filename
string | title
string | abstract
string | pred_lin
sequence |
|---|---|---|---|
3A1831639777.jsonld | Chapter 20. Term Structure of Uncertainty in the Macroeconomy | Dynamic economic models make predictions about impulse responses that characterize how macroeconomic processes respond to alternative shocks over different horizons. From the perspective of asset pricing, impulse responses quantify the exposure of macroeconomic processes and other cash flows to macroeconomic shocks. Financial markets provide compensations to investors who are exposed to these shocks. Adopting an asset pricing vantage point, we describe and apply methods for computing exposures to macroeconomic shocks and the implied compensations represented as elasticities over alternative payoff horizons. The outcome is a term structure of macroeconomic uncertainty. | [
"['oek']"
] |
3A1831632276.jsonld | 6. Non-market and Organizational Research | Modern laboratory experimental methods were heavily influenced by research in the worlds of non-market, public choice and political science. In the early 1970s these areas held much new theory and the conflicts among theories, including conflicts across disciplinary boundaries were visible. The public economics and political science worlds are worlds without prices, property rights and exchanges other than through voting. Multiple agents are involved as opposed to the two, typical of game theory experiments and preferences do not depend upon your own actions but instead could depend on the action of others. So, an individual could become benefited or harmed while taking no actions at all. | [
"['oek']",
"['mat']"
] |
3A730042766.jsonld | The shipbuilding industry in Viet Nam | This report on the shipbuilding industry in Viet Nam is one of a series of such reports intended to provide an insight in the shipbuilding sector of both OECD and non-OECD economies. | [
"['oek']",
"['sow']"
] |
3A1831649179.jsonld | Chapter Twenty. Social Choice with Fuzzy Preferences | Fuzzy set theory has been explicitly introduced to deal with vagueness and ambiguity. One can also use probability theory or techniques borrowed from philosophical logic. In this chapter, we consider fuzzy preferences and we survey the literature on aggregation of fuzzy preferences. We restrict ourselves to “pure aggregation” theory and, accordingly, do not cover strategic aspects of social choice. We present Arrovian aggregation problems in a rather standard framework as well as in a very specific economic environment. We also consider a fuzzy treatment of Sen's impossibility of a Paretian liberal. We distinguish two types of fuzziness: quantitative fuzziness, defined via real numbers, and qualitative fuzziness, defined via linguistic data with a suitable order structure. We outline the thin frontier between impossibility and possibility results. | [
"['oek']",
"['mat']"
] |
3A1831635461.jsonld | Chapter 6 Axiomatic cost and surplus sharing | The equitable division of a joint cost (or a jointly produced output) among agents with different shares or types of output (or input) commodities, is a central theme of the theory of cooperative games with transferable utility. Ever since Shapley's seminal contribution in 1953, this question has generated some of the deepest axiomatic results of modern microeconomic theory. More recently, the simpler problem of rationing a single commodity according to a profile of claims (reflecting individual needs, or demands, or liabilities) has been another fertile ground for axiomatic analysis. This rationing model is often called the bankruptcy problem in the literature. This chapter reviews the normative literature on these two models, and emphasizes their deep structural link via the Additivity axiom for cost sharing: individual cost shares depend additively upon the cost function. Loosely speaking, an additive cost-sharing method can be written as the integral of a rationing method, and this representation defines a linear isomorphism between additive cost-sharing methods and rationing methods. The simple proportionality rule in rationing thus corresponds to average cost pricing and to the Aumann-Shapley pricing method (respectively for homogeneous or heterogeneous output commodities). The uniform rationing rule, equalizing individual shares subject to the claim being an upper bound, corresponds to serial cost sharing. And random priority rationing corresponds to the Shapley-Shubik method, applying the Shapley formula to the Stand Alone costs. Several open problems are included. The axiomatic discussion of non-additive methods to share joint costs appears to be a promising direction for future research. | [
"['oek']",
"['mat']"
] |
3A1831641119.jsonld | Chapter 35 A Survey of Peace Economics | Peace economics can be defined as the use of economics to understand the causes and effects of violent conflict in the international system and the ways that conflict can be avoided, managed, or resolved. This chapter surveys major subject areas of peace economics, highlighting seminal as well as current contributions. Particularly noteworthy among the newer developments is how major datasets like the Correlates of War Project have fostered a rapid growth of econometric studies based on relatively large cross-country panels. The topics surveyed include: the relation of peace economics to both defense economics and peace studies; data sources and trends for interstate, intrastate, and extra-state conflict; the costs of conflict; the conflict life cycle; the determinants of interstate armed conflict, with emphasis on the role of territory, economic development, and economic interdependence; arms rivalry, proliferation, and arms control, with particular attention given to the foundational models of Richardson and Intriligator and Brito; the technological and geographic dimensions of conflict, including their connections with Schelling's inherent propensity toward war or peace, various Lanchester war models, and the offense–defense balance; appropriation and exchange theory, wherein appropriation undermines the security of exchange at the same time that exchange shapes the incentives for appropriation; experiments in peace economics, most notably the path-breaking prisoner's dilemma experiments of the 1950s; and future directions in the field. | [
"['sow']",
"['oek']"
] |
3A1831635054.jsonld | Chapter 33 Culture in International Trade | Cultural allegiances whether inherited, imposed or chosen, affect economic activity. Many of these cultural layers – ethnic background, religion, language, ideological orientation, and artistic interests – spill over national boundaries. Cultural ideas travel the world along many routes from the Silk Road to modern electronic networks. Historically, peripatetic artists, composers and writers have responded to shifting patronage and market opportunities. More recently, firms in the cultural industries develop and produce content and distribute it as widely as the market will bear. Visual and performing arts and the cultural industries have both common and distinct international economic dimensions. In trade agreements, countries voluntarily limit their policy options in return for restrictions on the choices of the other member countries. Arguments for protection versus openness for cultural activities are more complex and nuanced than for other economic sectors because of a wide range of views on how international cultural policy affects individuals and the national culture. The inclusion of GATS and TRIPS in the WTO made the WTO a more important influence on international cultural policy than its GATT predecessor. UNESCO continues to play a complementary role. The Florence agreement (1950) encourages the free flow of cultural products and a convention addresses illicit trade in cultural property, a heritage issue. Currently, UNESCO is the focus of efforts to create a rules-based convention to protect and promote the diversity of cultural expressions, which is designed to either separate international cultural policy governance from the WTO or strengthen the bargaining position of cultural industry interests in WTO negotiations. These discussions take place in circumstances where there are serious shortcomings in the measurement of trade in cultural goods and services. | [
"['oek']"
] |
3A1831650134.jsonld | Chapter 7. Regional Computable General Equilibrium Modeling | Over the past three decades the field of regional computable general equilibrium (CGE) modeling has flourished, growing from a handful of top-down, single-region and low-dimensioned multiregional models, to a mature field, in which output of large-scale general-purpose multiregional CGE models has become a standard input to policy deliberations in a growing number of countries. Researchers have ensured that innovations in theory, data construction and model application have matched growth in both computing power and the appetite of government decision makers for expanding levels of policy-relevant regional and sectoral detail. This chapter focuses on the development of the field, its current state, and its accomplishments in elucidating important research questions and policy issues in regional economics. We begin by discussing the development of regional CGE modeling as a subdiscipline of CGE modeling, expanding on the distinguishing attributes of regional CGE models. We then discuss policy applications of regional CGE models, demonstrating the power of such models to answer important policy questions and providing an application-driven motivation for our discussion of the innovations in the field. We consider the key theoretical features of multiregional CGE models, identifying the many ways researchers have modeled the behavior of economic agents in a multiregional context. The paucity of data at the regional level suitable for CGE modeling has long been a constraint and so we discuss methods for populating a multiregional models database. We then undertake simulations with a large-scale CGE model and show how output of the model can be communicated in a way that does not presume knowledge of the details of the underlying model. We note that effective communication of the results of regional CGE modeling studies, based on a correct interpretation of the model mechanisms which underlie them, is a prerequisite for its acceptance in policy circles. | [
"['oek']",
"['mat']",
"['inf']"
] |
3A1831644525.jsonld | Chapter 25. Institutions and Laws in the Labor Market | This chapter examines the impact of wage-setting institutions and government policies on wages and employment, focusing on the OECD countries. There is considerable evidence that centralized collective bargaining, minimum wages and antidiscrimination policies raise the relative wages of the low paid. Evidence of the impact of these institutions and other policies such as mandated severance pay, advance notice or unemployment insurance is more mixed with some studies finding negative employment effects while others do not. This may reflect the adoption by many OECD countries of off-setting policies, such as public employment, temporary employment contracts and active labor market programs, which, while they may have reduced the adverse relative employment effects of their less flexible labor market institutions on the low skilled, appear not to have prevented high overall unemployment. © 1999 Elsevier Science B.V. All rights reserved. | [
"['oek']"
] |
3A1831631776.jsonld | Chapter 14. Workplace-Linked Pensions for an Aging Demographic | Pensions and population aging intersect in two ways. First, demographic change threatens the sustainability of traditional pay-as-you-go social security pensions, leaving workplace-linked pensions with a greater role in retirement provision. Second, as the Baby Boom generation enters retirement, new challenges arise around its retirement support. This chapter reviews some of the implications of population aging for workplace pensions in this new environment, outlines market considerations important for workplace-related pension design for the future, and discusses how governments can create an environment supportive of workplace-related pensions, should they wish to do so. We conclude that workplace-linked retirement saving systems will be asked to do even more than in the past, given the financial stress that pay-as-you-go government-run Social Security plans are confronting in the face of an aging demographic. This will require further product innovation and additional research. | [
"['oek']",
"['sow']"
] |
3A1831640856.jsonld | Chapter 37 Some Fun, Thirty-Five Years Ago | A pencil-and-paper experiment with spacial segregation leads to some general phenomena of spatial organization. | [
"['sow']",
"['pae']",
"['geo']",
"['mat']",
"['oek']"
] |
3A73000435X.jsonld | The turmoil and the financial industry : Developments and policy responses | The situation in financial markets deteriorated over the past year, but government actions have helped to avert an even bigger crisis. While some signs of recovery are on the horizon, the banking sectors in many countries are not yet on solid footing. Recent government programmes that deal with banks’ ‘toxic assets’ are welcome in this regard. But further reaching financial sector reforms such as those recently endorsed by the G20 leaders and proposed in Europe and the United States are necessary in order to establish a sound financial system. | [
"['oek']",
"['sow']"
] |
3A1831654261.jsonld | Chapter 13. Local Interactions | Local interactions refer to social and economic phenomena where individuals' choices are influenced by the choices of others who are close to them socially or geographically. This represents a fairly accurate picture of human experience. Furthermore, since local interactions imply particular forms of externalities, their presence typically suggests government action. I survey and discuss existing theoretical work on economies with local interactions and point to areas for further research. | [
"['oek']"
] |
3A1831651351.jsonld | Chapter 9. New Technologies and Cultural Consumption | New technologies affect cultural consumption in several ways. Technological change lowers the cost of cultural consumption, inducing substitution and/or increasing demand, in both cases increasing consumer welfare. Technological change can also impact dynamically, inducing increased variety supplied both by professionals and amateurs, and facilitating the exploration of new cultural consumption experiences. In cultural production, as in other sectors, the ultimate beneficiaries of technological change are consumers. | [
"['sow']",
"['oek']"
] |
3A1831653214.jsonld | Chapter Two. Causes and Consequences of Regional Variations in Health Care | There are widespread differences in health care spending and utilization across regions of the US as well as in other countries. Are these variations caused by demand-side factors such as patient preferences, health status, income, or access? Or are they caused by supply-side factors such as provider financial incentives, beliefs, ability, or practice norms? In this chapter, I first consider regional health care differences in the context of a simple demand and supply model, and then focus on the empirical evidence documenting causes of variations. While demand factors are important—health in particular—there remains strong evidence for supply-driven differences in utilization. I then consider evidence on the causal impact of spending on outcomes, and conclude that it is less important how much money is spent, and far more important how the money is spent—whether for highly effective treatments such as beta blockers or anti-retroviral treatments for AIDS patients, or ineffective treatments such as feeding tubes for advanced dementia patients. | [
"['oek']",
"['meda']"
] |
3A183165329X.jsonld | Chapter 3. Health and Economic Growth | This chapter examines the relationship between health and economic growth. Across countries, income per capita is highly correlated with health, as measured by life expectancy or a number of other indicators. Within countries, there is also a correlation between people’s health and income. Finally, over time, the historical evolution of cross-country health differences has largely paralleled the evolution of income differences, with the exception that in the last half century the convergence of health has been much faster than the convergence of income. How are health and income related? Theoretically, there is good reason to believe that causality runs in both directions. Healthier individuals are more productive, learn more in school, and, because they live longer, face enhanced incentives to accumulate human capital. Similarly, higher income for individuals or countries improves health in a variety of ways, ranging from better nutrition to construction of public health infrastructure. Empirically, there is evidence for both of these causal channels being operative, but the magnitude of the effects is limited, at least as they apply to cross-sectional differences among countries or individuals. Apparently, other factors that simultaneously raise income and improve health outcomes, such as institutional quality (for countries) and human capital (for individuals), are responsible for a good deal of the observed health–income correlation. The final section of the chapter discusses measures of aggregate welfare that combine consumption and life expectancy. | [
"['oek']"
] |
3A1831654679.jsonld | Chapter 71. Access to Finance | Expanding access to financial services holds the promise to help reduce poverty and spur economic development. But, as a practical matter, commercial banks have faced challenges expanding access to poor and low-income households in developing economies, and nonprofits have had limited reach. We review recent innovations that are improving the quantity and quality of financial access. They are taking possibilities well beyond early models centered on providing microcredit for small business investment. We focus on new credit mechanisms and devices that help households manage cash flows, save, and cope with risk. Our eye is on contract designs, product innovations, regulatory policy, and ultimately economic and social impacts. We relate the innovations and empirical evidence to theoretical ideas, drawing links in particular to new work in behavioral economics and to randomized evaluation methods. | [
"['oek']",
"['sow']"
] |
3A1831632136.jsonld | Chapter 6 The Theory of Public Enforcement of Law | This chapter surveys the theory of the public enforcement of law—the use of governmental agents (regulators, inspectors, tax auditors, police, prosecutors) to detect and to sanction violators of legal rules. The theoretical core of the analysis addresses the following basic questions: Should the form of the sanction imposed on a liable party be a fine, an imprisonment term, or a combination of the two? Should the rule of liability be strict or fault-based? If violators are caught only with a probability, how should the level of the sanction be adjusted? How much of society's resources should be devoted to apprehending violators? A variety of extensions of the central theory are then examined, including: activity level; errors; the costs of imposing fines; general enforcement; marginal deterrence; the principal-agent relationship; settlements; self-reporting; repeat offenders; imperfect knowledge about the probability and magnitude of sanctions; corruption; incapacitation; costly observation of wealth; social norms; and the fairness of sanctions. | [
"['jur']"
] |
3A1831632284.jsonld | 5. Mechanism Design and Policy Applications | Early in the development of experimental economics interest emerged in using the lab as a test bed for mechanism design and the examination of public policy questions.The contingent valuation method (CVM) is a hypothetical survey instrument that has been widely used and promoted in the assessment of environmental resource damages. Harrison and Rutstrm discuss the crucial issue of whether there is bias in CVM instruments arising from the fact that both the policy being evaluated and its damage prevention value are hypothetical with weak and distorted private incentives for respondents to accurately reveal their preferences. In these settings the question is whether people overstate their true evaluations. They provide a comprehensive review of a wide range of experiments allowing the existence of hypothetical bias to be determined, concluding that the existence of such bias, while highly variable, is persistent and cannot be ignored in the use of CVM instruments. | [
"['oek']"
] |
3A1831636662.jsonld | Chapter 42 The land market and government intervention | Two kinds of government intervention in the land market are considered. The first is the control of development, of which the most studied form is zoning, but we also consider the designation of conservation areas and the effects of growth controls. Growth control may raise the price of land, allowing an infrastructure charge to be made or growth may be limited by charging impact fees. The second kind of intervention aims to increase the supply of land, either by direct action, as in the Netherlands, through compulsory purchase or eminent domain, or through the reallocation of land ownership as in land readjustment schemes. | [
"['oek']",
"['hor']",
"['jur']"
] |
3A1831650398.jsonld | Chapter 9. Neighborhood and Network Effects | In this chapter, we provide an overview of research on neighborhoods and social networks and their role in shaping behavior and economic outcomes. We include a discussion of empirical and theoretical analyses of the role of neighborhoods and social networks in crime, education, and labor-market outcomes. In particular, we discuss in detail identification problems in peer, neighborhood, and network effects and the policy implications of integrating the social and the geographical space, especially for ethnic minorities. | [
"['sow']",
"['geo']"
] |
3A1831637472.jsonld | Chapter 3 Residential mobility and household location modelling | This chapter describes the concept of residential mobility and household location modeling. It focuses on the nature of household location and attempts to link the two underlying components of housing markets and residential mobility and migration. There has been a tendency to separate the investigations of housing markets and the studies of migration and mobility. It investigates a number of the models which have been used to link markets and mobility. Several different modeling strategies have been used to examine housing markets and migration and the review of these approaches includes linear programming models, gravity and entropy models, log-linear models, discrete choice and random utility models, behavioral and search models, elimination-by-aspects models and microsimulation models. In this way, this chapter gives an overview of the state of the art in residential mobility and household locational modeling. The chapter concludes with prospects and some suggestions for future research. | [
"['geo']",
"['sow']",
"['mat']"
] |
3A1831634821.jsonld | Chapter 14 Growth Strategies | This is an attempt to derive broad, strategic lessons from the diverse experience with economic growth in last fifty years. The paper revolves around two key arguments. One is that neoclassical economic analysis is a lot more flexible than its practitioners in the policy domain have generally given it credit. In particular, first-order economic principles – protection of property rights, market-based competition, appropriate incentives, sound money, and so on – do not map into unique policy packages. Reformers have substantial room for creatively packaging these principles into institutional designs that are sensitive to local opportunities and constraints. Successful countries are those that have used this room wisely. The second argument is that igniting economic growth and sustaining it are somewhat different enterprises. The former generally requires a limited range of (often unconventional) reforms that need not overly tax the institutional capacity of the economy. The latter challenge is in many ways harder, as it requires constructing over the longer term a sound institutional underpinning to endow the economy with resilience to shocks and maintain productive dynamism. Ignoring the distinction between these two tasks leaves reformers saddled with impossibly ambitious, undifferentiated, and impractical policy agendas. | [
"['oek']"
] |
3A1831640708.jsonld | Chapter 5. Heterogeneous Agent Models in Finance | This chapter surveys the state-of-art of heterogeneous agent models (HAMs) in finance using a jointly theoretical and empirical analysis, combined with numerical analysis from the latest development in computational finance. It provides supporting evidence on the explanatory power of HAMs to various stylized facts and market anomalies through model calibration, estimation, and economic mechanisms analysis. It presents HAMs with the mainstream finance a unified framework in continuous time to study the impact of historical price information on price dynamics, profitability and optimality of fundamental and momentum trading. It demonstrates how HAMs can help to understand stock price co-movements and evolutionary CAPM. It also introduces a new HAMs perspective on house price dynamics and an integrate approach to study dynamics of limit order markets. The survey provides further insights into the complexity and efficiency of financial markets and policy implications. | [
"['oek']"
] |
3A1831651599.jsonld | Chapter 22. The Labor Market Integration and Impacts of US Immigrants | Over the last several decades, two of the most significant developments in the US labor market have been: (1) rising inequality, and (2) growth in both the size and the diversity of immigration flows. Because a large share of new immigrants arrive with very low levels of schooling, English proficiency, and other skills that have become increasingly important determinants of success in the US labor market, an obvious concern is that such immigrants are a poor fit for the restructured American economy. In this chapter, we first place this concern in context by briefly describing the history of US immigration policy and immigrant flows. We then evaluate the concern by discussing evidence for the United States on three relevant topics: the labor market integration of immigrants, the socio-economic attainment of the US-born descendants of immigrants, and the impact of immigration on the earnings and employment opportunities of native workers. We show that immigrants have little trouble finding paid employment and that the wages they earn are commensurate with their skills. Overall, the US-born second generation has achieved educational parity with mainstream society; for some Hispanic groups, however, this is not the case. Finally, we survey the pertinent academic literature and conclude that, on the whole, immigration to the US has not had large adverse consequences for the labor market opportunities of native workers. | [
"['oek']",
"['geo']"
] |
3A1831632675.jsonld | Chapter 85 Spiteful Behavior in Voluntary Contribution Mechanism Experiments | One of the basic findings in public good provision experiments via the voluntary contribution mechanism is that subjects contribute a considerable amount of their initial holdings to the provision of a public good even when no contribution is the dominant strategy. On the other hand, there are three fundamental criticisms of voluntary contribution mechanism experiments. First, most experiments to date have used a linear utility function where the marginal return of a public good out of one unit of contribution of a private good is less than one. The second criticism is on the linearity of a utility function. In usual theoretical analyses, economists use a non-linear utility function. The third criticism comes from mechanism design theory. Mechanism designers implicitly assumed that agents in their mechanisms must participate in the mechanisms. | [
"['oek']"
] |
3A1831635100.jsonld | Chapter 28 Cultural Heritage: Economic Analysis and Public Policy | This chapter shows how economic theory and public policy analysis can illuminate decision-making relating to cultural heritage. We argue that from an economic viewpoint the appropriate conceptualisation of heritage is as a capital asset. Regarding heritage as cultural capital invites consideration of sustainability aspects, in parallel with the treatment of natural capital in economic theory, allowing us to derive a sustainability rule for cultural capital accumulation. The application of cost–benefit analysis to heritage investment appraisal is discussed, with particular reference to the assessment of non-market benefits. Turning to policy issues, we examine ways in which governments intervene in heritage markets, with particular attention to listing and other forms of regulation. Questions of institutional design, financing and policy delivery in a multi-jurisdictional framework are discussed, and finally the role of the private sector is considered, with emphasis on the possibility of crowding out and the incentive effects of public policy on private behaviour in the heritage field. | [
"['oek']"
] |
3A730016056.jsonld | The Performance of Financial Groups in the Recent Difficult Environment | The past few years were characterised by an economic downturn, a substantial stock market correction from March 2000 to March 2003, financial asset deterioration, record corporate default rates, the Argentina sovereign default and several natural and man-made catastrophes, including most notably the September 11 attacks. Against this background, the present note looks at the performance of financial groups during this period. The recent decade has seen the formation of an increasing number of such groups, although some have argued that, ex post, the benefits associated with the formation of such groups may have been smaller than initially thought. The note concludes that financial groups have been quite resilient in the face of these various shocks, which is reflected in their equity market valuations... | [
"['oek']"
] |
3A770634133.jsonld | Proposal and Development of Ultrasonic Motion Control Mechanism | Ultrasonic motion control mechanism, ultrasonic vibration, traveling wave, friction reduction effect, self-locking | [
"['phy']",
"['mas']"
] |
3A1831639920.jsonld | Chapter 11. Macroeconomics and Household Heterogeneity | The goal of this chapter is to study how, and by how much, household income, wealth, and preference heterogeneity amplify and propagate a macroeconomic shock. We focus on the US Great Recession of 2007–09 and proceed in two steps. First, using data from the Panel Study of Income Dynamics, we document the patterns of household income, consumption, and wealth inequality before and during the Great Recession. We then investigate how households in different segments of the wealth distribution were affected by income declines, and how they changed their expenditures differentially during the aggregate downturn. Motivated by this evidence, we study several variants of a standard heterogeneous household model with aggregate shocks and an endogenous cross-sectional wealth distribution. Our key finding is that wealth inequality can significantly amplify the impact of an aggregate shock, and it does so if the distribution features a sufficiently large fraction of households with very little net worth that sharply increase their saving (ie, they are not hand-to mouth) as the recession hits. We document that both these features are observed in the PSID. We also investigate the role that social insurance policies, such as unemployment insurance, play in shaping the cross-sectional income and wealth distribution, and through it, the dynamics of business cycles. | [
"['oek']"
] |
3A770763170.jsonld | Maximizing the output power of a piezoelectric generator from the admittance measurement by selecting the rectification technique | Energy harvesting, rectifiers, piezoelectric transducer, impedance matching, synchronized switch harvesting on inductor | [
"['elt']"
] |
3A730035492.jsonld | Looking Backward, Moving Forward : Licensing New Reactors in the United States | Aresurgence of interest in new nuclear power generation as part of the energy mix has emerged around the world in the past few years. The reasons for this potential “nuclear renaissance” stem from a complex set of considerations, including the environmental benefits of no “greenhouse” gas emissions, the enhanced reliability of nuclear operations, advantageous fuel and operating costs and government incentives, among others. For the first time in a generation, electric generating companies are giving serious consideration to building new commercial nuclear power plants in the United States. | [
"['phy']",
"['mas']",
"['oek']"
] |
3A183165458X.jsonld | Postscript to Financial Globalization and Economic Policies | The global financial crisis serves as a reminder of the risks of financial globalization. After grappling with surges of capital inflows earlier in this decade, many emerging market and developing economies experienced a sharp reversal of those inflows in late 2008 as a result of the crisis. Moreover, international financial linkages clearly served as a channel transmitting the financial turmoil from advanced countries to the shores of emerging markets. These developments will re-ignite the fierce debate about the merits of financial globalization and its effects on growth and stability, especially for emerging market and developing countries. As the crisis is still unfolding, it is premature to undertake a detailed analysis of its implications for the debate on financial globalization. Nevertheless, there are two preliminary observations that are pertinent. First, the differential effects of the crisis across countries confirm that it is not just financial openness, but a country's structural features and its precrisis policy choices that have determined the crisis' overall impact on a country. Second, the crisis has not led to a resurgence of capital controls in emerging market economies. Recent research further emphasizes the important role of the composition of capital inflows in determining the extent of pain caused by the crisis on nonfinancial firms | [
"['oek']"
] |
3A730040658.jsonld | Summary Notes | United States Legislation approving the U.S.-India 123 Agreement (2008) International Atomic Energy Agency Approval of India safeguards agreement by IAEA Board of Governors (2008) Nuclear Suppliers Group Statement on civil nuclear co-operation with India (2008) | [
"['phy']"
] |
3A1831644258.jsonld | Author index | This chapter lists the names of the persons who have directly or indirectly contributed towards this publication titled Labor Economics, volume 3B. | [
"['oek']"
] |
3A1831634848.jsonld | Chapter 12 Finance and Growth: Theory and Evidence | This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research. | [
"['oek']"
] |
3A1831636336.jsonld | Chapter 15 Recreation Demand Models | Travel cost recreation demand models stem from a simple, but penetrating, insight. Consumption of an outdoor recreation site's services requires the user to incur the costs of a trip to that site. Travel costs serve as implicit prices. These costs reflect both people's distances from recreation sites visited and their specific opportunity costs of time. Today, economic analyses of recreation choices are among the most advanced examples of microeconometric modeling of consumer behavior in economics. The primary focus of this chapter is on the methods used to describe individuals' recreation choices. We are interested in the economic assumptions made in descriptions of behavior and measures of the economic value of amenities. Before developing this summary, in Section 2 we discuss how outdoor recreation fits within consumers' overall expenditures. Section 3 describes how we might ideally like to estimate consumers' preferences for recreation resources and the compromises implied by the models currently being used. Econometric details are deferred until Section 5, after a discussion of the features of recreation data in Section 4. In Section 6 we turn to conceptual issues in welfare measurement. We close in Section 7 with a discussion of a few research opportunities that seem especially important for the future. | [
"['oek']"
] |
3A183165024X.jsonld | Chapter 20. Transportation Costs and the Spatial Organization of Economic Activity | This chapter surveys the theoretical and empirical literature on the relationship between the spatial distribution of economic activity and transportation costs. We develop a multiregion model of economic geography that we use to understand the general equilibrium implications of transportation infrastructure improvements within and between locations for wages, population, trade, and industry composition. Guided by the predictions of this model, we review the empirical literature on the effects of transportation infrastructure improvements on economic development, paying particular attention to the use of exogenous sources of variation in the construction of transportation infrastructure. We examine evidence from different spatial scales, between and within cities. We outline a variety of areas for further research, including distinguishing reallocation from growth and dynamics. | [
"['oek']",
"['geo']",
"['ver']"
] |
3A1831654334.jsonld | Chapter 6. Social Construction of Preferences : Advertising | We examine, with the tools of economics, a fundamental tenet of some of the most recent theoretical work in sociology, which we refer to as the Postmodernist Critique : preferences are socially constructed, firms exploit their monopoly power through advertising in order to create new (false) needs in consumers, and, as a consequence, consumer spending rises, and so does their supply of labor. | [
"['sow']",
"['oek']"
] |
3A183164889X.jsonld | Chapter 16. Technological Innovation and the Theory of the Firm : The Role of Enterprise-Level Knowledge, Complementarities, and (Dynamic) Capabilities | The firm is the central actor for the effectuation of innovation and technological change. The large industrial laboratories of the previous century have given way to more organizationally and geographically diffuse sources of technology, placing even greater emphasis on the coordination skills of managers. Dynamic capabilities are the skills, procedures, organizational structures, and decision rules that firms utilize to create and capture value. Managers must be able to sense opportunities, craft a business model to capitalize on them, and reconfigure their organizations, and sometimes their industries, as the business environment and technology shift. The key employees in this regard are experts (literati and numerati), whose management requires limited hierarchy, flexible teams, and performance-based incentives. To encompass these realities, the theory of the firm needs to be augmented to account for opportunity as well as opportunism, coordination beyond the boundaries of the firm as well as within it, variations in the level of capability across firms, and the frequent superiority of the firm over markets for the creation, transfer, and protection of intangible assets. Complementarities and cospecialization are advanced as two emerging concepts of particular relevance to a theory of the innovating enterprise earning above-normal returns. | [
"['oek']",
"['pae']"
] |
3A730033465.jsonld | Economic opening and the demand for skills in developing countries : A review of theory and evidence | A policy reform such as trade liberalisation can accelerate structural change in an economy, causing an exogenous shift in relative factor demands. For some developing countries, the result may be an increase in skills demand associated with the adoption of newly available foreign technology and lower-cost imported capital goods. This demand shift may be permanent or only temporary, but in either case the skills supply should eventually increase in response to higher returns. One concern, however, is that with an initially highly skewed distribution of education the skilled labour supply adjustment may be prolonged; likewise any transitional increase in skill-based wage inequality. | [
"['oek']"
] |
3A1831640546.jsonld | Chapter 2 Computation of equilibria in finite games | This chapter provides an overview of the latest state of the art of methods for numerical computation of Nash equilibria and refinements of Nash equilibria for general finite n -person games. The appropriate method for computing Nash equilibria for a game depends on a number of factors. The first and most important factor involves, whether it is required to simply find one equilibrium (a sample equilibrium), or find all equilibria. The problem of finding one equilibrium is a well studied problem, and there exist number of different methods for numerically computing a sample equilibrium. The problem of finding all equilibria has been addressed recently. While, there exist methods for computation of all equilibria, they are computationally intensive. With current methods, they are only feasible on small problems. The chapter overviews methods for computing sample equilibria in normal form games, and discusses the computation of equilibria on extensive form games. | [
"['mat']",
"['oek']"
] |
3A1831651815.jsonld | Chapter 9. Algorithmic Mechanism Design : Through the lens of Multiunit auctions | Mechanism design is a subfield of game theory that aims to design games whose equilibria have desired properties such as achieving high efficiency or high revenue. Algorithmic mechanism design is a subfield that lies on the border of mechanism design and computer science and deals with mechanism design in algorithmically complex scenarios that are often found in computational settings such as the Internet. The central challenge in algorithmic mechanism design is the tension between the computational constraints and the game-theoretic ones. This survey demonstrates both the tension and ways of addressing it by focusing on a single simple problem: multiunit auctions. A variety of issues will be discussed: representation, computational hardness, communication, convexity, approximations, Vickrey-Clarke-Groves (VCG) mechanisms and their generalizations, single-parameter settings vs. multiparameter settings, and the power of randomness. | [
"['mat']",
"['oek']",
"['inf']"
] |
3A1831641380.jsonld | Chapter 11 Military expenditure and developing countries | Military expenditure in developing countries raises complex questions regarding growth, development, security and governance. This chapter provides an analytical survey of the effects and causes of defense spending in developing economies. Using stylized facts, theoretical models and empirical results, it discusses some core aspects of the interrelationship between defense and development. The chapter emphasizes two major issues in the field: economic growth and defense spending; security and development. Although the issues are placed in a broad framework, the focus of the chapter is on economic aspects of the interaction of military expenditures with growth and developmental factors. | [
"['oek']",
"['sow']"
] |
3A1831643804.jsonld | Chapter 61 Using Randomization in Development Economics Research: A Toolkit | This paper is a practical guide (a toolkit) for researchers, students and practitioners wishing to introduce randomization as part of a research design in the field. It first covers the rationale for the use of randomization, as a solution to selection bias and a partial solution to publication biases. Second, it discusses various ways in which randomization can be practically introduced in a field settings. Third, it discusses designs issues such as sample size requirements, stratification, level of randomization and data collection methods. Fourth, it discusses how to analyze data from randomized evaluations when there are departures from the basic framework. It reviews in particular how to handle imperfect compliance and externalities. Finally, it discusses some of the issues involved in drawing general conclusions from randomized evaluations, including the necessary use of theory as a guide when designing evaluations and interpreting results. | [
"['mat']",
"['bio']",
"['sow']",
"['geo']",
"['phy']"
] |
3A1831634791.jsonld | Chapter 17. Long-Term Economic Growth and the History of Technology | Modern economic growth started in the West in the early nineteenth century. This survey discusses the precise connection between the Industrial Revolution and the beginnings of growth, and connects it to the intellectual and economic factors underlying the growth of useful knowledge. The connections between science, technology and human capital are re-examined, and the role of the eighteenth century Enlightenment in bringing about modern growth is highlighted. Specifically, the paper argues that the Enlightenment changed the agenda of scientific research and deepened the connections between theory and practice. | [
"['oek']",
"['his']"
] |
3A1831633566.jsonld | Introduction to the Series | This chapter provides self-contained surveys of the current state of a branch of economics by leading specialists on various aspects of this branch of economics. It presents comprehensive and accessible surveys. | [
"['oek']",
"['pae']"
] |
3A730043959.jsonld | Financial Markets Highlights November 2007 | Over the summer, financial markets weakened substantially as some of the risks that had built up during a period of easy financing, in particular in the housing market, materialised. Volatility has increased, and while equity markets have regained strength, tensions remain on credit markets.... | [
"['oek']"
] |
3A1831648598.jsonld | Chapter 3. Lab Labor: What Can Labor Economists Learn from the Lab? | This chapter surveys the contributions of laboratory experiments to labor economics. We begin with a discussion of methodological issues: when (and why) is a lab experiment the best approach; how do laboratory experiments compare to field experiments; and what are the main design issues? We then summarize the substantive contributions of laboratory experiments to our understanding of principal-agent interactions, social preferences, union-firm bargaining, arbitration, gender differentials, discrimination, job search, and labor markets more generally. | [
"['oek']",
"['mat']"
] |
3A1831639807.jsonld | Chapter 18. Macro, Money, and Finance : A Continuous-Time Approach | This chapter puts forward a manual for how to setup and solve a continuous time model that allows to analyze endogenous (1) level and risk dynamics. The latter includes (2) tail risk and crisis probability as well as (3) the Volatility Paradox. Concepts such as (4) illiquidity and liquidity mismatch, (5) endogenous leverage, (6) the Paradox of Prudence, (7) undercapitalized sectors (8) time-varying risk premia, and (9) the external funding premium are part of the analysis. Financial frictions also give rise to an endogenous (10) value of money. | [
"['oek']",
"['mat']"
] |
3A729998150.jsonld | Non-Commercial Services Obligations and Liberalisation | Universal service obligations are common in many of the infrastructure sectors. The obligations are often cited as a justification for limiting entry of new providers because the new providers would cherry-pick the highprofit customers who provide the basis for subsidization of another group of customers. When obligations are beneficial, there are a number of policy traps that can be encountered: Obligations are often poorly defined and not well-focused on the customers who are meant to receive help; Obligations are frequently defined narrowly in ways that disfavour new technologies and cause extensive waste; and financing for the noncommercial obligations can often be raised in more efficient ways than through cross-subsidies and can often be spent on multiple service providers rather than one preferred provider. Falling into these traps can create incentives for over-investment in certain infrastructure technology and under-investment in other technology. This paper provides guidance on the competition problems that can arise from universal service obligations and on some ways to limit these problems. This OECD Competition Committee roundtable was held in October 2003. | [
"['jur']",
"['sow']",
"['oek']",
"['pae']"
] |
3A1831649497.jsonld | Chapter 1. Behavioral Economics of Education : Progress and Possibilities | Behavioral economics attempts to integrate insights from psychology, neuroscience, and sociology in order to better predict individual outcomes and develop more effective policy. While the field has been successfully applied to many areas, education has, so far, received less attention — a surprising oversight, given the field's key interest in long-run decision making and the propensity of youth to make poor long-run decisions. In this chapter, we review the emerging literature on the behavioral economics of education. We first develop a general framework for thinking about why youth and their parents might not always take full advantage of education opportunities. We then discuss how these behavioral barriers may be preventing some students from improving their long-run welfare. We evaluate the recent but rapidly growing efforts to develop policies that mitigate these barriers, many of which have been examined in experimental settings. Finally, we discuss future prospects for research in this emerging field. | [
"['oek']",
"['pae']"
] |
3A730042650.jsonld | Retail Instruments in Public Funding Strategies | Retail borrowing programmes are one component of government debt issuance in both OECD and non-OECD countries. These programmes take a variety of forms and often exist to satisfy a number of objectives. In some jurisdictions, they play a significant funding role. Even in countries where retail borrowing programmes play a small role, they are in many cases politically important because they satisfy primarily social objectives. In recent years, some OECD countries have begun to reconsider their retail borrowing programmes. Shrinking borrowing requirements in a number of countries have led to priority being put on maintaining liquid wholesale markets. Other countries continue to see benefits from their retail borrowing programmes and use them as a significant and stable source of funding. These governments are often innovative at finding ways to drive down administration costs, such as through the use of new electronic distribution channels and total dematerialisation of securities. | [
"['oek']"
] |
3A1831637499.jsonld | Chapter 1 Advances in regional economics | This chapter focuses on the advances made in regional economics. Regional economics analyzes the spatial dispersion and coherence of economic activities. Although it is a fairly recent discipline, the history of economics shows various early attempts to explicitly address spatial issuesfor e.g., in comparative costtheories and international trade theories. Initially, much of the field of regional economics was based on an analogy to general economics, the main difference being the explicit treatment of geographical space as a source of various locationallocation phenomena. Illustrative examples in this context are linear programming models for transportation analysis, spatial substitution problems in neoclassical production theories, inter-regional input-output analysis, and so forth. In a later stage, however, more emphasis was placed on the indigenous features of geographical space and its implications for the spatio-temporal evolution of complex spatial economic systems. Currently, regional economics appears to be a rich discipline with a great many linkages to urban economic problems, transportation problems, and natural resource problems. | [
"['oek']",
"['geo']"
] |
3A1831642786.jsonld | Chapter 12 Product differentiation | Any set of commodities closely related in consumption and/or in production may be regarded as differentiated products. Close relation in consumption depends on consumers' tastes. Elementary scientific methodology tells that theories aspiring to empirical relevance must be consistent with the observed facts. For this reason, awkward facts are to be welcomed; indeed, the more awkward they are, the greater are the constraints that they place on theorizing. Seven of the most important awkward facts that are available to constrain theorizing about product differentiation are described in the chapter. A complete model of product differentiation would specify (1) the set of possible products, (2) the technology associated with each product, (3) the tastes of consumers over the set of possible products, and (4) an equilibrium concept. There is little debate over the cost aspects of relevant models. Of the assumptions that are typically made, some are needed to accommodate one or another of the awkward facts, while others are employed merely for analytical convenience. | [
"['oek']"
] |
3A1831640937.jsonld | Chapter 29 Computational Methods and Models of Politics | In this chapter, we assess recent contributions of computational models to the study of politics. We focus primarily on agent-based models developed by economists and political scientists. These models address collective action problems, questions related to institutional design and performance, issues in international relations, and electoral competition. In our view, complex systems and computational techniques will have a large and growing impact on research on politics in the near future. This optimism follows from the observation that the concepts used in computational methodology in general and agent-based models in particular resonate deeply within political science because of the domains of study in the discipline and because early findings from agent-based models align with widely known empirical regularities in the political world. In the process of making our arguments, we survey a portion of the growing literature within political science. | [
"['inf']",
"['sow']",
"['mat']"
] |
3A730036502.jsonld | Longevity Risk and Private Pensions | This paper examines how uncertainty regarding future mortality and life expectancy outcomes, i.e. longevity risk, affects employer-provided defined benefit (DB) private pension plans liabilities. For this purpose, it examines the different approaches that private pension plans follow in practice when incorporating longevity risk in their actuarial calculations. Unfortunately, most pension funds do not fully account for future improvements in mortality and life expectancy. The paper then presents estimations of the range of increase in the net present value of annuity payments for a theoretical DB pension fund. Finally, the paper discusses several policy issues on how to deal with longevity risk emphasising the need for a common approach. In this regard, it argues, following Antolin (2007), that to assess uncertainty and associated risks adequately, a stochastic approach to model mortality and life expectancy is preferable because it permits to attach probabilities to different forecasts. | [
"['oek']"
] |
3A73001665X.jsonld | Issues for Trade and Competition in the Global Context | The complex relationship between trade policy and competition policy has been under study in the OECD for many years. In response to the Doha Declaration by WTO Ministers (November 2001), the OECD intensified its efforts, focussing on the topics suggested in Paragraphs 23-25 of the Declaration, i) core principles of non-discrimination, transparency and procedural fairness; ii) effective action against hard core cartels; iii) special and differential treatment/flexibility and progressivity; iv) voluntary co-operation in competition law; v) peer review and other possible compliance mechanisms: vi) capacity building and progressive reinforcement of competition institutions. This paper presents a synthesis of the work that has been done on each of these topics by the OECD Joint Group on Trade and Competition and the Competition Committee. It was discussed on the occasion of the Joint Global Forum on Trade and Competition in May 2003, which brought together participants from over 70 economies, international organisations and non-governmental organisations to dialogue and moved forward the debate. The proceedings of the Forum have been published... | [
"['oek']",
"['sow']",
"['jur']",
"['pae']"
] |
3A1831651572.jsonld | Chapter 24. Immigration in Europe : Trends, Policies, and Empirical Evidence | This chapter summarizes the main trends, policies, and empirical evidence regarding immigration in Europe. We start by providing descriptive evidence on long-term immigration trends and current characteristics of the immigrant populations in various important European destination countries and Europe as a whole. We then discuss key policy issues in the European context, focusing on access to citizenship, asylum seeking, border enforcement, amnesties, and policies to attract talent. In the second part of the chapter, we provide a survey of the large and growing literature on the recent European immigration experience, focusing on two key questions: What has been the socio-economic performance of immigrants in their destination countries and how has immigration impacted these countries’ economies and native populations? We find large and highly persistent gaps in the economic performance of immigrants relative to natives in most destination countries, with only few instances of encouraging progress. Overall, there is little evidence of a detrimental effect of immigration on the economies of the host countries, which appear to respond to immigrant inflows through mechanisms more complex than simple factor price adjustments. | [
"['oek']",
"['geo']",
"['sow']"
] |
3A1831636301.jsonld | Chapter 18 Cognitive Processes in Stated Preference Methods | Cognitive psychology is best known, to many environmental economists, through the filter of acrimonious debates over the validity of contingent valuation methods (CVM). Psychologists' views on CVM reflect concerns that are deeply rooted in their profession's history and theories. Although psychologists have participated in some CVM studies, their roles have rarely allowed them to present a comprehensive design philosophy, illustrated in actual studies. This chapter sets psychologists' critiques and alternatives within a general cognitive perspective on value elicitation, including stated preferences for environmental goods. It begins with a historical review, organized around two converging streams of psychological research. One stream leads from psychophysics to attitude research. The second leads from decision theory to decision analysis and behavioral decision research. The next section reports some environmental valuation studies arising from each tradition. These studies do not directly monetize environmental goods. However, they can still directly inform policies that do not require monetization and indirectly inform policies that do, by shaping studies with that ambition. The following section considers the role of cognitive studies in helping investigators to know what issues matter to people and present them comprehensibly. The concluding section of the chapter presents a cognitive approach to stated preference methods for environmental values one that could be developed most fully in collaboration with economists. It is built around a cognitive task analysis of the four main elements in any evaluation process: (a) specifying the valuation question, (b) understanding its terms, (c) articulating a value for that specific question (from more general basic values), and (d) expressing that value in a public form. | [
"['oek']"
] |
3A730043045.jsonld | West Africa: the dynamics and trends of international migration | OECD countries receive a little less than half (97 million in 2000) of the world’s total migrants, of which 3.8 million are from Northern Africa and 1.2 million are from West Africa. West African migration is on the rise, due mainly to an increase in intra-regional mobility (7.5 million). Within the OECD, North America receives the most West African migrants, followed by Europe. This article explores further some current trends in West African migration and outlines some of the issues that could affect this migration in the future, including climate change and demographic concerns in Europe. A European-North African-West African dialogue is proposed to address these future issues and help promote more structured means of cooperation. | [
"['sow']",
"['oek']"
] |
3A730037746.jsonld | International Legal Instruments Promoting Synergies in Nuclear Safety, Security and Safeguards : Myth or Reality? | With the discovery of radioactivity and ionizing radiation at the turn of the twentieth century, mankind broke new ground in science and technology. These discoveries, which we now call the “dawn of the nuclear age”,1 paved the way for hundreds of scientists and engineers in their quest to improve our standard of living through progress in science. During the last century, the research they carried out and the tools they designed have provided modern societies with unprecedented progress in a variety of fields, from medicine and agriculture to electricity production and industrial uses.2 Unfortunately, this progress came at a high price to humanity: the making of an atomic bomb. | [
"['phy']",
"['tec']"
] |
3A1831634767.jsonld | Chapter 20. The Effects of Technical Change on Labor Market Inequalities | In this chapter we inspect economic mechanisms through which technological progress shapes the degree of inequality among workers in the labor market. A key focus is on the rise of U.S. wage inequality over the past 30 years. However, we also pay attention to how Europe did not experience changes in wage inequality but instead saw a sharp increase in unemployment and an increased labor share of income, variables that remained stable in the U.S. We hypothesize that these changes in labor market inequalities can be accounted for by the wave of capital-embodied technological change, which we also document. We propose a variety of mechanisms based on how technology increases the returns to education, ability, experience, and “luck” in the labor market. We also discuss how the wage distribution may have been indirectly influenced by technical change through changes in certain aspects of the organization of work, such as the hierarchical structure of firms, the extent of unionization, and the degree of centralization of bargaining. To account for the U.S.–Europe differences, we use a theory based on institutional differences between the United States and Europe, along with a common acceleration of technical change. Finally, we briefly comment on the implications of labor market inequalities for welfare and for economic policy. | [
"['oek']"
] |
3A1831634031.jsonld | Chapter 9 Approximate Nonlinear Forecasting Methods | We review key aspects of forecasting using nonlinear models. Because economic models are typically misspecified, the resulting forecasts provide only an approximation to the best possible forecast. Although it is in principle possible to obtain superior approximations to the optimal forecast using nonlinear methods, there are some potentially serious practical challenges. Primary among these are computational difficulties, the dangers of overfit, and potential difficulties of interpretation. In this chapter we discuss these issues in detail. Then we propose and illustrate the use of a new family of methods (QuickNet) that achieves the benefits of using a forecasting model that is nonlinear in the predictors while avoiding or mitigating the other challenges to the use of nonlinear forecasting methods. | [
"['oek']",
"['mat']"
] |
3A1831638452.jsonld | Chapter 9 Human capital: Migration and rural population change | The movement of labor out of agriculture is a universal concomitant of economic modernization and growth. Traditional migration models overlook many potential interactions between migration and development. Given imperfect markets characterizing most migrant-sending areas, migration and remittances can have far-reaching impacts, both positive and negative, on incomes and production in agricultural households. Linkages through product and factor markets transmit impacts of migration from migrant-sending households to others inside and outside the rural economy. Recent theoretical and empirical studies reveal the complexity of migration determinants and impacts in rural economies, and they point to new arenas for policy intervention. | [
"['oek']",
"['hor']"
] |
3A1831641933.jsonld | Chapter 3 Games with perfect information | This chapter discusses the games with perfect information (PI). The most seriously played PI-games are Chess and Go. But there are numerous other interesting PI-games: Checkers, Chinese Checkers, Halma, Nim, Hex, their misre variants, etc. Perfect information means that at each time only one of the players moves, that the game depends only on their choices, they remember the past, and in principle they know all possible futures of the game. For example War is not a PI-game since the generals move simultaneously, and Bridge and Backgammon are not PI-games because chance plays a role in them. However, some cases of Pursuit and Evasion can be studied by means of PI-games, in spite of the simultaneity and continuity of the movements of the players. The chapter focuses on infinite PI-games. The theory of infinite PI-games is motivated by its beauty and manifold connections with other parts of mathematics. They give also a natural mathematical theory for some garnes of pursuit and evasion. Finite and infinite PI-games are also used in model theory and in recursion theory. | [
"['mat']",
"['oek']"
] |
3A730011305.jsonld | Risk Capital in OECD Countries : Past Experience, Current Situation and Policies for Promoting Entrepreneurial Finance | This article follows up on monitoring and analysing developments and structural issues related to risk capital undertaken by the OECD since the mid-1990s. Risk capital, i.e. finance for fast-growth SMEs, should help to foster entrepreneurship and a high rate of company formation which is seen as essential to achieving full employment. | [
"['oek']"
] |
3A1831640503.jsonld | Chapter 6 Sectoral economics | This chapter discusses a common set of methods that are not currently in wide use in either microeconomics or macroeconomics, but constitute a core of the methodology for models in many different sectors of the economy. The chapter also provides an overview of the varieties of sectoral models, and discusses the ways in which some of the methods of sectoral economics can be used to great advantage in microeconomics or macroeconomics. It is now possible to estimate entire models and to solve these models using nonlinear programming or stochastic control theory methods. These methods permit the consideration of accurate models and the inclusion in the analysis of the effects of uncertainty. The progress in sectoral modeling is based on the foundation of earlier work in activity analysis, linear programming, and the solution of models with economies of scale that permits the development and solution of realistic models with many commodities, processes, productive units, plants, and markets. | [
"['oek']"
] |
3A1831632845.jsonld | Chapter 68 The Combinatorial Auction | This chapter summarizes a market mechanism for a combinatorial sealed-bid auction that was motivated by the airport slot problem under which bidders would submit bids for packages of slots that support their schedules. Under this scheme, the elemental resources would be allocated only in the form of those combinations desired by the bidders. Under this scenario, the purpose of an aftermarket would be to adjust for allocation errors in the primary market (the objective in the experiments reported below), or to adjust for post-primary market changes in demand. Although this form of combinatorial auction was never applied to airport runway rights, the issue of pricing runway slots has arisen in the new century as a means of managing airport congestion. The combinatorial procedure below is not generally incentive compatible; i.e., if any bidder desires multiple units of either packages or elements, or multiple units of any element, then it may be to a bidder's advantage to strategically underbid the true value of a package. | [
"['oek']"
] |
3A1831640414.jsonld | Chapter 15 Monte carlo simulation and numerical integration | This chapter discusses simulation methods that are both important and useful in the solution of integration problems, and discusses the principles for the practical application of simulation in economics with a focus on integration problems. The simulation methods are generally straightforward for the investigator to implement, relying on an understanding of a few principles of simulation and the structure of the problem at hand. By contrast, deterministic methods require much larger problem-specific investments in numerical methods. Simulation methods can provide solutions for two related integration problems. One integration problem arises in model solution for agents whose expected utilities cannot be expressed as a closed function of state and decision variables. The other occurs, when the investigator combines sources of uncertainty about models to draw conclusions about policy. Markov chain Monte Carlo methods, which make use of samples that are neither independently nor identically distributed, have greatly expanded the scope of integration problems with convenient practical solutions. | [
"['oek']",
"['mat']"
] |
3A1831654539.jsonld | Chapter 5. Computational Methods for Derivatives with Early Exercise Features | In this paper we consider various computational methods for pricing American style derivatives. We do so under both jump diffusion and stochastic volatility processes. We consider integral transform methods, the method of lines, operator-splitting, and the Crank-Nicolson scheme, the latter being used to generate the benchmark solution. Overall, we find that the method of lines approach is quite competitive with other methods for the problems considered in this paper. As one goes to higher dimensions it may be necessary to use methods such as the sparse grid approach. | [
"['oek']",
"['mat']"
] |
3A183164004X.jsonld | Chapter 5. Who Bears the Cost of Recessions? The Role of House Prices and Household Debt | This chapter reviews empirical estimates of differential income and consumption growth across individuals during recessions. Most existing studies examine the variation in income and consumption growth across individuals by sorting on ex ante or contemporaneous income or consumption levels. We build on this literature by showing that differential shocks to household net worth coming from elevated household debt and the collapse in house prices play an underappreciated role. Using zip codes in the United States as the unit of analysis, we show that the decline in numerous measures of consumption during the Great Recession was much larger in zip codes that experienced a sharp decline in housing net worth. In the years prior to the recession, these same zip codes saw high house price growth, a substantial expansion of debt by homeowners, and high consumption growth. We discuss what models seem most consistent with this striking pattern in the data, and we highlight the increasing body of macroeconomic evidence on the link between household debt and business cycles. Our main conclusion is that housing and household debt should play a larger role in models exploring the importance of household heterogeneity on macroeconomic outcomes and policies. | [
"['oek']"
] |
3A1831630710.jsonld | Chapter 5. The Evidence on Mergers and Acquisitions: A Historical and Modern Report | We review historical and current research on mergers and acquisitions. The literature is extensive. After a discussion of earlier survey articles (our “survey of the surveys”), we provide a review of more than 120 M&A related-articles published in leading finance journals since 2011. A basic important finding in the early M&A literature is that, on average, M&A activity creates wealth. Following this finding, researchers in the 1980s through 2000s studied how the process and the parties in the deals worked, the motivations for M&A, and the sources of the wealth gain. We note that much of the recent work represents straight-forward extensions of earlier research, such as the impact of characteristics of the board of directors on acquiring firm stock returns, but there is also much that is new. For example, the availability of new executive databases has led to research that has been key to understanding the importance of networking and relationships in M&A. Changes in globalization and better understanding of cross-country cultural, political and economic differences has led to using new international databases to test the international generality of relations observed in the US and to examine the factors that come into play in cross-border acquisitions. Importantly, we provide perspective on the historical development of the study of M&A, offer caveats to remember when interpreting the research of others or designing one's own research and note the importance of incrementalism in our overall understanding of the value of research in M&A. | [
"['oek']",
"['pae']"
] |
3A1831654318.jsonld | Chapter 8. Social Norms | Social norms are customary or ideal forms of behavior to which individuals in a group try to conform. From an analytical standpoint, the key feature of social norms is that they induce a positive feedback loop between individual and group behavior: the more widely that a norm is practiced by members of a group, the more strongly others are motivated to practice it too. In this chapter we show how to model this type of process using evolutionary game theory. The theory suggests that norm dynamics have several distinctive features. First, behavior within a group will be more uniform than if people optimized solely according to their personal preferences, that is, individual choices will be shifted in the direction of the average choice ( conformity warp ); second, there will be greater variability between groups than within groups ( local conformity/global diversity ); third, norm dynamics tend to be characterized by long periods of inertia punctuated by occasional large changes ( punctuated equilibrium ). We study these and other effects in the context of three examples: contractual norms in agriculture, norms of medical practice, and body weight norms. | [
"['oek']",
"['mat']",
"['sow']"
] |
3A73000399X.jsonld | Households' wealth composition across OECD countries and financial risks borne by households | The first section of this article presents a combined analysis of households’ financial and non-financial balance sheets across OECD countries over the period 1995-2006, based on two OECD data collections – financial balance sheet accounts and households’ financial and non-financial assets. The scope of the study mainly covers households’ gross wealth (financial, dwellings and land) and therefore does not include debt. The second section, based on the OECD households’ financial and non-financial assets database, analyses financial risks borne by households investing their savings either in investment fund shares, in life insurance reserves or in pension schemes, and how these allocations have changed and developed over time in various OECD countries. | [
"['oek']"
] |
3A1831642654.jsonld | Chapter 21 International differences in industrial organization | Some of the most conspicuous and intriguing international differences in institutions lie in the control, ownership, and integration of enterprises. It is widely accepted that Coase's classic questionWhy does the boundary between the firm and the market fall where it does?is answered by identifying the transactioncost advantages that may attach to either the market or the firm as allocators of resources. The actual boundaries are drawn in a Darwinian process by which the more efficient institution displaces the less efficient one. If this Darwinian competition worked the same way in every country and the transactioncost efficiencies of firms and markets have been independent of laws, cultural traits, and other distinguishing traits of nationhood, then the allocation between firms and markets should be expected to differ only inessentially from country to country. If industrial groups' roles are related to the diversification and internalization, they also show affinity for the problem of agency in the ownership and control of firms. The concept of agency provides the tool needed to analyze the split between ownership and control in the large, public corporation, and it suggests the sort of device that might be expected to emerge to avert the slippage in diffuse agency relationships. | [
"['oek']",
"['pae']"
] |
3A1831635488.jsonld | Chapter 4 Voting procedures | Voting procedures focus on the aggregation of individuals' preferences to produce collective decisions. In practice, a voting procedure is characterized by ballot responses and the way ballots are tallied to determine winners. Voters are assumed to have clear preferences over candidates and attempt to maximize satisfaction with the election outcome by their ballot responses. Such responses can include strategic misrepresentation of preferences. Voting procedures are formalized by social choice functions, which map ballot response profiles into election outcomes. We discuss broad classes of social choice functions as well as special cases such as plurality rule, approval voting, and Borda's point-count method. The simplest class is voting procedures for two-candidate elections. Conditions for social choice functions are presented for simple majority rule, the class of weighted majority rules, and for what are referred to as hierarchical representative systems. The second main class, which predominates in the literature, embraces all procedures for electing one candidate from three or more contenders. The multicandidate elect-one social choice functions in this broad class are divided into nonranked one-stage procedures, nonranked multistage procedures, ranked voting methods, and positional scoring rules. Nonranked methods include plurality check-one voting and approval voting, where each voter casts either no vote or a full vote for each candidate. On ballots for positional scoring methods, voters rank candidates from most preferred to least preferred. Topics for multicandidate methods include axiomatic characterizations, susceptibility to strategic manipulation, and voting paradoxes that expose questionable aspects of particular procedures. Other social choice functions are designed to elect two or more candidates for committee memberships from a slate of contenders. Proportional representation methods, including systems that elect members sequentially from a single ranked ballot with vote transfers in successive counting stages, are primary examples of this class. | [
"['oek']",
"['sow']"
] |
3A183163404X.jsonld | Chapter 8 Forecasting economic variables with nonlinear models | The topic of this chapter is forecasting with nonlinear models. First, a number of well-known nonlinear models are introduced and their properties discussed. These include the smooth transition regression model, the switching regression model whose univariate counterpart is called threshold autoregressive model, the Markov-switching or hidden Markov regression model, the artificial neural network model, and a couple of other models. Many of these nonlinear models nest a linear model. For this reason, it is advisable to test linearity before estimating the nonlinear model one thinks will fit the data. A number of linearity tests are discussed. These form a part of model specification: the remaining steps of nonlinear model building are parameter estimation and evaluation that are also briefly considered. There are two possibilities of generating forecasts from nonlinear models. Sometimes it is possible to use analytical formulas as in linear models. In many other cases, however, forecasts more than one periods ahead have to be generated numerically. Methods for doing that are presented and compared. The accuracy of point forecasts can be compared using various criteria and statistical tests. Some of these tests have the property that they are not applicable when one of the two models under comparison nests the other one. Tests that have been developed in order to work in this situation are described. The chapter also contains a simulation study showing how, in some situations, forecasts from a correctly specified nonlinear model may be inferior to ones from a certain linear model. There exist relatively large studies in which the forecasting performance of nonlinear models is compared with that of linear models using actual macroeconomic series. Main features of some such studies are briefly presented and lessons from them described. In general, no dominant nonlinear (or linear) model has emerged. | [
"['oek']",
"['mat']"
] |
3A730001296.jsonld | The "Incentive" Concept as Developed in the Nuclear Safety Conventions and its Possible Extension to Other Sectors | On 26 April 1986, the international nuclear community experienced a dramatic “wake-up call” when the reactor core of the Chernobyl Nuclear Power Plant, situated in the former Ukrainian Republic of the Union of Soviet Socialist Republics, melted down. Due to the large volume of radioactive elements which were released into the atmosphere and spread around the globe, particularly across the northern hemisphere, the accident has been categorised as “by far the most devastating in the history of nuclear power”.1 The incident served to dramatically and vividly remind the world of the potentially devastating national and transboundary consequences which may follow a nuclear accident, and it dispelled the myth that nuclear incidents create predominantly national safety risks. Suddenly all countries, even those without nuclear power capacity or situated in relative geographic isolation from nuclear sites, were forced to realise the risks that could be thrust upon them by a nuclear accident, even one occurring in a far distant state. Chernobyl demonstrated that despite the stationary nature of such plants, thanks to global wind currents external damage could be considerable. | [
"['phy']",
"['cet']",
"['mas']"
] |
3A1831638916.jsonld | Chapter 27 Antitrust and competition in health care markets | In this chapter we review issues relating to antitrust and competition in health care markets. The chapter begins with a brief review of antitrust legislation. We then discuss whether and how health care is different from other industries in ways that might affect the optimality of competition. The chapter then focuses on the main areas in which antitrust has been applied to health care: hospital mergers, monopsony, and foreclosure. In each of these sections we review the relevant antitrust cases, discuss the issues that have arisen in those cases, and then review the relevant economics literature and suggest some new methods for analyzing these issues. | [
"['jur']",
"['oek']"
] |
3A1831645505.jsonld | Chapter 6 Tax policy in open economies | This chapter discusses tax policy in open economies. The chapter discusses the theory of optimum taxation in an economy open to international trade. Most formal models of optimum taxation assume away international trade. Its presence does not alter any basic issues or methods. The economic objectives of the policy remain the same, and can be broadly classified as (i) correcting externalities and distortions, (ii) raising revenue for government expenditure, and (iii) redistributing income. There may also be other non-economic objectives or constraints. The policy instruments to pursue these aims are taxes or subsidies on the activities and transactions in the economy, within limitations imposed by observability of the actions and enforceability of the policies. International trade introduces a new set of possible externalities and distortions, and a new set of transactions to tax or subsidize. | [
"['oek']",
"['jur']"
] |
3A1831638967.jsonld | Chapter 22 Economics of general practice | General (or family) practice and its role within primary care is increasingly regarded as the key to achieving efficiency and equity in many health care systems. This is particularly relevant where general practitioners (GPs) act as gatekeepers to specialist care. This chapter outlines the main economic issues in general practice. Within the context of gatekeeping, the first half of the chapter examines literature on agency, patient choice and preferences for GP services, and the utilisation of GP services. Given that much demand is determined by supply, this is followed by an examination of the determinants of referral behaviour, the effects of payment systems, and GPs as firms (partnerships and vertical integration). Overall, there has been little research by economists in these areas. This needs to be rectified giving the growing importance of primary care in many health care systems. | [
"['oek']",
"['meda']"
] |
3A730043088.jsonld | The Impact of Pension Funds on Financial Markets | This paper empirically explores the impact of pension funds on market volatility, equity prices, government and corporate bond yields for a panel of 24 countries. The results show a positive and statistically significant relationship between market volatility and pension assets. It complements micro evidence (Dennis and Strickland, 2002) as well as macro findings (Davis, 2004). In addition, equity prices are found to be positively correlated with pension funds, a finding observable for both OECD countries and emerging market economies (EMEs) and present in both the short and long terms. Furthermore, there is evidence indicating a negative link between pension fund assets and both corporate and government bond yields. This might be due to the sizeable buying effects of pension funds, particularly when governments have the tendency to use pension funds to finance implicit pension debts when the traditional pay-as-you-go systems shift to funded systems. | [
"['oek']"
] |
3A1831635305.jsonld | Chapter 8 Copies of Artworks: The Case of Paintings and Prints | In his essay on imitation in the arts, Adam Smith considers that the exact copy of an artwork always deserves less merit than the original. But the hierarchy between copies and originals has changed over time. So has the perception of copies by lawyers, philosophers, art historians and curators. The development of a market for copies is part of a wider contemporary questioning of the boundaries between originality and copy. We analyze whether and how the various actors in the art market (artists, collectors, lawyers, curators, art historians and philosophers) contribute to valuing and creating or, at times, to killing copies. Artists and collectors have never belittled copies. Art historians think that copies have an important role in preserving the memory of lost artworks, and in educating young artists, but nevertheless consider copies better left to the reserves of museums. Lawyers are ambivalent and judicial precedents bear testimony to the ambiguous legal status of copies. Contemporary art historians and art philosophers have influenced curators and museums to organize exhibitions that make use of copies, giving them a new life. | [
"['oek']",
"['sow']",
"['jur']"
] |
3A730029530.jsonld | Changes in the Legal Status of the Commissariat à l'énergie atomique (CEA) | This provision in the Ordinance of 18 October 19451 is the birth certificate for the Atomic Energy Commission (hereinafter CEA, Commissariat à l’énergie atomique), a public entity whose legal nature has, for a long time now, been unique and the subject of debate. On 18 October 2009, the CEA will nevertheless celebrate its 64th anniversary. | [
"['phy']"
] |
3A73002041X.jsonld | A Note on Benefit Security | A reoccurring motif in pension literature and policy is the search for “benefit security” – that is, assurance to members of a pension regime that, at the end of the working career, they will get some reasonably predictable outcome, either as a pension (benefit stream) or a lump sum. The purpose of this note is to present a simple “thought experiment” to explore this matter and how market mechanisms might be brought more to bear... | [
"['oek']"
] |
3A183164097X.jsonld | Chapter 25 Agent-based Models of Innovation and Technological Change | This chapter discusses the potential of the agent-based computational economics approach for the analysis of processes of innovation and technological change. It is argued that, on the one hand, several genuine properties of innovation processes make the possibilities offered by agent-based modelling particularly appealing in this field, and that, on the other hand, agent-based models have been quite successful in explaining sets of empirical stylized facts, which are not well accounted for by existing representative-agent equilibrium models. An extensive survey of agent-based computational research dealing with issues of innovation and technological change is given and the contribution of these studies is discussed. Furthermore a few pointers towards potential directions of future research are given. | [
"['oek']",
"['inf']",
"['mat']",
"['tec']"
] |
3A1831647672.jsonld | Chapter 24 Increasing returns, imperfect competition and the positive theory of international trade | This focuses on increasing returns, imperfect competition, and the positive theory of international trade. It describes the integrated-economy approach to international trade. It is common in the expositions of the international trade theory to start by imagining two isolated countries, which then are allowed to begin trade with each other. The integrated economy approach goes in the reverse direction, starting from a unified economy and then breaking it up. Using the integrated economy approach, it can be shown that the details of particular monopolistic competition models of trade, such as the form of product differentiation, do not matter when it comes to the description of the motives for and pattern of trade. In addition, a picture of trade can be easily offered in which both economies of scale and comparative advantage are the motives for trade. The chapter presents a restatement of the integrated-economy approach to the trade theory and presents a survey of other developments that cannot be treated within that approach. It also discusses the achievements and limits of the new trade theory. | [
"['oek']"
] |
3A1831652390.jsonld | Chapter 23. Labor and Credit Networks in Developing Economies | The past decade has witnessed a surge of interest in the economic analysis of networks. This chapter is concerned with the role played by labor and credit networks in shaping economic activity in developing countries. The problem of identifying network effects on economic outcomes is first discussed, followed by solutions to this problem that have been put forward in the literature. This chapter concludes by discussing the static and dynamic inefficiencies that can be associated with community-based networks as well as their effect on growth and mobility in developing countries. | [
"['oek']"
] |
3A1755559356.jsonld | Development of a test environment for the evaluation of human-technology interaction in cockpits of highly-automated vehicles | This paper presents a technologically independent framework to describe test environments suitable for the examination of the driver take-over task present in highly-automated vehicles. As part of a structural analysis, typical influencing factors and parameters defining the driver take-over task are discussed. According to literature, existing studies examining the driver take-over task make use of various test environments. However, the comparability of their results is not given without a detailed understanding of these. Hence, based on established literature, a technologically independent framework has been developed which can be used to describe the distinct test environments. It turned out, that the referenced models had to be partially restructured in order to be suitable for the description of such test environments. The focus of the present paper lies on their technical implementation characterized by stimulus materials, which have been holistically examined for the driver take-over task. Since stimulus materials provide the foundation of a specification of test environments, this work presents an initial step towards a test specification aiming on making results obtained from examinations of the driver take-over task comparable. | [
"['inf']"
] |
3A1831641836.jsonld | Chapter 13 Axiomatizations of the core | The core is, the most intuitive solution concept in cooperative game theory. An intuitively acceptable axiom system for the core might reinforce its position as the most natural" solution. An axiomatization of the core may serve two other, more important goals: (1) by obtaining axioms for the core, those important properties of solutions are singled out that determine the most stable solution in the theory of cooperative games. Thus, the core of transferable utility (TU) games is determined by individual rationality (IR), superadditivity (SUPA), and the reduced garne property (RGP). Also, the core of non-transferable utility (NTU) garnes is characterized by IR and RGP. Furthermore, the converse reduced game property (CRGP) is essential for the axiomatization of the core of TU market games. Four properties, IR, SUPA, RGP, and CRGP, play an important role in the characterization of the core on some important families of games. A solution is acceptable if its axiomatization is similar to that of the core. There are some important examples of this kind: (a) the prenucleolus is characterized by RGP together with the two standard assumptions of symmetry and covariance, (b) the Shapley value is characterized by SUPA and three more weaker axioms, and (c) the prekernel is determined by RGP, CRGP, and three more standard assumptions. The chapter discusses the TU games, several properties of solutions to coalitional games, an axiomatization of the core of balanced games, the core of market games, the results that are generalized to games with coalition structures, the results for NTU games, reduced games of NTU games, axiom system for the core of NTU games, and Keiding's axiomatization of the core of NTU games. | [
"['oek']",
"['mat']"
] |
3A1831638142.jsonld | Chapter 30 The rural sector in transition economies | Inefficiencies in agriculture in Eastern and Central Europe and the Soviet Union contributed to the financial collapse of the socialist system. Yet during the transition, agricultural production has declined. Low profits, high real interest rates, slow progress in reforms in some countries, and uncertainty have restricted producers' ability to respond to reforms. When China's collectivized agriculture was dismantled after 1978, producers' incentives improved and the economy remained stable, fueling a large supply response. In several Central European countries where reforms are well advanced, agricultural growth has resumed. The difficulties of ten years of rural transition offer lessons about the high costs of embedded distortions and inflexibility in institutional evolution. | [
"['hor']",
"['oek']"
] |
3A730036421.jsonld | A comparison of structural productivity levels in the major industrialised countries | Hourly labour productivity, along with average hours worked, the employment rate and the working-age population as a share of the total population, is one of the accounting aggregates that determine per capita GDP. Yet according to many analyses, hourly labour productivity in several European countries is much the same as or even higher than in the United States, while per capita GDP is markedly lower (see Cette 2004, 2005 for a summary of this work). | [
"['oek']"
] |
3A730043908.jsonld | Guidelines for Insurers' Governance | On 28 April 2005, the OECD Council approved the Recommendation on Guidelines for Insurers’ Governance. Guidelines were first endorsed by the OECD Insurance and Private Pensions Committee in collaboration and wide consultation with the 30 member countries’ governmental experts in the insurance sector as well as the insurance and reinsurance industry. These guidelines were also deemed fully compatible and consistent with the OECD Revised Principles on Corporate Governance by its Steering Group in October 2004. | [
"['oek']",
"['sow']"
] |
3A1831631849.jsonld | Chapter 10. Conflict and Cooperation Within the Family, and Between the State and the Family, in the Provision of Old-Age Security | The early contributions to the microeconomic literature assume that only market goods yield utility, and that the only way adults can secure the consumption of these goods in old age is by saving. The more recent contributions recognize, however, that the elderly derive utility also from goods without a perfect market substitute like the care and attention they might receive from their near and dear, and that the elderly may eventually become too old or infirm to keep control over their own money. According to a branch of the literature, parents negotiate the provision of personal services directly with their children. According to another, such negotiations are made unnecessary by self-enforcing family rules. Fertility, aging, care of the very young and care of the very old are inextricably related issues also at the aggregate level, because a society cannot collectively provide for its aged members by simply accumulating assets. It must also have enough working-age people to man the physical capital and materially take care of the elderly. The link between fertility- and aging-related questions is stronger in the presence of an underfunded public pension system, where current pensions are paid for by current workers. The chapter addresses all these questions and concludes with a discussion of second-best policy in the presence of informational asymmetries. | [
"['oek']",
"['sow']"
] |
3A730017680.jsonld | What is the private return to tertiary education? : New evidence from 21 OECD countries | This article provides estimates of the private Internal Rates of Return to tertiary education for women and men in 21 OECD countries, for the years between 1991 and 2005. IRR are computed by estimating labour market premia on cross-country comparable individual-level data. Labour market premia are then adjusted for fiscal factors and costs of education. We find that returns to an additional year of tertiary education are on average above 8% and vary in a range from 4 to 15% in the countries and in the period under study. IRR are relatively homogenous across genders. Overall, a slightly increasing trend is observed over time. The article discusses various policy levers for shaping individual incentives to invest in tertiary education and provides some illustrative quantification of the impact of policy changes on those incentives. | [
"['oek']",
"['pae']"
] |
3A1831652641.jsonld | Chapter 3. The Theory of Risk and Risk Aversion | Risk and risk aversion are important concepts when modeling how to choose from or rank a set of random variables. This chapter reviews and summarizes the definitions and related findings concerning risk aversion and risk in both a mean-variance and an expected utility decision model context. | [
"['oek']",
"['mat']"
] |
3A1831650886.jsonld | Chapter 19. Market Liquidity—Theory and Empirical Evidence | In this paper we survey the theoretical and empirical literatures on market liquidity. We organize both literatures around three basic questions: (a) how to measure illiquidity, (b) how illiquidity relates to underlying market imperfections and other asset characteristics, and (c) how illiquidity affects expected asset returns. Using a unified model from Vayanos and Wang (2010), we survey theoretical work on six main imperfections: participation costs, transaction costs, asymmetric information, imperfect competition, funding constraints, and search—and for each imperfection we address the three basic questions within that model. We review the empirical literature through the lens of the theory, using the theory to both interpret existing results and suggest new tests and analysis. | [
"['oek']"
] |
3A183163256X.jsonld | Chapter 96 Growing Organizational Culture in the Laboratory | The states of the world are possible sequences of pictures that both the manager and employee have in front of them. The pictures are of complex office environments, in which there are several people, objects, and activities. The pictures all overlap substantially in content, but also all have several unique elements. More interestingly, perhaps, subjects underestimated the difficulty of integrating these very simple forms of culture. Prior to the merger, they elicited estimates from all subjects about the average performance of the merged firm in the 10 post-merger rounds. One subject would receive a monetary reward for making a more accurate prediction. This produces a situation where it is incentive compatible for subjects to state their true belief of the post-merger firm's performance. The results clearly indicate that subjects overestimate the value of a merged firm. | [
"['oek']",
"['pae']"
] |
3A730020029.jsonld | Competition Issues in the Electricity Sector | Electricity markets are prone to the exercise of market power due to a combination of factors including: inelastic demand, lack of extensive practical storage of electricity, transmission congestion, transmission loop flows and capacity constraints coupled with diversity in the marginal costs of different types of generators. The level of market power can vary rapidly in time according to changes in transmission congestion and fluctuating load levels. Given the propensity of the electricity market to market power, horizontal structural separation (or divestiture) of the generation market is a key policy tool. Some structural separation has been carried out, but on a relatively limited scale. But congestion segments electricity markets and contributes to the exercise of generator market power. This effect can provide the incentive for building new generation capacity. So a balance must be found between providing an... | [
"['oek']"
] |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.