In this note, we prove a new martingale transformation for superprocesses with general branching mechanisms which could be regarded as a Girsanov type transformation in measure-valued setting. As an application, a criterion for global extinction of superprocesses with spatially dependent...

This paper explores the extent to which the increase in the college enrollment rate of women in the U.S. from 1955 to 1980 can be accounted for by the change in the female college wage premium. I develop and calibrate a dynamic overlapping generations model with discrete schooling choice. I find...

We study quantitatively what drives the rise in medical expenditures over the life-cycle. Two motives are considered. First, health delivers a flow of utility each period. Second, better health enables people to allocate more time to productive or pleasurable activities. We calibrate a model of...

We introduce a rapid grid search method in solving the dynamic programming problems in economics. Compared to mainstream grid search methods, by using local information of the Bellman equation, this method can significantly increase the efficiency in solving dynamic programming problems by...

The kinetics of formation of self-assembled monolayers on gold generated by the adsorption of 1-octanethiol and 1,8-octanedithiol were explored by electrochemistry measurement. The time dependence of capacitance and surface coverage supported that the adsorption of thiols typically processed...

We model and estimate ADRs' home market pass-through and pricing-to-market using a regime-switching approach, which nests the two regimes in a conditional capital asset pricing model and treats any changes in these two regimes probabilistically. Our results from the 1998 to 2006 data show that...

We examine real returns to government debt of the G7 countries, for both short and long maturities. Our focus is on returns to fixed income investing rather than contemporaneous yields. We find evidence that investments in the same maturity across countries may be modeled as a cointegrated...

We construct a class of discontinuous superprocesses with dependent spatial motion and general branching mechanism. The process arises as the weak limit of critical interacting-branching particle systems where the spatial motions of the particles are not independent. The main work is to solve...

This paper quantitatively examines the effects of two exogenous driving forces, investment-specific technological change (ISTC) and the demographic change known as “the baby boom and the baby bust,” on the evolution of the skill premium and the college enrollment rate in the postwar U.S....

We use China's large-scale reform of state-owned enterprises (SOEs) in the late 1990s as a natural experiment to identify and quantify the importance of precautionary saving for wealth accumulation. Before the reform, SOE workers enjoyed the same job security as government employees. Since the...