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The default risk of firms examined with Smooth Support Vector Machines;

Härdle, Wolfgang Karl; Lee, Yuh-Jye; Schäfer, Dorothea; … - 2007

In the era of Basel II a powerful tool for bankruptcy prognosis is vital for banks. The tool must be precise but also easily adaptable to the bank's objections regarding the relation of false acceptances (Type I error) and false rejections (Type II error). We explore the suitability of Smooth...

Persistent link: https://www.econbiz.de/10010274162

The demand for variety: a household production perspective

Hamermesh, Daniel S.; Gronau, Reuben - 2007

Economists have devoted substantial attention to firms’ supply of variety, but little to consumers' demand for variety. Employing the framework of home production, we trace differences in demand to differences in the opportunity costs of activities, which are associated with investments in...

Persistent link: https://www.econbiz.de/10010274172

Prominent Numbers, Indices and Ratios in Exchange Rate Determination and Financial Crashes: in Economists’ Models, in the Field and in the Laboratory

Pope, Robin; Selten, Reinhard; Kube, Sebastian; von … - 2009

laboratory. Third, nominalist heuristics are incompatible with expected utility theory which excludes the evaluation stage, and … are also incompatible with prospect theory which assumes that, while the evaluation stage can involve systematic mistakes … model and identify what is a mistake, and b) decision makers can maximise. However, contrary to prospect theory, in the …

Persistent link: https://www.econbiz.de/10010274186

Migration, tied foreign aid and the welfare state

Hatzipanayotou, Panos; Michael, Michael S. - 2005

-financing rate by the recipient country increases. When the immigration cost decreases, e.g. due to greater economic integration …

Persistent link: https://www.econbiz.de/10010274196

Nonlinear Incentive Provision in Walrasian Markets : A Cournot Convergence Approach

Hellwig, Martin - 2004

The paper studies insurance with moral hazard in a system of contingent-claims markets. Insurance buyers are modelled as Cournot monopolists or oligopolists. The other agents condition their expectations on market prices, as in models of rational-expectations equilibrium with asymmetric...

Persistent link: https://www.econbiz.de/10010274197

Optimal Income Taxation, Public-Goods Provision and Public-Sector Pricing : A Contribution to the Foundations of Public Economics

Hellwig, Martin - 2004

The paper develops an integrated model of optimal nonlinear income taxation, public-goods provision and pricing in a large economy. With asymmetric information about labour productivities and publicgoods preferences, the multidimensional mechanism design problem becomes tractable by requiring...

Persistent link: https://www.econbiz.de/10010274198

Identification and Estimation of Hedonic Models

Ekeland, Ivar; Heckman, James Joseph; Nesheim, Lars - 2003

This paper considers the identification and estimation of hedonic models. We establish that in an additive version of the hedonic model, technology and preferences are generically identified up to affine transformations from data on demand and supply in a single hedonic market. For a very...

Persistent link: https://www.econbiz.de/10010274203

Unemployment Benefits, Risk Aversion, and Migration Incentives

Heitmüller, Axel - 2002

With reference to the EU enlargement, a framework is derived which allows the study of the effect of unemployment benefits on the migration decision. While benefits simply increase the expected gain for risk neutral individuals, they work as an insurance device for risk averse migrants; the...

Persistent link: https://www.econbiz.de/10010274213

Using Matching, Instrumental Variables and Control Functions to Estimate Economic Choice Models

Heckman, James Joseph; Navarro-Lozano, Salvador - 2003

This paper investigates four topics. (1) It examines the different roles played by the propensity score (probability of selection) in matching, instrumental variable and control functions methods. (2) It contrasts the roles of exclusion restrictions in matching and selection models. (3) It...

Persistent link: https://www.econbiz.de/10010274216

Coordination Failures in Network Migration

Heitmüller, Axel - 2003

Previous migration facilitates future population moves, a phenomenon called network migration. However, thus far, network migration has been closely linked to network externalities. In contrast, this paper argues that the incumbent migration population can actively impact on future migration...

Persistent link: https://www.econbiz.de/10010274217