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Confidentiality and linked dataJul 15 2019Data providers such as government statistical agencies perform a balancing act: maximising information published to inform decision-making and research, while simultaneously protecting privacy. The emergence of identified administrative datasets with ... More
Multi-Level Order-Flow Imbalance in a Limit Order BookJul 14 2019We study the \emph{multi-level order-flow imbalance (MLOFI)}, which measures the net flow of buy and sell orders at different price levels in a limit order book (LOB). Using a recent, high-quality data set for 6 liquid stocks on Nasdaq, we use Ridge regression ... More
Online Rental Housing Market Representation and the Digital Reproduction of Urban InequalityJul 13 2019As the rental housing market moves online, the Internet offers divergent possible futures: either the promise of more-equal access to information for previously marginalized homeseekers, or a reproduction of longstanding information inequalities. Biases ... More
A simulation of the insurance industry: The problem of risk model homogeneityJul 12 2019We develop an agent-based simulation of the catastrophe insurance and reinsurance industry and use it to study the problem of risk model homogeneity. The model simulates the balance sheets of insurance firms, who collect premiums from clients in return ... More
Singularities and Catastrophes in Economics: Historical Perspectives and Future DirectionsJul 12 2019Economic theory is a mathematically rich field in which there are opportunities for the formal analysis of singularities and catastrophes. This article looks at the historical context of singularities through the work of two eminent Frenchmen around the ... More
A global economic policy uncertainty index from principal component analysisJul 11 2019This paper constructs a global economic policy uncertainty index through the principal component analysis of the economic policy uncertainty indices for twenty primary economies around the world. We find that the PCA-based global economic policy uncertainty ... More
Relationships between different Macroeconomic Variables using VECMJul 09 2019Through this paper, an attempt has been made to quantify the underlying relationships between the leading macroeconomic indicators. More clearly, an effort has been made in this paper to assess the cointegrating relationships and examine the error correction ... More
Nonlinear price dynamics of S&P 100 stocksJul 09 2019The methodology presented provides a quantitative way to characterize investor behavior and price dynamics within a particular asset class and time period. The methodology is applied to a data set consisting of over 250,000 data points of the S&P 100 ... More
The evolving liaisons between the transaction networks of Bitcoin and its price dynamicsJul 08 2019Cryptocurrencies are distributed systems that allow exchanges of native tokens among participants, or the exchange of such tokens for fiat currencies in markets external to these public ledgers. The availability of their complete historical bookkeeping ... More
Optimal transport on large networks a practitioner guideJul 04 2019This article presents a set of tools for the modeling of a spatial allocation problem in a large geographic market and gives examples of applications. In our settings, the market is described by a network that maps the cost of travel between each pair ... More
Emergent inequality and endogenous dynamics in a simple behavioral macroeconomic modelJul 03 2019Standard macroeconomic models assume that households are rational in the sense that they are perfect utility maximizers, and explain economic dynamics in terms of shocks that drive the economy away from the stead-state. Here we build on a standard macroeconomic ... More
Sensitivity of Estimation Precision to Moments with an Application to a Model of Joint Retirement Planning of CouplesJul 03 2019This paper introduces measures for how each moment contributes to the precision of the parameter estimates in GMM settings. For example, one of the measures asks what would happen to the variance of the parameter estimates if a particular moment was dropped ... More
Machine learning and behavioral economics for personalized choice architectureJul 03 2019Behavioral economics changed the way we think about market participants and revolutionized policy-making by introducing the concept of choice architecture. However, even though effective on the level of a population, interventions from behavioral economics, ... More
P2P Loan acceptance and default prediction with Artificial IntelligenceJul 03 2019Logistic Regression and Support Vector Machine algorithms, together with Linear and Non-Linear Deep Neural Networks, are applied to lending data in order to replicate lender acceptance of loans and predict the likelihood of default of issued loans. A ... More
A Model of Presidential DebatesJul 02 2019Presidential debates are thought to provide an important public good by revealing information on candidates to voters. However, this may not always be the case. We consider an endogenous model of presidential debates in which an incumbent and a contender ... More
Solving the Reswitching Paradox in the Sraffian Theory of CapitalJul 02 2019The possibility of re-switching of techniques in Piero Sraffa's intersectoral model, namely the returning capital-intensive techniques with monotonic changes in the profit rate, is traditionally considered as a paradox putting at stake the viability of ... More
Optimal BookmakingJul 01 2019We introduce a general framework for continuous-time betting markets, in which a bookmaker can dynamically control the prices of bets on outcomes of random events. In turn, the prices set by the bookmaker affect the rate or intensity of bets placed by ... More
Emergence of multiplicity of time scales in the modeling of climate, matter, life, and economyJul 01 2019We address dfferences between characteristic times in climate change and show the universal emergence of multiple time scales in material sciences, biomedicine and economics.
Regularities in stock marketsJun 30 2019From the stock markets of six countries with high GDP, we study the stock indices, S&P 500 (NYSE, USA), SSE Composite (SSE, China), Nikkei (TSE, Japan), DAX (FSE, Germany), FTSE 100 (LSE, Britain) and NIFTY (NSE, India). The daily mean growth of the stock ... More
Why so many significant Phase 3 results in clinical trials?Jun 29 2019Planning and execution of clinical research and publication of results should conform to the highest ethical standards, given that human lives are at stake. However, economic incentives can generate conflicts of interest for investigators, who may be ... More
Are cryptocurrency traders pioneers or just risk-seekers? Evidence from brokerage accountsJun 27 2019Are cryptocurrency traders driven by a desire to invest in a new asset class to diversify their portfolio or are they merely seeking to increase their levels of risk? To answer this question, we use individual-level brokerage data and study their behavior ... More
The Coevolution of Banks and Corporate Securities Markets: The Financing of Belgium's Industrial Take-Off in the 1830sJun 26 2019Recent developments in the literature on financial architecture suggest that banks and markets not only coexist, but also coevolve in ways that are non-neutral from the viewpoint of optimality. This article aims to analyse the concrete mechanisms of this ... More
The Syntax of the Accounting Language: A First StepJun 26 2019We review and interpret two basic propositions published by Ellerman (2014). The propositions address the algebraic structure of T accounts and double entry bookkeeping (DEB). The paper builds on this previous contribution with the view of reconciling ... More
Long Run Feedback in the Broker Call Money MarketJun 24 2019I unravel the basic long run dynamics of the broker call money market, which is the pile of cash that funds margin loans to retail clients (read: continuous time Kelly gamblers). Call money is assumed to supply itself perfectly inelastically, and to continuously ... More
A New Solution to Market Definition: An Approach Based on Multi-dimensional Substitutability StatisticsJun 24 2019Market definition is an important component in the premerger investigation, but the models used in the market definition have not developed much in the past three decades since the Critical Loss Analysis (CLA) was proposed in 1989. The CLA helps the Hypothetical ... More
Identify and understand pay-it-forward reciprocity using millions of online red packetsJun 24 2019Pay-it-forward reciprocity encourages the spread of prosocial behavior. However, existing empirical evidence of pay-it-forward behavior has been largely based on laboratory experiments, which are limited in sample size and external validity. Extending ... More
BERT-based Financial Sentiment Index and LSTM-based Stock Return PredictabilityJun 21 2019Traditional sentiment construction in finance relies heavily on the dictionary-based approach, with a few exceptions using simple machine learning techniques such as Naive Bayes classifier. While the current literature has not yet invoked the rapid advancement ... More
A bibliometric analysis of Bitcoin scientific productionJun 21 2019Blockchain technology, and more specifically Bitcoin (one of its foremost applications), have been receiving increasing attention in the scientific community. The first publications with Bitcoin as a topic, can be traced back to 2012. In spite of this ... More
A network approach to cartel detection in public auction marketsJun 20 2019Competing firms can increase profits by setting prices collectively, imposing significant costs on consumers. Such groups of firms are known as cartels and because this behavior is illegal, their operations are secretive and difficult to detect. Cartels ... More
Multiscale cross--correlations and triangular arbitrage opportunities in the ForexJun 18 2019Multifractal Detrended Cross-Correlation methodology is applied to the foreign exchange (Forex) market. High frequency fluctuations of exchange rates of eight major world currencies over the period 2010--2018 are used to study cross-correlations. The ... More
CostMAP: An open-source software package for developing cost surfacesJun 17 2019Cost Surfaces are a quantitative means of assigning social, environmental, and engineering costs that impact movement across landscapes. Cost surfaces are a crucial aspect of route optimization and least cost path (LCP) calculations and are used in a ... More
The winner takes it all -- How to win network globalizationJun 14 2019Quantifying the importance and power of individual nodes depending on their position in socio-economic networks constitutes a problem across a variety of applications. Examples include the reach of individuals in (online) social networks, the importance ... More
On Capital Allocation under Time and Information ConstraintsJun 14 2019Attempts to allocate capital to a selection of different investment objects often face the problem that investors' decisions are made under limited information (no historical return data) and an extremely limited timeframe. Nevertheless, in some cases, ... More
An agent-based model for designing a financial market that works wellJun 14 2019Designing a financial market that works well is very important for developing and maintaining an advanced economy, but is not easy because changing detailed rules, even ones that seem trivial, sometimes causes unexpected large impacts and side effects. ... More
Information-theoretic measures for non-linear causality detection: application to social media sentiment and cryptocurrency pricesJun 13 2019Information transfer between time series is calculated by using the asymmetric information-theoretic measure known as transfer entropy. Geweke's autoregressive formulation of Granger causality is used to find linear transfer entropy, and Schreiber's general, ... More
Information-theoretic measures for non-linear causality detection: application to social media sentiment and cryptocurrency pricesJun 13 2019Jun 17 2019Information transfer between time series is calculated by using the asymmetric information-theoretic measure known as transfer entropy. Geweke's autoregressive formulation of Granger causality is used to find linear transfer entropy, and Schreiber's general, ... More
The pattern of economies green growth: The role of path dependency in Green Economy expansionJun 12 2019Existing research argues that countries increase their production baskets based on the available capabilities, adding products which require similar capabilities to those already produced, a process referred to as path dependency. Expansions to include ... More
Loan maturity aggregation in interbank lending networks obscures mesoscale structure and economic functionsJun 12 2019Since the 2007-2009 financial crisis, substantial academic effort has been dedicated to improving our understanding of interbank lending networks (ILNs). Because of data limitations or by choice, the literature largely lacks multiple loan maturities. ... More
ProPublica's COMPAS Data RevisitedJun 11 2019In this paper I re-examine the COMPAS recidivism score and criminal history data collected by ProPublica in 2016, which has fueled intense debate and research in the nascent field of `algorithmic fairness' or `fair machine learning' over the past three ... More
ProPublica's COMPAS Data RevisitedJun 11 2019Jun 13 2019In this paper I re-examine the COMPAS recidivism score and criminal history data collected by ProPublica in 2016, which has fueled intense debate and research in the nascent field of `algorithmic fairness' or `fair machine learning' over the past three ... More
Ergodicity-breaking reveals time optimal economic behavior in humansJun 11 2019Jun 12 2019Ergodicity describes an equivalence between the expectation value and the time average of observables. Applied to human behaviour, ergodic theory reveals how individuals should tolerate risk in different environments. To optimise wealth over time, agents ... More
Ergodicity-breaking reveals time optimal economic behavior in humansJun 11 2019Ergodicity describes an equivalence between the expectation value and the time average of observables. Applied to human behaviour, ergodic theory reveals how individuals should tolerate risk in different environments. To optimise wealth over time, agents ... More
Ergodicity-breaking reveals time optimal economic behavior in humansJun 11 2019Jun 19 2019Ergodicity describes an equivalence between the expectation value and the time average of observables. Applied to human behaviour, ergodic theory reveals how individuals should tolerate risk in different environments. To optimise wealth over time, agents ... More
Bayesian Estimation of Economic Simulation Models using Neural NetworksJun 11 2019Recent advances in computing power and the potential to make more realistic assumptions due to increased flexibility have led to the increased prevalence of simulation models in economics. While models of this class, and particularly agent-based models, ... More
Automation and occupational mobility: A data-driven network modelJun 10 2019Many existing jobs are prone to automation, but since new technologies also create new jobs it is crucial to understand job transitions. Based on empirical data we construct an occupational mobility network where nodes are occupations and edges represent ... More
Predicting Patent Citations to measure Economic Impact of Scholarly ResearchJun 07 2019A crucial goal of funding research and development has always been to advance economic development. On this basis, a consider-able body of research undertaken with the purpose of determining what exactly constitutes economic impact and how to accurately ... More
Learning from Others in the Financial MarketJun 07 2019Prediction problems in finance go beyond estimating the unknown parameters of a model (e.g of expected returns). This is because such a model would have to include knowledge about the market participants' propensity to change their opinions on the validity ... More
Market Implementation of Multiple-Arrival Multiple-Deadline Differentiated Energy ServicesJun 07 2019An increasing concern in power systems is on how to elicit flexibilities in demands for better supply/demand balance. To this end, several differentiated energy services have been put forward, wherein demands are discriminated by their different flexibility ... More
The route to chaos in routing games: Population increase drives period-doubling instability, chaos & inefficiency with Price of Anarchy equal to oneJun 06 2019We study a learning dynamic model of routing (congestion) games to explore how an increase in the total demand influences system performance. We focus on non-atomic routing games with two parallel edges of linear cost, where all agents evolve using Multiplicative ... More
The emerging sectoral diversity of startup ecosystemsJun 06 2019Thanks to the recent availability of comprehensive and detailed online databases of startup companies, it has become possible to more directly investigate startup ecosystems i.e. startup populations in specific regions. In this paper, we analyze the emergence ... More
Mapping the Sahelian SpaceJun 05 2019This chapter examines the geographical meaning of the Sahel, its fluid boundaries, and its spatial dynamics. Unlike other approaches that define the Sahel as a bioclimatic zone or as an ungoverned area, it shows that the Sahel is primarily a space of ... More
Game-Theoretic Optimal Portfolios in Continuous TimeJun 05 2019We consider a two-person trading game in continuous time whereby each player chooses a constant rebalancing rule $b$ that he must adhere to over $[0,t]$. If $V_t(b)$ denotes the final wealth of the rebalancing rule $b$, then Player 1 (the `numerator player') ... More
Battling Antibiotic Resistance: Can Machine Learning Improve Prescribing?Jun 05 2019Antibiotic resistance constitutes a major health threat. Predicting bacterial causes of infections is key to reducing antibiotic misuse, a leading driver of antibiotic resistance. We train a machine learning algorithm on administrative and microbiological ... More
The temporal evolution of venture investment strategies in sector spaceJun 05 2019We analyze the sectoral dynamics of startup venture financing. Based on a dataset of 52000 start-ups and 110000 funding rounds in the United States from 2000 to 2017, and by applying both Principal Component Analysis (PCA) and Tensor Component Analysis ... More
Trading in Complex NetworksJun 04 2019Global supply networks in agriculture, manufacturing, and services are a defining feature of the modern world. The efficiency and the distribution of surpluses across different parts of these networks depend on choices of intermediaries. This paper conducts ... More
Kinetic Market Model: An Evolutionary AlgorithmJun 04 2019This research proposes the econophysics kinetic market model as an evolutionary algorithm's instance. The immediate results from this proposal is a new replacement rule for family competition genetic algorithms. It also represents a starting point to ... More
Two Resolutions of the Margin Loan Pricing PuzzleJun 03 2019This paper supplies two possible resolutions of Fortune's (2000) margin-loan pricing puzzle. Fortune (2000) noted that the margin loan interest rates charged by stock brokers are very high in relation to the actual (low) credit risk and the cost of funds. ... More
The Laws of Motion of the Broker Call Rate in the United StatesJun 03 2019In this paper, which is the third installment of the author's trilogy on margin loan pricing, we analyze $1,367$ monthly observations of the U.S. broker call money rate, which is the interest rate at which stock brokers can borrow to fund their margin ... More
Artificial Intelligence and Big Data in Entrepreneurship: A New Era Has BegunJun 03 2019While the disruptive potential of artificial intelligence (AI) and Big Data has been receiving growing attention and concern in a variety of research and application fields over the last few years, it has not received much scrutiny in contemporary entrepreneurship ... More
For Whom the Bell (Curve) Tolls: A to F, Trade Your Grade Based on the Net Present Value of Friendships with Financial IncentivesJun 03 2019We discuss a possible solution to an unintended consequence of having grades, certificates, rankings and other diversions in the act of transferring knowledge; and zoom in specifically to the topic of having grades, on a curve. We conduct a thought experiment, ... More
Sentiment-Driven Stochastic Volatility Model: A High-Frequency Textual Tool for EconomistsMay 31 2019We propose how to quantify high-frequency market sentiment using high-frequency news from NASDAQ news platform and support vector machine classifiers. News arrive at markets randomly and the resulting news sentiment behaves like a stochastic process. ... More
The Network Effect in Credit Concentration RiskMay 31 2019Measurement and management of credit concentration risk is critical for banks and relevant for micro-prudential requirements. While several methods exist for measuring credit concentration risk within institutions, the systemic effect of different institutions' ... More
On Policy Evaluation with Aggregate Time-Series ShocksMay 31 2019In this paper we construct a parsimonious causal model that addresses multiple issues researchers face when trying to use aggregate time-series shocks for policy evaluation: (a) potential unobserved aggregate confounders, (b) availability of various unit-level ... More
Resolving New Keynesian Anomalies with Wealth in the Utility FunctionMay 31 2019The New Keynesian model makes several anomalous predictions at the zero lower bound: collapse of output and inflation, and implausibly large effects of forward guidance and government spending. To resolve these anomalies, we introduce wealth into the ... More
Learned Sectors: A fundamentals-driven sector reclassification projectMay 31 2019Market sectors play a key role in the efficient flow of capital through the modern Global economy. We analyze existing sectorization heuristics, and observe that the most popular - the GICS (which informs the S&P 500), and the NAICS (published by the ... More
Labor Market Outcomes and Early Schooling: Evidence from School Entry Policies Using Exact Date of BirthMay 30 2019We use a rich, census-like Brazilian dataset containing information on spatial mobility, schooling, and income in which we can link children to parents to assess the impact of early education on several labor market outcomes. Brazilian public primary ... More
Heuristics in Multi-Winner Approval VotingMay 28 2019In many real world situations, collective decisions are made using voting. Moreover, scenarios such as committee or board elections require voting rules that return multiple winners. In multi-winner approval voting (AV), an agent may vote for as many ... More
Heuristics in Multi-Winner Approval VotingMay 28 2019May 30 2019In many real world situations, collective decisions are made using voting. Moreover, scenarios such as committee or board elections require voting rules that return multiple winners. In multi-winner approval voting (AV), an agent may vote for as many ... More
Monetary Stabilization in Cryptocurrencies - Design Approaches and Open QuestionsMay 28 2019The price volatility of cryptocurrencies is often cited as a major hindrance to their wide-scale adoption. Consequently, during the last two years, multiple so called stablecoins have surfaced---cryptocurrencies focused on maintaining stable exchange ... More
Graph-based era segmentation of international financial integrationMay 28 2019Assessing world-wide financial integration constitutes a recurrent challenge in macroeconometrics, often addressed by visual inspections searching for data patterns. Econophysics literature enables us to build complementary, data-driven measures of financial ... More
Perception towards Electric Vehicles and the Impact on Consumers' PreferenceMay 28 2019Relative advantage, or the degree to which a new technology is perceived to be better than an existing technology which is being replaced, has a significant impact on individuals decisions on when, how and to what extent to adopt. An integrated choice ... More
Autonomous Driving and Residential Location Preferences: Evidence from a Stated Choice SurveyMay 27 2019This paper seeks to advance the understanding of the potential impacts of autonomous vehicles (AVs) on travel behaviour and land use by investigating stated preferences for combinations of residential locations and travel options for the commute in the ... More
Contest Architecture with Public DisclosuresMay 27 2019May 28 2019I study optimal disclosure policies in sequential contests. A contest designer chooses at which periods to publicly disclose the efforts of previous contestants. I provide results for a wide range of possible objectives for the contest designer. While ... More
Invoice Financing of Supply Chains with Blockchain technology and Artificial IntelligenceMay 25 2019Supply chains lend themselves to blockchain technology, but certain challenges remain, especially around invoice financing. For example, the further a supplier is removed from the final consumer product, the more difficult it is to get their invoices ... More
Technological Learning and Innovation Gestation Lags at the Frontier of Science: from CERN Procurement to PatentMay 23 2019This paper contributes to the literature on the impact of Big Science Centres on technological innovation. We exploit a unique dataset with information on CERN's procurement orders to study the collaborative innovation process between CERN and its industrial ... More
The perils of automated fitting of datasets: the case of a wind turbine cost modelMay 21 2019Rinne et al. conduct an interesting analysis of the impact of wind turbine technology and land-use on wind power potentials, which allows profound insights into each factors contribution to overall potentials. The paper presents a detailed model of site-specific ... More
Robust measurement of innovation performances in Europe with a hierarchy of interacting composite indicatorsMay 18 2019For long time the measurement of innovation has been in the forefront of policy makers' and researchers' agenda worldwide. Therefore, there is an ongoing debate about which indicators should be used to measure innovation. Recent approaches have favoured ... More
Driver Surge PricingMay 18 2019Uber and Lyft ride-hailing marketplaces use dynamic pricing, often called surge, to balance the supply of available drivers with the demand for rides. We study pricing mechanisms for such marketplaces from the perspective of drivers, presenting the theoretical ... More
A Comment on "Estimating Dynamic Discrete Choice Models with Hyperbolic Discounting" by Hanming Fang and Yang WangMay 16 2019Jul 03 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
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
Impacts of Japan's Automobile NOx Law of 1992May 11 2019This study investigates the impacts of the Automobile NOx Law of 1992 on four pollutants in Japan. By utilizing monitoring data between 1897 and 1997, we found that the regulation decreased the level of SO2 by approximately 12.4%. The improving effects ... 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
Unconventional Exchange: Methods for Statistical Analysis of Virtual GoodsMay 06 2019Jun 18 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
Computing a Data DividendMay 06 2019Jun 27 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