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Relative performance of liability rules : experimental evidence

Angelova, Vera; Attanasi, Giuseppe; Hiriart, Yolande - 2016

cannot always be compensated. A firm can invest in safety to reduce the likelihood of accidents. The firm's investment is … increasing prevention. We determine the investment in safety under No Liability, Strict Liability and Negligence, and compare it … the firm's behavior. An experiment tests the theoretical predictions. In line with theory, Strict Liability and Negligence …

Persistent link: https://www.econbiz.de/10011530056

Are correlations constant over time? : application of the CC-TRIGt-test to return series from different asset classes

Fischer, Matthias (contributor) - 2007

A new test for constant correlation is proposed. Based on the bivariate Student-t distribution, this test is derived as Lagrange multiplier (LM) test. Whereas most of the traditional tests (e.g. Jennrich, 1970, Tang, 1995 and Goetzmann, Li & Rouwenhorst, 2005) specify the unknown correlations as...

Persistent link: https://www.econbiz.de/10003633489

Limited enforceable international loans, international risk sharing and trade

Scholl, Almuth (contributor) - 2005

This paper analyzes the impact of limited enforceable international loans on international risk sharing and trade fluctuations in a two-country two-good endowment economy. Our specification of the punishment threat allows the exclusion from trade to last only finitely many periods and...

Persistent link: https://www.econbiz.de/10003324110

Can crop yield risk be globally diversified?

Liu, Xiaoliang; Xu, Wei; Odening, Martin - 2011

In 2007 and 2008 world food markets observed a significant price boom. Crop failures simultaneously occurring in some … of the world's major production regions have been quoted as one factor among others for the price boom. Against this …

Persistent link: https://www.econbiz.de/10008905982

Time varying hierarchical archimedean copulae

Härdle, Wolfgang; Okhrin, Ostap; Okhrin, Yarema - 2010

There is increasing demand for models of time-varying and non-Gaussian dependencies for mul- tivariate time-series. Available models suffer from the curse of dimensionality or restrictive assumptions on the parameters and the distribution. A promising class of models are the hierarchical...

Persistent link: https://www.econbiz.de/10003953027

On the timing of climate agreements

Schmidt, Robert C.; Strausz, Roland - 2014

A central issue in climate policy is the question whether long-term targets for green- house gas emissions should be adopted. This paper analyzes strategic effects related to the timing of such commitments. Using a two-country model, we identify a redistributive effect that undermines long-term...

Persistent link: https://www.econbiz.de/10010402948

Volatility of price indices for heterogeneous goods

Bocart, Fabian Y. R. P.; Hafner, Christian M. - 2012

Price indices for heterogenous goods such as real estate or fine art constitute crucial information for institutional or private investors considering alternative investments in times of financial markets turmoil. Classical mean-variance analysis of alternative investments has been hampered by...

Persistent link: https://www.econbiz.de/10009540165

The labor share : a review of theory and evidence

Schneider, Dorothee - 2011

Persistent link: https://www.econbiz.de/10009349127

Goodness-of-fit test for specification of semiparametric copula dependence models

Zhang, Shulin; Okhrin, Ostap; Zhou, Qian M.; Song, … - 2013

statistics, so that the resulting test will make a desirable test power among the involved tests. This hybrid method is …

Persistent link: https://www.econbiz.de/10009789426

From animal baits to investors' preference : estimating and demixing of the weight function in semiparametric models for biased samples

Ritov, Ya'acov (contributor); Härdle, Wolfgang (contributor) - 2007

We consider two semiparametric models for the weight function in a bias sample model. The object of our interest parametrizes the weight function, and it is either Euclidean or non Euclidean. One of the models discussed in this paper is motivated by the estimation the mixing distribution of...

Persistent link: https://www.econbiz.de/10003633700

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