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Full-Text Articles in Economics

An Introduction To Copulas, Yifan Guo, Geng Zhang Jan 2020

An Introduction To Copulas, Yifan Guo, Geng Zhang

Capstone Showcase

Copulas are the mathematical functions that connect the distribution functions of univariate random variables to form multivariate distributions. We define copulas, present some of their key properties, and provide examples of their applications.


Integrative And Contextual Learning In College Algebra -An Interdisciplinary Collaboration With Economics, Choon Shan Lai, Glenn Henshaw, Tao Chen, Soloman Kone Jan 2020

Integrative And Contextual Learning In College Algebra -An Interdisciplinary Collaboration With Economics, Choon Shan Lai, Glenn Henshaw, Tao Chen, Soloman Kone

Journal of Mathematics and Science: Collaborative Explorations

Many students consider mathematics too abstract and useless for their academic and career goals. Meanwhile, instructors in quantitative disciplines such as economics find many students mathematically underprepared for their courses. The disconnect between students’ perceptions of the utility of mathematics and their life and career may have contributed to some of the under-performance in learning mathematics. Addressing this problem requires collaboration across disciplines to develop an understanding of each other’s needs, more specifically to develop an integrative platform that allows students to apply mathematical skills in interdisciplinary contexts (Ganter & Barker, 2004). We collaboratively designed and implemented an integrative platform …


Mechanisms Of Value-Biased Prioritization In Fast Sensorimotor Decision Making, Kivilcim Afacan-Seref Jan 2020

Mechanisms Of Value-Biased Prioritization In Fast Sensorimotor Decision Making, Kivilcim Afacan-Seref

Dissertations and Theses

In dynamic environments, split-second sensorimotor decisions must be prioritized according to potential payoffs to maximize overall rewards. The impact of relative value on deliberative perceptual judgments has been examined extensively, but relatively little is known about value-biasing mechanisms in the common situation where physical evidence is strong but the time to act is severely limited. This research examines the behavioral and electrophysiological indices of how value biases split-second perceptual decisions and the possible mechanisms underlying the process. In prominent decision models, a noisy but statistically stationary representation of sensory evidence is integrated over time to an action-triggering bound, and value-biases …


Optimal Execution In Cryptocurrency Markets, Ethan Kurz Jan 2020

Optimal Execution In Cryptocurrency Markets, Ethan Kurz

CMC Senior Theses

The purpose of this paper is to study the Almgren and Chriss model on the optimal execution of large block orders both on the NYSE and in cryptocurrency exchanges. Their model minimizes execution costs, which include linear temporary and permanent price impacts. We focus on how the stock market microstructure differs from a cryptocurrency exchange microstructure and what that means for how the model functions. Once the model and microstructures are explained, we examine how the Almgren-Chriss model functions with stocks from the NYSE, looking at specifically selling a large number of shares. We then investigate how a large "wholesale" …


K-Means Stock Clustering Analysis Based On Historical Price Movements And Financial Ratios, Shu Bin Jan 2020

K-Means Stock Clustering Analysis Based On Historical Price Movements And Financial Ratios, Shu Bin

CMC Senior Theses

The 2015 article Creating Diversified Portfolios Using Cluster Analysis proposes an algorithm that uses the Sharpe ratio and results from K-means clustering conducted on companies' historical financial ratios to generate stock market portfolios. This project seeks to evaluate the performance of the portfolio-building algorithm during the beginning period of the COVID-19 recession. S&P 500 companies' historical stock price movement and their historical return on assets and asset turnover ratios are used as dissimilarity metrics for K-means clustering. After clustering, stock with the highest Sharpe ratio from each cluster is picked to become a part of the portfolio. The economic and …


Understanding And Measuring Net Positive Business Strategies, Luke Ruffner Robinson Jan 2020

Understanding And Measuring Net Positive Business Strategies, Luke Ruffner Robinson

Graduate Student Theses, Dissertations, & Professional Papers

Despite their attempts to mitigate ecological impacts through sustainability initiatives, businesses are a major cause of the world's ecological problems. Some progressive businesses are attempting to move beyond “net zero” in terms of achieving neutral environmental impacts and instead are now pursuing a goal of net positive. Net positive refers to the idea that business activities could contribute value-added benefits to earth’s ecological systems, for example, by using technologies that sequester and store carbon. However, except for a handful of high-profile corporate case studies, little is known about how companies are developing their strategies to become net positive and …


Asset Pricing Under Randomized Solvable Diffusions, Hiromichi Kato Jan 2020

Asset Pricing Under Randomized Solvable Diffusions, Hiromichi Kato

Theses and Dissertations (Comprehensive)

By employing a randomization procedure on the geometric Brownian motion (GBM) model, we construct our new pricing models with stochastic volatility exhibiting symmetric smiles in the log-forward moneyness, and admitting simple closed-form analytical expressions for European-style option prices. We assume that there are no infinitesimal correlations between the underlying asset prices and their volatility, and the integrated squared volatility processes are random variables with well-known probability density functions. Under some regularity conditions, closed-form expressions are obtained by taking the expectation of option prices under diffusion models over the integrated squared volatility process, which relate to the Bayesian framework in the …


Three Essays On Health Economics And Policy Evaluation, Shishir Shakya Jan 2020

Three Essays On Health Economics And Policy Evaluation, Shishir Shakya

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation consists of three essays on the U.S. Health care policy. Each paragraph below refers to the three abstracts for the three chapters in this dissertation, respectively. I provide quantitative evidence on how much Prescription Drug Monitoring Programs (PDMPs) affects the retail opioid prescribing behaviors. Using the American Community Survey (ACS), I retrieve county-level high dimensional panel data set from 2010 to 2017. I employ three separate identification strategies: difference-in-difference, double selection post-LASSO, and spatial difference-in-difference. I compare how the retail opioid prescribing behaviors of counties, that are mandatory for prescribers to check the PDMP before prescribing controlled substances …


A Data Analysis Of The World Happiness Index And Its Relation To The North-South Divide, Charles Alba Dec 2019

A Data Analysis Of The World Happiness Index And Its Relation To The North-South Divide, Charles Alba

Undergraduate Economic Review

In this document, we perform a detailed data analysis on the World Happiness Report with its relation to the socio-economic North-South Divide. In order to do so, we perform some extensive data cleaning and analysis before querying on the World Happiness Report. Our results based on Hypothesis Testing determines the happiness of the Global North is greater than that of the Global South. Furthermore, our queries show that the mean happiness score for the Global North significantly outweighing that of the South. Likewise, the 10 'Happiest' nations all belong to the Global North whereas the 10 'least happy' nations belong …


An Ai Approach To Measuring Financial Risk, Lining Yu, Wolfgang Karl Hardle, Lukas Borke, Thijs Benschop Dec 2019

An Ai Approach To Measuring Financial Risk, Lining Yu, Wolfgang Karl Hardle, Lukas Borke, Thijs Benschop

Sim Kee Boon Institute for Financial Economics

AI artificial intelligence brings about new quantitative techniques to assess the state of an economy. Here, we describe a new measure for systemic risk: the Financial Risk Meter (FRM). This measure is based on the penalization parameter (λ" role="presentation" style="box-sizing: border-box; display: inline; font-style: normal; font-weight: normal; line-height: normal; font-size: 18px; text-indent: 0px; text-align: left; text-transform: none; letter-spacing: normal; word-spacing: normal; overflow-wrap: normal; white-space: nowrap; float: none; direction: ltr; max-width: none; max-height: none; min-width: 0px; min-height: 0px; border: 0px; padding: 0px; margin: 0px; position: relative;">λλ) of a linear quantile lasso regression. The FRM is calculated by taking the average …


Using A Discrete Choice Experiment To Estimate Willingness To Pay For Location Based Housing Attributes, Kristopher C. Toll Dec 2019

Using A Discrete Choice Experiment To Estimate Willingness To Pay For Location Based Housing Attributes, Kristopher C. Toll

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

In 1993, a travel study was conducted along the Wasatch front in Utah (Research Systems Group INC, 2013). The main purpose of this study was to assess travel behavior to understand the needs for future growth in Utah. Since then, the Research Service Group (RSG), conducted a new study in 2012 to understand current travel preferences in Utah. This survey, called the Residential Choice Stated Preference survey, asked respondents to make ten choice comparisons between two hypothetical homes. Each home in the choice comparison was described by different attributes, those attributes that were used are, type of neighborhood, distance from …


Harnessing The Potentials Of The Blue Economy For Kenya’S Sustainable Development, Enock Mong'are Okemwa Nov 2019

Harnessing The Potentials Of The Blue Economy For Kenya’S Sustainable Development, Enock Mong'are Okemwa

World Maritime University Dissertations

No abstract provided.


Identify Monitoring Needs And Emerging Technology To Support Ecosystem Based Management (Ebm) And Sustainable Blue Growth In Nigerian Ports : Case Study : Lagos Ports (Lagos Pport Complex And Tin Can Island Port Complex), Roland Oladipo Ijabiyi Nov 2019

Identify Monitoring Needs And Emerging Technology To Support Ecosystem Based Management (Ebm) And Sustainable Blue Growth In Nigerian Ports : Case Study : Lagos Ports (Lagos Pport Complex And Tin Can Island Port Complex), Roland Oladipo Ijabiyi

World Maritime University Dissertations

No abstract provided.


Development Of A Holistic Framework For Shipyard Energy Management : A Case Study On Production Facilities And Technology, Morné Irshkin Sinden Nov 2019

Development Of A Holistic Framework For Shipyard Energy Management : A Case Study On Production Facilities And Technology, Morné Irshkin Sinden

World Maritime University Dissertations

No abstract provided.


An Assessment Of Development Opportunities Of Ship Recycling Facilities Based On The Shipbuilding Yards' Infrastructures In Vietnam, The Quyen Pham Nov 2019

An Assessment Of Development Opportunities Of Ship Recycling Facilities Based On The Shipbuilding Yards' Infrastructures In Vietnam, The Quyen Pham

World Maritime University Dissertations

No abstract provided.


Spatial And Temporal Variation Of Offshore Wind Power And Its Values Along The Central California Coast, Yi-Hui Wang, Ryan K. Walter, Crow White, Matthew D. Kehrli, Stephen F. Hamilton, Patrick H. Soper, Benjamin I. Ruttenberg Oct 2019

Spatial And Temporal Variation Of Offshore Wind Power And Its Values Along The Central California Coast, Yi-Hui Wang, Ryan K. Walter, Crow White, Matthew D. Kehrli, Stephen F. Hamilton, Patrick H. Soper, Benjamin I. Ruttenberg

Physics

The analysis of the spatiotemporal variability of wind power remains limited during the planning stage of an offshore wind farm. This study provides a framework to investigate how offshore wind power varies along the Central California Coast over diurnal and seasonal time scales, which is critical for reliability and functionality of the grid system. We find that offshore wind power in this region peaks during evening hours across all seasons and maximizes in spring and summer. The timing of peak offshore wind power production better aligns with that of peak demand across California than solar and land-based wind power production, …


Key Elements Of Environmental Justice In The Geothermal Power Plant Resistance Movement, Priyo Fajar Santoso, Bevaola Kusumasari Sep 2019

Key Elements Of Environmental Justice In The Geothermal Power Plant Resistance Movement, Priyo Fajar Santoso, Bevaola Kusumasari

Jurnal Politik

Geothermal energy is currently considered as an environmentally friendly, renewable energy source. However, based on empirical data from various countries, geothermal energy production often results socioecological losses for the host community. Various environmental justice movements have emerged to protect environment by protestesting and providing a counter discourse against the dominant perception that geothermal energy is renewable and environmentally friendly. As Indonesian government put more effort to develop more geothermal power thermal across the country, more reactions also emerge and surprisingly include the critical one. This article aims to look at one of the critical reaction from community to counter the …


A Comparative Study On Port Integration In Different Areas In China, Jiaqi Li Aug 2019

A Comparative Study On Port Integration In Different Areas In China, Jiaqi Li

World Maritime University Dissertations

No abstract provided.


Correlation Analysis Between Container Shipping Market And Sino-Us Trade Under The China-Us Trade Conflict, Changqing Lu Aug 2019

Correlation Analysis Between Container Shipping Market And Sino-Us Trade Under The China-Us Trade Conflict, Changqing Lu

World Maritime University Dissertations

No abstract provided.


Comparative Analysis Of International Bulk Freight Index, Wenbo Gu Aug 2019

Comparative Analysis Of International Bulk Freight Index, Wenbo Gu

World Maritime University Dissertations

No abstract provided.


The Impact Of Sino-Us Trade Conflict On International Dry Bulk Shipping Market, Yuefeng Lyu Aug 2019

The Impact Of Sino-Us Trade Conflict On International Dry Bulk Shipping Market, Yuefeng Lyu

World Maritime University Dissertations

No abstract provided.


Study On The Port Classification Of 21st Century Maritime Silk Road West Line, Jiawen Wang Aug 2019

Study On The Port Classification Of 21st Century Maritime Silk Road West Line, Jiawen Wang

World Maritime University Dissertations

No abstract provided.


Analysis Of The Influence Of Ningbo-Zhoushan Port Development On Regional Economy, Manxi Li Aug 2019

Analysis Of The Influence Of Ningbo-Zhoushan Port Development On Regional Economy, Manxi Li

World Maritime University Dissertations

No abstract provided.


Garch Modeling Of Value At Risk And Expected Shortfall Using Bayesian Model Averaging, Ismail Kheir Aug 2019

Garch Modeling Of Value At Risk And Expected Shortfall Using Bayesian Model Averaging, Ismail Kheir

Theses and Dissertations

This thesis conducts Value at Risk (VaR) and Expected Shortfall (ES) estimation using GARCH modeling and Bayesian Model Averaging (BMA). BMA considers multiple models weighted by some information criterion. Through BMA, this thesis finds that VaR and ES estimates can be improved through enhanced modeling of the data generation process.


Industry 4.0: Challenges And Opportunities In Different Countries, Keng Siau, Yingrui Xi, Cui Zou Aug 2019

Industry 4.0: Challenges And Opportunities In Different Countries, Keng Siau, Yingrui Xi, Cui Zou

Research Collection School Of Computing and Information Systems

Along with the rapid development of artificial intelligence (AI), cyber-physical systems (CPSs), big data analytics, and cloud computing, Industry 4.0 — a subset of the fourth Industrial Revolution — has started to emerge and take root in many countries. Many expect that Industry 4.0 will be transformative and revolutionary for multiple industries and countries. Its impact will be much more significant than those of Industry 1.0, 2.0, and 3.0. Most studies and papers on Industry 4.0 have examined its impact on various industries, jobs, and organizations. In this article, we investigate the impact of Industry 4.0 on countries and groups …


The Ultimatum Game: An Introduction To Quantitative Literacy In A Social Justice Context, Robert G. Root Jul 2019

The Ultimatum Game: An Introduction To Quantitative Literacy In A Social Justice Context, Robert G. Root

Numeracy

The Ultimatum Game is a two-person, multiple-strategy game widely used in the experimental social sciences to demonstrate the human propensity for costly punishment in response to inequitable treatment. The game serves to provide quantitative evidence for a diversity of fairness norms across cultures. The play of the game and its interpretation offer nuanced views of the nature and importance of quantitative literacy. Its use in a writing seminar connecting quantitative literacy and social justice is described.


Renewable Energy Access And Resilience In Urban Developing Areas: Distributed Solar Networks And Peer-To-Peer Energy Trading In Puerto Rico, Pascale Bronder Jul 2019

Renewable Energy Access And Resilience In Urban Developing Areas: Distributed Solar Networks And Peer-To-Peer Energy Trading In Puerto Rico, Pascale Bronder

Harvey M. Applebaum ’59 Award

This senior essay under the Environmental Studies major at Yale University explores the environmental and social benefits of applying innovative technology to the energy sector. Three types of energy networks are analyzed, focusing on the use of distributed energy and peer to peer energy trading on a blockchain platform. The benefits of distributed renewable energy networks can most strongly be applied to locations in need of more reliable, resilient, and cost-effective electricity. Puerto Rico is a case study. Methods include analysis of U.S. Energy Information Administration and Census Bureau data as well as personal interviews with Puerto Rican energy developers. …


Maximum Entropy Approach To Portfolio Optimization: Economic Justification Of An Intuitive Diversity Idea, Laxman Bokati, Vladik Kreinovich Jun 2019

Maximum Entropy Approach To Portfolio Optimization: Economic Justification Of An Intuitive Diversity Idea, Laxman Bokati, Vladik Kreinovich

Departmental Technical Reports (CS)

The traditional Markowitz approach to portfolio optimization assumes that we know the means, variances, and covariances of the return rates of all the financial instruments. In some practical situations, however, we do not have enough information to determine the variances and covariances, we only know the means. To provide a reasonable portfolio allocation for such cases, researchers proposed a heuristic maximum entropy approach. In this paper, we provide an economic justification for this heuristic idea.


Why Top Experts Are Paid So Much: Economics-Based Explanation, Julio C. Urenda, Vladik Kreinovich Jun 2019

Why Top Experts Are Paid So Much: Economics-Based Explanation, Julio C. Urenda, Vladik Kreinovich

Departmental Technical Reports (CS)

At first glance, it seems that people should be paid in proportion to their contribution, so if one person produces a little more than the other one, he/she should be paid a little more. In reality, however, top performers are paid dis-proportionally more than those whose performance is slightly worse. How can we explain this from an economic viewpoint? We show that actually there is no paradox here: a simple economic analysis shows that in many area, it makes perfect economic sense to pay much more to top performers.


The Martingale Approach To Financial Mathematics, Jordan M. Rowley Jun 2019

The Martingale Approach To Financial Mathematics, Jordan M. Rowley

Master's Theses

In this thesis, we will develop the fundamental properties of financial mathematics, with a focus on establishing meaningful connections between martingale theory, stochastic calculus, and measure-theoretic probability. We first consider a simple binomial model in discrete time, and assume the impossibility of earning a riskless profit, known as arbitrage. Under this no-arbitrage assumption alone, we stumble upon a strange new probability measure Q, according to which every risky asset is expected to grow as though it were a bond. As it turns out, this measure Q also gives the arbitrage-free pricing formula for every asset on our market. In …