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Black swans, dragon kings, and Bayesian risk management
Haas, Armin; Onischka, Mathias; Fucik, Markus - Institut für Weltwirtschaft (IfW) - 2013
In the past decades, risk management in the financial community has been dominated by data-intensive statistical … methods which rely on short historical time series to estimate future risk. Many observers consider this approach as a … contributor to the current financial crisis, as a long period of low volatility gave rise to an illusion of control from the …
Persistent link: https://www.econbiz.de/10010956151
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Alternative Payoff Mechanisms for Choice under Risk
Cox, James C.; Sadiraj, Vjollca; Schmidt, Ulrich - Institut für Weltwirtschaft (IfW) - 2014
individuals’ attitudes toward risk. It challenges the conventional view that the random lottery incentive mechanism introduces no … biases in inducing risk preferences …
Persistent link: https://www.econbiz.de/10010886962
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The Effects of the Real Exchange Rate Volatility and Misalignments on Foreign Trade Flows in Uzbekistan
Olimov, Ulugbek; Sirajiddinov, Nishanbay - Institut für Weltwirtschaft (IfW) - 2008
period of 1994q32005q2. The results suggest that the real exchange rate volatility and misalignment have depressing effects … volatility proving that the policy-induced changes in exchange rate has a stabilizing effect on trade flows. The implied … elasticity for the most significant real exchange rate volatility coefficient is 0.20. Using a two-step Engle-Granger technique …
Persistent link: https://www.econbiz.de/10005083383
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Multi-destination trips: A survey on incoming zourism in Sicily
Parroco, Anna Maria; Vaccina, Franco; De Cantis, Stefano; … - Institut für Weltwirtschaft (IfW) - 2012
Many pleasure trips are often characterized by the visit of more than a single destination. Despite the topic is well documented in literature, the empirical studies are limited to a few pioneering studies. This lack may be attributable to the failure of tourism organizations to collect data on...
Persistent link: https://www.econbiz.de/10010956053
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Environmental impact of the 2008 Beijing Olympic Games
Huijuan, Cao; Fujii, Hidemichi; Managi, Shunsuke - Institut für Weltwirtschaft (IfW) - 2013
Beijing organized the 2008 Summer Olympic Games, and the main goal of the Chinese government regarding this event was to hold a Green Olympics. A difference-in-differences approach was used to estimate the environmental impact the Olympic Games on air quality improvement in Beijing, compared to...
Persistent link: https://www.econbiz.de/10010956070
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Game of Organizing International Cricket: Co-Existence of Country-Line and Club-Line Games
Das, Satya Prasanna - Institut für Weltwirtschaft (IfW) - 2008
The paper presents an economic model of interaction between cricket boards, players and international club-line games sponsors like ICL or IPL. It attempts to capture the inherent conflict between such games and country-line games traditionally organized by cricket boards. It identifies the...
Persistent link: https://www.econbiz.de/10005083410
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Private and public incentive to reduce seasonality: A theoretical model
Cellini, Roberto; Rizzo, Giuseppe - Institut für Weltwirtschaft (IfW) - 2012
This paper presents a theoretical model to investigate the incentive of private producer and policymaker to reduce seasonality in a given market, where consumers derive different utilities from the consumption of the good in different seasons. The (seasonal) product differentiation is modelled...
Persistent link: https://www.econbiz.de/10009652728
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Clashes and compromises: Investment policies in tourism destinations
Candela, Guido; Castellani, Massimiliano; Mussoni, Maurizio - Institut für Weltwirtschaft (IfW) - 2012
The authors solve a linear problem where a potential conflict between two agents (Destination manager and Firm) arises in a tourism destination. Destination manager has to choose how to allocate limited resources (capital and land) between either second homes or hotels. This conflict stems from...
Persistent link: https://www.econbiz.de/10009646515
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Cruise tourism externalities and residents' support: A generalized ordered logit analysis
Brida, Juan Gabriel; Del Chiappa, Giacomo; Meleddu, Marta; … - Institut für Weltwirtschaft (IfW) - 2012
This paper investigates residents' preferences towards cruise tourism investment in their home port. The research uses data collected during the peak cruise season in 2011 at Messina, a port of call in Sicily, Italy. A generalized ordered logit analysis is run to analyse what factors influence...
Persistent link: https://www.econbiz.de/10009646516
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The effect of tourism on crime in Italy: A dynamic panel approach
Biagi, Bianca; Brandano, Maria Giovanna; Detotto, Claudio - Institut für Weltwirtschaft (IfW) - 2012
The purpose of this paper is to demonstrate that, all else being equal, for the case of Italy, tourist areas tend to have a greater amount of crime than non-tourist areas in the long run. Following the literature of the economics of crime à la Becker (1968) and Ehrlich (1973) and using a system...
Persistent link: https://www.econbiz.de/10009646518