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A Comment on "Estimating Dynamic Discrete Choice Models with Hyperbolic Discounting" by Hanming Fang and Yang WangMay 16 2019The recent literature often cites Fang and Wang (2015) for analyzing the identification of time preferences in dynamic discrete choice under exclusion restrictions (e.g. Yao et al., 2012; Lee, 2013; Ching et al., 2013; Norets and Tang, 2014; Dub\'e et ... More
Playing with ghosts in a Dynkin gameMay 16 2019We study a class of optimal stopping games (Dynkin games) of preemption type, with uncertainty about the existence of competitors. The set-up is well-suited to model, for example, real options in the context of investors who do not want to publicly reveal ... More
Improving Regression-based Event Study Analysis Using a Topological Machine-learning MethodMay 16 2019This paper introduces a new correction scheme to a conventional regression-based event study method: a topological machine-learning approach with a self-organizing map (SOM).We use this new scheme to analyze a major market event in Japan and find that ... More
Dynamic model of firms competitive interaction on the market with taxationMay 15 2019In this article three models of firms interaction on the market are described. One of these models is described by using a differential equation and by Lotka-Volterra model, where the equation has a different form. Also, there are models of non-competing ... More
Computational SocioeconomicsMay 15 2019Uncovering the structure of socioeconomic systems and timely estimation of socioeconomic status are significant for economic development. The understanding of socioeconomic processes provides foundations to quantify global economic development, to map ... More
Asset Pricing with Heterogeneous Beliefs and IlliquidityMay 14 2019This paper studies the equilibrium price of an asset that is traded in continuous time between N agents who have heterogeneous beliefs about the state process underlying the asset's payoff. We propose a tractable model where agents maximize expected returns ... More
The role of pawnshops in risk coping in early twentieth-century JapanMay 11 2019This study examines the role of pawnshops as a risk-coping strategy in Japan in the prewar period when poor people were highly vulnerable. Using data on pawnshop loans in more than 250 municipalities and the 1918--1920 influenza pandemic as a natural ... More
Demand and Welfare Analysis in Discrete Choice Models with Social InteractionsMay 10 2019Many real-life settings of consumer-choice involve social interactions, causing targeted policies to have spillover-effects. This paper develops novel empirical tools for analyzing demand and welfare-effects of policy-interventions in binary choice settings ... More
Empirical bias and efficiency of alpha-auctions: experimental evidenceMay 09 2019We experimentally evaluate the comparative performance of the winner-bid, average-bid, and loser-bid auctions for the dissolution of a partnership. The recently introduced empirical equilibrium analysis of Velez and Brown (2019) reveals that as long as ... More
The Likelihood of Mixed Hitting TimesMay 09 2019We present a method for computing the likelihood of a mixed hitting-time model that specifies durations as the first time a latent L\'evy process crosses a heterogeneous threshold. This likelihood is not generally known in closed form, but its Laplace ... More
Dependencies and systemic risk in the European insurance sector: Some new evidence based on copula-DCC-GARCH model and selected clustering methodsMay 08 2019The subject of the present article is the study of correlations between large insurance companies and their contribution to systemic risk in the insurance sector. Our main goal is to analyze the conditional structure of the correlation on the European ... More
The mitigating role of regulation on the concentric patterns of broadband diffusion. The case of FinlandMay 08 2019This article analyzes the role of Finnish regulation in achieving the broadband penetration goals defined by the National Regulatory Authority. It is well known that in the absence of regulatory mitigation the population density has a positive effect ... More
Economic Performance Through Time: A Dynamical TheoryMay 08 2019The central problems of Development Economics are the explanation of the gross disparities in the global distribution, $\cal{D}$, of economic performance, $\cal{E}$, and the persistence, $\cal{P}$, of said distribution. Douglass North argued, epigrammatically, ... More
Where does active travel fit within local community narratives of mobility space and place?May 07 2019Encouraging sustainable mobility patterns is at the forefront of policymaking at all scales of governance as the collective consciousness surrounding climate change continues to expand. Not every community, however, possesses the necessary economic or ... More
Does Environmental Economics lead to patentable research?May 07 2019In this feasibility study, the impact of academic research from social sciences and humanities on technological innovation is explored through a study of citations patterns of journal articles in patents. Specifically we focus on citations of journals ... More
Unconventional Exchange: Methods for Statistical Analysis of Virtual GoodsMay 06 2019Hyperinflation and price volatility in virtual economies has the potential to reduce player satisfaction and decrease developer revenue. This paper describes intuitive analytical methods for monitoring volatility and inflation in virtual economies, with ... More
From Sicilian mafia to Chinese "scam villages"May 06 2019Inspired by Gambetta's theory on the origins of the mafia in Sicily, we report a geo-concentrating phenomenon of scams in China, and propose a novel economic explanation. Our analysis has some policy implications.
Computing a Data DividendMay 06 2019Quality data is a fundamental contributor to success in statistics and machine learning. If a statistical assessment or machine learning leads to decisions that create value, data contributors may want a share of that value. This paper presents methods ... More
Decision Making with Machine Learning and ROC CurvesMay 05 2019The Receiver Operating Characteristic (ROC) curve is a representation of the statistical information discovered in binary classification problems and is a key concept in machine learning and data science. This paper studies the statistical properties ... More
Evidence for Gross Domestic Product growth time delay dependence over Foreign Direct Investment. A time-lag dependent correlation studyMay 05 2019This paper considers an often forgotten relationship, the time delay between a cause and its effect in economies and finance. We treat the case of Foreign Direct Investment (FDI) and economic growth, - measured through a country Gross Domestic Product ... More
Co-jumping of Treasury Yield Curve RatesMay 04 2019We study the role of co-jumps in the interest rate futures markets. To disentangle continuous part of quadratic covariation from co-jumps, we localize the co-jumps precisely through wavelet coefficients and identify statistically significant ones. Using ... More
Characterizing non-myopic information cascades in Bayesian learningMay 03 2019We consider an environment where a finite number of players need to decide whether to buy a certain product (or adopt a trend) or not. The product is either good or bad, but its true value is not known to the players. Instead, each player has her own ... More
Impact of Artificial Intelligence on Businesses: from Research, Innovation, Market Deployment to Future Shifts in Business ModelsMay 03 2019The fast pace of artificial intelligence (AI) and automation is propelling strategists to reshape their business models. This is fostering the integration of AI in the business processes but the consequences of this adoption are underexplored and need ... More
Data Analytics in Operations Management: A ReviewMay 02 2019Research in operations management has traditionally focused on models for understanding, mostly at a strategic level, how firms should operate. Spurred by the growing availability of data and recent advances in machine learning and optimization methodologies, ... More
Supervised Machine Learning for Eliciting Individual Reservation ValuesApr 30 2019Direct elicitation, guided by theory, is the standard method for eliciting individual-level latent variables. We present an alternative approach, supervised machine learning (SML), and apply it to measuring individual valuations for goods. We find that ... More
Online reviews can predict long-term returns of individual stocksApr 30 2019Online reviews are feedback voluntarily posted by consumers about their consumption experiences. This feedback indicates customer attitudes such as affection, awareness and faith towards a brand or a firm and demonstrates inherent connections with a company's ... More
Curriculum Learning in Deep Neural Networks for Financial ForecastingApr 29 2019For any financial organization, computing accurate quarterly forecasts for various products is one of the most critical operations. As the granularity at which forecasts are needed increases, traditional statistical time series models may not scale well. ... More
Identification of Key Companies for International Profit Shifting in the Global Ownership NetworkApr 28 2019In the global economy, the intermediate companies owned by multinational corporations are becoming an important policy issue as they are likely to cause international profit shifting and diversion of foreign direct investments. The purpose of this analysis ... More
Regulating AI: do we need new tools?Apr 27 2019The Artificial Intelligence paradigm (hereinafter referred to as "AI") builds on the analysis of data able, among other things, to snap pictures of the individuals' behaviors and preferences. Such data represent the most valuable currency in the digital ... More
A Multicriteria Decision Making Approach to Study the Barriers to the Adoption of Autonomous VehiclesApr 26 2019The automation technology is emerging, but the adoption rate of autonomous vehicles (AV) will largely depend upon how policymakers and the government address various challenges such as public acceptance and infrastructure development. This study proposes ... More
A Multicriteria Decision Making Approach to Study the Barriers to the Adoption of Autonomous VehiclesApr 26 2019May 03 2019The automation technology is emerging, but the adoption rate of autonomous vehicles (AV) will largely depend upon how policymakers and the government address various challenges such as public acceptance and infrastructure development. This study proposes ... More
Optimally stopping at a given distance from the ultimate supremum of a spectrally negative Lévy processApr 26 2019We consider the optimal prediction problem of stopping a spectrally negative L\'evy process as close as possible to a given distance $b \geq 0$ from its ultimate supremum, under a squared error penalty function. Under some mild conditions, the solution ... More
A Game Theoretic Setting of Capitation Versus Fee-For-Service Payment SystemsApr 25 2019We aim to determine whether a game-theoretic model between an insurer and a healthcare practice yields a predictive equilibrium that incentivizes either player to deviate from a fee-for-service to capitation payment system. Using United States data from ... More
Risk-neutral pricing for APTApr 25 2019We consider the problem of super-replication (hedging without risk) for the Arbitrage Pricing Theory. The dual characterization of super-replication cost is provided. It is shown that the reservation prices of investors converge to this cost as their ... More
Multiple Benefits through Smart Home Energy Management Solutions -- A Simulation-Based Case Study of a Single-Family House in Algeria and GermanyApr 25 2019From both global and local perspectives, there are strong reasons to promote energy efficiency. These reasons have prompted leaders in the European Union (EU) and countries of the Middle East and North Africa (MENA) to adopt policies to move their citizenry ... More
Observing Actions in Bayesian GamesApr 24 2019We study Bayesian coordination games where agents receive noisy private information over the game's payoff structure, and over each others' actions. If private information over actions is precise, we find that agents can coordinate on multiple equilibria. ... More
Optimization of the post-crisis recovery plans in scale-free networksApr 24 2019General Motors or a local business, which one is better to be stimulated in post-crisis recessions, where government stimulation is meant to overcome recessions? Due to the budget constraints, it is quite relevant to ask how one can increase the chance ... More
Investment in EV charging spots for parkingApr 22 2019As demand for electric vehicles (EVs) is expanding, meeting the need for charging infrastructure, especially in urban areas, has become a critical issue. One method of adding charging stations is to install them at parking spots. This increases the value ... More
ICT Capital-Skill Complementarity and Wage Inequality: Evidence from Fourteen OECD CountriesApr 22 2019Abstract Although it is well known that wage inequality has evolved over recent decades, it is not known the extent to which the evolution of wage inequality is attributed to observed factors such as capital and labor quantities or unobserved factors ... More
On the Time-Varying Efficiency of Cryptocurrency MarketsApr 20 2019This study examines whether the market efficiencies of major cryptocurrencies (e.g., Bitcoin, Ethereum, and Ripple) change over time based on the adaptive market hypothesis (AMH) of Lo (2004). In particular, we measure the degree of market efficiency ... More
Sharp Bounds for the Marginal Treatment Effect with Sample SelectionApr 17 2019I analyze treatment effects in situations when agents endogenously select into the treatment group and into the observed sample. As a theoretical contribution, I propose pointwise sharp bounds for the marginal treatment effect (MTE) of interest within ... More
A Pyramid Scheme Model Based on "Consumer Rebate" FraudsApr 17 2019Apr 18 2019There are various types of pyramid schemes which have inflicted or are inflicting losses on many people in the world. We propose a pyramid scheme model which has the principal characters of many pyramid schemes appeared in recent years: promising high ... More
Can Mobility-on-Demand services do better after discerning reliability preferences of riders?Apr 16 2019We formalize one aspect of reliability in the context of Mobility-on-Demand (MoD) systems by acknowledging the uncertainty in the pick-up time of these services. This study answers two key questions: i) how the difference between the stated and actual ... More
Multiple-interaction kinetic modelling of a virtual-item gambling economyApr 16 2019In recent years, there has been a proliferation of online gambling sites, which made gambling more accessible with a consequent rise in related problems, such as addiction. Hence, the analysis of the gambling behaviour at both the individual and the aggregate ... More
Consumer Privacy and Serial MonopolyApr 16 2019We examine the implications of consumer privacy when preferences today depend upon past consumption choices, and consumers shop from different sellers in each period. Although consumers are ex ante identical, their initial consumption choices cannot be ... More
Price Setting on a NetworkApr 14 2019Most products are produced and sold by supply chain networks, where an interconnected network of producers and intermediaries set prices to maximize their profits. I show that there exists a unique equilibrium in a price-setting game on a network. The ... More
Boomerang: Rebounding the Consequences of Reputation Feedback on Crowdsourcing PlatformsApr 14 2019Paid crowdsourcing platforms suffer from low-quality work and unfair rejections, but paradoxically, most workers and requesters have high reputation scores. These inflated scores, which make high-quality work and workers difficult to find, stem from social ... More
Eliciting Preferences of Ridehailing Users and Drivers: Evidence from the United StatesApr 14 2019Transportation Network Companies (TNCs) are changing the transportation ecosystem, but micro-decisions of drivers and users need to be better understood to assess the system-level impacts of TNCs. In this regard, we contribute to the literature by estimating ... More
Nash Bargaining Over Margin Loans to Kelly GamblersApr 14 2019I derive practical formulas for optimal arrangements between sophisticated stock market investors (namely, continuous-time Kelly gamblers) and the brokers who lend them cash for leveraged bets on a high Sharpe asset (i.e. the market portfolio). Rather ... More
Rational Inattention and Retirement PuzzlesApr 13 2019I present evidence incorporating costly thought solves three puzzles in the retirement literature. The first puzzle is, given incentives, the extent of bunching of labour market exits at legislated state pension ages (SPA) seems incompatible with rational ... More
Behaving Optimally in Solar Renewable Energy Certificate MarketsApr 12 2019Solar Renewable Energy Certificate Markets (SREC) markets are a relatively novel market-based system to incentivize the production of energy from solar means. A regulator imposes a floor on the amount of energy each regulated firm must generate from solar ... More
Shared factory: a new production node for social manufacturing in the context of sharing economyApr 12 2019Manufacturing industry is heading towards socialization, interconnection, and platformization. Motivated by the infiltration of sharing economy usage in manufacturing, this paper addresses a new factory model -- shared factory -- and provides a theoretical ... More
Pricing under Fairness ConcernsApr 11 2019This paper proposes a theory of pricing consistent with two well-documented patterns: customers care about fairness, and firms take these concerns into account when they set prices. The theory assumes that customers find a price unfair when it carries ... More
Understanding consumer demand for new transport technologies and services, and implications for the future of mobilityApr 11 2019The transport sector is witnessing unprecedented levels of disruption. Privately owned cars that operate on internal combustion engines have been the dominant modes of passenger transport for much of the last century. However, recent advances in transport ... More
Stochastic Comparative Statics in Markov Decision ProcessesApr 10 2019In multi-period stochastic optimization problems, the future optimal decision is a random variable whose distribution depends on the parameters of the optimization problem. We analyze how the expected value of this random variable changes as a function ... More
Dynamic investment model of the life cycle of a company under the influence of factors in a competitive environmentApr 10 2019Modelling all possible life cycles of a company in a highly competitive economic environment gives a significant advantage to the owner in his business investment activities. This article proposes and analyses a dynamic model of a company's life cycle ... More
Dynamic investment model of the life cycle of a company under the influence of factors in a competitive environmentApr 10 2019Apr 21 2019Modelling all possible life cycles of a company in a highly competitive economic environment gives a significant advantage to the owner in his business investment activities. This article proposes and analyses a dynamic model of a company's life cycle ... More
A Normative Dual-value Theory for Bitcoin and other CryptocurrenciesApr 10 2019Bitcoin as well as other cryptocurrencies are all plagued by the impact from bifurcation. Since the marginal cost of bifurcation is theoretically zero, it causes the coin holders to doubt on the existence of the coin's intrinsic value. This paper suggests ... More
Robust Mathematical Formulation and Implementation of Agent-Based Computational Economic Market ModelsApr 10 2019Monte Carlo Simulations of agent-based models in science and especially in the economic literature have become a widely used modeling approach. In many applications the number of agents is huge and the models are formulated as a large system of difference ... More
FDI, banking crisis and growth: direct and spill over effectsApr 08 2019This study suggests a new decomposition of the effect of Foreign Direct Investment (FDI) on long-term growth in developing countries. It reveals that FDI not only have a positive direct effect on growth, but also increase the latter by reducing the recessionary ... More
UK food prices after Brexit, with implications for poverty and healthApr 05 2019A key driver of household food insecurity is the balance between household disposable income and food prices. In the UK in recent years, many households have relied on charitable food banks in order to eat. The UK exit of the EU (Brexit) is expected to ... More
Fat Tails in Financial Return Distributions Revisited: Evidence from the Korean Stock MarketApr 04 2019This study empirically re-examines fat tails in stock return distributions by applying statistical methods to an extensive dataset taken from the Korean stock market. The tails of the return distributions are shown to be much fatter in recent periods ... More
Enhancing countries' fitness with recommender systems on the international trade networkApr 04 2019Prediction is one of the major challenges in complex systems. The prediction methods have shown to be effective predictors of the evolution of networks. These methods can help policy makers to solve practical problems successfully and make better strategy ... More
Do Hospital Data Breaches Reduce Patient Care Quality?Apr 03 2019Objective: To estimate the relationship between a hospital data breach and hospital quality outcome Materials and Methods: Hospital data breaches reported to the U.S. Department of Health and Human Services breach portal and the Privacy Rights Clearinghouse ... More
Momentum and liquidity in cryptocurrenciesApr 01 2019The goal of this paper is to explore the relationship between momentum effects and liquidity in cryptocurrency markets. Portfolios based on momentum-liquidity bivariate sorts are formed and rebalanced on a varying number of cryptocurrencies through time. ... More
Parametric identification of the dynamics of inter-sectoral balance: modelling and forecastingMar 29 2019This work is devoted to modelling and identification of the dynamics of the inter-sectoral balance of a macroeconomic system. An approach to the problem of specification and identification of a weakly formalized dynamical system is developed. A matching ... More
Towards hybrid price discrimination via neighbours properties in network-driven economyMar 27 2019Increased data gathering capacity, together with the spreading of data analytics techniques, has allowed an unprecedented concentration of information related to the individuals' preferences in the hands of a few gatekeepers. In such context, the traditional ... More
Initial Crypto-asset Offerings (ICOs), tokenization and corporate governanceMar 27 2019This paper discusses the potential impacts of the so-called `initial coin offerings', and of several developments based on distributed ledger technology (`DLT'), on corporate governance. While many academic papers focus mainly on the legal qualification ... More
Parallel Experimentation in a Competitive Advertising MarketplaceMar 27 2019When multiple firms are simultaneously running experiments on a platform, the treatment effects for one firm may depend on the experimentation policies of others. This paper presents a set of causal estimands that are relevant to such an environment. ... More
Why understanding multiplex social network structuring processes will help us better understand the evolution of human behaviorMar 26 2019Anthropologists have long appreciated that single-layer networks are insufficient descriptions of human interactions---individuals are embedded in complex networks with dependencies. One debate explicitly about this surrounds food sharing. Some argue ... More
Estimation of the Shapley Value of a Peer-to-Peer Energy Sharing Game using Coalitional Stratified Random SamplingMar 26 2019Various peer-to-peer energy markets have emerged in recent years in an attempt to manage distributed energy resources in a more efficient way. One of the main challenges these models face is how to create and allocate incentives to participants. Cooperative ... More
Improving the Scalability of a Prosumer Cooperative Game with K-Means ClusteringMar 26 2019Among the various market structures under peer-to-peer energy sharing, one model based on cooperative game theory provides clear incentives for prosumers to collaboratively schedule their energy resources. The computational complexity of this model, however, ... More
Modern Asset Theory: A Framework for Successful Active ManagementMar 22 2019Active management is a term that has many meanings and we have found the defining characteristics needed for success as an "active manager" elusive within the literature. In this paper we offer a set of criteria that defines an active manager and his ... More
Determining the Demand Elasticity in a Wholesale Electricity MarketMar 22 2019The main focus of researchers in energy markets is typically placed on the analysis of the supply side. The demand side, despite its critical importance, still requires a more profound academic investigation. In particular, the number of studies on the ... More
The impact of renewable energy forecasts on intraday electricity pricesMar 22 2019The shift to renewable power is accelerating at a growing pace. Contemporary energy markets undergo profound structural changes. Forecasts as to the wind and solar supply become critically important. This paper studies the impact of these forecasts on ... More
Unravelling the forces underlying urban industrial agglomerationMar 22 2019As early as the 1920's Marshall suggested that firms co-locate in cities to reduce the costs of moving goods, people, and ideas. These 'forces of agglomeration' have given rise, for example, to the high tech clusters of San Francisco and Boston, and the ... More
Réintégration des refusés en Credit ScoringMar 21 2019The granting process of all credit institutions rejects applicants who seem risky regarding the repayment of their debt. A credit score is calculated and associated with a cut-off value beneath which an applicant is rejected. Developing a new score implies ... More
The Impact of Sex Education on Sexual Activity, Pregnancy, and AbortionMar 20 2019The purpose of this study is to find a relation between sex education and abortion in the United States. Accordingly, multivariate logistic regression is employed to study the relation between abortion and frequency of sex, pre-marriage sex, and pregnancy ... More
Markov Chain Models of Refugee Migration DataMar 19 2019The application of Markov chains to modelling refugee crises is explored, focusing on local migration of individuals at the level of cities and days. As an explicit example we apply the Markov chains migration model developed here to UNHCR data on the ... More
Privatizaciones, fusiones y adquisiciones: las grandes empresas en MéxicoMar 19 2019The present work has as principal objective analyze the evolution of the process of privatization, mergers and acquisitions of the big companies in the country in the last decades, to understand the conductive threads that formed the structural changes ... More
The Changing Geopolitics in the Arab World: Implications of the 2017 Gulf Crisis for BusinessMar 19 2019The international community was caught by surprise on 5 June 2017 when Saudi Arabia, the United Arab Emirates (UAE), Bahrain and Egypt severed diplomatic ties with Qatar, accusing it of destabilizing the region. More than one year after this diplomatic ... More
State-Building through Public Land Disposal? An Application of Matrix Completion for Counterfactual PredictionMar 19 2019How would the frontier have evolved in the absence of homestead policies? I apply a matrix completion method to predict the counterfactual time-series of frontier state capacity had there been no homesteading. In placebo tests, the matrix completion method ... More
Variety, Complexity and Economic DevelopmentMar 19 2019We propose a combinatorial model of economic development. An economy develops by acquiring new capabilities allowing for the production of an ever greater variety of products of increasingly complex products. Taking into account that economies abandon ... More
The effects of institutional quality on formal and informal borrowing across high-, middle-, and low-income countriesMar 19 2019This paper examines the effects of institutional quality on financing choice of individual using a large dataset of 137,160 people from 131 countries. We classify borrowing activities into three categories, including formal, constructive informal, and ... More
A micro-simulation model of irrigation farms in the southern Murray-Darling BasinMar 14 2019This paper presents a farm level irrigation microsimulation model of the southern Murray-Darling Basin. The model leverages detailed ABARES survey data to estimate a series of input demand and output supply equations, derived from a normalised quadratic ... More
Science Quality and the Value of InventionsMar 12 2019Despite decades of research, the relationship between the quality of science and the value of inventions has remained unclear. We present the result of a large-scale matching exercise between the universes of 4.8 million patent families and 43 million ... More
Science Quality and the Value of InventionsMar 12 2019Apr 03 2019Despite decades of research, the relationship between the quality of science and the value of inventions has remained unclear. We present the result of a large-scale matching exercise between 4.8 million patent families and 43 million publication records. ... More
Modeling, discretization, and hyperchaos detection of conformable derivative approach to a financial system with market confidence and ethics riskMar 11 2019Apr 02 2019A new chaotic financial system is proposed by considering ethics involvement in a four-dimensional financial system with market confidence. A five-dimensional conformable derivative financial system is presented by introducing conformable fractional calculus ... More
A fractional-order difference Cournot duopoly game with long memoryMar 11 2019We reconsider the Cournot duopoly problem in light of the theory for long memory. We introduce the Caputo fractional-order difference calculus to classical duopoly theory to propose a fractional-order discrete Cournot duopoly game model, which allows ... More
Stackelberg IndependenceMar 10 2019The standard model of sequential capacity choices is the Stackelberg quantity leadership model with linear demand. I show that under the standard assumptions, leaders' actions are informative about market conditions and independent of leaders' beliefs ... More
Retailer response to wholesale stockoutsMar 10 2019The purpose of this paper is to identify the immediate and future retailer response to wholesale stockouts. We perform a statistical analysis of historical customer order and delivery data of a local tool wholesaler and distributor, whose customers are ... More
Heterogeneous Impact of the Minimum Wage: Implications for Changes in Between- and Within-group InequalityMar 10 2019Workers who earn at or below the minimum wage in the United States are mostly either less educated, young, or female. This paper shows that changes in the real value of the minimum wage over recent decades have affected the relationship of hourly wages ... More
Entrepreneurship, Institutions, and Economic Growth: Does the Level of Development Matter?Mar 07 2019Entrepreneurship is often touted for its ability to generate economic growth. Through the creative-destructive process, entrepreneurs are often able to innovate and outperform incumbent organizations, all of which is supposed to lead to higher employment ... More
The Interdependence of Hierarchical Institutions: Federal Regulation, Job Creation, and the Moderating Effect of State Economic FreedomMar 07 2019Regulation is commonly viewed as a hindrance to entrepreneurship, but heterogeneity in the effects of regulation is rarely explored. We focus on regional variation in the effects of national-level regulations by developing a theory of hierarchical institutional ... More
Optimal Climate Strategy with Mitigation, Carbon Removal, and Solar GeoengineeringMar 05 2019Until recently, analysis of optimal global climate policy has focused on mitigation. Exploration of policies to meet the 1.5{\deg}C target have brought carbon dioxide removal (CDR), a second instrument, into the climate policy mainstream. Far less agreement ... More
Elusive Longer-Run Impacts of Head Start: Replications Within and Across CohortsMar 05 2019Apr 02 2019Using an additional decade of CNLSY data, this study replicated and extended Deming's (2009) evaluation of Head Start's life-cycle skill formation impacts in three ways. Extending the measurement interval for Deming's adulthood outcomes, we found no statistically ... More
Elusive Longer-Run Impacts of Head Start: Replications Within and Across CohortsMar 05 2019Using an additional decade of CNLSY data, this study replicated and extended Deming's (2009) evaluation of Head Start's life-cycle skill formation impacts in three ways. Extending the measurement interval for Deming's adulthood outcomes, we found no statistically ... More
Elusive Longer-Run Impacts of Head Start: Replications Within and Across CohortsMar 05 2019Mar 08 2019Using an additional decade of CNLSY data, this study replicated and extended Deming's (2009) evaluation of Head Start's life-cycle skill formation impacts in three ways. Extending the measurement interval for Deming's adulthood outcomes, we found no statistically ... More
Artificial Counselor System for Stock InvestmentMar 03 2019This paper proposes a novel trading system which plays the role of an artificial counselor for stock investment. In this paper, the stock future prices (technical features) are predicted using Support Vector Regression. Thereafter, the predicted prices ... More
Piketty's second fundamental law of capitalism as an emergent property in a kinetic wealth-exchange model of economic growthMar 03 2019We propose in this work a kinetic wealth-exchange model of economic growth by introducing saving as a non consumed fraction of production. In this new model, which starts also from microeconomic arguments, it is found that economic transactions between ... More