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64 views

How to improve the underperforming construction productivity by correcting its market failures?

Globally, labor-productivity growth in construction has averaged only 1 percent a year over the past two decades, compared with growth of 2.8 percent for the total world economy and 3.6 percent in the ...
3
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2answers
783 views

Interest rate Effects on labour supply

I was analysing, free of specificities, the effects of an increase in the real interest rate on labour supply in a two period setting. The obvious effect on leisure is the intertemporal substitution ...
3
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0answers
22 views

Random effect Vs Fixed effect with the 10 CAN provs as cross sections

Im working on a model examining the effect of minimum wages on employment over the 10 provinces using a panel data set. I have used the Hausman test to decide to use RE or FE, in which it recommended ...
3
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0answers
27 views

References? — Coordination Between Groups

Can anyone provide references for research that focuses on coordination between groups of decision makers rather than within group coordination with individual decision makers? \ Edits given the ...
3
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0answers
39 views

Has the shrinking of the American household improved or diminished household welfare?

Over the last fifty years U.S. average household size has declined dramatically. When making within-year comparisons of household income, it is regarded as good practice to adjust for adult-equivalent ...
3
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0answers
61 views

Mathematically optimal age to begin drawing Social Security retirement benefits as a function of expected life span?

So, for most of us Americans, our official retirement age is 66 and we get 100% of our retirement benefits. If we delay retirement, that benefit increases by 8% each year (up to age 70) and if we ...
3
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0answers
66 views

What type of biases arise from DID estimation using aggregate data?

I'm considering using difference in difference techniques to write my last two undergraduate papers relating minimum wages and employment/poverty. I've been told issues arise with using aggregate data ...
3
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0answers
56 views

Why is money super neutral in Brunnermeier and Sannikov's I theory of money?

I'm wondering why money is super neutral in Brunnermeier and Sannikov's "I-theory of money", but is not super neutral in their 2016 AER paper "On the optimal inflation rate". In the I-theory of money,...
3
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0answers
324 views

Choice rule and path independence

Question: A choice rule $C$ satisfies path independence if for all $A, B \in 2^X \setminus \emptyset$, $C(A \cup B) = C(C(A) \cup C(B))$. Prove that if $C$ is nonempty and rationalizable, then $C$ ...
3
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0answers
23 views

What is a stockholder class action for?

Sometimes, when a public company allegedly does something wrong/illegal/etc, the investors of the company organise a class action suit against the company, such as the Commonwealth Bank of Australia (...
3
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0answers
41 views

advice on econometric or methodological approach of my master thesis

For my master thesis, I am studying the effect of input trade liberalizaion on Research and development decision depending on firms' financial constraints in India. I have a firm level database from ...
3
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0answers
104 views

Analyses of the paradox of voting — given that close elections are usually disputed?

In the standard analysis of the paradox of voting, votes are pivotal only in two scenarios (exact tie or win by 1). But in reality, vote counting is difficult and messy. And in reality, close ...
3
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0answers
403 views

How to self-study graduate level macroeconomics? Is there even a point?

As I had hoped to learn enough macroeconomic theory to get some research ideas, my goal at the beginning of this summer was to read through and complete the problems in an introductory advanced ...
3
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0answers
32 views

Cost of production plant

I'm struggling to find a macroeconomic index which embodies the cost to run an average production plan. My problem is that I wanted to divide the annual average cost per employee (which I already ...
3
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0answers
591 views

Sign of the endowment income effect

We define the change in demand due to income effect as (assume there are 2 goods and the price of only one of them, say $p_1$, changes) $dx_1^N = x_1(p_1 + dp_1, p_2, m) - x_1(p_1 + dp_1, p_2, m + dm)...
3
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0answers
43 views

What would be the consequences of universal parity of buying power (wage value) and freedom to buy?

I've wondered about this for many, many, years..... maybe there's an answer (or several answers?) after all. As the global economy is set up, one reason a person in the US and EU can afford a nice ...
3
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0answers
45 views

Economic effects of very large (>200%) household-debt-to-GDP-ratio in advanced economies

According to OECD figures, five OECD countries have houshold-debt-to-GDP ratios in excess of 200%: Denmark 292.0% Netherlands 277.1% Norway 221.8% Australia 211.8% Switzerland 211.2% Most of ...
3
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0answers
88 views

Is it possible to derive the marginal product of an input using a transformation function?

I'm using a transformation function $F(\cdot)$ to describe a production set $y = (x, z, L, K)$, where $x$ and $z$ are private goods denoted by positive numbers, $L$ is labour input, $K$ is capital ...
3
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0answers
127 views

Has there been anyone since the philosopher Thales that has held an extremely detached view of money, and also found innovative ways to profit?

According to legend anyway (ie Aristotle's account), Thales was a business man of his time! On the motive Thales had for attaining material possession, Aristotle held that Thales was only out to prove ...
3
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0answers
310 views

A theoretical/mathematical approach to cost-benefit analysis and cost-utility analysis in health economics

I am looking to get some resources looking at health economics from a pure mathematical point of view, ie developing models using partial differential equations or complex analysis. In particular, I ...
3
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0answers
19 views

Are some laws “Progressive” for businesses?

(United States Based) I'm not sure if this is the right exchange to ask this in. You know how there are progressive tax laws where lower income individuals are taxed a smaller percent of their income. ...
3
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0answers
79 views

Transportation models in economics

How would one go about modelling the effectiveness of public transportation? More specifically how does one go about comparing two transit systems in terms of their ability to move a larger numbers of ...
3
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0answers
106 views

Optimal monetary policy under commitment & FOCs

Clarida, Gali, Gertler(1999) show the optimal monetary policy problem of central bank for minimizing loss function under "Commitment" is a output gap, is a inflation rate, ~AR(1) is a supply shock. ...
3
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0answers
46 views

Why don't firms and individuals do much more risk management? Couldn't they all hedge all kinds of risks financially?

There are many risks in the economy that agents could hedge. For example, house prices can go up or down, healthcare costs canchange, gas prices constantly change in fact, food prices,etc. They all ...
3
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0answers
42 views

GMM: Under What Conditions Does Adding a Seemingly Unrelated Moment Condition Increase Efficiency?

For simplicity, I'll offer the simplest of endogenous models. Suppose we have the following scalar model: $y=\beta x+u$ where $E[ux]\neq 0,\;E[uz]=0\; \text{and}\;E[u^2|z]=\sigma^2$ Clearly we can ...
3
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0answers
69 views

Allocation of an Indivisible Good

Two kids at school are arguing over who owns a cool video game cartridge, and the schoolteacher, a ruthlessly practical social planner who knows that kids can only enforce so much AND that the game is ...
3
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0answers
115 views

What is the difference between the discrete choice method and the generalised cost method in transport planning?

I have been using the generalised cost method in an agent based model. The generalised cost method enables each individual agent to make a decision on what mode of transport it will take given a range ...
3
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0answers
73 views

One-Step estimators for non-linear regression

Let's suppose I have $\sqrt{N}$-consistent estimate, $\beta^{*}$(vector, but couldn't put it in bold), then doing the Gauss-Newton Regression, i.e. $\mathbf{y}-\mathbf{x}(\beta^{*})=D_\mathbf{x}(\beta^...
3
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0answers
116 views

Causes of upward trend in median first marriage age in USA?

I found a chart here of median age at first marriage by year from 1890 to 2010. It looks like it dips to a low during the 60s then has an upward trend until 2010. As an answer, I'm looking for any ...
3
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0answers
15 views

Help Finding Information on “Power Trends” or “Polynomial Trends”

I need to prove some facts about the asymptotic OLS estimator, $\hat{\delta}$ in model: $ y_t = \alpha_t + \delta \cdot t^b + \epsilon_t $ where $\epsilon_t \sim iid(0,\sigma^2)$. I've looked at ...
3
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0answers
44 views

Utility theory or decision theory based on partial semiorders?

Roubens, Vincke & Pirlot have summarized and extended representation theorems for partial semiorders in the 80s and 90s. See e.g. Roubens, M. & Vincke, P.: Preference Modelling. Springer, 1985....
3
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0answers
43 views

What models exist that explain which people emigrate to another country?

I'm looking for papers about this, or if there's a pretty standard model across many papers, then maybe just a rundown of the model. I'd like to use the model in an econometric analysis. For example, ...
3
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0answers
44 views

Gaussian Affine Model and CAPM

When I assume an one-factor Gaussian term structure model such as the Vasicek model $dr_t = \kappa(\mu - r_t)dt + \sigma dW_t$ and specify a constant market price of risk of $dW$ to be $\lambda_t = \...
3
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0answers
181 views

Reference Request: Cost Benefit Analysis of Conversion of Undeveloped Land for Housing

London is surrounded by a "green belt", a large area which government policy has protected from housing development. The current high cost of housing in London has led some to advocate a selective ...
3
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0answers
127 views

Question about M.I.U. model - Walsh

I am solving practice problems in Walsh. This is from 3rd edition page 87. Question 1. I have max: $$U=\sum\beta^iU(c_{t+i},\frac{M_{t+i}}{P_{t+i}})$$ s.t. $$\omega_t=f(k_{t-1})+(1-\delta)k_{t-1}+...
3
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0answers
131 views

Job-finding rate in an urn-ball model with types

Setup Say you have two types of workers, high and low. The share of low-types among the unemployed population is $P$. I want to find the job-finding rate for these types. Matching Matching is ...
3
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0answers
312 views

Calculating price in a pure exchange economy

The problem is simple, I'm not really sure of my answer though. Consider an economy where there are two consumers and two goods: $$U_1(x_{11}, x_{21}) = x_{11}$$ $$U_2(x_{12}, x_{22}) = x_{22}$$ $...
3
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0answers
130 views

Structural estimation

My understanding of structural estimation follows the lines beautifully lectured by Christophe Taber (U. of Wisconsin): Identify the policy question to be answered Write down a model that can ...
3
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0answers
26 views

Have there been any structural changes in the market that would lead the indexes to be trading so high?

If you look at this graph of the SnP500: You will see that it is trading at levels higher than pre 08 or 99. What systemic structural changes in the market have led it to be trading so high? I think ...
3
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0answers
103 views

How does Schumpeter's view of capitalism's demise fit in with the importance he placed on innovation?

Schumpeter is widely remembered for his belief in the power of innovation and entrepreneurship within a capitalist framework. In fact he argues that capitalism owes much of its success to this. Yet, ...
3
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0answers
141 views

Partial R2 and contribution of Regressors

I asked a similar question on Cross Validated, but got no answer. The following question is sufficiently different. Consider the following deterministic relationship:$$Y_{t}=C_{t}+I_{t}+G_{t}+(X_{t}-...
3
votes
1answer
129 views

Definition: Extractive Goods (Comtrades HS-Categorization)

I'm currently writing a paper on China in Africa and I'd like to compare Africas Exports to China with its exports to Europe and the USA. More specifically I'd like to find out if the Exports to China ...
3
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0answers
504 views

With a depreciation of real exchange rate, what happens to the trade balance equilibrium output?

Let the real exchange rate $Q=\frac{P^*e}{P}$, where $P^*$ is the 'world' price level (everything with '*' is of the 'world'), $P$ is the domestic price level, and $e =\frac{\text{Home Currency}}{\...
3
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0answers
49 views

Terminology and formalization for “anonymous” game forms

I have an intuitive notion of what an "anonymous" (extensive) game form $\Gamma$ is. In my mind an "anonymous" game is a game in which the players' identity does not matter. This includes the (again ...
3
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0answers
78 views

Is $\frac{ \Delta \ \text{endogenous variable}_1 }{\Delta \ \text{endogenous variable}_2}$ well-defined … and what is it?

When solving economic models, wec get expressions of endogenous variables (say, production $P$, or consumption $C$) in terms of parameters or exogenous variales, and we can then ask what the change in,...
3
votes
1answer
622 views

What happens when I leave out empty cells in regression?

I'm using Stata 14.1 to do a regression, and I got a matsize too small error. It gave some more output to tell me possible reasons for this problem, and I think ...
3
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0answers
203 views

Systematic measurement error in explanatory variable

In the classical errors-in-variables problem, we are looking at the effect of $x^*_i$ on $y$, but $x^*_i$ is misreported. We have observations $x_i = x^*_i +u_i$, where $u_i$ has zero mean mean, ...
3
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0answers
174 views

SAS: How to do ARIMA procedure with structural break?

So it seems like my data has a structural break in it, using Box-Jenkins methodology and evaluation such as ADF test wont give appropriate forecasts/results if I do not correct for the structural ...
3
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0answers
54 views

Exponential Moving Average smoothing factor

I learn best my reading about a concept and then trying to implement it using math and a programming language. Right now, I'm trying to implement an Exponential Moving Average indicator, but I'm ...
3
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0answers
279 views

Can the social planner problem be reduced to a Pareto problem or a Walrasian equilibrium problem?

The social planner problem is \begin{align} \max_{\lbrace x_i,y_i,x_j,y_j \rbrace } &\theta_i U_i(x_i,y_i) +\theta_j U_i(x_j,y_j) \\ & \text{s.t.}\\ &x_i+x_j = \omega_i^x + \omega_j^x\\ &...

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