Search results for "return"
showing 10 items of 354 documents
On the limits to the long-period method in classical economics. A note
2001
On a first reading of Theory of Production, Kurz & Salvadori (1995) appear to confine the empirical domain of the long-period models of the classical theory of value and distribution to stationary economies with non-constant returns to scale and to growing economies with constant returns to scale. Such a reading is shown to be untenable since it merges the two levels of exploring the extension of a model and of testing a theoretical hypothesis. Conversely, the way Kurz & Salvadori tackle the problems of price dynamics and returns to scale in growing economies is shown to be compatible with what appears to be Sraffa's (implicit) strategy of research.
Modeling visual sampling on in-car displays: The challenge of predicting safety-critical lapses of control
2015
In this article, we study how drivers interact with in-car interfaces, particularly by focusing on understanding driver in-car glance behavior when multitasking while driving. The work focuses on using an in-car touch screen to find a target item from a large number of unordered visual items spread across multiple screens. We first describe a cognitive model that aims to represent a driver?s visual sampling strategy when interacting with an in-car display. The proposed strategy assumes that drivers are aware of the passage of time during the search task; they try to adjust their glances at the display to a time limit, after which they switch back to the driving task; and they adjust their t…
Will Basel II Affect International Capital Flows To Emerging Markets?
2004
This paper investigates the consequences of Basel II for international capital flows to emerging markets. The paper shows that the magnitude of effects critically depends on a number of assumptions, including: the mapping of risk weights to ratings, assumptions about required return on capital, assumptions about competition and diversion effects and the assumption that minimum capital requirements are binding constraints. The paper provides evidence on each of these assumptions and estimates their effect on interest margins and bank flows.Overall the results suggest that Basel II - taking into account the "Potential Modifications" of November 2001 - will have only a moderate impact on inter…
Energy saving and user satisfaction for a new advanced public lighting system
2019
Abstract The retrofit of urban lighting systems is often an advantageous means of achieving notable energy savings and improvements in the quality of light. User habits, expectations and lifestyle can contribute to the design of these systems, for example in deciding on the most appropriate control strategies or the light quality. The influence of such variables can be extended to the overall system performance. This paper presents a method of street lighting design based on two kinds of analysis carried out in a defined test area: measurements (by means of a monitoring study) and user preferences (by means of a survey). The results of this data analysis create the basis for the final desig…
A Skewed GARCH-in-Mean Model: An Application to U.S. Stock Returns
2004
In this paper we consider a GARCH-in-Mean (GARCH-M) model based on the so-called z distribution. This distribution is capable of modeling moderate skewness and kurtosis typically encountered in financial return series, and the need to allow for skewness can be readily tested. We apply the new GARCH-M model to study the relationship between risk and return in monthly postwar U.S. stock market data. Our results indicate the presence of conditional skewness in U.S. stock returns, and, in contrast to the previous literature, we show that a positive and significant relationship between return and risk can be uncovered, once an appropriate probability distribution is employed to allow for conditi…
Towards More Efficient Incentives for Agri-environment Measures in Degraded and Eroded Vineyards
2015
Evaluating the economic damage caused by soil erosion is important. In addition to increasing the awareness of the problem among farmers and policy makers, evaluation of the economic damage caused by erosion can promote the implementation of more sustainable soil management practices. In the present study, we describe a new approach to evaluate incentives for the adoption of agri-environment measure (AEM) in degraded and eroded vineyards. To estimate this incentive, the replacement cost (RC) and the loss of income are calculated when the vineyard is managed with conventional tillage versus a cover crop (AEM). Our findings show that the incentive could range from the loss of income due to AE…
Economic comparison between offshore and inshore aquaculture production systems of European sea bass in Italy
2014
Abstract Offshore production system is predicted to increase in the near future driven by the lack of coastal space and lower environmental impacts. The aim of this paper has been to evaluate the economic performance of offshore production system respect to inshore one, by comparing net present value (NPV), discounted payback time (DPBT) and internal rate of return (IRR) of two Italian mariculture farms that produce European sea bass. Results showed a better economic profitability of offshore farm, even if sensitivity analysis revealed that financial indicators of both aquaculture production systems have been very sensitive to market condition changes. So, offshore production system could r…
Cryptocurrency as an Investment Instrument in a Modern Financial Market
2019
This paper considers the development of attractive strategies featuring cryptocurrency assets, considering their costs and potential risks. The object of analysis in this paper is cryptocurren- cy as an investment instrument. The main hypothesis of the research is that modern portfolio theory can be applied to cryptocurrency investments to design an investment portfolio with appropriate risk and profitability characteristics. The authors of the paper: (i) place crypto- currencies in the context of modern financial market and financial technology development; (ii) develop assessment criteria for determining attractiveness of individual cryptocurrencies; and (iii) develop recommendations for …
Speculation and Lottery-Like Demand in Cryptocurrency Markets
2020
This is the first paper that explores lottery-like demand in cryptocurrency markets. Since recent research provides evidence that cryptocurrency returns are rather short-memory processes in their nature, we modify Bali et al.’s (2011, 2017) MAX measure and employ a weekly forecast horizon and last week’s daily log-returns for calculating the metric for our portfolio sorts. From an econometric point of view, this study proposes statistical tests that are robust to unknown dynamic dependency structures in the cryptocurrency data. Our results show that average raw and risk adjusted return differences between cryptocurrencies in the lowest and highest MAX deciles exceed 1.50% per week. These re…
Colonies
2015
The entry discusses David Ricardo's three main analytical arguments related to the colonial issue: i) colonies as a source of new fertile land and therefore as a viable solution to the problem of decreasing returns on domestic land; ii) colonies as possible outlet markets able to absorb domestic excess supply; and, finally, iii) the effects of trade restrictions between a colony and its mother country.