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Articles 1 - 23 of 23
Full-Text Articles in Social and Behavioral Sciences
Technology And The Global Economy, Jonathan Eaton, Samuel Kortum
Technology And The Global Economy, Jonathan Eaton, Samuel Kortum
Cowles Foundation Discussion Papers
Interpreting individual heterogeneity in terms of probability theory has proved powerful in connecting behaviour at the individual and aggregate levels. Returning to Ricardo's focus on comparative efficiency as a basis for international trade, much recent quantitative equilibrium modeling of the global economy builds on particular probabilistic assumptions about technology. We review these assumptions and how they deliver a unified framework underlying a wide range of static and dynamic equilibrium models.
Essays On International Trade And Economic Growth, Mateo Hoyos
Essays On International Trade And Economic Growth, Mateo Hoyos
Doctoral Dissertations
In this dissertation I study the relationship between trade and economic growth, with a focus on developing economies. I specifically provide a critical review of the consensus view in trade and growth, according to which a liberal trade regime is generally the best policy stance to promote growth. In the first essay of this dissertation, I provide evidence that the relationship between trade policy and growth may depend on economic structure: tariff reductions are followed by higher levels of GDP per capita for manufacturer countries, but lower levels for nonmanufacturers. Testing for mechanisms, I find the heterogeneity seems to be …
Multiplex Network Ties And The Spatial Diffusion Of Radical Innovations: Martin Luther’S Leadership In The Early Reformation, Sascha O. Becker, Yuan Hsiao, Steven Pfaff, Jared Rubin
Multiplex Network Ties And The Spatial Diffusion Of Radical Innovations: Martin Luther’S Leadership In The Early Reformation, Sascha O. Becker, Yuan Hsiao, Steven Pfaff, Jared Rubin
ESI Publications
This article analyzes Martin Luther’s role in spreading the early Reformation, one of the most important episodes of radical institutional change in the last millennium. We argue that social relations played a key role in its diffusion because the spread of heterodox ideologies and their eventual institutionalization relied not only on private “infection” through exposure to innovation but also on active conversion and promotion of that new faith through personal ties. We conceive of that process as leader-to-follower directional influence originating with Luther and flowing to local elites through personal ties. Based on novel data on Luther’s correspondence, Luther’s visits, …
Can Random Friends Seed More Buzz And Adoption? Leveraging The Friendship Paradox, Vineet Kumar, K. Sudhir
Can Random Friends Seed More Buzz And Adoption? Leveraging The Friendship Paradox, Vineet Kumar, K. Sudhir
Cowles Foundation Discussion Papers
A critical element of word of mouth (WOM) or buzz marketing is to identify seeds, often central actors with high degree in the social network. Seed identification typically requires data on the full network structure, which is often unavailable. We therefore examine the impact of WOM seeding strategies motivated by the friendship paradox to obtain more central nodes without knowing network structure on adoption. Higher-degree nodes may be less effective as seeds if these nodes communicate less with neighbors or are less persuasive when they communicate; therefore whether friendship paradox motivated seeding strategies increase or reduce WOM and adoption remains …
Can Friends Seed More Buzz And Adoption?, Vineet Kumar, K. Sudhir
Can Friends Seed More Buzz And Adoption?, Vineet Kumar, K. Sudhir
Cowles Foundation Discussion Papers
A critical element of word of mouth (WOM) or buzz marketing is to identify seeds, often central actors with high degree in the social network. Seed identification typically requires data on the full network structure, which is often unavailable. We therefore examine the impact of WOM seeding strategies motivated by the friendship paradox to obtain more central nodes without knowing network structure. But higher-degree nodes may communicate less with neighbors; therefore whether friendship paradox motivated seeding strategies increase or reduce WOM and adoption remains an empirical question. We develop and estimate a model of WOM and adoption using data on …
Selection In The Lab: A Network Approach, Aleksandr Alekseev, Mikhail Freer
Selection In The Lab: A Network Approach, Aleksandr Alekseev, Mikhail Freer
ESI Working Papers
We study the selection problem in economic experiments by focusing on its dynamic and network aspects. We develop a dynamic network model of student participation in a subject pool, which assumes that students' participation is driven by the two channels: the direct channel of recruitment and the indirect channel of student interaction. Using rich recruitment data from a large public university, we find that the patterns of participation and biases are consistent with the model. We also find evidence of both short- and long-run selection biases between males and females, as well as between cohorts of students. Males tend to …
Understanding Temporal Aggregation Effects On Kurtosis In Financial Indices, Offer Lieberman, Peter C.B. Phillips
Understanding Temporal Aggregation Effects On Kurtosis In Financial Indices, Offer Lieberman, Peter C.B. Phillips
Cowles Foundation Discussion Papers
Indices of financial returns typically display sample kurtosis that declines towards the Gaussian value 3 as the sampling interval increases. This paper uses stochastic unit root (STUR) and continuous time analysis to explain the phenomenon. Limit theory for the sample kurtosis reveals that STUR specifications provide two sources of excess kurtosis, both of which decline with the sampling interval. Limiting kurtosis is shown to be random and is a functional of the limiting price process. Using a continuous time version of the model under no-drift, local drift, and drift inclusions, we suggest a new continuous time kurtosis measure for financial …
A Multivariate Stochastic Unit Root Model With An Application To Derivative Pricing, Offer Lieberman, Peter C. B. Phillips
A Multivariate Stochastic Unit Root Model With An Application To Derivative Pricing, Offer Lieberman, Peter C. B. Phillips
Research Collection School Of Economics
This paper extends recent findings of Lieberman and Phillips (2014) on stochastic unit root (STUR) models to a multivariate case including asymptotic theory for estimation of the model's parameters. The extensions are useful for applications of STUR modeling and because they lead to a generalization of the Black-Scholes formula for derivative pricing. In place of the standard assumption that the price process follows a geometric Brownian motion, we derive a new form of the Black-Scholes equation that allows for a multivariate time varying coefficient element in the price equation. The corresponding formula for the value of a European-type call option …
Communication Network Among Campus Sustainability Influencers, Alexandra C. Freling
Communication Network Among Campus Sustainability Influencers, Alexandra C. Freling
Honors Thesis
Systems of all types require efficient communication between its parts and units in order to be successful and e ective. It is thus important to understand a systems units in order to better advance its operations. In this study, we look at Loyola Marymount University (LMU) as a systematic organization in regards to the universitys execution of its environmental sustainability endeavors. This approach allows for the identification of the path by which important environmental sustainability information is communicated, is learned, and is acted upon at LMU. Through various network centrality measurements, I will develop a visual representation of the communication …
Spreading The Char: The Importance Of Local Compatibility In The Diffusion Of Biochar Systems To The Smallholder Agriculture Community Context, Laura C. V. Munoz
Spreading The Char: The Importance Of Local Compatibility In The Diffusion Of Biochar Systems To The Smallholder Agriculture Community Context, Laura C. V. Munoz
Pomona Senior Theses
This thesis enters the context of smallholder agriculture communities in the developing world. It explores the potentials of biochar and what biochar systems could bring to the smallholder communities while simultaneously bringing environmental benefits. It then acknowledges the challenges of diffusion –the spreading of an unfamiliar innovation. It seeks to answer the question of what will make diffusion of biochar systems more successful in the smallholder context, fixating on the characteristic of compatibility as well as the role local community members can play in making a new biochar system more visible to the rest of the communities.
The Role Of Islamic Banking In Economic Growth, Katherine Johnson
The Role Of Islamic Banking In Economic Growth, Katherine Johnson
CMC Senior Theses
Islamic banking is currently one of the fastest growing segments of the financial market industry, operating in over 75 countries through 300 institutions. While past literature has established the development of financial institutions as a determinant of economic growth, research on the correlation of the diffusion of Islamic banking with economic growth is limited. This study seeks to add to the literature by empirically analyzing the economic growth determinative power of Islamic banks. Confirming past research, Muslim prevalence in a population is found to be the most significant determinant of the diffusion of Islamic banks. Using this exogenous instrument in …
Three Econometric Essays On Continuous Time Models, Xiaohu Wang
Three Econometric Essays On Continuous Time Models, Xiaohu Wang
Dissertations and Theses Collection (Open Access)
Multivariate continuous time models are now widely used in economics and finance. Empirical applications typically rely on some process of discretization so that the system may be estimated with discrete data. The Chapter 2 introduces a framework for discretizing linear multivariate continuous time systems that includes the commonly used Euler and trapezoidal approximations as special cases and leads to a general class of estimators for the mean reversion matrix. Asymptotic distributions and bias formulae are obtained for estimates of the mean reversion parameter. Explicit expressions are given for the discretization bias and its relationship to estimation bias in both multivariate …
Quasi-Maximum Likelihood Estimation Of Discretely Observed Diffusions, Xiao Huang
Quasi-Maximum Likelihood Estimation Of Discretely Observed Diffusions, Xiao Huang
Faculty Articles
This paper introduces a quasi-maximum likelihood estimator for discretely observed diffusions when a closed-form transition density is unavailable. Higher-order Wagner-Platen strong approximation is used to derive the first two conditional moments and a normal density function is used in estimation. Simulation study shows that the proposed estimator has high numerical precision and good numerical robustness. This method is applicable to a large class of diffusions.
Bias In Estimating Multivariate And Univariate Diffusions, Xiaohu Wang, Peter C. B. Phillips, Jun Yu
Bias In Estimating Multivariate And Univariate Diffusions, Xiaohu Wang, Peter C. B. Phillips, Jun Yu
Research Collection School Of Economics
Multivariate continuous time models are now widely used in economics and finance. Empirical applications typically rely on some process of discretization so that the system may be estimated with discrete data. This paper introduces a framework for discretizing linear multivariate continuous time systems that includes the commonly used Euler and trapezoidal approximations as special cases and leads to a general class of estimators for the mean reversion matrix. Asymptotic distributions and bias formulae are obtained for estimates of the mean reversion parameter. Explicit expressions are given for the discretization bias and its relationship to estimation bias in both multivariate and …
Spatial Effects In Energy-Efficient Residential Hvac Technology Adoption, Douglas S. Noonan, Lin-Han Chiang Hsieh, Daniel Matisoff
Spatial Effects In Energy-Efficient Residential Hvac Technology Adoption, Douglas S. Noonan, Lin-Han Chiang Hsieh, Daniel Matisoff
Douglas S. Noonan
This study identifies the factors that affect the adoption behaviors for residential heating, ventilating, and air conditioning (HVAC) systems, including spatial effects and other contextual characteristics. This study draws on an original data source of detailed single-family house sale records in the Greater Chicago area, spanning from 1992 to 2004. The data are analyzed at the block-group level to focus on neighborhood-level adoption patterns and highlight neighbor effects. Using spatial lag regression models, we show that spatial dependence or “contagion” exists for neighborhood adoption of energy-efficient HVACs. This result has significant implications from a policy perspective. According to our estimation …
Innovation Cooperation: Energy Biosciences And Law, Prof. Elizabeth Burleson
Innovation Cooperation: Energy Biosciences And Law, Prof. Elizabeth Burleson
Prof. Elizabeth Burleson
This Article analyzes the development and dissemination of environmentally sound technologies that can address climate change. Climate change poses catastrophic health and security risks on a global scale. Universities, individual innovators, private firms, civil society, governments, and the United Nations can unite in the common goal to address climate change. This Article recommends means by which legal, scientific, engineering, and a host of other public and private actors can bring environmentally sound innovation into widespread use to achieve sustainable development. In particular, universities can facilitate this collaboration by fostering global innovation and diffusion networks.
A Difusão Do Orçamento Participativo Brasileiro: ‘Boas Práticas' Devem Ser Promovidas?, Brian Wampler
A Difusão Do Orçamento Participativo Brasileiro: ‘Boas Práticas' Devem Ser Promovidas?, Brian Wampler
Political Science Faculty Publications and Presentations
The "third wave" of democratization has been accompanied by the spread of new institutions that allow citizens to deliberate and decide policy outcomes. Leading international organizations, such as the World Bank and the United Nations, have disseminated "best practice" programs identified with "good government" policy reform efforts. One of the most well-known programs, Participatory Budgeting (PB), was first adopted by Brazil's Workers' Party (PT) in 1989 as a means to promote social justice, accountability, and transparency. There has been widespread adoption of PB in Brazil, led by the PT. Yet, by 2001, nearly half of PB programs had been adopted …
A Simple Approach To The Parametric Estimation Of Potentially Nonstationary Diffusions, Federico Bandi, Peter C. B. Phillips
A Simple Approach To The Parametric Estimation Of Potentially Nonstationary Diffusions, Federico Bandi, Peter C. B. Phillips
Research Collection School Of Economics
A simple and robust approach is proposed for the parametric estimation of scalar homogeneous stochastic differential equations. We specify a parametric class of diffusions and estimate the parameters of interest by minimizing criteria based on the integrated squared difference between kernel estimates of the drift and diffusion functions and their parametric counterparts. The procedure does not require simulations or approximations to the true transition density and has the simplicity of standard nonlinear least-squares methods in discrete time. A complete asymptotic theory for the parametric estimates is developed. The limit theory relies on infill and long span asymptotics and is robust …
Limit Theory For Moderate Deviations From A Unit Root Under Weak Dependence, Peter C. B. Phillips, Tassos Magadalinos
Limit Theory For Moderate Deviations From A Unit Root Under Weak Dependence, Peter C. B. Phillips, Tassos Magadalinos
Research Collection School Of Economics
An asymptotic theory is given for autoregressive time series with weakly dependent innovations and a root of the form rho_{n} = 1+c/n^{alpha}, involving moderate deviations from unity when alpha in (0,1) and c in R are constant parameters. The limit theory combines a functional law to a diffusion on D[0,infinity) and a central limit theorem. For c > 0, the limit theory of the first order serial correlation coefficient is Cauchy and is invariant to both the distribution and the dependence structure of the innovations. To our knowledge, this is the first invariance principle of its kind for explosive processes. The …
Drift And Diffusion Function Specification For Short-Term Interest Rates, Myoung-Jae Lee, Wen Juan Li
Drift And Diffusion Function Specification For Short-Term Interest Rates, Myoung-Jae Lee, Wen Juan Li
Research Collection School Of Economics
Various stochastic differential equation models for short rates (rt) have been proposed, where the change (Δrt = rt−rt−1) is modeled as a sum of drift and diffusion terms depending on rt−1. These models, however, have some shortcomings. First, the same model may not apply to all countries. Second, the drift and diffusion may depend not only on rt−1 but also on further lags. Third, not just the own lagged rates, but also other countries' rates may matter. These questions are empirically analyzed for six major countries with the following findings. …
The Implications Of Technology Networks On Diffusion And Economic Growth, Hing-Man Leung
The Implications Of Technology Networks On Diffusion And Economic Growth, Hing-Man Leung
Research Collection School Of Economics
After the record-breaking run of high-speed growth in the United States during the late 1990s, a pressing question is Has anything fundamental changed in our growth engine? This paper examines an IT-led endogenous growth model driven by technology diffusion. Diffusion is in turn driven by network effect embodied in new technologies. The equilibrium long-term growth rate is however found to be independent of such technology networks. A novelty in our model is that innovation is discontinuous and it is separated by periods of diffusion. This (IT) network-diffusion is shown to be Sigmoid, and diffusion speed is slower than socially optimal.
A Note On The Economics Of Biological Invasions, Edward Barbier
A Note On The Economics Of Biological Invasions, Edward Barbier
Edward B Barbier
No abstract provided.
Technology Adoption In The Presence Of An Exhaustible Resource: The Case Of Groundwater Extraction, Ujjayant N. Chakravorty, Farhed Shah, David Zilberman
Technology Adoption In The Presence Of An Exhaustible Resource: The Case Of Groundwater Extraction, Ujjayant N. Chakravorty, Farhed Shah, David Zilberman
Ujjayant Chakravorty
In this paper we integrate technology diffusion within Hotelling's exhaustible resource model. The modern technology is a conservation technology such as drip irrigation used with groundwater. Resource quality heterogeneity and rising water prices are responsible for the gradual adoption of the modern technology, and under reasonable conditions the diffusion curve is an S-shaped function of time. Without intervention, the diffusion process will be slower than is socially optimal, and optimal resource use tax will accelerate the diffusion of the conservation technology and slow down excessive resource depletion caused by market failure due to open access conditions.