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Three Essays On Differential Games And Resource Economics, Chen Ling 2010 University of Central Florida

Three Essays On Differential Games And Resource Economics, Chen Ling

Electronic Theses and Dissertations, 2004-2019

This dissertation consists of three chapters on the topic of differential games and resource economics. The first chapter extends the envelope theorem to the class of discounted infinite horizon differential games that posses locally differentiable Nash equilibria. The theorems cover both the open-loop and feedback information structures, and are applied to a simple analytically solvable linear-quadratic game. The results show that the conventional interpretation of the costate variable as the shadow value of the state variable along the equilibrium path is only valid for feedback Nash equilibria, but not for open-loop Nash equilibria. The specific linear-quadratic structure provides some extra ...


Essays In Corporate Finance, Milos Vulanovic 2010 Graduate Center, City University of New York

Essays In Corporate Finance, Milos Vulanovic

Dissertations, Theses, and Capstone Projects

This dissertation consists of two essays on corporate finance. In the first essay we test the pecking order theory by examining how firms finance maturing long-term debt. This allows us to accomplish three goals: resolve the issues of debt capacity and the endogeneity of financing deficit; examine the role of internal financing; and generate evidence regarding the order in which different sources of financing are used. We determine that firms use internal funds before they issue new debt to refinance maturing long-term debt. Firms with more cash on hand are less likely to issue new debt to refinance. On average ...


Structuring International Institutions For The Efficient Provisioning Of Global Security, Rupayan Gupta 2010 Roger Williams University

Structuring International Institutions For The Efficient Provisioning Of Global Security, Rupayan Gupta

Business Faculty Publications

This paper analyzes the issue of security provision by an alliance against the threat of a rogue nation. Proactive security effort by an alliance member is assumed to be non-rival and non-excludable, so the results of the effort jointly accrue to every other member. This effort has both positive and negative effects, as security measures mitigate the threat, but also involve loss of commercial benefits, collateral damages, and infringement on human rights. In this paper I suggest an institutional structure for the alliance which would lead to the achievement of the efficient level of world security through multilateral participation.


Microenterprises Performance Under Consulting Services And Clustering: A Study Of Egypt And Turkey, Ahmad Zia Wahdat 2010 Oberlin College

Microenterprises Performance Under Consulting Services And Clustering: A Study Of Egypt And Turkey, Ahmad Zia Wahdat

Honors Papers

Besides access to credit, the presence of consulting services and formation of clusters play an important role in microenterprises performance. I analyze the impact of consulting services and clustering on microenterprises' profits and assets in Egypt and Turkey, using a unique dataset on medium and small enterprises in both countries. I find that use of consulting services, and clustering, positively affect the profits and assets of microenterprises.


Narrowing The Gap: New Evidence On Earnings Differentials Based On Sexual Orientation, Mikayla Lytton 2010 Oberlin College

Narrowing The Gap: New Evidence On Earnings Differentials Based On Sexual Orientation, Mikayla Lytton

Honors Papers

Using General Social Survey data from 1989 to 2008, I estimate earnings differentials between heterosexual and queer workers. When following the model specified in earlier studies, I find that queer men earn between 11.6% less than their heterosexual counterparts and that queer women earned approximately 11.6% more than their heterosexual counterparts. When respecifying the model to account for the gender composition of individuals’ occupations, I find that queer men’s earnings are not statistically different from straight men’s earnings, and the earnings advantage enjoyed by queer women drops marginally, to 10.5%. This addition significantly improves upon ...


Review Of Willmott, H.P., The Great Crusade: A New Complete History Of The Second World War, James V. Koch 2010 Old Dominion University

Review Of Willmott, H.P., The Great Crusade: A New Complete History Of The Second World War, James V. Koch

Economics Faculty Publications

(First Paragraph) The first edition of The Great Crusade (1989) was a fine, comprehensive, single-volume history of World War II. The revised edition is even better, though readers should be aware that this is a military history of the war that usually focuses on decision-making and activities at the operational level and above. The author sometimes speaks of individual fighting divisions, but almost never about individual soldiers. This work is thus not the place for the reader to discover the tales and yarns of individual soldiers. Those who hope to grasp what it was like to be a Marine storming ...


Tracking Berle's Footsteps: The Trail Of The Modern Corporation's Law Chapter, William W. Bratton, Michael L. Wachter 2010 University of Pennsylvania Carey Law School

Tracking Berle's Footsteps: The Trail Of The Modern Corporation's Law Chapter, William W. Bratton, Michael L. Wachter

Faculty Scholarship at Penn Law

No abstract provided.


Obedience, Schooling, And Political Participation, Davin CHOR, Filipe R. Campante 2010 Singapore Management University

Obedience, Schooling, And Political Participation, Davin Chor, Filipe R. Campante

Research Collection School Of Economics

This paper proposes a framework for understanding the joint evolution of cultural norms and human capital investment, and how these affect patterns of political participation. We first present some empirical evidence that cultural attitudes towards obedience systematically influence an individual's propensity to engage in different political activities: obedience discourages more confrontational modes of political activity (such as public demonstrations), while raising participation in non-confrontational civic acts (such as voting). These cultural attitudes further appear to be determined in part by cultural transmission across generations. Motivated by this evidence, we develop a dynamic model in which human capital and obedience ...


Information Loss In Volatility Measurement With Flat Price Trading, Peter C. B. PHILLIPS, Jun YU 2010 Singapore Management University

Information Loss In Volatility Measurement With Flat Price Trading, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

A model of financial asset price determination is proposed that incorporates flat trading features into an efficient price process. The model involves the superposition of a Brownian semimartingale process for the effcient price and a Bernoulli process that determines the extent of price trading. The approach is related to sticky price modeling and the Calvo pricing mechanism in macroeconomic dynamics. A limit theory for the conventional realized volatility (RV) measure of integrated volatility is developed. The results show that RV is still consistent but has an inflated asymptotic variance that depends on the probability of flat trading. Estimated quarticity is ...


Simulated Maximum Likelihood Estimation Of Continuous Time Stochastic Volatility Models, Tore Selland KLEPPE, Jun YU, Hans J. SKAUG 2010 University of Bergen

Simulated Maximum Likelihood Estimation Of Continuous Time Stochastic Volatility Models, Tore Selland Kleppe, Jun Yu, Hans J. Skaug

Research Collection School Of Economics

In this chapter we develop and implement a method for maximum simulated likelihood estimation of the continuous time stochastic volatility model with the constant elasticity of volatility. The approach does not require observations on option prices, nor volatility. To integrate out latent volatility from the joint density of return and volatility, a modified efficient importance sampling technique is used after the continuous time model is approximated using the Euler–Maruyama scheme. The Monte Carlo studies show that the method works well and the empirical applications illustrate usefulness of the method. Empirical results provide strong evidence against the Heston model.


Estimation Of High-Frequency Volatility: An Autoregressive Conditional Duration Models Approach, Yiu Kuen Tse, Tao Yang 2010 Singapore Management University

Estimation Of High-Frequency Volatility: An Autoregressive Conditional Duration Models Approach, Yiu Kuen Tse, Tao Yang

Research Collection School Of Economics

We propose a method to estimate the intraday volatility of a stock by integrating the instantaneous conditional return variance per unit time obtained from the autoregressive conditional duration (ACD) models. We compare the daily volatilities estimated using the ACD models against several versions of the realized volatility (RV) method, including the bipower variation realized volatility with subsampling, the realized kernel estimate and the duration-based realized volatility. The ACD volatility estimates correlate highly with and perform very well against the RV estimates. Our Monte Carlo results show that our method has lower root mean-squared error than the RV methods in most ...


Numerical Analysis Of Non-Constant Pure Rate Of Time Preference: A Model Of Climate Policy, Tomoki FUJII, Larry KARP 2010 Singapore Management University

Numerical Analysis Of Non-Constant Pure Rate Of Time Preference: A Model Of Climate Policy, Tomoki Fujii, Larry Karp

Research Collection School Of Economics

When current decisions affect welfare in the far-distant future, as with climate change, the use of a declining pure rate of time preference (PRTP) provides potentially important modeling flexibility. The difficulty of analyzing models with non-constant PRTP limits their application. We describe and provide software (available online) to implement an algorithm to numerically obtain a Markov perfect equilibrium for an optimal control problem with non-constant PRTP. We apply this software to a simplified version of the numerical climate change model used in the Stern Review. For our calibration, the policy recommendations are less sensitive to the PRTP than widely believed.


Managing Capital Flows: The Case Of Singapore, Hwee Kwan CHOW 2010 Singapore Management University

Managing Capital Flows: The Case Of Singapore, Hwee Kwan Chow

Research Collection School Of Economics

The resurgence of private capital inflows into Asia in recent years has raised the question of whether the region is susceptible to yet another financial crisis. While a sudden large-scale reversal of capital flows is not likely to result in a liquidity crunch or balance of payments crisis, the attendant sharp corrections in asset prices will have an adverse impact on the economy particularly through indirect channels. We present, in this study, Singapore’s experience in managing the risks posed by capital flows as well as the retention of control over exchange rates and monetary conditions. It is the overall ...


Enhancing Income Opportunities, Rashiel Verlarde, Tomoki FUJII, Ulrich Lächler 2010 Singapore Management University

Enhancing Income Opportunities, Rashiel Verlarde, Tomoki Fujii, Ulrich Lächler

Research Collection School Of Economics

Accelerating growth is essential for poverty reduction. As argued earlier, poverty has failed to decline significantly since the East Asian Crisis due to insufficiently dynamic growth, a high degree of income inequality that reduces the income elasticity of poverty reduction, and an apparent worsening of the income distribution. The first step toward addressing this failure is to accelerate growth, which will not be easy in the short run while the global slowdown continues to run its course. Moreover, even though the global crisis is gradually bottoming out, the post-crisis external environment is likely to be much less favorable than before ...


Forecasting Realized Volatility Using A Nonnegative Semiparametric Time Series Model, A. Eriksson, D. Preve, Jun YU 2010 Singapore Management University

Forecasting Realized Volatility Using A Nonnegative Semiparametric Time Series Model, A. Eriksson, D. Preve, Jun Yu

Research Collection School Of Economics

This paper introduces a parsimonious and yet flexible nonnegative semiparametric model to forecast financial volatility. The new model extends the linear nonnegative autoregressive model of Barndorff-Nielsen & Shephard (2001) and Nielsen & Shephard (2003) by way of a power transformation. It is semiparametric in the sense that the distributional form of its error component is left unspecified. The statistical properties of the model are discussed and a novel estimation method is proposed. Asymptotic properties are established for the new estimation method. Simulation studies validate the new estimation method. The out-of-sample performance of the proposed model is evaluated against a number of standard ...


Managing Female Foreign Domestic Workers In Singapore: Economic Pragmatism, Coercive Legal Regulation, Or Human Rights, Eugene K. B. TAN 2010 Singapore Management University

Managing Female Foreign Domestic Workers In Singapore: Economic Pragmatism, Coercive Legal Regulation, Or Human Rights, Eugene K. B. Tan

Research Collection School Of Law

Singapore's immigration discourse is deeply influenced by its need to “right-size” its population. As a society that has and remains in need of immigration, contemporary immigration and globalization have rigorously challenged the conventional thinking and understanding of citizenship, as well as notions of who belongs and who does not. Nevertheless, international marriages and pervasive in-and out-migration for purposes of employment, study, and family, conspire to make more pronounced the decoupling of citizenship and residence in Singapore. This transnational dimension sits uncomfortably with the policy makers' desire for, and the imperatives of, state sovereignty, control, and jurisdiction.Although one quarter ...


Functional Coefficient Estimation With Both Categorical And Continuous Data, Liangjun SU, Ye CHEN, Aman ULLAH 2010 Singapore Management University

Functional Coefficient Estimation With Both Categorical And Continuous Data, Liangjun Su, Ye Chen, Aman Ullah

Research Collection School Of Economics

We propose a local linear functional coefficient estimator that admits a mix of discrete and continuous data for stationary time series. Under weak conditions our estimator is asymptotically normally distributed. A small set of simulation studies is carried out to illustrate the finite sample performance of our estimator. As an application, we estimate a wage determination function that explicitly allows the return to education to depend on other variables. We find evidence of the complex interacting patterns among the regressors in the wage equation, such as increasing returns to education when experience is very low, high return to education for ...


Subsidiarity: Challenging The Top Down Bias, Scott Kelley 2010 DePaul University

Subsidiarity: Challenging The Top Down Bias, Scott Kelley

Mission and Ministry Publications

Global poverty has received significant attention in the past decade, particularly after the adoption of the United Nation’s Millennium Development Goals in 2002. Commentators and ethicists like Peter Singer have long held that the wealthy of the world have an obligation to help the poor. While the sentiments may be positive, there are real harms that have come from this kind of top down thinking. Subsidiarity, to the contrary, is a much more realistic and morally tenable approach to global poverty.


Lawyers, Guns & Public Monies: The U.S. Treasury, World War One, And The Administration Of The Modern Fiscal State, Ajay K. Mehrotra 2010 Indiana University Maurer School of Law

Lawyers, Guns & Public Monies: The U.S. Treasury, World War One, And The Administration Of The Modern Fiscal State, Ajay K. Mehrotra

Articles by Maurer Faculty

The First World War was a pivotal event for American political and economic development, particularly in the realm of public finance. For it was during the war years that the federal government ended its traditional reliance on regressive import duties and excise taxes as principal sources of revenue and began a modern era of fiscal governance, one based primarily on the direct and progressive taxation of personal and corporate income. Like other aspects of war mobilization, this fiscal revolution required an enormous infusion of national administrative resources. Nowhere was this more evident than within the corridors of the U.S ...


Anger, Irony, And The Formal Rationality Of Professionalism, Ajay K. Mehrotra 2010 Indiana University Maurer School of Law

Anger, Irony, And The Formal Rationality Of Professionalism, Ajay K. Mehrotra

Articles by Maurer Faculty

No abstract provided.


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