We estimate the effect of RTAs on bilateral exports by means of a gravity model analyzing its sensitivity to different specifications and methods. RTAs generate a sizable positive effect. However, shifting to country-pair and time-varying fixed effects systematically reduces coefficients....

This paper uses propensity score methods to address the question: how well can an observational study estimate the treatment impact of a program? Using data from Lalonde's (1986) influential evaluation of non-experimental methods, we demonstrate that propensity score methods succeed in...

In this note we describe how to obtain reasonable Vegas for European securities priced off a single maturity SABR model calibrated to market data. We first introduce our notations and state what our hedging problem is. We then start by recalling the standard Jacobian methology when the number of...

The concept of implied liquidity originates from the conic finance theory and more precisely from the law of two prices where market participants buy from the market at the ask price and sell to the market at the lower bid price. The implied liquidity lambda of any financial instrument is...

The term "high-risk population" refers to individuals with an increased likelihood of contracting a severe illness or disease due to factors such as age, underlying medical conditions, pregnancy, geographical location, or a combination of these factors. This paper proposes a mathematical model...