Showing 141 - 150 of 2,034
Many applications from economic and financial practice lead to optimization problems depending on a probability measure. A complete knowledge of the "underlying" measure is a necessary assumption to determine an exact optimal solution and an exact optimal value. Since this condition is not...
Persistent link: https://www.econbiz.de/10009492953
We show in the Chinese Annual Survey of Industrial Firms that size distributions of non-exporters and exporters have different shapes, which can only be explained by assuming that their productivity distributions have different shapes. Empirical estimations verify this assumption. This paper...
Persistent link: https://www.econbiz.de/10009493285
Significant differences in the evolution of firm size distribution for various industries in the United States have been revealed and documented. For theoretical considerations, this finding puts major constraints on the modelling of firm growth. For practical purposes, the observed differences...
Persistent link: https://www.econbiz.de/10009653236
A large consensus now seems to take for granted that the distributions of empirical returns of financial time series are regularly varying, with a tail exponent b close to 3. We develop a battery of new non-parametric and parametric tests to characterize the distributions of empirical returns of...
Persistent link: https://www.econbiz.de/10009208333
The key idea of this model is that firms are the result of an evolutionary process. Based on demand and supply considerations the evolutionary model presented here derives explicitly Gibrat’s law of proportionate effects as the result of the competition between products. Applying a...
Persistent link: https://www.econbiz.de/10010588619
It is well-known that if a random vector X is in the generalized domain of attraction of the multivariate normal law (GDAN), then all its components are in the domain of attraction of the normal law (DAN) and, moreover, the Euclidean inner products of X with all the nonrandom vectors of unit...
Persistent link: https://www.econbiz.de/10010594224
We propose a new three-step model-selection framework for size distributions in empirical data. It generalizes a recent frequentist plausibility-of-fit analysis (Step 1) and combines it with a relative ranking based on the Bayesian Akaike Information Criterion (Step 2). We enhance these...
Persistent link: https://www.econbiz.de/10010614513
We explore the link between wealth inequality and output fluctuations in a general two-sector neoclassical growth model with endogenous labor and heterogeneous agents. When agents have homogeneous CRRA preferences and individual wealth is Pareto distributed, a sufficiently large rise in the Gini...
Persistent link: https://www.econbiz.de/10010572367
We provide a detailed analysis of a model of innovation and corporate dynamics that encompasses the Gibrat's Law of Proportionate Effect and the Simon growth process as particular instances. The predictions of the model are derived in terms of (i) firm size distribution, (ii) the distribution of...
Persistent link: https://www.econbiz.de/10009321762
This paper analyses the distribution of the classical t-ratio statistic from distributions with no finite moments and shows how classical testing is affected. Some surprising results are obtained in terms of bimodality vs. the usual unimodality of the standard studentized t-distribution...
Persistent link: https://www.econbiz.de/10009324408