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Comparative Advantage, Complexity and Volatility

Krishna, Pravin - 2009

Less developed countries tend to experience higher output volatility, a fact that is, in part, explained by their specialization in more volatile sectors. This paper proposes theoretical explanations for this pattern of specialization -- with the complexity of the goods playing a central role....

Persistent link: https://www.econbiz.de/10013159737

Innovative Originality, Profitability, and Stock Returns

Hirshleifer, David A. - 2017

We propose that innovative originality (InnOrig) is a valuable organizational resource, and that owing to limited investor attention and skepticism of complexity, firms with greater InnOrig are undervalued. We find that firms' InnOrig strongly predicts higher, more persistent, and less volatile...

Persistent link: https://www.econbiz.de/10012955455

Decision-Making in Complex Households

A. Rangel, Marcos - 2019

Extremely rich data on farm households in Burkina Faso are used to test whether resource are allocated Pareto efficiently. The complexity of household structures, including multi-generation and polygynous households, is taken into account to developing tests from theoretical models of behavior....

Persistent link: https://www.econbiz.de/10012858407

Organizational Complexity and Balance Sheet Management in Global Banks

Cetorelli, Nicola - 2016

Banks have progressively evolved from being standalone institutions to being subsidiaries of increasingly complex financial conglomerates. We conjecture and provide evidence that the organizational complexity of the family of a bank is a fundamental driver of the business model of the bank...

Persistent link: https://www.econbiz.de/10012994377

Complex Disclosure

Jin, Ginger Zhe - 2018

We present evidence that complex disclosure can result from the strategic incentives to shroud information. We implement an experiment where senders are required to report their private information truthfully but can choose how complex to make their reports. We find that senders use complex...

Persistent link: https://www.econbiz.de/10012916904

A New Use of Importance Sampling to Reduce Computational Burden in Simulation Estimation

Ackerberg, Daniel A. - 2011

Method of Simulated Moments (MSM) estimators introduced by McFadden (1989)and Pakes and Pollard (1989) are of great use to applied economists. They are relatively easy to use even for estimating very complicated economic models. One simply needs to generate simulated data according to the model...

Persistent link: https://www.econbiz.de/10013127757

One-Node Quadrature Beats Monte Carlo : A Generalized Stochastic Simulation Algorithm

Judd, Kenneth L. - 2011

In conventional stochastic simulation algorithms, Monte Carlo integration and curve fitting are merged together and … stochastic simulation approach in which integration and curve fitting are separated. We specifically allow for the use of … achieve accuracy of solutions that is orders of magnitude higher than that of the conventional stochastic simulation …

Persistent link: https://www.econbiz.de/10013131303

Merging Simulation and Projection Approaches to Solve High-Dimensional Problems

Judd, Kenneth L. - 2012

We introduce an algorithm for solving dynamic economic models that merges stochastic simulation and projection … approaches: we use simulation to approximate the ergodic measure of the solution, we construct a fixed grid covering the support …

Persistent link: https://www.econbiz.de/10013098481

Estimating the Economic Impacts of Living Wage Mandates Using Ex Ante Simulations, Longitudinal Estimates, and New Public and Administrative Data : Evidence for New York City

Neumark, David - 2012

Policy researchers often have to estimate the future effect of imposing a policy in a particular location. There is often historical information on the effects of similar policies in other jurisdictions, but no information on the effects of the policy in the jurisdiction in question, and the...

Persistent link: https://www.econbiz.de/10013106657

Aging and Pension Reform : Extending the Retirement Age and Human Capital Formation

Vogel, Edgar - 2013

Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere. Conventional wisdom suggests that this will increase capital intensity with falling rates of return to capital and increasing...

Persistent link: https://www.econbiz.de/10013085913

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