. ...
An economic environment is a feedback system, where the dynamics of aggregate variables depend on individual expectations and vice versa. The type of feedback mechanism is crucial for the aggregate outcome. Experiments ...
In recent "learning to forecast" experiments (Hommes et al. 2005), three different patterns in aggregate price behavior have been observed: slow monotonic convergence, permanent oscillations, and dampened fluctuations. We ...
The forceful pursuit of inner-city renewal in Shanghai since the early 1990s has to a great extent achieved spatial modernization, but at the same time it has given rise to increasing conflicts over residential relocation. ...