Most equivalence scales which are applied in research on poverty and inequality do not depend on income, although there is strong empirical evidence that equivalence scales in fact are income dependent. This paper explores the consistency of results derived from income independent and income...

Empirically analyzing household behavior usually relies on informal data preprocessing. That is, before an econometric model is estimated, observations are selected in such a way that the resulting subset of data can be assumed to be sufficiently homogeneous with respect to the specific research...

Gordon Tullock has been one of the most important founders and contributors to Public Choice. Two innovations are typical “Tullock Challenges." The first relates to method: The measurement of subjective well-being, or happiness. The second relates to digital social networks such as Facebook,...

The co-dependence between assets tends to increase when the market declines. This paper develops a correlation measure focusing on market declines using the expected shortfall (ES), referred to as the ES-implied correlation, to improve the existing value at risk (VaR)-implied correlation....

The country has an area of 18,000 km spread over 332 islands, of which about 110 are inhabited. Most of the population lives on two large islands, Viti Levu and Vanua Levu. Fiji faces significant development challenges, and the government has set ambitious development objectives to address them....

In this paper, we study the statistical properties of heterogeneous agent models with incomplete markets. Using a Bewley-Hugget-Aiyagari model we compute the equilibrium density function of wealth and show how it can be used for likelihood inference. We investigate the identifiability of the...

Established tests for proper calibration of multivariate density forecasts based on Rosenblatt probability integral transforms can be manipulated by changing the order of variables in the forecasting model. We derive order invariant tests. The new tests are applicable to densities of arbitrary...

The higher-level purpose of this study is to provide information to be used to raise the ambition of Georgia's nationally determined contribution (NDCs) and to consider adaptation targets for the Black Sea coast of Georgia. The study also aims to highlight how supporting a blue economy can...

Reliable early warning signals are essential for timely implementation of macroeconomic and macro-prudential policies. This paper presents an early warning system as a set of multi-period forecasts of indicators of tail real and financial (systemic) risks. Forecasts are obtained from: (a)...

Combining nightlight data as a proxy for economic activity with remote sensing data typically used for natural hazard modeling, this paper constructs novel damage indices at the district level for Indonesia, for different disaster events such as floods, earthquakes, volcanic eruptions and the...