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Revealed preference and nonparametric analysis : continuous extensions and recoverability

Heufer, Jan - 2012

This paper shows how revealed preference relations, observed under general budget sets, can be extended using closure operators which impose certain assumptions on preferences. Common extensions are based on the assumption that preferences are convex and/or monotonic, but we also consider...

Persistent link: https://www.econbiz.de/10009579263

Quasi-experimental methods in empirical regional science and policy analysis : is there a scope for application?

Mitze, Timo; Paloyo, Alfredo R.; Alecke, Björn - 2012

revolution has yet to fully propagate to the field of regional science. We examine the scope for application of the matching … the matching approach is very appealing due to its methodological rigor and didactical clarity, we faced difficulties in … structural characteristics. Thus, results have to be interpreted with some caution. The matching approach nevertheless can be of …

Persistent link: https://www.econbiz.de/10009669444

When outcome heterogeneously matters for selection : a generalized selection correction estimator

Reichert, Arndt; Tauchmann, Harald - 2012

The classical Heckman (1976, 1979) selection correction estimator (heckit) is misspecified and inconsistent if an interaction of the outcome variable and an explanatory variable matters for selection. To address this specification problem, a full information maximum likelihood estimator and a...

Persistent link: https://www.econbiz.de/10009669647

Do coalitions really cause larger government expenditures? : mixed evidence from a regression discontinuity design

Garmann, Sebastian - 2012

This paper measures the causal effect of coalition vs. single-party governments on fiscal policies using a data set of 396 municipalities in the German state of North Rhine-Westphalia in the time period 1985-2004. Using a regression discontinuity design to take the endogeneity of the type of...

Persistent link: https://www.econbiz.de/10009580158

Public self-insurance and the Samaritan's Dilemma in a federation

Lohse, Tim; Robledo, Julio R. - 2012

Motivated by recent disasters, this paper analyzes the risk sharing aspect in a federation. The regions can be hit by a shock leading to losses that occur with an exogenous probability and in a stochastically independent way. The regions can spend effort on self-insurance to reduce the size of...

Persistent link: https://www.econbiz.de/10009579238

A new outside option value for networks : the Kappa-value : measuring distribution of power of political agreements

Belau-Garmann, Julia - 2012

In an economic or social situation where agents have to group in order to achieve common goals, how can we calculate the coalitional rents of the agents arising from the coalition formation? Once we have formalized the situation via a TU-game and a network describing the economic structure, we...

Persistent link: https://www.econbiz.de/10009579247

Like father, like son : inheriting and bequeathing

Kunze, Lars - 2012

Empirical evidence suggests that parents who have themselves inherited from their own parents are more likely to leave an estate to their children even after controlling for income, wealth and education. This implies an indirect reciprocal behavior between three generations by transmitting the...

Persistent link: https://www.econbiz.de/10009579282

Pricing synthetic CDOs using a three regime Random-Factor-Loading Model

Messow, Philip - 2012

Synthetic Collateralized Debt Obligations (CDOs) were among the driving forces of the rapid growth of the market for credit derivatives in recent years. Possibly the most popular model beside the Gaussian copula for pricing CDO tranches is the Random-Factor-Loading-Model of Andersen and Sidenius...

Persistent link: https://www.econbiz.de/10009579285

Lottery versus all-pay auction contests : a revenue dominance theorem

Franke, Jörg; Kanzow, Christian; Leininger, Wolfgang; … - 2012

We allow a contest organizer to bias a contest in a discriminatory way, that is, she can favor specific contestants through the choice of contest success functions in order to maximize total equilibrium effort (resp. revenue). The scope for revenue enhancement through biasing is analyzed and...

Persistent link: https://www.econbiz.de/10009579412

Structural change and spurious persistence in stochastic volatility

Krämer, Walter; Messow, Philip - 2012

We extend the well established link between structural change and estimated persistence from GARCH to stochastic volatility (SV) models. Whenever structural changes in some model parameters increase the empirical autocorrelations of the squares of the underlying time series, the persistence in...

Persistent link: https://www.econbiz.de/10009580046