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Full-Text Articles in Economics

Is Predicted Data A Viable Alternative To Real Data?, Tomoki Fujii, Roy Van Der Weide Sep 2016

Is Predicted Data A Viable Alternative To Real Data?, Tomoki Fujii, Roy Van Der Weide

Research Collection School Of Economics

It is costly to collect the household- and individual-level data that underlies official estimates of poverty and health. For this reason, developing countries often do not have the budget to update their estimates of poverty and health regularly, even though these estimates are most needed there. One way to reduce the financial burden is to substitute some of the real data with predicted data. An approach referred to as double sampling collects the expensive outcome variable for a sub-sample only while collecting the covariates used for prediction for the full sample. The objective of this study is to determine if …

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Is Predicted Data A Viable Alternative To Real Data?, Tomoki Fujii, Roy Van Der Weide Sep 2016

Is Predicted Data A Viable Alternative To Real Data?, Tomoki Fujii, Roy Van Der Weide

Research Collection School Of Economics

It is costly to collect the household- andindividual-level data that underlies official estimates of poverty and health. Forthis reason, developing countries often do not have the budget to update their estimatesof poverty and health regularly, even though these estimates are most neededthere. One way to reduce the financial burden is to substitute some of the realdata with predicted data. An approach referred to as double sampling collectsthe expensive outcome variable for a sub-sample only while collecting thecovariates used for prediction for the full sample. The objective of this studyis to determine if this would indeed allow for realizing meaningful reductionsin …

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Testing Of Non-Inferiority And Superiority For Three-Arm Clinincal Studies With Multiple Experimental Treatments, Junjiang Zhong, Koon Shing Kwong, Siu Hung Cheung Sep 2016

Testing Of Non-Inferiority And Superiority For Three-Arm Clinincal Studies With Multiple Experimental Treatments, Junjiang Zhong, Koon Shing Kwong, Siu Hung Cheung

Research Collection School Of Economics

The purpose of a non-inferiority trial is to assert the efficacy of an experimental treatment compared with a reference treatment by showing that the experimental treatment retains a substantial proportion of the efficacy of the reference treatment. Statistical methods have been developed to test multiple experimental treatments in three-arm non-inferiority trials. In this paper, we report the development of procedures that simultaneously test the non-inferiority and the superiority of experimental treatments after the assay sensitivity has been established. The advantage of the proposed test procedures is the additional ability to identify superior treatments while retaining an non-inferiority testing power comparable …

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Friedrich List And The Imperial Origins Of The National Economy, Onur Ulas Ince Aug 2016

Friedrich List And The Imperial Origins Of The National Economy, Onur Ulas Ince

Research Collection School of Social Sciences

This essay offers a critical reexamination of the works of Friedrich List by placing them in the context of nineteenth-century imperial economies. I argue that List's theory of the national economy is characterised by a major ambivalence, as it incorporates both imperial and anti-imperial elements. On the one hand, List pitted his national principle against the British imperialism of free trade and the relations of dependency it heralded for late developers like Germany. On the other hand, his economic nationalism aimed less at dismantling imperial core-periphery relations as a whole than at reproducing these relations domestically and expanding them globally. …

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Moving From Tension To Symbiosis In A Distinctive City, Tan K. B. Eugene Aug 2016

Moving From Tension To Symbiosis In A Distinctive City, Tan K. B. Eugene

Research Collection Yong Pung How School Of Law

In a commentary, SMU Associate Professor of Law Eugene Tan noted that meticulous urban planning has enabled Singapore to attain a high quality of living, delicately balancing the inherent tension between the economy and the environment. He shared his views on relevant issues such as the conflicting interests between Singapore’s immigration policy and its national identity, as well as the inherent tension between the economy and the environment. Associate Prof Tan pointed out that the quest to balance economic growth with environment concerns and social character is not a mere luxury but a growing imperative. He added that as Singapore …

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Free Entry And Social Inefficiency In Vertical Relationships: The Case Of The Japanese Mri Industry, Ken Onishi, Naoki Wakamori, Chiyo Hashimoto, Shun-Ichiro Bessho Aug 2016

Free Entry And Social Inefficiency In Vertical Relationships: The Case Of The Japanese Mri Industry, Ken Onishi, Naoki Wakamori, Chiyo Hashimoto, Shun-Ichiro Bessho

Research Collection School Of Economics

This paper quantifies the welfare consequences of the medical arms race in the context of MRI adoption. We build and estimate a model of the vertical structure of the industry where MRI manufacturers sell high- and low-quality MRIs in the upstream market, whereas medical institutions provide medical services to patients in the downstream market. Simulation results suggest that the current free-entry policy in Japan leads to excess MRI adoption. Furthermore, regulating medical institutions’ MRI adoption, taxing MRI purchases, or softening competition among MRI manufacturers would increase social welfare substantially by mitigating the business-stealing effect in the downstream market.

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Lumpy Investment, Lumpy Inventories, Ruediger Bachmann, Lin Ma Aug 2016

Lumpy Investment, Lumpy Inventories, Ruediger Bachmann, Lin Ma

Research Collection School Of Economics

The link between the microenvironment (frictions and heterogeneity) and the macroeconomic dynamics of general equilibrium macromodels is influenced by exactly how general equilibrium closes the model. We make this observation concrete using the recent literature on how nonconvex capital adjustment costs influence aggregate investment dynamics. We introduce inventories into a two-sector lumpy investment model and find that nonconvex capital adjustment costs dampen and propagate investment impulse responses, more so than without inventories. With two means of transferring consumption into the future, fixed capital and inventories, the tight link between aggregate saving and fixed capital investment is broken.

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Sequential Auctions With Descending Reserve Prices, Massimiliano Landi Aug 2016

Sequential Auctions With Descending Reserve Prices, Massimiliano Landi

Research Collection School Of Economics

No abstract provided.

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Brexit Giving Shared Sovereignty A Bad Name, Tan K. B. Eugene Jul 2016

Brexit Giving Shared Sovereignty A Bad Name, Tan K. B. Eugene

Research Collection Yong Pung How School Of Law

In a commentary, SMU Associate Professor of Law Eugene Tan shared his thoughts on Britain's vote to leave the European Union (EU). He noted that if the UK’s exit, or Brexit, is poorly managed, it may presage the slow decline and growing irrelevance of the EU in the global political economy. He opined that the tragedy of Brexit is the profound misunderstanding of sovereignty, adding the concern now is the risk of populist exit contagion gaining traction in other EU member states, all in the name of sovereignty and democratic choice. Associate Prof Tan also said the entire episode holds …

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Productivity Growth And Structural Transformation, Roberto Samaniego, Juliana Y. Sun Jul 2016

Productivity Growth And Structural Transformation, Roberto Samaniego, Juliana Y. Sun

Research Collection School Of Economics

Economies diversify and then re-specialize as they develop. These “stages of diversification” may result from productivity-driven structural change if initially resources are concentrated in industries other than those that dominate economic structure in the long run. A calibrated multi-industry growth model with many countries and with industry differences in productivity growth rates replicates the main features of the “stages of diversification”. We also present evidence that countries systematically shift resources towards manufacturing industries with rapid productivity growth, and towards sectors with low productivity growth, consistent with the model and supporting the “productivity mechanism” for structural transformation.

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Gray's Anatomy: Understanding Uncertainty, Juliana Yu Sun, Roberto M. Samaniego Jul 2016

Gray's Anatomy: Understanding Uncertainty, Juliana Yu Sun, Roberto M. Samaniego

Research Collection School Of Economics

We explore the key mechanisms whereby uncertainty impacts the business cycle by exploring the interaction of uncertainty with growth in industries with di⁄erent technologies of production. We nd that uncertainty shocks are particularly detrimental to growth in industries with rapid capital depreciation or high investment adjustment costs. The ndings are consistent with real options theory: uncertainty leads rms to delay investment in new projects, but high depreciation and xed costs of investment make delay more costly. On the other hand, we do not nd evidence of a signicant role of nancial markets in the generation nor propagation of uncertainty shocks.

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Singapore: Real State Control, Sock Yong Phang Jul 2016

Singapore: Real State Control, Sock Yong Phang

Research Collection School Of Economics

The author explains how the government of Singapore has taken on the role of land use planner and housing developer to ensure affordable housing. Numerous instruments have been devised by governments to provide affordable housing. These can be classified into four broad categories: taxes and subsidies, land use and market regulations, public-private partnerships, and institutions that supply housing or provide financing.

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Generalized Method Of Integrated Moments For High-Frequency Data, Jia Li, Dacheng Xiu Jul 2016

Generalized Method Of Integrated Moments For High-Frequency Data, Jia Li, Dacheng Xiu

Research Collection School Of Economics

We propose a semiparametric two‐step inference procedure for a finite‐dimensional parameter based on moment conditions constructed from high‐frequency data. The population moment conditions take the form of temporally integrated functionals of state‐variable processes that include the latent stochastic volatility process of an asset. In the first step, we nonparametrically recover the volatility path from high‐frequency asset returns. The nonparametric volatility estimator is then used to form sample moment functions in the second‐step GMM estimation, which requires the correction of a high‐order nonlinearity bias from the first step. We show that the proposed estimator is consistent and asymptotically mixed Gaussian and …

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Inference Theory On Volatility Functional Dependencies, Jia Li, Viktor Todorov, George. Tauchen Jul 2016

Inference Theory On Volatility Functional Dependencies, Jia Li, Viktor Todorov, George. Tauchen

Research Collection School Of Economics

We develop inference theory for models involving possibly nonlinear transforms of the elements of the spot covariance matrix of a multivariate continuous-time process observed at high frequency. The framework can be used to study the relationship among the elements of the latent spot covariance matrix and processes defined on the basis of it such as systematic and idiosyncratic variances, factor betas and correlations on a fixed interval of time. The estimation is based on matching model-implied moment conditions under the occupation measure induced by the spot covariance process. We prove consistency and asymptotic mixed normality of our estimator of the …

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Testing For Monotonicity In Unobservables Under Unconfoundedness, Stefan Hoderlein, Liangjun Su, Halbert White, Thomas Tao Yang Jul 2016

Testing For Monotonicity In Unobservables Under Unconfoundedness, Stefan Hoderlein, Liangjun Su, Halbert White, Thomas Tao Yang

Research Collection School Of Economics

Monotonicity in a scalar unobservable is a common assumption when modeling heterogeneity in structural models. Among other things, it allows one to recover the underlying structural function from certain conditional quantiles of observables. Nevertheless, monotonicity is a strong assumption and in some economic applications unlikely to hold, e.g., random coefficient models. Its failure can have substantive adverse consequences, in particular inconsistency of any estimator that is based on it. Having a test for this hypothesis is hence desirable. This paper provides such a test for cross-section data. We show how to exploit an exclusion restriction together With a conditional independence …

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Double Asymptotics For Explosive Continuous Time Models, Xiaohu Wang, Jun Yu Jul 2016

Double Asymptotics For Explosive Continuous Time Models, Xiaohu Wang, Jun Yu

Research Collection School Of Economics

This paper establishes a double asymptotic theory for explosive continuous time Levy-driven processes and the corresponding exact discrete time models. The double asymptotic theory assumes the sample size diverges because the sampling interval (h) shrinks to zero and the time span (N) diverges. Both the simultaneous and sequential double asymptotic distributions are derived. In contrast to the long-time span asymptotics (N -> infinity with fixed h) where no invariance principle applies, the double asymptotic distribution is derived without assuming Gaussian errors, so an invariance principle applies, as the asymptotic theory for the mildly explosive process developed by Phillips and Magdalinos …

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Strategic Interactions In A One-Sector Growth Model, Eric Fesselmeyer, Leonard J. Mirman, Marc Santugini Jun 2016

Strategic Interactions In A One-Sector Growth Model, Eric Fesselmeyer, Leonard J. Mirman, Marc Santugini

Research Collection College of Integrative Studies

We study the effect of dynamic and investment externalities in a one-sector growth model. In our model, two agents interact strategically in the utilization of capital for consumption, savings, and investment in technical progress. We consider two types of investment choices: complements and substitutes. For each case, we derive the equilibrium and provide the corresponding stationary distribution. We then compare the equilibrium with the social planner's solution.

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Grandparents: The Silent Engine Behind China’S Economic Growth, Singapore Management University Jun 2016

Grandparents: The Silent Engine Behind China’S Economic Growth, Singapore Management University

Perspectives@SMU

Migrant workers leave behind children to be taken care of by the elderly in villages – it is a win-win arrangement for all involved

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Precautionary Saving With Changing Income Ambiguity, Atsushi Kajii, Jingyi Xue Jun 2016

Precautionary Saving With Changing Income Ambiguity, Atsushi Kajii, Jingyi Xue

Research Collection School Of Economics

We study a two-period saving model where theagent’s future income might be ambiguous. Our agent has a version of the smoothambiguity decision criterion (Klibano, Marinacci and Mukerji (2005)), where theagent’s perception about ambiguity is described by a second-order belief overfirst-order risks. We model increasing ambiguity as a spreading-out of thesecond-order belief. We show that under a “Risk Comonotonicity” condition, ouragent saves more when ambiguity in future income increases. We argue that thecondition is indispensable for our result.

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Robust Econometric Inference With Mixed Integrated And Mildly Explosive Regressors, Peter C. B. Phillips, Ji Hyung Lee Jun 2016

Robust Econometric Inference With Mixed Integrated And Mildly Explosive Regressors, Peter C. B. Phillips, Ji Hyung Lee

Research Collection School Of Economics

This paper explores in several prototypical models a convenient inference procedure for nonstationary variable regression that enables robust chi-square testing for a wide class of persistent and endogenous regressors. The approach uses the mechanism of self-generated instruments called IVX instrumentation developed by Magdalinos and Phillips (2009b). We first show that these methods remain valid for regressors with local unit roots in the explosive direction and mildly explosive roots, where the roots are further from unity in the explosive direction than 0 (n(-1)). It is also shown that Wald testing procedures remain robust for multivariate regressors with certain forms of mixed …

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Uniform Consistency Of Nonstationary Kernel-Weighted Sample Covariances For Nonparametric Regression, Degui Li, Peter C. B. Phillips, Jiti Gao Jun 2016

Uniform Consistency Of Nonstationary Kernel-Weighted Sample Covariances For Nonparametric Regression, Degui Li, Peter C. B. Phillips, Jiti Gao

Research Collection School Of Economics

We obtain uniform consistency results for kernel-weighted sample covariances in a nonstationary multiple regression framework that allows for both fixed design and random design coefficient variation. In the fixed design case these nonparametric sample covariances have different uniform asymptotic rates depending on direction, a result that differs fundamentally from the random design and stationary cases. The uniform asymptotic rates derived exceed the corresponding rates in the stationary case and confirm the existence of uniform super-consistency. The modelling framework and convergence rates allow for endogeneity and thus broaden the practical econometric import of these results. As a specific application, we establish …

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Strategic Interactions In A One-Sector Growth Model, Eric Fesselmeyer, Leonard J. Mirman, Marc Santugini Jun 2016

Strategic Interactions In A One-Sector Growth Model, Eric Fesselmeyer, Leonard J. Mirman, Marc Santugini

Research Collection College of Integrative Studies

We study the effect of dynamic and investment externalities in a one-sector growth model. In our model, two agents interact strategically in the utilization of capital for consumption, savings, and investment in technical progress. We consider two types of investment choices: complements and substitutes. For each case, we derive the equilibrium and provide the corresponding stationary distribution. We then compare the equilibrium with the social planner's solution.

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Arts-Based Learning: Art, Economy And Financial Magic At The Stockholm School Of Economics, Marie Lousie-Fend May 2016

Arts-Based Learning: Art, Economy And Financial Magic At The Stockholm School Of Economics, Marie Lousie-Fend

2016 ABLD-EBSLG-APBSLG Joint Conference & Meeting

No abstract provided.

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Hospital-Skilled Nursing Facility Referral Linkage Reduces Readmission Rates Among Medicare Patients Receiving Major Surgery, Andrew J. Schoenfeld, Xuan Zhang, David C. Grabowski, Vincent Mor, Joel S. Weissman, Momotazur Rahman May 2016

Hospital-Skilled Nursing Facility Referral Linkage Reduces Readmission Rates Among Medicare Patients Receiving Major Surgery, Andrew J. Schoenfeld, Xuan Zhang, David C. Grabowski, Vincent Mor, Joel S. Weissman, Momotazur Rahman

Research Collection School Of Economics

BACKGROUND:In the health reform era, rehospitalization after discharge may result in financial penalties to hospitals. The effect of increased hospital-skilled nursing facility (SNF) linkage on readmission reduction after surgery has not been explored.METHODS:To determine whether enhanced hospital-SNF linkage, as measured by the proportion of surgical patients referred from a hospital to a particular SNF, would result in reduced 30-day readmission rates for surgical patients, we used national Medicare data (2011-2012) and evaluated patients who underwent 1 of 5 operative procedures (coronary artery bypass grafting [CABG], hip fracture repair, total hip arthroplasty, colectomy, or lumbar spine surgery). Initial evaluation was performed …

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China: Growth Slowing But In Good Shape, Singapore Management University May 2016

China: Growth Slowing But In Good Shape, Singapore Management University

Perspectives@SMU

It is still a developing economy with room to grow out of trouble

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Education And Leadership: Indispensable For Nigeria's Economic Development, Olusegun Obasanjo, Philip Charles Zerrillo May 2016

Education And Leadership: Indispensable For Nigeria's Economic Development, Olusegun Obasanjo, Philip Charles Zerrillo

Asian Management Insights

The former President of Nigeria (1999 to 2007), Olusegun Obasanjo, talks about the nation’s evolving transformation in this interview with Philip Zerrillo.

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The Trans-Pacific Partnership And Vietnam, Duong Nhu Hung, Tran Quang Dang May 2016

The Trans-Pacific Partnership And Vietnam, Duong Nhu Hung, Tran Quang Dang

Asian Management Insights

Opening up a bold new world for Vietnam’s trade and industry may not be so easy.

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Three Essays On Random Mechanism Design, Huaxia Zeng May 2016

Three Essays On Random Mechanism Design, Huaxia Zeng

Dissertations and Theses Collection (Open Access)

This dissertation studies a standard voting formulation with randomization. Formally, there is a finite set of voters, a finite set of alternatives and a lottery space over the alternative set. Each voter has a strict preference over alternatives. The domain of preferences contains all admissible preferences. Every voter reports a preference in the domain; a preference profile is generated; and the social lottery then is determined by a Random Social Choice Function (or RSCF). This dissertation focuses on RSCFs which provide every voter incentives to truthfully reveal her preference, and hence follows the formulation of strategyproofness in [26] which requires …

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On Refined And Robust Inferences For Spatial Econometric Models, Shew Fan Liu May 2016

On Refined And Robust Inferences For Spatial Econometric Models, Shew Fan Liu

Dissertations and Theses Collection (Open Access)

Asymptotically refined and heteroskedasticity robust inferences are considered for spatial linear and panel regression models, based on the quasi maximum likelihood (QML) or the adjusted concentrated quasi score (ACQS) approaches. Refined inferences are achieved through bias correcting the QML estimators, bias correcting the t-ratios for covariate effects, and improving tests for spatial effects; heteroskedasticity-robust inferences are achieved through adjusting the quasi score functions. Several popular spatial linear and panel regression models are considered including the linear regression models with either spatial error dependence (SED), or spatial lag dependence (SLD), or both SED and SLD (SARAR), the linear regression models with …

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Efficient Dynamic Mechanisms With Interdependent Valuations, Wei He, Jiangtao Li May 2016

Efficient Dynamic Mechanisms With Interdependent Valuations, Wei He, Jiangtao Li

Research Collection School Of Economics

This paper considers a dynamic environment with interdependent valuations and evolving private information. Under the assumption of “independent types”, we construct an efficient, incentive-compatible mechanism that is also budget-balanced in every period of the game. Our mechanism works in environments where in each period, each agent observes her own realized outcome-decision payoff from the previous period. This extends the insight of Mezzetti (2004) to the dynamic setting.

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