Jump to Main Content
PubAg
Main content area
Search
« Previous 
1  20 of 68

Next »
Search Results
 Author:
 Lee, Byung Soo
 Source:
 Economics letters 2016 v.145 pp. 6064
 ISSN:
 01651765
 Subject:
 decision making; economics; probability
 Abstract:
 ... Brandenburger et al.’s (2008) preferencebased definition of assumption has two requirements: nontriviality and strict determination. We show that a decision maker’s preferences satisfy strict determination (on a given event) if and only if her unconditional preferences are equivalent to a lexicographic evaluation of her conditional preferences. An immediate application of this result yields a cha ...
 DOI:
 10.1016/j.econlet.2016.05.028

http://dx.doi.org/10.1016/j.econlet.2016.05.028
 Author:
 Li, Shoude; Ni, Jian
 Source:
 Economics letters 2016 v.145 pp. 104108
 ISSN:
 01651765
 Subject:
 economics; models
 Abstract:
 ... This paper investigates the optimal control problem of a monopolist’s investments in process and product innovation under learningbydoing in a dynamic setting. We show that: (i) there exists the saddle stable steady state under monopolist optimum and social optimum; (ii) the learning rates of product and process innovation affect not only the monopolist’s process or product innovation investment ...
 DOI:
 10.1016/j.econlet.2016.05.031

http://dx.doi.org/10.1016/j.econlet.2016.05.031
 Author:
 Bertsatos, Georgios; Sakellaris, Plutarchos
 Source:
 Economics letters 2016 v.145 pp. 1518
 ISSN:
 01651765
 Subject:
 dynamic models; income
 Abstract:
 ... We present a model of pricetobook (PB) valuation for banks that establishes a dynamic relationship between the PB valuation of equity and the cost of equity, expected growth of net income, and modified dividend payout ratio. ...
 DOI:
 10.1016/j.econlet.2016.05.014

http://dx.doi.org/10.1016/j.econlet.2016.05.014
 Author:
 MontesRojas, Gabriel
 Source:
 Economics letters 2016 v.145 pp. 221224
 ISSN:
 01651765
 Subject:
 economics; models
 Abstract:
 ... This note highlights the potential pitfalls of using an equicorrelation model to estimate standard errors when the true model has arbitrary intracluster correlation. It derives a generalized equicorrelation Moulton factor that quantifies the potential biases in standard errors for OLS estimators. As with the famous Moulton factor, the key role is not played by the correlation of the error terms b ...
 DOI:
 10.1016/j.econlet.2016.06.022

http://dx.doi.org/10.1016/j.econlet.2016.06.022
 Author:
 Thomson, William
 Source:
 Economics letters 2016 v.145 pp. 255257
 ISSN:
 01651765
 Subject:
 economics
 Abstract:
 ... For the problem of adjudicating conflicting claims, we develop a new proof of an important result due to Young (1995), a characterization of the proportional rule, rather, we prove a dual characterization of this rule. Our axioms are composition down, which states the equivalence of two ways of dealing with possible decreases in the amount to divide, and selfduality, according to which, for each ...
 DOI:
 10.1016/j.econlet.2016.07.009

http://dx.doi.org/10.1016/j.econlet.2016.07.009
 Author:
 Both, F.; Adam, M.T.P.; Hariharan, A.; Dorner, V.; Lux, E.; Weinhardt, C.
 Source:
 Economics letters 2016 v.145 pp. 235238
 ISSN:
 01651765
 Subject:
 algorithms; economics
 Abstract:
 ... Experiments in the field of behavioral economics often require repeated matching of participants to groups over multiple periods. Perfect stranger matching requires that no two participants interact more than once during the experiment. Computing a sequence of perfect stranger matches is an NPhard problem that has received little attention in experimental economics literature beyond bruteforce a ...
 DOI:
 10.1016/j.econlet.2016.06.028

http://dx.doi.org/10.1016/j.econlet.2016.06.028
 Author:
 Engel, Christoph
 Source:
 Economics letters 2016 v.145 pp. 4547
 ISSN:
 01651765
 Subject:
 economics
 Abstract:
 ... A random shock excludes reverse causality and reduces omitted variable bias. Yet a natural experiment does not identify random exposure to treatment, but the reaction to a random change from baseline to treatment. A lab experiment comparing higher certainty with higher severity of punishment for stealing (holding the expected value of the intervention constant) shows that the difference between th ...
 DOI:
 10.1016/j.econlet.2016.05.022

http://dx.doi.org/10.1016/j.econlet.2016.05.022
 Author:
 Wu, Wenbin
 Source:
 Economics letters 2016 v.145 pp. 258261
 ISSN:
 01651765
 Subject:
 monetary policy; stock exchange
 Abstract:
 ... This paper investigates the timevarying effect of monetary policy shocks on financial markets. We show that the corporate bond market is highly responsive to monetary policy shocks throughout 2000–2012, implying a high passthrough of policyinduced movements in Treasury yields to private yields even during the zero lower bound period. While the longterm Treasury bond market is highly sensitive ...
 DOI:
 10.1016/j.econlet.2016.07.001

http://dx.doi.org/10.1016/j.econlet.2016.07.001
 Author:
 Liu, Zhiyang; Chen, Bo
 Source:
 Economics letters 2016 v.145 pp. 610
 ISSN:
 01651765
 Subject:
 Bayesian theory; economics
 Abstract:
 ... We construct both monotonic and nonmonotonic symmetric Bayesian Nash equilibria for a twoplayer allpay contest with binary types and correlated information structures. We also employ a class of parametric distributions to illustrate our equilibrium construction explicitly and to derive some comparative statics results. ...
 DOI:
 10.1016/j.econlet.2016.05.004

http://dx.doi.org/10.1016/j.econlet.2016.05.004
 Author:
 Dhaene, Geert; Jochmans, Koen
 Source:
 Economics letters 2016 v.145 pp. 98103
 ISSN:
 01651765
 Subject:
 data collection; least squares; macroeconomics; time series analysis
 Abstract:
 ... We derive a biascorrected leastsquares estimator for panel vector autoregressions with fixed effects. The estimator is straightforward to implement and is asymptotically unbiased under asymptotics where the number of time series observations and the number of crosssectional observations grow at the same rate. This makes the estimator particularly well suited for most macroeconomic data sets. ...
 DOI:
 10.1016/j.econlet.2016.06.010

http://dx.doi.org/10.1016/j.econlet.2016.06.010
 Author:
 Ali, Syed Zahid; Anwar, Sajid
 Source:
 Economics letters 2016 v.145 pp. 5659
 ISSN:
 01651765
 Subject:
 inflation; macroeconomics; models; monetary policy; prices
 Abstract:
 ... The anomalous behavior of inflation in response to contractionary monetary policy is known as the price puzzle. Using a simple openeconomy macroeconomic model, with expectations formed rationally, we show that exchange rate passthrough can help in resolving the price puzzle. ...
 DOI:
 10.1016/j.econlet.2016.05.023

http://dx.doi.org/10.1016/j.econlet.2016.05.023
 Author:
 Minford, Patrick; Wickens, Michael; Xu, Yongdeng
 Source:
 Economics letters 2016 v.145 pp. 157161
 ISSN:
 01651765
 Subject:
 economics; models
 Abstract:
 ... Indirect inference testing can be carried out with a variety of auxiliary models. Asymptotically these different models make no difference. However, in small samples power can differ. We explore small sample power with three different auxiliary models: a VAR, average Impulse Response Functions and Moments. The latter corresponds to the Simulated Moments Method. We find that in a small macro model ...
 DOI:
 10.1016/j.econlet.2016.06.016

http://dx.doi.org/10.1016/j.econlet.2016.06.016
 Author:
 Krämer, Walter; Neumärker, Simon
 Source:
 Economics letters 2016 v.145 pp. 4851
 ISSN:
 01651765
 Subject:
 industry; prediction; probability
 Abstract:
 ... We generalize the refinement ordering for well calibrated probability forecasts to the case were the debtors under consideration are not necessarily identical. This ordering is consistent with many well known skill scores used in practice. We also add an illustration using default predictions made by the leading rating agencies Moody’s and S&P. ...
 DOI:
 10.1016/j.econlet.2016.05.021

http://dx.doi.org/10.1016/j.econlet.2016.05.021
 Author:
 Schüssler, Rainer; Trede, Mark
 Source:
 Economics letters 2016 v.145 pp. 182185
 ISSN:
 01651765
 Subject:
 algorithms; economics
 Abstract:
 ... We construct minimumwidth confidence bands with a predefined nominal coverage from a finite set of sample paths. In contrast to the several heuristics suggested in the literature, our mixedinteger optimization algorithm calculates global minimumwidth pathwise confidence bands. For very large problems, our solution can be used as an approximation with a bounded and known gap to the globally opti ...
 DOI:
 10.1016/j.econlet.2016.06.013

http://dx.doi.org/10.1016/j.econlet.2016.06.013
 Author:
 Alper Gormus, N.
 Source:
 Economics letters 2016 v.145 pp. 2932
 ISSN:
 01651765
 Subject:
 stock exchange; United States
 Abstract:
 ... This paper investigates the influence of U.S. stock market over emerging markets in terms of volatility and volatility of volatility (VOV) at different time horizons. It finds that spillover from the U.S. to emerging markets exists for VOV in a longer term. ...
 DOI:
 10.1016/j.econlet.2016.04.035

http://dx.doi.org/10.1016/j.econlet.2016.04.035
 Author:
 Michaelis, Jochen; Schwanebeck, Benjamin
 Source:
 Economics letters 2016 v.145 pp. 6568
 ISSN:
 01651765
 Subject:
 economics; learning; probability; students
 Abstract:
 ... This paper contributes to the economics of examination rules. We show how rational students reallocate their learning effort as a response to a charge for the second attempt (resit), a resit mark cap, a variation of the time span between two attempts, and a malus points account. The effort maximizing rule is the malus account, a resit charge delivers the highest overall passing probability. ...
 DOI:
 10.1016/j.econlet.2016.05.019

http://dx.doi.org/10.1016/j.econlet.2016.05.019
 Author:
 Helfrich, Magdalena; Herweg, Fabian
 Source:
 Economics letters 2016 v.145 pp. 148151
 ISSN:
 01651765
 Subject:
 models; prices; profits and margins
 Abstract:
 ... We investigate the effect of a ban on thirddegree price discrimination on the sustainability of collusion. We build a model with two firms that may be able to discriminate between two consumer groups. Two cases are analyzed: (i) Bestresponse symmetries so that profits in the static Nash equilibrium are higher if price discrimination is allowed. (ii) Bestresponse asymmetries so that profits in t ...
 DOI:
 10.1016/j.econlet.2016.05.024

http://dx.doi.org/10.1016/j.econlet.2016.05.024
 Author:
 Mallick, Sushanta; Matousek, Roman; Tzeremes, Nickolaos G.
 Source:
 Economics letters 2016 v.145 pp. 196201
 ISSN:
 01651765
 Subject:
 income; technological change
 Abstract:
 ... This paper examines whether the level of financial development helps lower countries’ inefficiency using timedependent robust conditional directional distance functions in a sample of 91 countries over 1970–2011. The overall results reveal that the effect of financial development on countries’ productive inefficiency is highly nonlinear, and depends on countries’ income levels, suggesting that hi ...
 DOI:
 10.1016/j.econlet.2016.06.019

http://dx.doi.org/10.1016/j.econlet.2016.06.019
 Author:
 De Grauwe, Paul; Foresti, Pasquale
 Source:
 Economics letters 2016 v.145 pp. 278281
 ISSN:
 01651765
 Subject:
 capital; debt; economic crises; fiscal policy
 Abstract:
 ... In this paper we suggest that Eurozone countries face a policy tradeoff between: (1) a common rule imposing comovements in fiscal policy; (2) financial stability; and (3) financial integration. We provide empirical evidence documenting the existence of such a tradeoff in the period characterized by the financial crisis and by the sovereign debt crisis.Then, we conclude that the intense fiscal ...
 DOI:
 10.1016/j.econlet.2016.07.010

http://dx.doi.org/10.1016/j.econlet.2016.07.010
 Author:
 Bannier, Christina E.; Neubert, Milena
 Source:
 Economics letters 2016 v.145 pp. 130135
 ISSN:
 01651765
 Subject:
 economic investment; gender differences; literacy; men; risk; surveys; women
 Abstract:
 ... We study financial risk taking via standard and sophisticated financial investments. Using survey data on 2047 individuals, we find that standard investments are strongly associated with both actual and perceived financial literacy for men, but only with actual literacy for women. Sophisticated investments, in contrast, are significantly related to perceived financial literacy with an even stronge ...
 DOI:
 10.1016/j.econlet.2016.05.033

http://dx.doi.org/10.1016/j.econlet.2016.05.033