Search results for "economics and econometrics"
showing 10 items of 2258 documents
Selling a vote
2005
Abstract A voting function is a rule that determines the outcome of an election: taking the voters' votes as input, a voting function selects the winning candidate from the set of candidates receiving some vote. A voting function is immune to vote selling when, given that neither voter i nor voter j votes for the winning candidate, a change ceteris paribus in i's vote cannot make the candidate for which j votes the winner. It is shown that voting functions immune to vote selling have either a dictator (a voter who always determines the winning candidate) or a dictated candidate (a candidate who becomes the winner by just receiving some vote).
Pricing of electricity futures based on locational price differences : The case of Finland
2018
We find that the pricing of Finnish electricity market futures has been inefficient during the latest 10 years, when the trading volumes of Electricity Price Area Differentials (EPADs) have more than doubled. Even though the calculated futures premium on EPADs is related to some risk measures and the variables capturing the demand and supply conditions in the spot electricity markets, there has been a significant positive excess futures premium in the Finnish market, and financial market participants should have been able to utilize this also in economic terms. This finding is new and relevant for the participants of the Nordic electricity markets also in the future, because both the specul…
An NDC approach to helping pensioners cope with the cost of long-term care
2018
The aim of this paper is to analyse whether it would be possible to provide retirement and long-term care benefits using the same unfunded notional defined contribution scheme. We extend the multi-state overlapping generations model developed by Pla-Porcel et al. (2016) to include two new features: a long-term care benefit graded according to the annuitant's degree of disability and a minimum pension benefit for both contingencies. This brings the model closer to the reality of social insurance and enhances its political attractiveness. The paper contains a numerical example to show how the model functions and focuses especially on the mortality rates for dependent persons, the inception ra…
Major International Information Flows Across the Safex Wheat Market
2016
We study information flows across four wheat futures markets on four continents: Zhengzhou Commodity Exchange (ZCE), South African Futures Exchange (SAFEX), Euronext/Liffe and Kansas City Board of Trade (KCBT). Three approaches for studying information flows among non-synchronous markets are applied: cointegration techniques, vector autoregressive analysis and multiple regression proposed. Although comparable underlying assets are traded in the four markets, our results indicate that no long-run links exist among them. ZCE is by far the most endogenous market, and Euronext/Liffe is the most exogenous one. Finally, the model points to KCBT as the most influential and sensitive wheat market. …
How to increase company loyalty: using relational variables and sustainable practices to segment the maritime transport sector
2022
Intense competition in goods transportation has highlighted theimportance of understanding customers’interests in order to designsuccessful relationship strategies. This study proposes, through asegmentation approach, to identify customer groups based on theirperceptions of sustainable practices and relational variables abouttheir main transport supplier. From a sample of 122 companies, amultiple correspondence analysis was carried out. The results showthat there are three groups of customer companies, which corres-pond to a high, low, and medium relational and sustainabilityapproach. The identified segments are also significantly different interms of time of operation in the maritime secto…
Intervention and peace*
2018
Abstract Intervention often does not lead to peace, but rather to prolonged conflict. Indeed, we document that it is an important source of prolonged conflicts. We introduce a theoretical model of the balance of power to explain why this should be the case and to analyse how peace can be achieved: either a hot peace between hostile neighbours or the peace of the strong dominating the weak. Non-intervention generally leads to peace after defeat of the weak. Hot peace can be achieved with sufficiently strong outside intervention. The latter is thus optimal if the goal of policy is to prevent the strong from dominating the weak.
Presumption of Innocence and Deterrence
2018
This paper deals with the presumption of innocence and the law enforcer's incentives to exert investigative effort. Our main result is that, even if the presumption of guilt maximizes deterrence for a given effort by the law enforcer, divergent objectives between the law enforcer (who maximizes the probability of a conviction weighted by the magnitude of the sanction and the type of the citizen) and the public decision-maker (who minimizes social costs) may lead the latter to prefer the presumption of innocence. Indeed, the presumption of innocence may induce the law enforcer to increase investigative efforts thereby improving deterrence. As a consequence, if the law enforcer's effort is re…
The Other J.M.: John Maurice Clark and the Keynesian Revolution
2009
This paper suggests that Clark's views regarding the Keynesian Revolution illuminate some of the limitations of the Keynesian orthodoxy that developed after the war, bringing more institutional detail and a greater preoccupation with dynamic analysis. Clark developed the multiplier in dynamic terms and coupled it with the accelerator to provide the framework for business cycle theory. His analysis was not formalized and emphasized time lags and non-linearities, similar to Harrod. In addition, Clark was concerned with the inflationary consequences of Keynesian policies and he was dissatisfied with those mechanical interpretations of the income flow analysis, which came to be known as hydraul…
Forecast Output Coincidence and Biproportion: Two Criteria to Determine the Orientation of an Economy. Comparison for France (1980-1997)
2002
International audience; The method of forecast output coincidence used to determine if sectors are demand-sided or supply-sided in an input-output framework mixes two effects, the structural effect (choosing between demand and supply side models) and the effect of an exogenous factor (final demand or added-value). The note recalls that another method is possible, the comparison of the stability of technical and allocation coefficients, generalized by the biproportional filter: if for a sector, after biproportional filtering, column coefficients are more stable than row coefficients, then this sector is declared as not supply-sided (but one cannot decide that it is demand-sided anyway), and …
A comparative life-cycle assessment of asphalt mixtures for railway sub-ballast containing alternative materials
2018
Abstract Bituminous sub-ballast in railway track-bed can mitigate the variation of the moisture content in the subgrade and reduce vertical stiffness variations of the track leading to a more durable infrastructure. Nevertheless, durability is only one of the aspects that affects the sustainability of an infrastructure. Other relevant aspects are related to the environmental and economic issues. This research work joins the worldwide effort towards a paradigm shift in civil engineering devoted to assess the sustainability of infrastructures at the design stage. With this in mind, in this study different alternative bituminous sub-ballast mixtures containing recycled materials, namely crumb …