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Articles 61 - 90 of 2456
Full-Text Articles in Economics
The Lexicographic Preference And The Tops-Only Property, Xinning Geng
The Lexicographic Preference And The Tops-Only Property, Xinning Geng
Dissertations and Theses Collection (Open Access)
This paper studies the structure of the lexicographic preference domain in the context of strategy proof Random Social Choice Functions (RSCFs). Classical sufficient conditions for the tops-only property—namely, the Interior and Exterior Properties—do not hold in lexicographic domains. Nevertheless, these domains still exhibit the tops-only property. We first provide a structural explanation of why the Interior and Exterior Properties fail in this setting. We then introduce two new structural conditions, Property 1 and Property 2, and show that any two-dimensional lexicographic preference domain satisfying these conditions is a tops-only domain. Finally, we prove that the two-dimensional lexicographic domain meets both …
Price Dislocations: Insights From Trade Repository Data, Albert Menkveld, Lucas Saru, Shihao Yu
Price Dislocations: Insights From Trade Repository Data, Albert Menkveld, Lucas Saru, Shihao Yu
Research Collection Lee Kong Chian School Of Business
This paper identifies price dislocation events in EuroSTOXX 50 futures, i.e., periods marked by high absolute returns. Combining public limit order book data with confidential trade repository data collected under the European Market Infrastructure Regulation (EMIR), we analyze market conditions around such dislocations. We find that price dislocations are accompanied by an increase in trading volume, and in the number of trades. EMIR data enables us to identify who participates in these trades, which allows us to tell if the volume increase is driven by fewer investors trading more, i.e., a more concentrated market, or by more investors participating. The …
Gmm Estimation With Brownian Kernels Applied To Income Inequality Measurement, Jin Seo Cho, Peter C. B. Phillips
Gmm Estimation With Brownian Kernels Applied To Income Inequality Measurement, Jin Seo Cho, Peter C. B. Phillips
Research Collection School Of Economics
In GMM estimation, it is well known that if the moment dimension grows with the sample size, the asymptotics of GMM differ from the standard finite dimensional case. The present work examines the asymptotic properties of infinite dimensional GMM estimation when the weight matrix is formed by inverting Brownian motion or Brownian bridge covariance kernels. These kernels arise in econometric work such as minimum Cramér–von Mises distance estimation when testing distributional specification. The properties of GMM estimation are studied under different environments where the moment conditions converge to a smooth Gaussian or non-differentiable Gaussian process. Conditions are also developed for …
Robust Implementation In Rationalizable Strategies In General Mechanisms, Takashi Kunimoto, Rene Saran
Robust Implementation In Rationalizable Strategies In General Mechanisms, Takashi Kunimoto, Rene Saran
Research Collection School Of Economics
A social choice function (SCF) is robustly implementable in rationalizable strate-gies if every rationalizable strategy profile on every type space results in outcomes consistent with it. First, we establish an equivalence between robust implementation in rationalizable strategies and “weak rationalizable implementation”. Second, using the equivalence result, we identify weak robust monotonicity as a necessary and al-most sufficient condition for robust implementation in rationalizable strategies. This exhibits a contrast with robust implementation in interim equilibria, i.e., every equilib-rium on every type space achieves outcomes consistent with the SCF. Bergemann and Morris (2011) show that strict robust monotonicity is a necessary and …
Competition Through Entry Fees Between Auctions For Differentiated Objects, Massimiliano Landi, Domenico Menicucci, Domenico Colucci
Competition Through Entry Fees Between Auctions For Differentiated Objects, Massimiliano Landi, Domenico Menicucci, Domenico Colucci
Research Collection School Of Economics
This paper considers two competing auctions with objects differentiated according to the random utility framework introduced in Perloff and Salop (1985): bidders privately observe their values for the two objects, and values are ex ante i.i.d. across objects and across bidders. For the case of uniform distribution of values, we show that competition under entry fees is less intense than competition under reserve prices in the sense that sellers are better off, and bidders are worse off when competition takes place with entry fees rather than under reserve prices. The key difference between the two settings is that undercutting under …
Case Series Overview: Analysis Of Innovation Applications And Value Driven By Aigc Technology—An Early Investment Perspective In The Chinese Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang
Case Series Overview: Analysis Of Innovation Applications And Value Driven By Aigc Technology—An Early Investment Perspective In The Chinese Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang
Sim Kee Boon Institute for Financial Economics
This case series explores the innovative applications and value analysis driven by AIGC (AI-generated content) technology from the perspective of early-stage investments in the Chinese market. We analyse the influence of core factors such as technology progression, market demand, policy environment, industry cycles and data on AIGC-driven value creation; case studies are provided to illustrate how AIGC has varying applications across different industries depending on market conditions. This series contains four cases: first, we first explore the investment opportunities of AIGC by combining the core technological value and industrial application status of generative AI, using China’s energy industry as a …
4 Of 4: Impact Of Policy And Technological Factors On Ai Innovation And Investment: The 2b Model Service Industry, Siyuan Ma, Mengyu Wang, Tianyi Zhang
4 Of 4: Impact Of Policy And Technological Factors On Ai Innovation And Investment: The 2b Model Service Industry, Siyuan Ma, Mengyu Wang, Tianyi Zhang
Sim Kee Boon Institute for Financial Economics
This case explores AI investment opportunities in 2B model services, particularly in sectors that intrinsically benefit from the reduction in human error. We will analyse applications in the legal industry as an example of overarching 2B model service trends.
3 Of 4: Analysis Of Innovation Applications And Value Driven By Aigc Technology: An Early Investment Perspective In The Chinese Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang
3 Of 4: Analysis Of Innovation Applications And Value Driven By Aigc Technology: An Early Investment Perspective In The Chinese Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang
Sim Kee Boon Institute for Financial Economics
This case series explores the innovative applications and value analysis driven by AIGC (AI-generated content) technology from the perspective of early-stage investments in the Chinese market. We analyse the influence of core factors such as technology progression, market demand, policy environment, industry cycles and data on AIGC-driven value creation; case studies are provided to illustrate how AIGC has varying applications across different industries depending on market conditions. This series contains four cases: first, we first explore the investment opportunities of AIGC by combining the core technological value and industrial application status of generative AI, using China’s energy industry as a …
2 Of 4: Impact Of Human Resource Factors On Ai Investment: Ai In The Human Resource Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang
2 Of 4: Impact Of Human Resource Factors On Ai Investment: Ai In The Human Resource Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang
Sim Kee Boon Institute for Financial Economics
This case will explore the implications that AIGC trends have on the development of the Chinese Human Resource (HR) market. While previous generation internet products were based on common needs and provided standardized products, the development of large AI models has opened doors to personalized custom products and services. Take AI applications in online education as an example: AI education models are developing to tailor to individual needs, since almost everything is not only digitalised but also based on dynamic database analysis for each user, including traffic distribution, sales conversion and service evaluation.
1 Of 4: Aigc Technology And Applications: Policy And Industry Development, Siyuan Ma, Mengyu Wang, Tianyi Zhang
1 Of 4: Aigc Technology And Applications: Policy And Industry Development, Siyuan Ma, Mengyu Wang, Tianyi Zhang
Sim Kee Boon Institute for Financial Economics
This case explores the investment opportunities of AIGC by combining the core technological value and industrial application status of generative AI. We then analyse the impacts of these large-scale sectoral changes in a study of AI in China’s energy industry. We are currently in the early stage of the generative AI industry, thus it is analysed more from the perspective of early value investment, including trend investment opportunities brought by macro cycles, inflection point investment opportunities brought by industry transformation and application, and value creation brought by disruptive innovation. The early investment in the Chinese market is also at a …
Technical Appendix: Analysis Of Innovation Applications And Value Driven By Aigc Technology—An Early Investment Perspective In The Chinese Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang
Technical Appendix: Analysis Of Innovation Applications And Value Driven By Aigc Technology—An Early Investment Perspective In The Chinese Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang
Sim Kee Boon Institute for Financial Economics
Following the introduction of generative AI/AIGC concepts and applications, it is necessary to clarify two related technical concepts: machine vision (CV) and convolutional neural networks (CNN). Computer Vision (CV) is a discipline that studies how to convert inputs such as images, sounds, and videos into a language that computers can understand. Taking 2D images as an example, all images can be broken down into very small pixels, each of which can be converted into a number (based on grayscale) or a combination of numbers. The number represented by each pixel is the feature of that pixel, and combining these numbers …
Robust Contracting Under Distributional Uncertainty, Jiangtao Li, Kexin Wang
Robust Contracting Under Distributional Uncertainty, Jiangtao Li, Kexin Wang
Research Collection School of Economics
We study contract design when the principal has limited information about the output distributions induced by the agent's actions. In a baseline model where only the means are known, we show that increasing affine contracts are robustly optimal. The mean restrictions accommodate a wide range of output distributions, including extreme cases that help establish this optimality. We then extend the analysis to environments with additional constraints on the distributions. Our main result shows that the robust optimality of increasing affine contracts persists even when the principal knows more—for example, that each action induces a distribution with full support.
Weak Identification Of Long Memory With Implications For Volatility Modeling;, Jia Li, Peter C. B. Phillips, Shuping Shi, Jun Yu
Weak Identification Of Long Memory With Implications For Volatility Modeling;, Jia Li, Peter C. B. Phillips, Shuping Shi, Jun Yu
Research Collection School Of Economics
This paper explores implications of weak identification in common ‘long memory’ and recent ‘rough’ approaches to modeling volatility dynamics of financial assets. We unveil an asymptotic near-observational equivalence between a long memory model with weak autoregressive dynamics and a rough model with a near-unit autoregressive root. Standard methods struggle to distinguish them, and conventional asymptotics are invalid. We propose an identification-robust approach to construct confidence sets that reveal the uncertainty and aid inference. Empirical studies based on realized volatility and trading volume often fail to statistically reject either model, thereby providing evidence of their potential coexistence.
The Impact Of A Vocational Training ‘Plus’ Programme On Employment And Income, Abu S. Shonchoy, Tomoki Fujii, Selim. Raihan
The Impact Of A Vocational Training ‘Plus’ Programme On Employment And Income, Abu S. Shonchoy, Tomoki Fujii, Selim. Raihan
Research Collection School Of Economics
Following a Randomised Controlled Trial in Northern Bangladesh, this study explores the barriers to rural youth migration to urban employment hubs. By implementing a vocational training “plus” programme facilitating apparel sector employment, the study revealed significant and persistent effects of the programme on income and employment, primarily due to the addition of a stipend and on-the-job training components. Treated participants experienced significant income and remittance increases, alongside reduced income poverty, attributed to the lower job search costs and job–fit risks. Notably, the on-the-job paid apprenticeship offered a benefit–cost ratio of 8.85, demonstrating its cost-effectiveness for programme scalability.
The Motherhood Penalty On Health: Evidence From China, Ang Sun, Fang Xia, Xuan Zhang
The Motherhood Penalty On Health: Evidence From China, Ang Sun, Fang Xia, Xuan Zhang
Research Collection School Of Economics
Understanding women’s physical and mental well-being following childbirth is critical for informing policies on labor market equity, family support, and fertility. Using event study methods and panel data from China, we document a persistent motherhood penalty in both physical and mental health, whereas the health impacts on fathers are minimal. While mothers experience a temporary reduction in paid work hours, they face a sustained increase in unpaid domestic labor — housework and childcare — resulting in a net increase in total work time. This additional workload likely contributes to deterioration in health. Mothers are also more likely to engage in …
Short-Term Mortality And Healthcare Utilization Consequences Of Pension Income Receipt: Evidence From South Korea, Mimi Jeon, Seonghoon Kim, Kanghyock Koh
Short-Term Mortality And Healthcare Utilization Consequences Of Pension Income Receipt: Evidence From South Korea, Mimi Jeon, Seonghoon Kim, Kanghyock Koh
Research Collection School Of Economics
We examine short-term consequences of pension income receipt on mortality and healthcare utilization within the monthly payment cycle. Using the national death registry data of South Korea, we document that the mortality rate decreases by 1.2–1.4 percent in the week of the disbursement date. The mortality-reducing effects are larger for causes of death that could have been avoided through timely and effective healthcare interventions. Using healthcare claims data, we document that the number of hospital admissions increases during the disbursement week. We provide suggestive evidence of greater mortality-reducing effects from a smaller but more frequent disbursement than from a monthly …
A Debt To Whom? The Nature Questions In Sino‑Sri Lankan Development Narratives, Orlando Woods, Kanchana Ruwanpura, Loritta Chan, Barnabas Mah
A Debt To Whom? The Nature Questions In Sino‑Sri Lankan Development Narratives, Orlando Woods, Kanchana Ruwanpura, Loritta Chan, Barnabas Mah
Research Collection College of Integrative Studies
This chapter critically examines dominant narratives around Sri Lanka’s debt and development in the context of Sino‑Sri Lankan relations and the Belt and Road Initiative, questioning assumptions about “debt‑trap” explanations and highlighting how narratives about development, nature and agency shape understanding of the country’s economic and ecological futures.
Unpacking Singapore's Leasehold Relativity Table: An Empirical And Legal Analysis, Koon Shing Kwong, Jing Rong Goh, Seng Wei, Edward Ti
Unpacking Singapore's Leasehold Relativity Table: An Empirical And Legal Analysis, Koon Shing Kwong, Jing Rong Goh, Seng Wei, Edward Ti
Research Collection School Of Economics
In Singapore, most land is state-owned, with the state generally issuing leasehold estates via state leases of not more than 99 years1, depending on the intended land use. Naturally, the value of a leasehold estate, which erodes over time as the lease approaches the end of its term, is a key component of the premium charged for lease renewals, or the tax imposed for permission given in relation to a development that would increase the value of the land. By law, the state valuation of leasehold land is prescribed by a leasehold relativity table colloquially known as ‘Bala’s Curve’ or …
Product Technology Adoption And Aggregate Innovation, Qiugu He, Xuan Luo, Fan Zheng
Product Technology Adoption And Aggregate Innovation, Qiugu He, Xuan Luo, Fan Zheng
Research Collection School Of Economics
We document that a firm's research and development (R&D) expenditure depends on its product diversity. Combining with the fact that Chinese manufacturers often enter new product markets via technology adoption, we develop a quantitative framework of innovation and technology adoption, allowing firms to expand their product scopes. Firms adopt technologies across multiple fields to expand their knowledge base, which in turn serves as an input for subsequent innovation or adoption. Counterfactual analysis from the 2000s reveals that two-thirds of knowledge privately held by all firms is generated through adoption, accounting for one-third of aggregate innovation.
Impacts Of U.S. Environmental Regulations On Industry, Xiao Ji, Mengyu Wang, Tianyi Zhang
Impacts Of U.S. Environmental Regulations On Industry, Xiao Ji, Mengyu Wang, Tianyi Zhang
Sim Kee Boon Institute for Financial Economics
This paper analyzes the impacts of U.S. environmental regulations on industry, focusing on command-and-control environmental regulations (CCER) and market-based environmental regulations (MBER). Drawing on empirical data from the Environmental Protection Agency (EPA) spanning over four decades, we examine key legislation such as the Clean Water Act (CWA), Clean Air Act (CAA), and the Resource Conservation and Recovery Act (RCRA), while also discussing more recent frameworks like the Inflation Reduction Act (IRA). Our findings suggest that although penalties under CCER contribute to immediate compliance, they often fail to elicit long-term changes in corporate behavior. In contrast, MBER, exemplified by the IRA, …
Regulatory Impacts On Us Hazardous Waste Exports, Xiaofan Ji, Mengyu Wang, Tianyi Zhang
Regulatory Impacts On Us Hazardous Waste Exports, Xiaofan Ji, Mengyu Wang, Tianyi Zhang
Sim Kee Boon Institute for Financial Economics
This paper examines the impact of key domestic and international regulations on US hazardous waste exports, focusing on shifts in export destinations and waste types from 2002 to 2023. Since 2005, OECD countries and US Trade Agreement Partners have become primary destinations for US hazardous waste, with significant surges after 2018 and a notable decline in 2022. An analysis of the regulatory landscape reveals that, while international frameworks such as the Basel Convention of 2021 have had a relatively limited impact on reducing US hazardous waste exports, domestic policies—particularly those in California—have more directly influenced export behaviors. Additionally, the US …
(When) Can Trade Wars Be Good?, Henry S. Gao, Weihuan Zhou
(When) Can Trade Wars Be Good?, Henry S. Gao, Weihuan Zhou
Research Collection Yong Pung How School Of Law
‘Trade wars are good, and easy to win,’ tweeted Donald Trump in 2018. The US–China trade war that followed proved otherwise – especially when confronting a major economic power. Yet, can trade wars ever be good? While the academic consensus holds they harm all participants, we argue that under certain circumstances they can produce positive outcomes. Set against the backdrop of the Liberation Day tariffs announced on April 2, 2025, this paper examines the limits of the Ricardian free trade model underpinning the current multilateral trading system, identifies when trade wars may serve strategic goals, and explores alternative rules to …
Speculative Bubbles In The Recent Ai Boom: Nasdaq And The Magnificent Seven, Rerotlhe B. Basele, Peter C. B. Phillips, Shuping Shi
Speculative Bubbles In The Recent Ai Boom: Nasdaq And The Magnificent Seven, Rerotlhe B. Basele, Peter C. B. Phillips, Shuping Shi
Research Collection School Of Economics
The recent artificial intelligence (AI) boom covers a period of rapid innovation and wide adoption of AI intelligence technologies across diverse industries. These developments have fueled an unprecedented frenzy in the Nasdaq, with AI-focused companies experiencing soaring stock prices that raise concerns about speculative bubbles and real-economy consequences. Against this background, this study investigates the formation of speculative bubbles in the Nasdaq stock market with a specific focus on the so-called Magnificent Seven (Mag-7) individual stocks during the AI boom, spanning the period from January 2017 to January 2025. We apply the real-time PSY bubble detection methodology of Phillips et …
A General Test For Functional Inequalities, Jia Li, Zhipeng Liao, Wenyu Zhou
A General Test For Functional Inequalities, Jia Li, Zhipeng Liao, Wenyu Zhou
Research Collection School Of Economics
This paper develops a nonparametric test for general functional inequalities that include conditional moment inequalities as a special case. It is shown that the test controls size uniformly over a large class of distributions for observed data, importantly allowing for general forms of time series dependence. New results on uniform growing dimensional Gaussian coupling for general mixingale processes are developed for this purpose, which readily accommodate most applications in economics and finance. The proposed method is applied in a portfolio evaluation context to test for “all-weather” portfolios with uniformly superior conditional Sharpe ratio functions.
Max-Share Misidentification, Liyu Dou, Paul Ho, Thomas Lubik
Max-Share Misidentification, Liyu Dou, Paul Ho, Thomas Lubik
Research Collection School Of Economics
While max-share identiffcation has become increasingly popular in a wide range of applications, we show that its validity requires necessary and suffffcient conditions that are rarely satisffed in practice—the target variable’s response to the target shock must be (i) orthogonal to its responses to untargeted shocks and (ii) larger than combinations of those responses. Imposing additional restrictions on the target shock weakens but does not fully eliminate these conditions. We show that in practice, the weight max-share places on an identiffed untargeted shock can be obtained by projecting the response to that shock on the max-share response. We also theoretically …
Learning Camp, Language Of Instruction, And Education Outcomes: Evidence From A Field Experiment In Malawi, Hyuncheol Bryant. Kim, Kim
Learning Camp, Language Of Instruction, And Education Outcomes: Evidence From A Field Experiment In Malawi, Hyuncheol Bryant. Kim, Kim
Research Collection School Of Economics
We conducted a randomized experiment to study the impacts of a summer learning camp and the language of instruction on education outcomes. The program, covering social studies and mathematics, provided additional high-quality learning time for 4th and 5th graders in Malawi. The program significantly increased test scores in social studies and mathematics (0.24–0.36 standard deviations). We find suggestive evidence that the impact on test scores in social studies was greater for students instructed in Chichewa, the local language, than for those instructed in English. However, we find no such evidence of differential impacts on test scores in mathematics by the …
Policy Evaluation With Nonlinear Trended Outcomes: Covid-19 Vaccination Rates In The United States, Lynn Bergeland Morgan, Peter C. B. Phillips, Donggyu Sul
Policy Evaluation With Nonlinear Trended Outcomes: Covid-19 Vaccination Rates In The United States, Lynn Bergeland Morgan, Peter C. B. Phillips, Donggyu Sul
Research Collection School Of Economics
This paper discusses pitfalls in two way fixed effects (TWFE) regressions when the outcome variables contain nonlinear and possibly stochastic trend components. If a policy change shifts trend paths of outcome variables, TWFE estimation can distort results and invalidate inference, especially in a context of evolving policy decisions. A robust solution is proposed by allowing for dynamic club membership empirically using a relative convergence test procedure. The determinants of respective club memberships are assessed by panel ordered logit regressions. The approach allows for policy evolution and shifts in outcomes according to a convergence cluster framework with transitions over time and …
Trust In Healthcare Ai Can’T Just Be Designed – It Must Be Felt By Clinicians And Patients, Adriana Banozic-Tang, Heng Wang
Trust In Healthcare Ai Can’T Just Be Designed – It Must Be Felt By Clinicians And Patients, Adriana Banozic-Tang, Heng Wang
Research Collection Yong Pung How School Of Law
Trust in healthcare AI currently over-relies on system design, not lived medical realities.Continuous feedback loops are necessary to embed trust in healthcare AI that is responsive to clinician and patient needs.Initiatives in South-East Asia show how trust in technology can be extended from policy to practice.
Bridging Generations: Intergenerational Transfers And Time Use In A Changing World, Christine Ho
Bridging Generations: Intergenerational Transfers And Time Use In A Changing World, Christine Ho
Research Collection School Of Economics
This Special Issue brings together nine papers that examine how families allocate time and money across generations. Spanning aging societies in East Asia to informal settlements in the Pacific, the contributions employ diverse methodological approaches, from natural experiments and policy variation to administrative data linkage and cross-generational panel surveys. The findings converge on a central insight: intergenerational transfers of time and money are not merely cultural practices, but systematic responses to changing economic environments and institutional frameworks. Family decisions are critical to the provision of long-term care, investment in children’s human capital, and the transmission of preferences, opportunities, and well-being …
Is R&D Rivalry Slowing The Growth Of Productive Firms?, Yoshiki Ando, James Bessen, Xiupeng Wang
Is R&D Rivalry Slowing The Growth Of Productive Firms?, Yoshiki Ando, James Bessen, Xiupeng Wang
Research Collection School Of Economics
The reallocation of jobs to more productive firms is a substantial component of aggregate productivity growth, yet job reallocation rates have declined substantially in the United States. This paper explores the hypothesis that greater technological rivalry has exacerbated adjustment costs, slowing reallocation. Using microdata at the US Census and estimates of technological rivalry in firm growth regressions, we find that technological rivalry slows firm responses to productivity shocks. Firms do not expand as rapidly in the face of higher obsolescence risk. Estimating counterfactual firm growth from 1997-2018, we find that growing technological rivalry accounts for most of the decline in …