Dynamic externalities are at the core of many long-term environmental problems, from species preservation to climate change mitigation. We use laboratory experiments to compare welfare outcomes and underlying behavior in games with dynamic externalities under two distinct settings: traditionally...

Every political dispensation in recent decades has taken the view that the country has to be able to feed itself. For the country’s political leaders and the agriculture bureaucracy, this has meant that rice, the country’s staple food, has to be locally produced at quantity sufficient to...

Theoretical and empirical support for a more liberal trading environment has grown increasingly over the years. In the last decade, many countries have aggressively pursued unilateral trade liberalization. Based on decadal growth rates, globalizing developing countries has outpaced growth of...

Dynamic externalities are at the core of many long-term environmental problems, from species preservation to climate change mitigation. We use laboratory experiments to compare welfare outcomes and underlying behavior in games with dynamic externalities under two distinct settings:...

The high level of extreme poverty or those experiencing hunger in the country is the most pressing issue that needs to be addressed by our policymakers. Official government statistics and data from self-rated hunger surveys show an increasing trend in hunger incidence among households. On the...

The population debate in the country has been dynamic and contentious. On the one hand, proponents of population management say that the rapid population growth in the Philippines has hindered the country’s economic development. On the other hand, others are saying that population growth is...

Stylized facts on financial time series data are the volatility of returns that follow non-normal conditions such as leverage effects and heavier tails leading returns to have heavier magnitudes of extreme losses. Value-at-risk is a standard method of forecasting possible future losses in...

Asset allocation and risk calculations depend largely on volatile models. The parameters of the volatility models are estimated using either the Maximum Likelihood (ML) or the Quasi-Maximum Likelihood (QML). By comparing the out-of-sample forecasting performance of 68 ARCH-type models using...

The performance of the Philippine economy has been hindered by the country’s bourgeoning population due to its rapid population growth. For the last decade, the Philippines had the highest annual population growth rates in the Southeast Asian region. In 2009, it has become the second most...

The adoption of Basel II standards by the Bangko Sentral ng Pilipinas initiates financial institutions to develop value-at-risk (VaR) models to measure market risk. In this paper, two VaR models are considered using the peaks-over-threshold (POT) approach of the extreme value theory: (1) static...