Forecasting Tourist Arrivals To The Bahamas Using Error Correction Models,
2010
University of Texas at El Paso
Forecasting Tourist Arrivals To The Bahamas Using Error Correction Models, Jacky Sharon Charles
Open Access Theses & Dissertations
Tourism is the major domestic export for many countries in the Caribbean region. Given this, the variables which influence tourism demand in this region, as well as accurate forecasts, can assist policy makers in their planning efforts and growth strategies. This study utilizes error correction models (ECMs) to analyze tourism demand in the Bahamas. This is the first empirical attempt to estimate ECMs for tourism demand in the Caribbean region. Findings suggest that income and habit persistence/word of mouth advertising are the primary determinants of tourism demand in the Bahamas, while the cost of travel is generally insignificant. To assess …
Housing Attribute Preferences In El Paso,
2010
University of Texas at El Paso
Housing Attribute Preferences In El Paso, Emmanuel Villalobos
Open Access Theses & Dissertations
This study uses twenty-two explanatory variables and a stratified random sample of 562 housing units to estimate a hedonic pricing model for the El Paso housing market. Previous studies report that structural characteristics are more influential than locational factors in home valuation. Results obtained indicate that list price reacts more elastically to a home's structural characteristics than to its locational factors. In this study indirect evidence of the importance of international commerce in El Paso is documented. Whether the results reported are unique to a large border economy like El Paso is unknown.
The Attack And Defense Of Weakest-Link Networks,
2010
Chapman University
The Attack And Defense Of Weakest-Link Networks, Dan Kovenock, Brian Roberson, Roman M. Sheremeta
ESI Working Papers
This paper experimentally examines behavior in a two-player game of attack and defense of a weakest-link network of targets, in which the attacker‟s objective is to successfully attack at least one target and the defender‟s objective is diametrically opposed. We apply two benchmark contest success functions (CSFs): the auction CSF and the lottery CSF. Consistent with the theoretical prediction, under the auction CSF, attackers utilize a stochastic “guerilla warfare” strategy — in which a single random target is attacked — more than 80% of the time. Under the lottery CSF, attackers utilize the stochastic guerilla warfare strategy almost 45% of …
The Value-Added Tax: Effects On Tax Revenue, U.S. Corporations, And Individual Taxpayers,
2010
University of Northern Iowa
The Value-Added Tax: Effects On Tax Revenue, U.S. Corporations, And Individual Taxpayers, Joseph Raymond Pudenz
Honors Program Theses
The importance of understanding how a value-added tax would affect the United States is imperative. Many economists have long stated that a value-added tax system would benefit the United States (Hooper & Smith, 1997), and politicians have periodically brought up the value-added tax since the 1960s as a solution to tax revenue needs (Comptroller General of the United States, 1981). Given these facts, it is likely that the value-added tax will continue to be considered as a possible tax system. An adequate level of understanding regarding how a value-added tax is applied and its effects is essential.
Sascha Vitzhum,
2010
WGLT, Illinois State University
Sascha Vitzhum, Jim Browne
Interviews for WGLT
Jim Browne interviews Assistant Professor Sascha Vitzhum about virtual worlds, economics and marketing. (requires RealPlayer)
Power Maximization And Size Control In Heteroskedasticity And Autocorrelation Robust Tests With Exponentiated Kernels,
2010
Yale University
Power Maximization And Size Control In Heteroskedasticity And Autocorrelation Robust Tests With Exponentiated Kernels, Yixiao Sun, Peter C.B. Phillips, Sainan Jin
Cowles Foundation Discussion Papers
Using the power kernels of Phillips, Sun and Jin (2006, 2007), we examine the large sample asymptotic properties of the t -test for different choices of power parameter (τ). We show that the nonstandard fixed-τ limit distributions of the t -statistic provide more accurate approximations to the finite sample distributions than the conventional large-τ limit distribution. We prove that the second-order corrected critical value based on an asymptotic expansion of the nonstandard limit distribution is also second-order correct under the large-τ asymptotics. As a further contribution, we propose a new practical procedure for selecting the test-optimal power parameter that addresses …
Can Fighting Grade Inflation Help The Bottom Line?,
2010
Utah State University
Can Fighting Grade Inflation Help The Bottom Line?, Arthur J. Caplan, John Gilbert
Applied Economics Faculty Publications
This article uses a rich set of student transcript data to estimate the economic cost incurred by a university when it does not adopt a ‘mean-shift grading policy’ to fight grade inflation. We show that even in the face of moral hazard constraints a university can enhance its profitability by fighting grade inflation with a distribution-shifting policy.
Gis-Based Estimation Of Marginal Implicit Prices Of Housing Amenities: The Case Of High Ground And Stagnant Streams,
2010
Utah State University
Gis-Based Estimation Of Marginal Implicit Prices Of Housing Amenities: The Case Of High Ground And Stagnant Streams, Arthur J. Caplan
Applied Economics Faculty Publications
We use GIS and econometric methods to estimate the marginal implicit values of environmental amenities associated with residential land parcels in the mountain town of Logan, Utah. Amenities include proximity to open spaces (such as parks, golf courses and lakes), commercial zones, major roads, streams, and general visibility of surrounding topography in the valley as determined by the elevation of the land parcel. The amenity value estimates are corrected for spatial autocorrelation. We find spatially dependent relationships between (1) a parcel’s value and its elevation, and (2) a parcel’s value and its adjacency to a stagnant stream. To our knowledge, …
Caviar And The Australian Stock Markets : An Appetiser,
2010
Edith Cowan University
Caviar And The Australian Stock Markets : An Appetiser, David E. Allen, A. K. Singh
Research outputs pre 2011
Value-at-Risk (VaR) has become the universally accepted metric adopted internationally under the Basel Accords for banking industry internal control and for regulatory reporting. This has focused attention on methods of measuring, estimating and forecasting lower tail risk. One promising technique is Quantile Regression which holds the promise of efficiently calculating (VAR). To this end, Engle and Manganelli in (2004) developed their CAViaR model (Conditional Autoregressive Value at Risk). In this paper we apply their model to Australian Stock Market indices and a sample of stocks, and test the efficacy of four different specifications of the model in a set of …
Revisiting The 1997 Asian Financial Crisis: A Copula Approach,
2010
Edith Cowan University
Revisiting The 1997 Asian Financial Crisis: A Copula Approach, A. Tsui, Zhaoyong Zhang
Research outputs pre 2011
This study is motivated by the stylized fact that the asymmetry in dependence usually exists in returns of financial data series. Owing to political and monetary reasons, this phenomenon may be present in daily changes of exchange rates. In this paper, we study the relationships between five currencies in Asia around the period of Asian Financial Crisis in 1997, including the Singapore Dollar, Japanese Yen, South Korea Won, Thailand Baht and Indonesia Rupiah. We employ various time-varying copula models to examine the possible structural breaks. The results indicate significant changes at the dependence level, tail behavior and asymmetry structures between …
Three Essays On Housing Market In Hong Kong : Implications For Public Policy And Macro Economy,
2010
Lingnan University
Three Essays On Housing Market In Hong Kong : Implications For Public Policy And Macro Economy, Wai Chung, Gary Wong
Theses & Dissertations
The thesis contains three papers on different areas of housing study in Hong Kong. The first paper focuses on government policy in public housing privatization on housing market and its effect on the overall economy. By comparing the negative impacts of two financial crises in 1997 and 2008 on housing market, the paper tries to offer explanation for the property downturn during 1997-2003. It aims to study how a public housing privatization program would produce adverse effects on housing transactions and the economy. The second one links up the housing market and macro economy. It is found that housing sector …
Foreword: In Berle’S Footsteps,
2010
Seattle University School of Law
Foreword: In Berle’S Footsteps, Charles R.T. O'Kelley
Seattle University Law Review
On the weekend of November 6–8, 2009, scholars from around the world gathered in Seattle for a symposium—In Berle’s Footsteps—celebrating the launch of the Adolf A. Berle, Jr. Center on Corporations, Law and Society. As founding director of the Berle Center, I described our undertaking: “It is with a profound sense of obligation to the legacy that has been entrusted to my care, that I announce the launching of the Adolf A. Berle, Jr. Center on Corporations, Law and Society. It is a privilege to follow in Berle’s footsteps.”
Woman's Work: Female Lighthouse Keepers In The Early Republic, 1820–1859,
2010
Old Dominion University
Woman's Work: Female Lighthouse Keepers In The Early Republic, 1820–1859, Virginia Neal Thomas
History Theses & Dissertations
During the Early Republic between 1820 and 1859, women, on average, comprised about five percent of the principal lighthouse keepers in the United States. These women represent a unique exception to the experience of the majority of working women during the Early Republic. They received equal pay to men, and some supervised lower-paid male assistants. They filled these predominately male positions because lighthouse work had much in common with stereotypical woman's work, they were most often related to the previous keeper, and they fit within cultural ideals of gender roles. Inquiry beyond the romantic image crafted for these light keepers …
Employment And Distribution Effects Of The Minimum Wage,
2010
International College of Economics and Finance, Higher School of Economics, Moscow
Employment And Distribution Effects Of The Minimum Wage, Fabian Slonimczyk, Peter Skott
Economics Department Working Paper Series
This paper analyzes the effects of the minimum wage on wage inequality, relative employment and over-education. Using an effciency wage model we show that over-education can be generated endogenously and that an increase in the minimum wage can raise both total and low-skill employment, and produce a fall in inequality. Evidence from the US suggests that these theoretical results are empirically relevant. The over-education rate has been increasing and our regression analysis suggests that the decrease in the minimum wage may have led to a deterioration of the employment and relative wage of low-skill workers.
Is There A Tendency For The Rate Of Profit To Fall? Econometric Evidence For The U.S. Economy, 1948-2007,
2010
University of Massachusetts - Amherst
Is There A Tendency For The Rate Of Profit To Fall? Econometric Evidence For The U.S. Economy, 1948-2007, Deepankar Basu, Panayiotis T. Manolakos
Economics Department Working Paper Series
The law of the tendential fall in the rate of profit has been at the center of theoretical and empirical debates within Marxian political economy ever since the publication of Volume III of Capital. An important limitation of this literature is the absence of a comprehensive econometric analysis of the behaviour of the rate of profit. In this paper, we attempt to fill this lacuna in two ways. First, we investigate the time series properties of the profit rate series. The evidence suggests that the rate of profit behaves like a random walk and exhibits "long waves" interestingly correlated with …
Empirical Evidence On Regulatory Burdens And International Income Performance,
2010
University of Texas at El Paso
Empirical Evidence On Regulatory Burdens And International Income Performance, Enedina Licerio
Open Access Theses & Dissertations
This paper analyzes the effects of regulatory burdens on per capita national income (GNI) and the potential increases in GNI that can result from deregulation. Previous research indicates that a rigid regulatory environment hampers income performance. The availability of more recent data and the addition of several new indices by the World Bank now permits a broader analysis of regulatory burdens and income performance to be undertaken. Simulations are conducted to quantify potential impacts of deregulation and greater transparency on income performance. Results show that sizeable income gains can result from deregulation.
X-Differencing And Dynamic Panel Model Estimation,
2010
Yale University
X-Differencing And Dynamic Panel Model Estimation, Chirok Han, Peter C.B. Phillips, Donggyu Sul
Cowles Foundation Discussion Papers
This paper introduces a new estimation method for dynamic panel models with fixed effects and AR( p ) idiosyncratic errors. The proposed estimator uses a novel form of systematic differencing, called X -differencing, that eliminates fixed effects and retains information and signal strength in cases where there is a root at or near unity. The resulting “panel fully aggregated” estimator (PFAE) is obtained by pooled least squares on the system of X -differenced equations. The method is simple to implement, free from bias for all parameter values, including unit root cases, and has strong asymptotic and finite sample performance characteristics …
Solving The Present Crisis And Managing The Leverage Cycle,
2010
Yale University
Solving The Present Crisis And Managing The Leverage Cycle, John Geanakoplos
Cowles Foundation Discussion Papers
The present crisis is the bottom of a recurring problem that I call the leverage cycle, in which leverage gradually rises too high then suddenly falls much too low. The government must manage the leverage cycle in normal times by monitoring and regulating leverage to keep it from getting too high. In the crisis stage the government must stem the scary bad news that brought on the crisis, which often will entail coordinated write downs of principal; it must restore sane leverage by going around the banks and lending at lower collateral rates (not lower interest rates), and when necessary …
Bayesian Analysis Of Country Risk Premia In Developing Small Open Economies,
2010
Singapore Management University
Bayesian Analysis Of Country Risk Premia In Developing Small Open Economies, Seigmund Vincent Roque Conti
Dissertations and Theses Collection (Open Access)
This thesis studies a model presented by Neumeyer & Perri (2005), which aims to explain the strong countercyclicality of interest rates and net exports in emerging market economies. The model accomplishes this by decomposing interest rates into an international rate and a country risk component, and by making labor demand sensitive to movements in these rates via a working capital constraint imposed on the representative firm. Moreover, it proposes two approaches to determining the stochastic processes for these interest rates: the independent country risk case and the induced country risk case. The induced country risk model calibrated to Argentine data …
Identification In Differentiated Products Markets Using Market Level Data,
2010
Yale University
Identification In Differentiated Products Markets Using Market Level Data, Steven T. Berry, Philip A. Haile
Cowles Foundation Discussion Papers
We consider nonparametric identification in models of differentiated products markets, using only market level observables. On the demand side we consider a nonparametric random utility model nesting random coefficients discrete choice models widely used in applied work. We allow for product/market-specific unobservables, endogenous product characteristics (e.g., prices), and high-dimensional taste shocks with arbitrary correlation and heteroskedasticity. On the supply side we specify marginal costs nonparametrically, allow for unobserved firm heterogeneity, and nest a variety of equilibrium oligopoly models. We pursue two approaches to identification. One relies on instrumental variables conditions used previously to demonstrate identification in a nonparametric regression framework. …
