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A Probabilistic Solution to High-Dimensional Continuous-Time Macro and Finance Models
Huang, Ji - 2023
This paper introduces the probabilistic formulation of continuous-time economic models: forward stochastic differential equations (SDE) govern the dynamics of backward-looking variables, and backward SDEs capture that of forward-looking variables. Deep learning streamlines the search for the...
Persistent link: https://www.econbiz.de/10014345557
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Using chebyshev polynomials to approximate partial differential equations
Caporale, Guglielmo Maria; Cerrato, Mario - 2008
This paper suggests a simple method based on a Chebyshev approximation at Chebyshev nodes to approximate partial differential equations. It consists in determining the value function by using a set of nodes and basis functions. We provide two examples: pricing a European option and determining...
Persistent link: https://www.econbiz.de/10010264366
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Production technologies in stochastic continuous time models
Wälde, Klaus - 2009
qualitative analysis. Very precise and intuition-building results are obtained by working with models which provide closed …
Persistent link: https://www.econbiz.de/10010277094
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"Ito's Lemma" and the Bellman equation for poisson processes : an applied view
Sennewald, Ken; Wälde, Klaus - 2006
Using the Hamilton-Jacobi-Bellman equation, we derive both a Keynes-Ramsey rule and a closed form solution for an optimal consumption-investment problem with labor income. The utility function is unbounded and uncertainty stems from a Poisson process. Our results can be derived because of the...
Persistent link: https://www.econbiz.de/10010261427
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Weather Shocks and Migration Intentions in Western Africa : Insights from a Multilevel Analysis
Bertoli, Simone - 2020
We use a multilevel approach to characterize the relationship between weather shocks and (internal and international …) migration intentions. We combine individual survey data on migration intentions with measures of localized weather shocks for … Western African countries over 2008-2016. A meta-analysis on results from about 310,000 regressions is conducted to identify …
Persistent link: https://www.econbiz.de/10012842387
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Heat and Learning
Goodman, Joshua - 2019
We demonstrate that heat inhibits learning and that school air-conditioning mitigates this effect. Student fixed effects models using 10 million PSAT-retakers show hotter school days in years before the test reduce scores, with extreme heat being particularly damaging. Weekend and summer heat...
Persistent link: https://www.econbiz.de/10012892281
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Is Western European Agriculture Resilient to High Temperatures?
Massetti, Emanuele - 2019
We estimate a Ricardian model of Western European agricultural land values using farm-level data. We model the effect of temperature on land values using a flexible specification of daily mean temperature to test if there are temperature threshold effects. Results indicate that there are no...
Persistent link: https://www.econbiz.de/10012892286
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Trust, Temperature Fluctuations, and Asylum Applications
Carattini, Stefano - 2020
weather on migration. This effect is driven by the role of trust in increasing adaptive capacity. However, for severe …
Persistent link: https://www.econbiz.de/10012823562
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Sea Surface Temperature and Tuna Catch in the Eastern Pacific Ocean Under Climate Change
Mediodia, Hanny John - 2020
The increase in sea surface temperature (SST) is one of the primary consequences of climate change and has the potential to impact tuna fisheries. This paper theoretically models and then applies the production function approach to establish a positive but non-linear relationship between catch...
Persistent link: https://www.econbiz.de/10012823563
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A Primer on Weather and Climate Intervention for Economists
Knowles, Scott - 2019
There is limited public discourse and understanding about the history and science of weather and climate intervention …, though scientists have researched, tested and implemented numerous methods of weather modification for six decades. Also … change and associated increasing occurrence of extreme weather events, there has not been a more providential moment to …
Persistent link: https://www.econbiz.de/10012872068