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The labour market effects of VAT harmonisation in a multicountry AGE model
Duncan, Alan S.; Hutton, John P.; Laroui, Fouad; … - 1997
This paper considers the sensitivity of policy simulation to the specification of the labour market in an Applied General Equilibrium (AGE) model of the European Union. We consider a variety of adjustments to the labour market, including the introduction of labour supply heterogeneity and...
Persistent link: https://www.econbiz.de/10010405337
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Signalling effects of a large player in a global game of creditor coordination
Schüle, Tobias (contributor); Stadler, Manfred (contributor) - 2005
In case of multiple creditors a coordination problem can arise when the borrowingfirm runs into financial distress. Even if the project's value at maturity is enoughto pay all creditors in full, some creditors may be tempted to foreclose on theirloans. We develop a model of creditor coordination...
Persistent link: https://www.econbiz.de/10003636427
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Deriving the dependence structure of portfolio credit derivatives using evolutionary algorithms
Hager, Svenja (contributor); Schöbel, Rainer (contributor) - 2006
Even if the correct modeling of default dependence is essential for the valuation of portfolio credit derivatives, for the pricing of synthetic CDOs a one-factor Gaussian copula model with constant and equalpairwise correlationsfor all assets in the reference portfolio has become the standard...
Persistent link: https://www.econbiz.de/10003636680
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Losing the lead: Patents and the disclosure requirement
Zaby, Alexandra (contributor) - 2005
This paper analyzes the patenting decision of a successful inventor in a model of dynamic technology adoption with asymmetric firms. We show that the extent of the inventor's technological headstart is decisive for his patenting behavior. The overall patenting effect consists of two parts, a...
Persistent link: https://www.econbiz.de/10003636699
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Können Studiengebühren eine Signalling- und Screeningfunktion ausüben?
Fischer, Michaela (contributor) - 2008
Am 26. Januar 2005 hat das Bundesverfassungsgericht das Studiengebührenverbot aufgehoben. Damit ist es den einzelnen Bundesländern freigestellt, ob sie Gebühren erheben oder nicht. Während in der Literatur zum Thema Studiengebühren deren Finanzierungsfunktion im Vordergrund steht, widmet...
Persistent link: https://www.econbiz.de/10003729121
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Offener Regionalismus als pareto-verbessernde Integrationsform
Duijm, Bernhard (contributor) - 2004
Persistent link: https://www.econbiz.de/10002120551
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Welfare effects of fiscal policy under alternative exchange rate regimes : the role of the scale variable of money demand
Pitterle, Ingo (contributor); Steffen, Dirk (contributor) - 2004
Persistent link: https://www.econbiz.de/10002120614
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Credibility theory and filter theory in discrete and continuous time
Maier, Ramona; Merz, Michael - 2008
It is well known that credibility theory in discrete time is closely related to the discrete technique of Kalman … filtering. In this paper we show the close relationship between credibility theory and filter theory in discrete and continuous … time as well as between credibility theory in a discrete and continuous time setting. …
Persistent link: https://www.econbiz.de/10003839564
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Pricing American options with Mellin transforms
Frontczak, Robert; Schöbel, Rainer - 2008
Mellin transforms in option pricing theory were introduced by Panini and Srivastav (2004). In this contribution, we …
Persistent link: https://www.econbiz.de/10003839565
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On modified Mellin transforms, Gauss-Laguerre quadrature, and the valuation of American call options
Frontczak, Robert; Schöbel, Rainer - 2009
We extend a framework based on Mellin transforms and show how to modify the approach to value American call options on dividend paying stocks. We present a new integral equation to determine the price of an American call option and its free boundary using modi ed Mellin transforms. We also show...
Persistent link: https://www.econbiz.de/10003839567