Social and Behavioral Sciences Commons^™

Trade, Growth And Increasing Returns To Infrastructure: The Role Of The Sophisticated Monopolist, Ashok S. Guha, Brishti Guha

Research Collection School Of Economics

Equilibrium in international trade with increasing returns in infrastructure depends on whether the infrastructure provider is “naïve” or sophisticated. A monopolist produces infrastructure under decreasing cost using fixed equipment. Unlike similar work, we derive a unique closed-economy equilibrium. In a small open economy, with “naïve” infrastructure provider(s), multiple equilibria obtain. The industrial export potential of the economy depends on unexhausted economies of scale, and equilibria are possible where manufactures are exported despite an autarky price higher than the world price. With a sophisticated infrastructure provider, even an open economy has a unique equilibrium, which, at least as long as economies …

Affordable Homeownership Policy: Implications For Housing Markets, Sock Yong Phang

Research Collection School Of Economics

Affordable homeownership is a policy that is often accorded a great deal of policy attention by governments of many countries. In this paper, we examine the market implications of setting a housing price to income ratio target for a market segment by the government. The policy requires active intervention by the government with regard to the targeted sector. We use a simple model of the housing market with a homeownership affordability target to derive the market implications of such targets. In the presence of uncertainty and resource constraints, the objective of homeownership affordability is achieved for the targeted group at …

Bias In The Estimation Of The Mean Reversion Parameter In Continuous Time Models, Jun Yu

Research Collection School Of Economics

It is well known that for continuous time models with a linear drift standard estimation methods yield biased estimators for the mean reversion parameter both in nite discrete samples and in large in-…ll samples. In this paper, we obtain two expressions to approximate the bias of the least squares/maximum likelihood estimator of the mean reversion parameter in the Ornstein-Uhlenbeck process with a known long run mean when discretely sampled data are available. The first expression mimics the bias formula of Marriott and Pope (1954) for the discrete time model. Simulations show that this expression does not work satisfactorily when the …

Dating The Timeline Of Financial Bubbles During The Subprime Crisis, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

A new recursive regression methodology is introduced to analyze the bubble characteristics of various financial time series during the subprime crisis. The methods modify a technique proposed in Phillips, Wu, and Yu (2011) and provide a technology for identifying bubble behavior with consistent dating of their origination and collapse. The tests serve as an early warning diagnostic of bubble activity and a new procedure is introduced for testing bubble migration across markets. Three relevant financial series are investigated, including a financial asset price (a house price index), a commodity price (the crude oil price), and one bond price (the spread …

Bayesian Analysis Of Structural Credit Risk Models With Microstructure Noises, Shirley J. Huang, Jun Yu

Research Collection School Of Economics

In this paper a Markov chain Monte Carlo (MCMC) technique is developed for the Bayesian analysis of structural credit risk models with microstructure noises. The technique is based on the general Bayesian approach with posterior computations performed by Gibbs sampling. Simulations from the Markov chain, whose stationary distribution converges to the posterior distribution, enable exact ¯nite sample inferences of model parameters. The exact inferences can easily be extended to latent state variables and any nonlinear transformation of state variables and parameters, facilitating practical credit risk applications. In addition, the comparison of alternative models can be based on deviance information criterion …

Explosive Behavior In The 1990s Nasdaq: When Did Exuberance Escalate Asset Values?, Peter C. B. Phillips, Yangru Wu, Jun Yu

Research Collection School Of Economics

A recursive test procedure is suggested that provides a mechanism for testing explosive behavior, date-stamping the origination and collapse of economic exuberance, and providing valid confidence intervals for explosive growth rates. The method involves the recursive implementation of a right-side unit root test and a sup test, both of which are easy to use in practical applications, and some new limit theory for mildly explosive processes. The test procedure is shown to have discriminatory power in detecting periodically collapsing bubbles, thereby overcoming a weakness in earlier applications of unit root tests for economic bubbles. Some asymptotic properties of the Evans …

Econometric Analysis Of Continuous Time Models: A Survey Of Peter Philip’S Work And Some New Results, Jun Yu

Research Collection School Of Economics

Econometric analysis of continuous time models has drawn the attention of Peter Phillips for nearly 40 years, resulting in many important publications by him. In these publications he has dealt with a wide range of continuous time models and econometric problems, from univariate equations to systems of equations, from asymptotic theory to nite sample issues, from parametric models to nonparametric models, from identication problems to estimation and inference problems, from stationary models to nonstationary and nearly nonstationary models. This paper provides an overview of Peter Phillips' contributions in the continuous time econometrics literature. We review the problems that have been …

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

Research Collection School Of Economics

This paper introduces a parsimonious and yet flexible nonnegative semiparametric model to forecast volatility. The new model extends the linear nonnegative autoregressive model of Barndorff-Nielsen and Shephard (2001) and Nielsen and Shephard (2003) by way of a Box-Cox transformation. It is semiparametric in the sense that the dependency structure and the distributional form of its error component are left unspecified. The statistical properties of the model are discussed and a novel estimation method is proposed. Its out-of-sample performance is evaluated against a number of standard methods, using data on S&P 500 monthly realized volatilities. The competing models include the exponential …

Transformation Of The Urban Rail Sector Through Ppp, Sock-Yong Phang

Research Collection School Of Economics

The recent proliferation of Public Private Partnership (PPP) projects in numerous cities has transformed the urban rail sector. The enthusiasm for PPPs can be explained by improved understanding of efficiency gains and risks of bundling and unbundling tasks as well as availability and lower cost of private sector finance. The four main PPP approaches identified are: (i) development of new systems through DBFOs (Design- Build-Finance-Operate); (ii) concessioning of rail and subway services; (iii) sale of stateowned operators through share issue privatisation; and (iv) PPPs for infrastructure maintenance and upgrading. This paper examines examples of successes and failures to better understand …

Directed Altruism And Enforced Reciprocity In Social Networks, Stephen Leider, Markus M. Mobius, Tanya Rosenblat, Quoc-Anh Do

Research Collection School Of Economics

We conducted online field experiments in large real-world social networks in order to decompose prosocial giving into three components: (1) baseline altruism toward randomly selected strangers, (2) directed altruism that favors friends over random strangers, and (3) giving motivated by the prospect of future interaction. Directed altruism increases giving to friends by 52% relative to random strangers, whereas future interaction effects increase giving by an additional 24% when giving is socially efficient. This finding suggests that future interaction affects giving through a repeated game mechanism where agents can be rewarded for granting efficiency-enhancing favors. We also find that subjects with …

Rrh Library Newsletter, November 2009, Libraries At Rochester Regional Health

Rochester Regional Health authored publications and proceedings

Newsletter sections include: Hospital-Acquired Infections

Perceived Behavioral Alcohol Norms Predict Drinking For College Students While Studying Abroad, Eric R. Pedersen, Joseph W. Labrie, Justin F. Hummer

Heads Up!

Objective:

College students who study abroad may represent a subgroup at risk for increased drinking while living in foreign countries. The present study explores this idea as well as the extent to which students' pre-abroad perceptions of study-abroad student drinking are related to actual drinking while abroad.

Method:

Ninety-one students planning to study abroad completed an online survey of demographics, pre-abroad drinking behavior, perceptions of study-abroad student drinking behavior while abroad, and intentions to drink while abroad. Halfway into their study-abroad experience, participants completed a follow-up survey assessing drinking while abroad.

Results:

Pre-abroad intentions of drinking and pre-abroad perceptions of …

What's Up Newsletter, November 2009

What's Up Newsletter

A newsletter published for Deaf Catholics in Milwaukee, WI

Sports Franchises, Stadiums, And City Livability: An Examination Of Professional Sports And Crime Rates, Robert Baumann, Bryan Engelhardt, Victor Matheson, Taylor Ciavarra

Economics Department Working Papers

We estimate the impact sporting events have on local crime rates using the technique developed in Arellano and Bond (2001). For events, we consider the presence of MLB, NBA, NFL, and NHL franchises as well as whether a city held one of the respective championships, the Olympics, or World Cup matches. We find little to no evidence that sporting events are correlated with either property or violent crime.

The Silent Witness, November-December 2009

Silent Witness, The

A newsletter published for Deaf Catholics in Washington, D.C.

Newsletter Catholic Deaf Of Detroit, November 2009

Newsletter Catholic Deaf of Detroit

A newsletter published for Deaf Catholics in Detroit, MI

Newsletter Catholic Deaf of Detroit Finding Aid

Fostering Creativity In The Workplace, Jared L. Howland

Faculty Publications

PDF of Powerpoint Presentation on fostering creativity in the workplace. This presentation was given at the Association of Research Libraries' Research Library Leadership Fellows (RLLF) Program in Provo, Utah.

Cover & Front Matter

Journal of Strategic Security

No abstract provided.

Buying Out-Of-Print Books On The Internet, Where The Old Is New Again, Jane Brodsky Fitzpatrick

Against the Grain

No abstract provided.

Biz Of Acq -- "Free" Access To Subscription Databases Through Fdlp: Government Documents And Acquisitions, Tracey Englert

Against the Grain

No abstract provided.

I Hear The Train A Comin' -- Anianet: Connecting Scholars Worldwide, Greg Tananbaum

Against the Grain

No abstract provided.

The Law Librarian’S Tool For Fair Compensation In The Best - And Worst - Of Times, Femi Cadmus, Loretta Orndoff

Cornell Law Faculty Publications

No abstract provided.

Information Interface - Volume 37, Issue 4 - November/December 2009, George Washington University, Himmelfarb Health Sciences Library

Information Interface (1976 - 2009)

News and information about Himmelfarb Health Sciences Library of interest to users. Includes articles on the PubMed redesign, 2010 Journal Collection, and mobile resources.

Reference Universe, Pete Mcdonnell, Kellian Clink

Library Services Publications

This original research described a comparison of 50 composition topics taken from my library instruction sessions with Reference Universe versus simple keyword searching of the online catalog. Pete and I concluded that twenty-three percent of the "good" hits in Reference Universe were also found in OPAC search and that the OPAC search found fewer "good" hits overall; but also found different relevant resources.

Ua3/9/5 Bob Hensley Eulogy, Wku President's Office

WKU Archives Records

Eulogy delivered by WKU president Gary Ransdell at memorial service for alum and WKU supporter Bob Hensley who died November 11, 2009.

Economic Transition And Growth, Peter C. B. Phillips, Donggyu Sul

Research Collection School Of Economics

Some extensions of neoclassical growth models are discussed that allow for cross-section heterogeneity among economies and evolution in rates of technological progress over time. The models offer a spectrum of transitional behavior among economies that includes convergence to a common steady-state path as well as various forms of transitional divergence and convergence. Mechanisms for modeling such transitions, measuring them econometrically, assessing group behavior and selecting subgroups are developed in the paper. Some econometric issues with the commonly used augmented Solow regressions are pointed out, including problems of endogeneity and omitted variable bias which arise under conditions of transitional heterogeneity. Alternative …

Automated Likelihood Based Inference For Stochastic Volatility Models, H. Skaug, Jun Yu

Research Collection School Of Economics

The Laplace approximation is used to perform maximum likelihood estimation of univariate and multivariate stochastic volatility (SV) models. It is shown that the implementation of the Laplace approximation is greatly simplified by the use of a numerical technique known as automatic differentiation (AD). Several algorithms are proposed and compared with some existing maximum likelihood methods using both simulated data and actual data. It is found that the new methods match the statistical efficiency of the existing methods while significantly reducing the coding effort. Also proposed are simple methods for obtaining the filtered, smoothed and predictive values for the latent variable. …

Why Did Universities Precede Primary Schools? A Political Economy Model Of Educational Change, Fali Huang

Research Collection School Of Economics

Universities were first established in Europe around the twelfth century, while primary schools did not appear until the nineteenth. This paper accounts for this phenomenon using a political economy model of educational change on who are educated (the elite or the masses) and what is taught (general or specific/vocational education). A key assumption is that general education is more effective than specific education in enhancing one’s skills in a broad range of tasks, including political rent-seeking. Its findings suggest that specific education for the masses is compatible with the elite rule, while mass general education is not, which refines the …

An Examination Of Love And Marital Satisfaction In Long-Term Marriages, Rebeca Isabel Estrada

Electronic Theses and Dissertations

There has been little marital research that focuses on contributing factors to successful long-term marriage and even less focus on the role that love plays in long-term marriage. As a means of furthering this research, the purpose of the current study was to examine levels of satisfaction in couples in long-term marriages and to identify contributing factors to an enduring marriage. This study also examined the significance of love and changes in love after 35+ years of marriage. Through the use of qualitative methodology five couples who were self-identified as "happy" in their marriage and who had been married at …

Arkansas Animal Science Department Report 2010, Zelpha B. Johnson, D. Wayne Kellogg

Arkansas Agricultural Experiment Station Research Series

No abstract provided.