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2007

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Articles 121 - 150 of 849

Full-Text Articles in Economics

Tournaments With Ex Post Heterogeneous Agents, Theofanis Tsoulouhas, Kosmas Marinakis Oct 2007

Tournaments With Ex Post Heterogeneous Agents, Theofanis Tsoulouhas, Kosmas Marinakis

Research Collection School Of Economics

This paper compares relative performance evaluation via tournaments to absolute performance evaluation via piece rates when agents are heterogeneous ex post, to make the point that agent heterogeneity compromises the insurance function of tournaments. In particular, we show that the more heterogeneous agents are the less insurance can be offered through tournaments and the less dominant tournaments are over piece rates. Thus, absolute performance piece rates should be preferred when agents are highly heterogeneous. However, even with heterogeneous agents, tournaments become more desirable when the number of agents or the uncertainty about the common shock increases sufficiently.


Direction-Of-Change Forecasts Based On Conditional Variance, Skewness And Kurtosis Dynamics: International Evidence, Peter F. Christoffersen, Francis X. Diebold, Roberto S. Mariano, Anthony S. Tay, Yiu Kuen Tse Oct 2007

Direction-Of-Change Forecasts Based On Conditional Variance, Skewness And Kurtosis Dynamics: International Evidence, Peter F. Christoffersen, Francis X. Diebold, Roberto S. Mariano, Anthony S. Tay, Yiu Kuen Tse

Research Collection School Of Economics

Recent theoretical work has revealed a direct connection between asset return volatility forecastability and asset return sign forecastability. This suggests that the pervasive volatility forecastability in equity returns could, via induced sign forecastability, be used to produce direction-of change forecasts useful for market timing. We attempt to do so in an international sample of developed equity markets, with some success, as assessed by formal probability forecast scoring rules such as the Brier score. An important ingredient is our conditioning not only on conditional mean and variance information, but also conditional skewness and kurtosis information, when forming direction-of-change forecasts.


Wage Inequality, Intergenerational Mobility, And Education In Singapore, Kong Weng Ho Oct 2007

Wage Inequality, Intergenerational Mobility, And Education In Singapore, Kong Weng Ho

Research Collection School Of Economics

Accompanying Singapore’s phenomenal economic growth over the past four decades has been a rapid increase in educational attainment over the years. In 1960, the mean years of schooling for residents aged 25 and over was 3.14 years; in 2006, it was 9.3 years. This dramatic increase in the supply of skilled labour in all sectors of the economy helped to power Singapore’s high growth rates over the past few decades of economic development, which also saw declining wage inequality and high upward intergenerational mobility in education. However, we need to ask if these trends will continue in the future and …


New Mexico Labor Market Review 09-30-2007, New Mexico Department Of Workforce Solutions Sep 2007

New Mexico Labor Market Review 09-30-2007, New Mexico Department Of Workforce Solutions

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers August 2007.


Culture Sometimes Matters: Intra-Cultural Variation In Pro-Social Behavior Among Tsimane Amerindians, Michael Gurven, Arianna Zanolini, Eric Schniter Sep 2007

Culture Sometimes Matters: Intra-Cultural Variation In Pro-Social Behavior Among Tsimane Amerindians, Michael Gurven, Arianna Zanolini, Eric Schniter

ESI Publications

Agent-centered models usually consider only individual-level variables in calculations of economic costs and benefits. There has been little consideration of social or cultural history on shaping payoffs in ways that impact decisions. To examine the role of local expectations on economic behavior, we explore whether village affiliation accounts for the variation in dictator game offers among the Tsimane of the Bolivian Amazon independently of other factors that could confound such an effect. Our analysis shows that significant differences in altruistic giving exist among villages, village patterns are recognized by residents, and offers likely reflect variation in social expectations rather than …


Electrification, Economic Development And Poverty Alleviation: Examining The Role Of Macro-Factors In Sri Lanka, Kamal Kapadia Sep 2007

Electrification, Economic Development And Poverty Alleviation: Examining The Role Of Macro-Factors In Sri Lanka, Kamal Kapadia

Link Foundation Energy Fellowship Reports

Access to modern energy services is central to enhancing rural incomes, reducing poverty and achieving the Millennium Development Goals; however, it is not sufficient in and of itself (Barnes 1988; Barnes & Floor 1996; Barnes & Foley 2003; Bose 1993; Cabraal et al 2005; Department for International Development 2002; Modi et al 2006; Saghir 2005; The World Bank 2001; The World Bank Group 2004; UN-Energy 2005; United Nations Development Program 2006). Energy services need to be integrated into a broader development program that also delivers other rural development services such as agricultural improvement technologies, healthcare and education, in order to …


Containing The Cost Of Infant Formula To The Wic Program, David Davis Sep 2007

Containing The Cost Of Infant Formula To The Wic Program, David Davis

Economics Commentator (1972- 2016)

No abstract provided.


Why Is Economics Not Yet A Pluralistic Science?, John B. Davis Sep 2007

Why Is Economics Not Yet A Pluralistic Science?, John B. Davis

Economics Faculty Research and Publications

No abstract provided.


Some Perspectives On The Actuarial Adequacy Of The Pension Benefit Guarantee Corporation, Andrew Frank Thompson Sep 2007

Some Perspectives On The Actuarial Adequacy Of The Pension Benefit Guarantee Corporation, Andrew Frank Thompson

UNIversitas: Journal of Research, Scholarship, and Creative Activity

This paper analyzes the actuarial adequacy of PBGC in providing insurance coverage to employees participating in single employer, defined benefit pension plans. The first part of this investigation examines the micro and macro economic factors that impact the financial stability and actuarial viability of PBGC. A second section discusses externalities that may contribute to suboptimal premiums and adverse selection for PBGC. A linear control model is introduced to analyze the most effective way PBGC might use its $100 million credit line with the Department of the Treasury. In addition, a model based on the economic theory of clubs develops relationships …


From A Different Perspective, Chris Schrage Sep 2007

From A Different Perspective, Chris Schrage

UNIversitas: Journal of Research, Scholarship, and Creative Activity

In recent years there have been many celebrity endorsements to programs meant to alleviate poverty. Now marketers are getting people to purchase items with the promise to send so much of the purchase price to various charities. What better way to promote social responsibility while gaining market share and profits? However, poverty is not going away in a manner that one might assume with so much money. Why not?


Regional Cooperation In Asia: Options For Pakistan, Ishrat Husain Dr. Sep 2007

Regional Cooperation In Asia: Options For Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The topic ‘Regional Cooperation’ is quite wide and encompasses many different dimensions – political, security, cultural, economic etc. I would like to focus my remarks this morning on economic cooperation and interaction only. The context for regional economic cooperation is the globalization that is driving the economic processes. From 1990 to 2003 global GDP increased 1.7 times while global trade and FDI increased 2.2 and 3 times respectively. Globalization has contributed to economic growth through several channels.


Mission Drift Understand It, Avoid It, James Copestake Sep 2007

Mission Drift Understand It, Avoid It, James Copestake

Journal of Microfinance / ESR Review

No abstract provided.


Center News, Esr Review Sep 2007

Center News, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.


Innovation Spurs Growth, Jasmine Mohanty, Jasmine; Panda, Debadutta K. Panda Sep 2007

Innovation Spurs Growth, Jasmine Mohanty, Jasmine; Panda, Debadutta K. Panda

Journal of Microfinance / ESR Review

Product innovations are different and specific to MFIs, but all focus on one feature: they are all geared toward providing a wider range of financial products and intermediation options. These innovations are the launching pad and competitive advantage for MFIs, but most people are confused about these innovations.


Editor's Introduction: Finding Balance, Paul C. Godfrey Sep 2007

Editor's Introduction: Finding Balance, Paul C. Godfrey

Journal of Microfinance / ESR Review

No abstract provided.


Vol. 09 No. 2 Esr Review, Esr Review Sep 2007

Vol. 09 No. 2 Esr Review, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.


Trade-Offs Between Social And Financial Performance, Gary Woller Sep 2007

Trade-Offs Between Social And Financial Performance, Gary Woller

Journal of Microfinance / ESR Review

True or False: Trade-offs occur between social performance and financial performance in microfinance. Conventional wisdom says true. Extending formal financial services to poor and hard-to-reach clientele necessarily entails higher costs and lower per unit returns and is, subsequently, harder to scale up. The trade-off inherent in this relationship creates incentives for microfinance institutions (MFIs) to move up-market and away from their traditional poor clientele—a phenomenon known as mission drift.


Front Matter, Esr Review Sep 2007

Front Matter, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.


End Matter, Esr Review Sep 2007

End Matter, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.


Sv Mixture Models With Application To S&P 500 Index Returns, Garland B. Durham Sep 2007

Sv Mixture Models With Application To S&P 500 Index Returns, Garland B. Durham

Finance

Understanding both the dynamics of volatility and the shape of the distribution of returns conditional on the volatility state is important for many financial applications. A simple single-factor stochastic volatility model appears to be sufficient to capture most of the dynamics. It is the shape of the conditional distribution that is the problem. This paper examines the idea of modeling this distribution as a discrete mixture of normals. The flexibility of this class of distributions provides a transparent look into the tails of the returns distribution. Model diagnostics suggest that the model, SV-mix, does a good job of capturing the …


From Brown To Busing, Elizabeth Cascio, Nora Gordon, Ethan Lewis, Sarah Reber Sep 2007

From Brown To Busing, Elizabeth Cascio, Nora Gordon, Ethan Lewis, Sarah Reber

University of Kentucky Center for Poverty Research Discussion Paper Series

An extensive literature debates the causes and consequences of the desegregation of American schools in the twentieth century. Despite the social importance of desegregation and the magnitude of the literature, we have lacked a comprehensive accounting of the basic facts of school desegregation. This paper uses newly assembled data to document when and how Southern school districts desegregated, as well as the extent of court involvement in the desegregation process over the two full decades after Brown. We also examine heterogeneity in the path to desegregation by district characteristics. The results suggest that the existing quantitative literature, which generally either …


Sports And The Law: Using Court Cases To Teach Sports Economics, Victor Matheson Sep 2007

Sports And The Law: Using Court Cases To Teach Sports Economics, Victor Matheson

Economics Department Working Papers

The purpose of this paper is two-fold. First, it lays forth a rationale for the use of court cases in teaching a sports economics class. Second, it provides an overview of the most important cases related to sports economics. Court classes allow students to develop critical reading and reasoning skills while allowing the instructor to present readings outside the standard textbook that are accessible to most undergraduates. A sports economics course with a focus on legal issues also broadens the course to fit better within a liberal arts education rather than being a narrow speciality field.


The Impact Of Wetlands Rules On The Prices Of Regulated And Proximate Houses: A Case Study, Katherine Kiel Sep 2007

The Impact Of Wetlands Rules On The Prices Of Regulated And Proximate Houses: A Case Study, Katherine Kiel

Economics Department Working Papers

Federal, state and local wetlands protection laws that restrict landowners’ ability to develop their properties in certain ways could decrease the value of the affected properties. However, the regulations could also give benefits to nearby neighbors who no longer need worry about increased development in their area. Given that some properties may decline in value, while others increase, the impact on individual properties must be determined empirically. This study uses a data set from Newton, Massachusetts to examine the impact of wetlands laws on the regulated properties, as well as on proximate properties. Looking at house sales data from 1988 …


Unexplained Differences In The Fdi Receipts Of Middle East And North Africa, Ayca Tekin-Koru Sep 2007

Unexplained Differences In The Fdi Receipts Of Middle East And North Africa, Ayca Tekin-Koru

Topics in Middle Eastern and North African Economies

No abstract provided.


An Empirical Examination Of Price Competition In The Turkish Credit Card Market, Ahmet Faruk Aysan, Nusret Ahmet Muslim Sep 2007

An Empirical Examination Of Price Competition In The Turkish Credit Card Market, Ahmet Faruk Aysan, Nusret Ahmet Muslim

Topics in Middle Eastern and North African Economies

No abstract provided.


How Open Are Arab Economies? An Examination With The Cti Measure, Jay Squalli, Kenneth Wilson Sep 2007

How Open Are Arab Economies? An Examination With The Cti Measure, Jay Squalli, Kenneth Wilson

Topics in Middle Eastern and North African Economies

No abstract provided.


Financial Sector Deepening And Economic Growth: Evidence From Turkey, Oya Pinar Ardic, H. Evren Damar Sep 2007

Financial Sector Deepening And Economic Growth: Evidence From Turkey, Oya Pinar Ardic, H. Evren Damar

Topics in Middle Eastern and North African Economies

No abstract provided.


Foreign Debt Dynamics In Middle Income Countries, Fatma Dogruel, A. Suut Dogruel Sep 2007

Foreign Debt Dynamics In Middle Income Countries, Fatma Dogruel, A. Suut Dogruel

Topics in Middle Eastern and North African Economies

No abstract provided.


The Impact Of Trade Liberalization Of Growth, The Case Of Turkey, Nathalie Hilmi, Alain Safa Sep 2007

The Impact Of Trade Liberalization Of Growth, The Case Of Turkey, Nathalie Hilmi, Alain Safa

Topics in Middle Eastern and North African Economies

No abstract provided.


Time Series Approaches To Testing Income Convergence In Mena Countries, Haluk Erlat Sep 2007

Time Series Approaches To Testing Income Convergence In Mena Countries, Haluk Erlat

Topics in Middle Eastern and North African Economies

No abstract provided.