Search results for "microeconomics"
showing 10 items of 442 documents
Scenario optimization asset and liability modelling for individual investors
2006
We develop a scenario optimization model for asset and liability management of individual investors. The individual has a given level of initial wealth and a target goal to be reached within some time horizon. The individual must determine an asset allocation strategy so that the portfolio growth rate will be sufficient to reach the target. A scenario optimization model is formulated which maximizes the upside potential of the portfolio, with limits on the downside risk. Both upside and downside are measured vis- `a-vis the goal. The stochastic behavior of asset returns is captured through bootstrap simulation, and the simulation is embedded in the model to determine the optimal portfolio. …
Cap Rate as the Interpretative Variable of the Urban Real Estate Capital Asset: A Comparison of Different Sub‐Market Definitions in Palermo, Italy
2017
Real estate capital is in constant competition with other capital assets due to its different and complementary economic functions such as direct use, productive investment, and speculative investment. These features and the resulting opportunities cannot be easily deduced from direct observation of the real estate markets, so some further insights need to be carried out in order to highlight the relationship between prices, rents and performances. This study aims at providing a multifaceted perspective of a specific urban real estate market to overcome the difficulties arising from opacities and informative asymmetries that hinder the decision of investors, by facilitating the comparison o…
Top management team demography and firm operating performance: a path analysis
2020
PurposeThis paper examined the relationship between TMT demographic properties and firm performance using diversity and level variables and measuring differing constructs of firm performance representing divergent strategies.Design/methodology/approachStructural equation modelling was used to test the relationships between TMT demographic properties and firm performance measured as return on net operating assets (RNOA), and its disaggregates profit margin (PM) and asset turnover (ATO). Data were from 89 Finnish firms during the years 2008–2011, resulting in 320 observations.FindingsTMT team tenure had associations with RNOA through both PM and ATO while TMT age, age diversity, firm tenure, …
Preferences, Utility, Choice, and Attractiveness
2016
International audience; The purpose of this chapter is to specify what is meant by preferences, utility, choice, and attractiveness in the context of daily and residential mobility. These notions will be addressed from the angles of economics, geography, and psychology. We are interested in the process of choice leading to a decision and action with spatial consequences, primarily in terms of residential mobility even if factors pertaining to local daily mobility such as modal choice and route choice are evoked.
Choosing Optimal Seed Nodes in Competitive Contagion.
2019
International audience; In recent years there has been a growing interest in simulating competitive markets to find out the efficient ways to advertise a product or spread an ideology. Along this line, we consider a binary competitive contagion process where two infections, A and B, interact with each other and diffuse simultaneously in a network. We investigate which is the best centrality measure to find out the seed nodes a company should adopt in the presence of rivals so that it can maximize its influence. These nodes can be used as the initial spreaders or advertisers by firms when two firms compete with each other. Each node is assigned a price tag to become an initial advertiser whi…
Bicausative matrices to measure structural change: Are they a good tool?
1999
The causative-matrix method to analyze temporal change assumes that a matrix transforms one Markovian transition matrix into another by a left multiplication of the first matrix; the method is demand-driven when applied to input-output economics. An extension is presented without assuming the demand-driven or supply-driven hypothesis. Starting from two flow matrices X and Y, two diagonal matrices are searched, one premultiplying and the second postmultiplying X, to obtain a result the closer as possible to Y by least squares. The paper proves that the method is deceptive because the diagonal matrices are unidentified and the interpretation of results is unclear. Keywords : Input-Output ; Ch…
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 biproportional filter to compare technical and allocation coefficient variations
1997
International audience; In input-output analysis there are two alternate possibilities between Leontief's mechanism (fixed technical coefficients) and Ghosh's mechanism (fixed allocation coefficients). Testing the long term consistency of these mechanisms entails comparing input-output matrices over time. This paper challenges the value of proportional filters (separate comparison of column and row coefficients) and introduces the biproportional filter which allows simultaneous comparison of column and rows. An application is proposed using French input-output tables for 1980 and 1993. The stability of column coefficients cannot be taken for granted and generally, for any sector, both rows …
Measuring the ‘Bridging’ versus ‘Bonding’ Nature of Social Networks: A Proposal for Integrating Existing Measures
2010
Recent research illustrates that two distinct interpretations and operationalizations of ‘bridging’ and ‘bonding’ social networks co-exist in the literature (based on links between diverse networks or between socio-economic groups within a given network, respectively), and that these do not coincide in empirical applications. The present contribution first confirms this conclusion using data from the United Kingdom. Then, we suggest a simple way to integrate both existing approaches into a more general measure of bridging and bonding. Applying this more general index to UK and Flemish data, a) provides stronger empirical support for the idea that memberships in bridging groups are more str…
A Simulation Analysis of the Microstructure of an Order Driven Financial Market with Multiple Securities and Portfolio Choices
2005
In this paper we propose an artificial market where multiple risky assets are exchanged. Agents are constrained by the availability of resources and trade to adjust their portfolio according to an exogenously given target portfolio. We model the trading mechanism as a continuous auction order-driven market. Agents are heterogeneous in terms of desired target portfolio allocations, but they are homogeneous in terms of trading strategies. We investigate the role played by the trading mechanism in affecting the dynamics of prices, trading volume and volatility. We show that the institutional setting of a double auction market is sufficient to generate a non-normal distribution of price changes…