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1
Cundy, Lance Deloyce. "Essays on the elasticity of intertemporal substitution." Diss., University of Iowa, 2018. https://ir.uiowa.edu/etd/6090.
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This dissertation estimates the elasticity of intertemporal substitution (EIS) of consumption using the Nielsen Consumer Panel. The Nielsen Consumer Panel is built from transactional data that follows households in the United States and their grocery purchases from 2004 to 2014. Because of the transactional nature of the dataset, there is a low source of measurement error in consumption, and aggregation bias can be minimized. Due to changes in the economy during this timeframe, the data is examined for structural breaks. The data suggests evidence for two structural changes in the U.S. economy leading to three regimes. The first regime, 2004 to 2006, was a period of economic expansion, while the second regime, 2007 and 2008, was a period of recession. Lastly, during the third regime, 2009 to 2014, the economy exhibited quantitative easing.
Chapter 1 introduces the EIS and provides an overview of the literature. In Chapter 2, the EIS is estimated for each regime using expected utility with linearized Epstein-Zin preferences and by the use of fixed effects and instrumental variables. In order to estimate the EIS, consumption is aggregated weekly, and consumption growth is measured over a four-week time period in order to match four-week Treasury bills. This study adds to the literature by examining individual EIS during different periods of economic activity. With a more complete dataset that has less measurement error and aggregation bias than the existing literature, this study gives evidence of a small and negative EIS during a period of expansion, a small and positive EIS during a period of recession, and a large and positive EIS during quantitative easing.
Lastly, Chapter 3 extends Chapter 2 by assuming quantile utility preferences instead of the expected utility framework. The quantile EIS is estimated by the use of a smooth instrumental variables method of moments estimator. Estimates give evidence of heterogeneity of the EIS in the periods of expansion and quantitative easing. These quantile results can be used to inform the theory behind the EIS and quantile models of rational behavior.
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STROPPA, GIACOMO. "ESSAY ON INVESTMENT AND THE ELASTICITY OF SUBSTITUTION." Doctoral thesis, Università degli Studi di Milano, 2020. http://hdl.handle.net/2434/713490.
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Standard models used to analyze business-cycle fluctuations rely on the Cobb-Douglas production function. In their paper, Cantore et al. (2015) (CLPY in the following) analyze if and to what extent the use of a Constant Elasticity of Substitution (CES) production function improves a standard medium-size Dynamic Stochastic General Equilibrium (DSGE) model. Extending a model similar to Christiano et al. (2005) and Smets and Wouters (2007) with the CES production function, they show that allowing for non-unitary elasticity of substitution (i.e., non-Cobb-Douglas production function) between inputs has a significant improvement in terms of second moments and posterior marginal likelihood.
Our research builds upon the results of CLPY and is carried out in two chapters, each inspecting the implications of CES production function on a different definition of investment; in particular, the first chapter considers investment in physical capital, the second investment in firm creation.
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Jung, Jione. "Understanding the compas model assumptions, structure, and elasticity of substitution /." [Gainesville, Fla.] : University of Florida, 2004. http://purl.fcla.edu/fcla/etd/UFE0004225.
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Zamparelli, Luca. "Five essays on Neoclassical and Neo-Schumpeterian growth theory." Doctoral thesis, La Sapienza, 2005. http://hdl.handle.net/11573/916889.
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Wilson, Gregory Arthur. "Labor Substitution in U.S. Manufacturing." Thesis, Virginia Tech, 2000. http://hdl.handle.net/10919/31108.
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This paper presents a translog model designed to estimate the elasticity of substitution between capital, non-production workers, and production workers using U.S. manufacturing data for the period 1988 to 1997. The elasticity of substitution estimates derived from the translog model suggest that production workers and capital are substitutes, as well as non-production and production workers. Although the estimates do not provide conclusive evidence regarding the degree of substitutability between non-production workers and capital, they do indicate that the degree of substitutability between production workers and capital is greater than it is between non-production workers and capital.<br>Master of Arts
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Gamlath, Sharmila. "Essays on variable elasticity of substitution, economic growth, and human capital outcomes." Thesis, Queensland University of Technology, 2016. https://eprints.qut.edu.au/97976/1/Sharmila_Gamlath_Thesis.pdf.
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This thesis uses alternative approaches to the modelling of technology and preferences to examine several macroeconomic issues. The diverse explorations carried out in the thesis make a novel contribution to the macroeconomics literature by providing interesting insights into the underlying factors that determine the manner in which growth, inequality, and political economy outcomes evolve in an economy over time. The results show that the degree of substitutability between resources in an economy is a major determinant of long-run economic outcomes, and hence carry some important implications for government policies relating to economic growth and human capital accumulation.
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Mao, Qi. "The elasticity of substitution for US energy price changes between 1947 and 2010." Thesis, Kingston University, 2017. http://eprints.kingston.ac.uk/41957/.
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Since energy price changes have been studies by much literature, this thesis tries to discuss it through the elasticity of substitution. More importantly, this thesis finds that the substitution effect itself cannot completely interpret the phenomenon of energy price changes. This is based on the results of the estimation of the AES, the MES and the CES, as well as some previous studies' results of negative substitution elasticities. This thesis adopts VECM, ADL and panel data as methodologies. Different data is also colelcted and analyzed. Most of the AES estimates are negative and the CES estimation shows many negative elasticities as well. The estimated elasticities from the MES and the Panel dta CES are positive. Out positive elasticities from the MES may are consistent with the previous literature that finds the MES estimation method is better than AES. The negative elasticities of susbtitution as the substitution effects are usually followed by income effects. Based on literature view, if income effects are involved in the energy price changes between energy exporting and importing countries, it may lead to new policy making and application. In addition, there are some other findings: (1) an application approach is used to test the cointegration when variables include I(0), I(1) and share variables. This approach is different from Pesaran, Shin and Smith's (2001) ARDL method which is involved I(0) and I(1) variables. However, in the application, the data being used covers share variables. Share variables sum to unity so they have collinearity. New procedures (ADL) are adopted to solve the problem of collinearity in econometric application. This then allows to analyze I(0), I(1) and share variables together in the model. This is one of our contributions in econometric VECM application. (2) By the literature review in Chapter 4, it's found that the elasticities of substitution vary from economies. Since some economies do not share free flow of capital, labor or energy, their substitution elasticities cannot be estimated as a whole. The different sustitution elasticities in each country show that, when selecting the data, we may refer to a region or a country with a common free flow market for capital, labor and energy. (3) Different data is used in the application. Previous literature uses the data of the UK or other countries to analyze the Allen's elasticity of substitution (AES), or the US data in the period different from that in this study, or uses the familiar data but in technology forecasting. Importantly, the empirical analysis uses the US data to test the Allen's elasticity of substitution (AES) and the constant elasticity of substitution (CES), in order to explore negative estimates of the substitution elasticity.
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Knoblach, Michael, and Fabian Stöckl. "What determines the elasticity of substitution between capital and labor? A literature review." Technische Universität Dresden, 2019. https://tud.qucosa.de/id/qucosa%3A32679.
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This paper reviews the status quo of the empirical and theoretical literature on the determinants of the elasticity of substitution between capital and labor. Our focus is on the two-input constant elasticity of substitution (CES) production function. By example of the U.S., we highlight the distinctive heterogeneity in empirical estimates of σ at both the aggregate and industrial level and discuss potential methodological explanations for this variation. The main part of this survey then focuses on the determinants of σ. We first review several approaches to the microfoundation of production functions, especially the CES production function. Second, we outline the construction of an aggregate elasticity of substitution (AES) in a multi-sectoral framework and investigate its dependence on underlying sectoral elasticities. Third, we discuss the influence of the institutional framework on the determination of σ. The concluding section of this review identifies a number of potential empirical and theoretical avenues for future research. Overall, we demonstrate that the effective elasticity of substitution (EES), which is typically estimated in empirical studies, is generally not an immutable deep parameter but depends on a multitude of technological, non-technological and institutional determinants.
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Miller, Noah James. "Estimating elasticities of input substitution using data envelopment analysis." Thesis, Kansas State University, 2016. http://hdl.handle.net/2097/27656.
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Master of Science<br>Agricultural Economics<br>Jason S. Bergtold<br>The use of elasticities of substitution between inputs has become the standard method for addressing the effect of a change in the mix of input used for production from a technological or cost standpoint. (Chambers 1988) A researcher that wants to estimate this elasticity, or some other comparative static, typically would do so using parametric production or cost function (e.g. translog or normalized quadratic) with panel data. For a study with only cross-sectional data, the construction of such a function may be problematic. Using a dual approach, a nonparametric alternative in such a situation may be the use of Data Envelopment Analysis (DEA). Cooper et al. (2000) provided a methodology for estimating elasticities of substitution for the technical production problem using DEA. To our knowledge, this has not been extended to the cost efficiency problem, which would be equivalent to estimating Allen partial or Morishima elasticities of substitution between inputs using a cost function (or cost minimization framework). The purpose of this thesis is to show how elasticities of substitution can be derived and estimated for the technical production and cost (overall economic) efficiency DEA under variable returns to scale. In addition, an empirical example using Kansas Farm Management Association (KFMA) data is presented to illustrate the estimation of these elasticities. The results showed that input substitutability is relatively limited at the enterprise level
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Baskurt, Ozge. "Financial Dollarization And Currency Substitution In Turkey." Master's thesis, METU, 2005. http://etd.lib.metu.edu.tr/upload/12606172/index.pdf.
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This study aims to investigate currency substitution and financial dollarization in Turkey. The extend of dollarization in Turkey appears to be very high according to both the conventional currency substitution and the recently developed financial dollarization measures. This has serious policy implications as a source of financial fragility through currency/maturity mismatches and balance sheet effects. The empirical part of this study contained an investigation of the long run relationships between the variables in a system containing currency substitution ratio, expected exchange rate change and rates of return on domestic and foreign currency denominated assets. The results of the Johansen cointegration analysis based on quarterly data for the 1987-2004 period appeared not to be strongly supporting the General Portfolio Balance Model (GPBM). The theoretical part of this study suggests that the GPBM can be reduced to the Sequential Portfolio Balance Model (SPBM) under the uncovered interest parity (UIP) hypothesis. Consequently, the GPBM may be misleading under UIP. The Johansen cointegration results suggested the validity of the UIP for the Turkish data. The estimation of the SPBM suggested that there is a long-run relationship between currency substitution and expected exchange rate change in Turkey. The elasticity of currency substitution appeared to be high but consistent with those estimated for other high inflation developing countries. The results further supported the presence of a ratchet/hysteresis effect proxied by a trend variable. All these results are consistent with the argument that currency substitution and financial dollarization are important especially in high inflation countries.
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Duan, Shuwen. "International Trade Costs and the Intensive and Extensive Margins of Agricultural Trade." Diss., Virginia Tech, 2014. http://hdl.handle.net/10919/50497.
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This dissertation describes two essays in empirical international trade, focusing on trade costs and the pattern of trade along the intensive and extensive margins. In the first essay, I study the barriers that impede international trade. In the second paper, I examine the growth of U.S. agricultural trade in detail describing how U.S. agriculture and food trade has expanded along the margins.
The first chapter introduces a relatively straightforward, yet empirically powerful, manipulation of the gravity equation. The gravity model has been dubbed the work horse model of empirical trade, and thus is a suitable foundation from which to derive an indirect measure of largely unobservable 'iceberg' trade costs. In this paper, I solve a sector level version of the gravity equation and study the pattern of agricultural trade costs and factors that impede world agricultural trade growth over a long time series, 1986-2011. In addition, I estimate sector-specific elasticity of substitution which is a key parameter in the computation of trade cost.
In the second essay, I examine the growth of world and U.S. agricultural exports along the intensive and extensive margins of international trade over the period 1986 to 2010. The purpose of this essay is to decompose the growth of world and U.S. agricultural trade using qualitative methods from the marketing literature (i.e., market expansion grids) but modified to fit bilateral trade relationships and a theoretical index to measure the margins of trade at a single point in time. In addition, we examine often overlooked channels by which U.S. agricultural exports have expanded using very detailed agricultural product lines. Using information related to the pattern of a trade rather than trade volume itself, I estimate how much starting a trade relationship with a new partner or in a new product variety matters to agricultural trade growth and then conclude with a set of stylized facts to inform current theory.<br>Ph. D.
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Knoblach, Michael, Martin Rößler, and Patrick Zwerschke. "The Elasticity of Factor Substitution Between Capital and Labor in the U.S. Economy: A Meta-Regression Analysis." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2016. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-210681.
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The elasticity of factor substitution between capital and labor is a crucial parameter in many economic fields. However, despite extensive research, there is no agreement on its value. Utilizing 738 estimates from 41 studies published between 1961 and 2016, this paper provides the first meta-regression analysis of capital-labor substitution elasticities for the U.S. economy. We show that heterogeneity in reported estimates is driven by the choice of estimation equations, the modeling of technological dynamics, and data characteristics. Based on the underlying meta-regression sample and a "best practice" specification, we estimate a long-run elasticity in the range of 0.6 to 0.7. For all estimated elasticities the hypothesis of a Cobb-Douglas production function is rejected.
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Vilimovský, Petr. "PROHIBICE DROG V PODMÍNKÁCH VZÁJEMNÉ SUBSTITUCE NÁVYKOVÝCH LÁTEK V ČESKÉ REPUBLICE." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-76254.
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This thesis analyzes regulation, prescription and prohibition of drugs in condition of their mutual substitution with other addictive substances in the Czech Republic; thesis investigates prices' and cross-prices' elasticities of substances and their markets. Comparison is made between regulated legal markets of alcoholic beverages and cigarettes, non-prohibitively regulated markets of pharmaceuticals and prohibited markets of illegal drugs. The thesis concludes that the demand for drugs is not price elastic. The demand for drugs is price inelastic but not perfectly price inelastic, as can be deduced based on the concept of A Theory of Rational Addiction developed by Gary S. Becker. The price of drugs, therefore, to some extent affects consumption. This opens the room to influence demand through pricing mechanism. The thesis also verifies The Theory of Economic Regulation developed by George J. Stigler and confirms that due to some substitution relationships between addictive substances it is possible speculate about the interests of producers of alcoholic beverages, cigarettes and pharmaceuticals for prohibition of drugs. Interests of producers of alcoholic beverages and cigarettes confirm their mutually complementary linkages.
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Gilles, Philippe. "Modèle de substitution hybride appliqué à l’interaction de fissures en tridimensionnel." Electronic Thesis or Diss., Ecully, Ecole centrale de Lyon, 2024. http://www.theses.fr/2024ECDL0009.
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L’interaction de fissures concerne de nombreux domaines d’activité : la microélectronique, les industries mécaniques, l’aéronautique, le nucléaire ou la géophysique. Dans tous les cas se pose la question du risque de coalescence de ces fissures par fatigue, fluage ou rupture ainsi que de leur impact sur la résistance de la structure. La plupart des études publiées restent dans le cadre de l’élasticité linéaire. La présente étude développe un modèle de substitution hybride tenant compte de l’interaction de fissures dans un milieu homogène isotrope infini soumis à un champ de contrainte uniforme normal au plan de référence. Les fissures sont traversantes ou elliptiques, situées dans le même plan de référence, parallèles ou inclinées. Le comportement du matériau est élastique linéaire ou élasto-plastique. Étant donné que le problème d’interaction entre les fissures est sans dimension, toutes les variables sont relatives, comme l’effet d’espacement des fissures traduit par le rapport entre l’écartement des fissures et leur taille. Le modèle consiste en un large ensemble de formules fondées sur des résultats théoriques et des calculs numériques réalisés par ESI Group, EDF, Framatome ou tirés de la littérature.En élasticité linéaire, les facteurs d’interaction entre deux fissures coplanaires sont des fonctions affines du champ de contrainte normal induit par la première fissure considérée comme isolée. Le coefficient d’affinité est une fonction A tenant compte des différences de forme et de taille des fissures et de l’action de la seconde fissure sur la première. Le champ de contrainte normal d’une fissure située dans un milieu élastique isotrope infini est donné par des fonctions exactes FW comme celle dérivée par H. Westergaard pour les fissures traversantes. La fonction A est déterminée en ajustant des résultats analytiques ou numériques relatifs à quatre à cinq configurations de même type. La fonction FW prend en compte l’effet d’écartement des fissures. L’utilisation optimale de cette fonction est assurée en choisissant pour les fissures traversantes coplanaires le rapport entre la moyenne des tailles de fissures et la distance entre les centres. Cette définition est étendue aux fissures elliptiques. Des fissures parallèles peuvent s’écranter. Les limites d’écrantage sont exprimées par des formules fermées reliant les espacements horizontaux et verticaux relatifs. Pour les fissures non écrantées, le facteur d’interaction est obtenu en inversant le facteur d’interaction entre les deux fissures projetées sur le même plan pour obtenir un paramètre de décalage horizontal. Ce paramètre et l’espacement vertical relatif introduits comme arguments de la fonction FW donnent la valeur du facteur d’interaction. Le facteur d’interaction des fissures traversantes écrantées est déterminé en ajustant les résultats des éléments finis et en utilisant des solutions asymptotiques pour les fissures superposées. Pour les fissures elliptiques écrantées, seules des formules d’enveloppe sont proposées. Des règles de projection sont proposées pour les fissures inclinées. Un coefficient de fissuration équivalent est défini pour obtenir une fissure unique équivalente à deux fissures en interaction en termes de force fissurante. Cela permet de traiter l’interaction de plusieurs fissures. En élasticité, le modèle couvre toutes les configurations à l’exception des fissures elliptiques formant un angle de torsion l’une par rapport à l’autre. Les concepts de facteur d’interaction, de limite d’écrantage et de coefficient de fissuration équivalent sont étendus à un comportement élasto-plastique en utilisant une version modifiée de la méthode de contrainte de référence. Le modèle est étendu aux interactions d’une fissure enfouie avec la surface libre ou avec une fissure de surface. On propose une méthode parente pour application à l’interaction fissure-cavité. Le modèle est validé par comparaison à d’autres résultats informatiques ou expérimentaux<br>The interaction of cracks concerns many fields of activity: microelectronics, mechanical industries, aeronautics, nuclear and geophysics. Multiple cracking occurs in composite materials, steels, rocks. In all cases the question arises of the risk of coalescence of these cracks by fatigue, creep or rupture and of their impact on the strength of the structure. Most published studies remain within the framework of linear elasticity. The present study aims to develop a hybrid surrogate model accounting for crack interaction in an infinite isotropic homogeneous medium subjected to a uniform stress field normal to the reference plane. The cracks are through-wall or elliptical, located in the same reference plane, parallel or inclined. The material behavior is linear elastic or élasto-plastic. Since the crack interaction problem is dimensionless, all variables are relative, such as the crack spacing effect which is measured by the ratio of crack spacings to crack sizes. The model consists of a large set of formulas based on theoretical results and computational studies carried out by ESI Group, EDF, Framatome or from the literature. In linear elasticity the interaction factors between two coplanar cracks are affine functions of the normal stress field induced by the first crack considered as isolated. The affine coefficient is a relative difference function A accounting for the differences in crack shape and size and for the action of the second crack on the first one. The normal stress field of a crack located in an infinite isotropic elastic medium is given by exact functions FW like the one derived by H. Westergaard for through-wall cracks. The function A is determined by fitting analytical or numerical results of four to five configurations of the same type such as two unequal elliptical cracks. The function FW takes crack spacing effect into account. The optimal use of this function is ensured by choosing for coplanar through-wall cracks the ratio between the average of the crack sizes and the distance between the centers. This definition is extended to elliptical cracks by relating the average of the length of the normal to the closest points to the distance between intersections with the axes. Parallel cracks may shade each other. The shielding limits are expressed by closed form formulas as a relation between relative horizontal and vertical spacings. For unshielded cracks, the interaction factor is obtained by inverting the coplanar crack interaction factor to get a horizontal shift parameter. This parameter and the relative vertical spacing set as the arguments of the function FW give the interaction factor value. The interaction factor of shielded through-wall cracks is determined by fitting Finite Element results and using asymptotic solutions for unstaggered cracks. For shielded elliptical cracks, only envelope formulas are proposed. Projection rules are proposed for inclined cracks. An equivalent crack coefficient is defined to get a single crack equivalent to two interacting cracks in terms of driving force. This allows to deal with multiple cracks. All the formulas are extended to cracks of unequal size and shape. Therefore, in elasticity, the model covers all the configurations except for twisted elliptical cracks. The concepts of interaction factor, shielding limit and equivalent crack coefficient are extended to an elastic-plastic behavior. For two-dimensional configurations (through-wall cracks) these quantities are derived from finite element results and considerations related to the slip line theory. Another approach, based on a modified version of the reference stress method is developed and generalized to 3D coplanar configurations. The model is extended to the interactions of an embedded crack with the free surface or with a surface crack. A parent method applied to crack – cavity interaction is proposed. The model is validated by comparison to other computational or experimental results
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Gunduz, Seda. "The Impact of Immigrant Language Skills on Canadian Wages." Thesis, Université d'Ottawa / University of Ottawa, 2017. http://hdl.handle.net/10393/36624.
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This thesis consists of three chapters investigating the impact of immigrant language skills on Canadian wages. The first chapter, “Linguistic diversity among Canadian immigrants: 1981-2006”, describes the changes in linguistic diversity among Canadian immigrants, as measured by a preferred linguistic distance measure, the Levenshtein Distance (LD) Index, and documents socio-demographic characteristics of recent immigrants as well as their labour market performance based on their language capital at the time of entry. The LD is an approximation of immigrants’ language skills in the Canadian official languages and represents the “distance” of an immigrant’s reported language to the Canadian official languages. Using the 20% micro-data files of the Canadian Censuses between 1981 and 2006, I assign each immigrant an index number based on two language measures: mother tongue and home language. French and English are defined as the Canadian official languages in Quebec and outside of Quebec, respectively. The main findings suggest that although immigrants’ mother tongues became more “distant” to the Canadian official languages in both regions over time, the language skill of an average immigrant based on home language remained almost the same in Quebec, in particular, between 1981 and 1996. In terms of immigrants’ socio-demographic characteristics and their labour market performance, general patterns were similar across the two regions, although there were significant differences by language groups. In particular, the change in immigrants’ wages by language groups is suggestive of the role of language skills in determining wages.
The second chapter, “Immigrant versus native men? Substitutability and the
role of linguistic diversity in Canada”, estimates the degree of substitutability between
immigrant and native men by incorporating immigrants’ language skills into the analysis and calculates the potential wage effects of immigration on Canadian wages. Using the 20% micro-data files of the Canadian Censuses between 1981 and 2006 and imposing a nested-CES production function on the Canadian economy, I estimate immigrant-native substitutability based on immigrants’ language skills in addition to education levels and years of labour market experience. I use the LD Index to represent immigrants’ language skills by the distance of the mother tongue and home language of an immigrant to English outside of Quebec and to French in Quebec. I define three language groups for immigrants as the high language-skilled, the medium language-skilled, and the low language-skilled. The key findings are as follows. First, home language-based estimates suggest imperfect substitutability in Canada outside of Quebec in some cases. Second, by language skill groups, the low language-skilled immigrants are more likely to be imperfect substitutes for the Canadian-born. Third, the findings for Quebec are substantially different from those for Canada outside of Quebec. My simulations suggest that the long-run effect of immigration on immigrants’ wages was negative between 1981 and 2006 while the long-run effect of immigration on the wages of the Canadian-born was small but positive over the same period.
The third chapter, “Gender, linguistic diversity, and labour market substitutability”,
uses the same methodology and data sources as in the second chapter to incorporate
female workers into the analysis of immigrant-native substitutability. This study estimates the elasticity of substitution between immigrant language groups and natives for female workers and the pooled sample of male and female workers. The findings suggest that the degree of substitutability between female immigrants and female natives is similar to the degree of substitutability between male immigrants and male natives. The main results do not change for the pooled sample. Due to potential differences between language accumulation processes between female and male immigrants, the third chapter also estimates female-male immigrants substitutability based on language skills, education levels, and years of labour market experience. The findings suggest that female and male immigrants are imperfect substitutes outside of Quebec regardless of language measures.
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Manhães, Giácoma Frasson. "Elasticidade de substituição: contribuição à análise de competitividade da indústria brasileira de celulose." Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/3/3137/tde-01062011-130256/.
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O setor brasileiro de celulose é um importante pilar da economia nacional. Só em 2010 a exportação de celulose trouxe para o País US$ 4,7 bilhões. Dada a sua importância, este setor já foi alvo de vários estudos de competitividade. No entanto, a mudança no cenário concorrencial global, marcada pela entrada de novos agentes, requer uma avaliação da posição competitiva do Brasil frente aos concorrentes emergentes. Neste contexto, este trabalho teve como objetivo identificar os novos players, descrever a dinâmica concorrencial nos principais mercados, propor ferramentas adequadas para avaliar os resultados dos países exportadores de celulose de fibra curta, e explicar as razões de liderança entre os países exportadores. A fim de mensurar os resultados dos países fornecedores, foi empregada uma função de subcusto translog restrita para obtenção da elasticidade de substituição entre as polpas de fibra curta dos principais países exportadores. Para essa análise foram considerados, separadamente, os mercados americano e chinês. Os resultados obtidos foram analisados levando-se em conta aspectos técnicos da polpas de fibra curta, com foco na morfologia das fibras, e também o histórico de formação dos setores de celulose no Brasil, na Indonésia (fornecedor emergente, principal fornecedor de celulose de fibra curta para a China) e no Canadá (fornecedor tradicional de celulose, principal concorrente do Brasil nos Estados Unidos). Foram também avaliadas as barreiras de mercado à polpa indonésia a partir do testemunho de funcionários e dirigentes de fábricas de papel na América do Norte, Europa e Ásia. As observações feitas sobre a organização setorial e tecnológica dos concorrentes foram comparadas aos modelos correntes de catch up tecnológico a fim de se identificar comportamentos que contribuam para a extensão da teoria nesta área. Os resultados do trabalho indicam que a competitividade brasileira no setor de celulose se apoia na produtividade florestal, resultado da acumulação de competências tecnológicas relacionadas ao eucalipto. Isso garante a competitividade brasileira frente aos concorrentes tradicionais. Frente à polpa indonésia, que vem acumulando competências tecnológicas relacionadas à acácia, a polpa brasileira é competitiva hoje. A manutenção da competitividade da polpa brasileira frente à indonésia no futuro dependerá da intensidade de investimentos em inovação feitos por ambos os países.<br>Pulp industry is a mainstay of Brazilian economy. In 2010, Brazilian pulp exports totaled US$ 4.7 billion. Given its importance, this industry has been the focus of several studies on competitiveness. However, the change in the competitive global scenario, marked by the entry of new players, requires an assessment of Brazil\'s competitive position towards emerging competitors. In this context, this work aimed to identify new players, to describe the dynamics of competition in key markets, to propose appropriate tools to assess the performance of hardwood pulp exporting countries, and explain the reasons for leadership among the exporting countries. In order to measure the supplier countries results, a restricted translog subcost function was applied to obtain the elasticity of substitution between hardwood pulp from the main exporters. This analysis was performed for both the U.S. and Chinese markets. Results were evaluated considering technical features of hardwood pulp, especially fiber morphology, and also a historic appraisal of pulp industry establishment in Brazil, Indonesia (emerging supplier, main hardwood pulp supplier to China) and in Canada (traditional pulp supplier, Brazil\'s main competitor in the U.S.). Market barriers to the entry of Indonesian pulp were also assessed based on the personal testimony of employees and executives of paper mills in North America, Europe and Asia. Observations on the competitors industry and technology setup were compared to current models of technological catch up in order to identify behaviors or patterns that contribute to the extension of the theory in this area. The results of this study indicate that the competitiveness of the Brazilian pulp industry is based on forest productivity, which result from the accumulation of technological capabilities related to eucalyptus. This ensures Brazilian competitiveness against traditional competitors. Compared to the Indonesian pulp industry, which has been accumulating technological capabilities related to acacia, the Brazilian pulp is currently competitive. Maintaining the competitiveness of Brazilian pulp against the Indonesian in the future will depend on the intensity of innovation investments made by both countries.
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Sharpe, James. "Three Essays on the Economic Impact of Immigration." UKnowledge, 2015. http://uknowledge.uky.edu/economics_etds/20.
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With the significant rise in immigration to the U.S. over the last few decades, fully understanding the economic impact of immigration is paramount for policy makers. As such, this dissertation consists of three empirical essays contributing to the literature on the impact of immigration. In my first essay, I re-examine the impact of immigration on housing rents and completely controlling for endogenous location choices of immigrants. I model rents as a function of both contemporaneous and initial economic and housing market conditions. I show that existing estimates of the impact of immigration on rents are biased and the source of the bias is the instrumental variable strategy common in much of the immigration literature. In my second essay, I present a new approach to estimating the effect of immigration on native wages. Noting the imperfect substitutability of immigrants and natives within education groups, I posit an empirical framework where labor markets are stratified by occupations. Using occupation-specific skill to define homogeneous skill groups, I estimate the partial equilibrium (within skill group) effect of immigration. The results suggest that when one defines labor market cohorts that directly compete in the labor market, the effect of immigration on native wages is roughly twice as large as previous estimates in the literature. In my third essay, I return to the housing market and examine the effects of immigration within metropolitan areas. Specifically, I investigate the relationship between immigrant inflows, native outflows, and rents. Taking advantage of the unique settlement patterns of immigrants, I show that the effect of immigration on rents is lower in both high-immigrant neighborhoods and portions of the rent distribution where immigrants cluster. Contrary to the existing belief in the literature, the results suggest that the preferences of natives, not immigrants, bid up rents in response to an immigrant inflow.
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Poole, Richard. "The use of tax incentive measure in conjunction with carbon taxes to reduce greenhouse gas emissions and achieve economic growth: a comparative study with lessons for South Africa." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1001607.
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In 1997 industrialized nations, the Third Conference of the Parties to the United Nations Framework Convention on Climate Change, met in Kyoto, Japan to sign a treaty (the “Kyoto Protocol”) in terms of which industrialized nations would be required to reduce their greenhouse gas emission by at least five percent below 1990 levels by the end of the “first commitment period” 2008-2012. South Africa is not regarded as an industrialized nation, but nonetheless acceded to the Kyoto Protocol in 2002. The literature reviewed in the present research reveals that, although idealistic, the Kyoto Protocol has been problematic. Fourteen meetings of the Conference of Parties to the Kyoto Protocol between 1997 and 2011 have achieved little more than to repeatedly defer and redefine Kyoto obligations. This research was undertaken to document the existing environmental taxation policies employed in selected international jurisdictions with a view to providing a framework for environmental tax policy formation in South Africa to assist this country in meeting its “greenhouse gas” emission targets, while at the same time promoting economic growth. A doctrinal research methodology was adopted in this study as it mainly analysed and interpreted legislation and policy documents and therefore the approach was qualitative in nature. An extensive literature survey was performed to document the various environmental policies that have been legislated in the selected jurisdictions. Comparisons were drawn with proposed tax policy measures for South Africa. The literature indicates that in the selected international jurisdictions carbon taxes achieved less-than-optimal results, largely due to political and industry-competitive agendas. With South Africa planning to introduce a carbon tax, it is submitted that the implementation of a carbon tax regime in isolation will be counter-productive, given South Africa’s economic profile. On the basis of the literature reviewed, it was concluded that South Africa should consider “recycling” carbon tax revenues within the economy to fund a broad-based tax incentive regime that will stimulate the change to non-carbon energy whilst promoting growth through sustainable development
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Rudi, Jeta. "Two Applied Economics Essays: Trade Duration in U.S. Fresh Fruit and Vegetable Imports & Goods-Time Elasticity of Substitution in Household Food Production for SNAP participants and nonparticipants." Thesis, Virginia Tech, 2012. http://hdl.handle.net/10919/34034.
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The first study investigates the factors that impact the duration of U.S. fresh fruit and vegetable imports. We employ both survival analysis (Kaplan Meier estimates and Cox proportional hazards model) as well as count data models. Our results indicate that SPS treatment requirements positively impact the duration of trade while new market access has the opposite effect. Other factors typically included in trade duration models (such as: GDP, transportation costs, tariff rates, etc.) were also investigated. We also employ a probit model to understand the factors impacting the probability that a country selects into exporting fresh fruits and vegetables to the United States.
The second study estimates the goods-time elasticity of substitution for Food Stamp/SNAP participants versus non participants. We find that the elasticity of substitution for SNAP participants is not statistically different from zero. This indicates that SNAP participants have Leontief production function in household food production, implying that increasing the amount of SNAP benefits paid to participants will not lead to more food production if the time households dedicate to food preparation remains unchanged. This finding extends the analysis done by Baral, Davis and You (2011) and offers insights for policies related to the SNAP program.<br>Master of Science
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Hultman, Erik, and Viktor Olsson. "Miljöeffekterna av den svenska flygskatten? : En analys av olika styrmedels miljöeffekter på flygmarknaden." Thesis, Luleå tekniska universitet, Institutionen för ekonomi, teknik och samhälle, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-69778.
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I april 2018 realiserade den svenska regeringen förslaget om skatt på flygresor. Den empiriska undersökningen som samlat material från andra länder inom EU med liknande flygskatter visar på varierande effekter på miljön. Syftet med studien är att undersöka vilket styrmedel mellan en flygskatt och en kvotplikt som medför störst klimatreducering för den svenska flygmarknadens koldioxidutsläpp. Studien tillämpar efterfrågeelasticiteter, korspriselasticiteter och sekundärdata från internationella och nationella institutioner för att estimera flygskattens samt en kvotplikts miljöeffekter på det svenska flyget. Resultatet visar på att en kvotplikt reducerar koldioxidutsläppen till en högre grad än dagens flygskatt. Flygskattens komparerade miljöeffekt härleds till resenärernas förutsättningar gällande substitut, geografiskt läge och överflyttningseffekt på den internationella flygmarknaden.<br>In april 2018, the Swedish government realize the proposal for tax on air passenger travel in Sweden. The aggregate empirical investigation from other EU countries with similar flight tax application, the investigation concludes inconclusive effects on the environment. The purpose of this thesis is to investigate which control measure of an aviation tax and a quota that result in the greatest climate reduction for the Swedish airline carbon dioxide emission. The thesis applies demand elasticities, cross-price elasticities, and secondary data from international and national institutions to estimate the environmental impact of the airline tax and a quota obligation on the Swedish airline. The result shows that a quota obligation reduces carbon dioxide emissions to a greater extent than today's air tax. The comparative environmental impact of the aviation tax is derived from travelers' conditions regarding substitutes, geographical location and transfer effect on the international airline market.
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França, Wagner Wilson PInho de. "A elasticidade de substituição de Morishima aplicadas aos recursos fósseis da matriz de energia primária." Universidade Estadual do Oeste do Paraná, 2018. http://tede.unioeste.br/handle/tede/3983.
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Previous issue date: 2018-05-14<br>Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES<br>The global primary energy mix is mostly composed by nonrenewable resources and the use of which uses contributes to increase the greenhouse gas emissions. The consumption of oil and coal, responsible for attending 60% of the total energy demand between 1970 and 2015, is more likely to enhance the air pollution than the consumption of natural gas. Besides, some authors announce the impossibility of sustaining the demand of oil with conventional type only at around 2050, because of technical and economic constraints over the reserves. Technology has been playing a roll giving more flexibility to the interfuel substitution among fossil fuels, in many applications. That gives the opportunity to increase the share of natural gas in the primary mix, while reducing the consumptions of the other two. Moreover, the reserves of natural gas are larger in comparison with the ones of oil, allowing it to alleviate the pressure over the latter. From those perspectives, increasing the use of natural gas would contribute to reduce the negative environment externality and the extension of a possible shock to be unleashed in the energy supply. The objective of this dissertation is to seek for a substitutability between natural gas and the others fossil fuels in the primary energy demand, using the Morishima Elasticity of Substitution, between 1970 and 2015. The model started with a Translog cost function to obtain the input demand equations of each fuel and their cost share functions, applying Shephard’s lemma. The parameters of the econometric regression were estimated by the Seemingly Unrelated Regressions method, as means to measure the price elasticity, the Allen Elasticity of Substitution and the Morishima Elasticity of Substitution. The model was applied to the United States due to their significance in the global context of energy. The results showed that a single conclusion for the period as a whole is statistically insignificant. Based on own-price elasticities, there were clearly three structural brakes, statistically significant, which divided the time series in four intervals. In the interval 1970-1981, the natural gas had a complementary relation with oil and both were substitutes for coal. In the intervals 1982-1995 and 1996-2008, there was substitutability among natural gas and oil, although limited. In the most recent interval, all of the fuels were complements to each other. Putting together the elasticities of substitution and the price elasticities analysis, we conclude that factors exogenous to the free market relations, such as government interventions, were determinants to demand decisions. The lack of a continuous and consistent relation of substitution between natural gas and the other two fossil fuels, warns that the concerns presented in this work may have being neglected and a transition from a polluted and finite mix to another cleaner and renewable, bridged by natural gas, is not occurring in the world’s largest economy.<br>A matriz mundial de energia primária é composta predominantemente por recursos não renováveis e cujo consumo contribui para a intensificação do efeito estufa. O consumo do petróleo e do carvão, combustíveis que supriram mais de 60% da demanda total de energia entre 1970 e 2015, é mais intensivo na geração de poluentes do que o consumo do gás natural. Além disso, alguns autores datam para próximo de 2050 a impossibilidade de sustentar a demanda de petróleo, pelo esgotamento técnico e econômico das reservas do tipo convencional. A tecnologia vem dando flexibilidade para que haja a substituição dentre os combustíveis fósseis, em várias aplicações. Isso gera a oportunidade de aumentar o consumo do menos poluidor, o gás natural, em substituição aos outros dois. O gás natural também possui reservas relativamente maiores do que as do petróleo, o que permite a ele aliviar parte da pressão colocada sobre este último. Por estas perspectivas, aumentar a participação do gás natural contribui para a mitigação da externalidade ambiental e reduz a magnitude de uma possível crise causada por um choque de oferta. O objetivo geral desta dissertação é responder se há uma relação de substituição entre o gás natural e os outros combustíveis fósseis na demanda de energia primária, pela Elasticidade de Substituição de Morishima, no período entre 1970 e 2015. O modelo partiu de uma função de custos do tipo Translog para chegar às equações de demanda condicionada de cada combustível e às equações de participação de custo, aplicando o lema de Shepard. Os parâmetros da regressão econométrica foram estimados pelo método Seemingly Unrelated Regressions e usados para os cálculos das elasticidades da demanda aos preços, de substituição de Allen e de substituição de Morishima. O modelo foi aplicado aos Estados Unidos, dada a significância deste país no contexto mundial de energia. Os resultados mostraram que uma única conclusão para todo o período é estatisticamente insignificante. Com base nas elasticidades aos próprios preços, foi possível identificar três quebras estruturais, estatisticamente significativas, dividindo o período em quatro intervalos. No intervalo 1970-1981, o gás natural se mostrou complementar ao petróleo e, estes dois, substitutos ao carvão. Nos intervalos 1982-1995 e 1996-2008 foi identificada uma relação de substituibilidade entre o gás natural e o petróleo, apesar de limitada. No mais recente, todos os combustíveis tiveram relações de complementariedade. Aliando estas às interpretações das elasticidades-preço, concluiu-se que fatores externos ao mercado, como interferências de governo, foram mais determinantes para as decisões de demanda. Não ter sido possível encontrar uma relação de substituição entre o gás natural e os outros dois fósseis, de forma contínua e consistente, deixa o alerta de que as preocupações levantadas podem estar sendo negligenciadas e que a transição de uma matriz predominantemente suja e finita para outra mais limpa e renovável, mediada pelo gás natural, não está em curso na maior economia do mundo.
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Conte, Luciane. "Economia de escala e substituição de fatores na produção de soja no Brasil." Universidade de São Paulo, 2006. http://www.teses.usp.br/teses/disponiveis/11/11132/tde-21112006-141552/.
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Este estudo tem a finalidade de estimar uma função de custo transcendental logarítmica para a atividade de produção de soja, e através dela determinar o tamanho ótimo da atividade de produção de soja, a fim de inferir sobre a existência, ou não, de economias de escala no setor. Adicionalmente, objetiva-se a caracterização sócio-econômica dos produtores de soja pesquisados e a análise das possibilidades de substituição dos recursos no processo produtivo da atividade. O referencial teórico do estudo é a teoria da dualidade da função custo e da função de produção. Os dados utilizados para a análise são de corte transversal, obtidos a partir de uma pesquisa de campo, realizada de agosto a dezembro de 2005, em uma amostra de 218 (duzentos e dezoito) produtores de soja nos cinco principais estados produtores do país: Mato Grosso, Paraná, Rio Grande do Sul, Goiás e Mato Grosso do Sul. A amostra representa as realidades regionais, com o predomínio de produtores com pequenas propriedades nos estados da região Sul do país e produtores com propriedades maiores no Centro-Oeste brasileiro. As elasticidades-preço cruzadas mostraram que há complementaridade entre os fatores mão-de-obra e capital. As elasticidades de substituição parcial de Allen indicaram substituição entre a maior parte dos fatores de produção. Houve uma forte relação de complementaridade entre os fatores capital e mão-de-obra e de substituição entre os fatores químicos e mão-de-obra. Na classificação de Morishima, capital e mão-de-obra são complementares quando o preço de capital varia, e substitutos quando varia o preço do fator mão-de-obra. As estimativas de economias de escala obtidas apontam uma escala ótima de produção de aproximadamente 11.880 toneladas de soja em grão, que pode ser obtida em propriedades com aproximadamente 4.000 hectares de área de produção de soja. Os resultados empíricos obtidos neste trabalho sugerem que as economias de escala estejam determinando uma nova configuração para o setor de produção de soja no Brasil. No entanto, algumas características da pequena produção podem minimizar a importância dessas economias e estão sendo determinantes para a manutenção da produção em pequena escala na região Sul do país, no curto prazo.<br>The main objective of this paper is to estimate a translog cost function for the soybean production activity in Brazil, to infer about the existence of scale economies in the sector. We use cross-section data obtained through a field research undertake during the period of September to December 2004, in a sample of 218 soybean-producing units in the main producer states in Brazil. The paper also addresses a socio-economic characterization of the surveyed units and analyses substitution possibilities between inputs. The sample reflects regional detail of production structure, with smaller producers concentrated in Southern Brazil and larger producers concentrate in the Center-West region. The elasticities of derived demand showed complementary relation between labor and capital. The Allen partial elasticities of substitution show substitution between most of the production inputs. Capital and labor are complements and chemical and labor are substitutes. In terms of Morishima elasticity of substitution capital and labor are complements when capital price varies and they are substitutes when labor price varies. The economies of scale estimates point to an optimal scale of production around 12 thousand ton that could be produced in an area with approximately 4,000 hectares. The results suggest that the presence of scale economies could be determining a new production structure for the sector in Brazil. And finally, the evidence found also suggests that some aspects of the small production system work to reduce the importance of these scale economies, and are determinant to keep the small-scale operations in the traditional regions in the short run.
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Kemnitz, Alexander, and Michael Knoblach. "Endogenous Sigma-Augmenting Technological Change: An R&D-Based Approach." Technische Universität Dresden, 2020. https://tud.qucosa.de/id/qucosa%3A71709.
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There is now increasing evidence that for the U.S. economy, the elasticity of substitution between capital and labor, “sigma”, is rising over time. To account for this, we propose a microfounded model, where the evolution of “sigma”, and, hence, the shape of the aggregate production function occur endogenously. We develop a Schumpeterian growth model in which firms can undertake R&D activities that stochastically lead to the discovery of production technologies characterized by a higher elasticity of substitution between capital and labor. Improved possibilities for factor substitution mitigate the diminishment of the marginal product of capital and spur capital accumulation. Due to successful innovations, the steady state of the economy entails higher levels of the capital stock and the output good. Moreover, our numerical simulations show that the timing of innovations is important: two economies with the same steady-state elasticity of substitution between capital and labor can differ in terms of their steady-state levels of the capital stock and the output good.
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Hansson, Pär. "Intra-industry trade: measurements, determinants and growth : a study of Swedish foreign trade." Doctoral thesis, Umeå universitet, Institutionen för nationalekonomi, 1989. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-100372.
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Salazar, Silvia. "Does time replace money ? : accounting for domestic production in households' welfare : evidence from Latin American countries." Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010073.
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Song, In Ho. "Essays on House Prices and Consumption." The Ohio State University, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=osu1306848116.
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Янковий, В. О., та V. Yankovyi. "Оптимізація фондоозброєності на промислових підприємствах України". Diss., Одеський національний економічний університет, 2021. http://dspace.oneu.edu.ua/jspui/handle/123456789/12931.
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Дослідження присвячене вирішенню важливої наукової проблеми – аналізу та оптимізації фондоозброєності в промисловості. Розглянуто сутність, складові показника фондоозброєності, його двоїстий характер та місце в системі техніко-економічних параметрів промислового виробництва. Сформовано класифікацію чинників фондоозброєності, запропоновано систематизацію її внутрішніх факторів на основі індексних моделей. Розроблено поняття оптимальної фондоозброєності та методи її аналітичного та графічного визначення на базі двофакторних виробничих функцій, досліджено можливості розрахунку резервів росту ефективності господарської діяльності за умови повної відсутності інфляційних процесів в економіці, виявлено особливості поєднання динаміки фондоозброєності, продуктивності праці та фондовіддачі окремого товаровиробника. Проаналізовано рівень фондоозброєності в промисловості, на підприємствах металургійного виробництва, в машинобудуванні, в харчовій промисловості. Запропоновано шляхи наближення фондоозброєності на промислових підприємствах України до оптимального рівня, зокрема, елімінування негативного підвищувального впливу переоцінки основних фондів на рівень фондоозброєності підприємств<br>The dissertation is dedicated to the solution of an important scientific problem – the analysis and optimization of the level of capital-labor ratio at the enterprises of the domestic industry. The most important production factors at the enterprises of Ukraine are researched. It is proved that for the industry in which the III and IV technological systems are dominant, the main production factors, as before, remain labor and fixed capital. The essence, components of the capital-labor ratio indicator, its dual nature and place in the system of technical and economic parameters of industrial production are considered. The duality of the capital-labor ratio indicator appears in the fact that, on the one hand, it is a measure of the provision of employees with fixed assets of the enterprise, and on the other hand is a relative value of coordination. The last one characterizes the ratio of two important production resources of the modern enterprise – fixed capital (in the form of fixed assets) and labor. The classification of factors that determine the level of capital-labor ratio at industrial enterprises is formed. Analysis of the mobility of the components of the formula of this indicator showed that both the numerator and denominator of capital-labor ratio vary in time and space under the influence of various internal and external factors. As for the external factors of capital-labor ratio, it should be borne in mind that the number of production staff to a much greater extent than the size of fixed assets is sensitive to conjuncture fluctuations in demand in the market of certain products (works, services). At the stage of economic crisis and depression, first of all, the number of employees of the enterprise is reducing (dismissal, part-time employment, week employment, month employment). The author proposes a systematization of internal factors of capital-labor ratio, as well as methods for evaluation of their influence on the level of the studied indicator of industrial enterprises using deterministic index models. The concept of optimal capital-labor ratio has been developed, which means the ratio of fixed assets and labor costs, which maximizes output of the producer or minimizes labor costs and fixed capital at a given volume of production. Methods of analytical and graphical search of optimal capital-labor ratio the basis of two-factor production functions are determined. Possibilities of calculation of reserves of growth of efficiency of economic activity of the industrial enterprises in condition of complete absence of inflationary processes in economy are researched. Positive and negative variants of combination of series of dynamics of capital-labor ratio, labor productivity and capital return of separate commodity producer are revealed. The level of capital-labor ratio in the industry as a whole, at the enterprises of the metallurgical complex, in machine building, at the enterprises of the food industry is analyzed. The calculations carried out with the help of the corresponding production functions allowed us to conclude that all the studied industrial enterprises have non-optimal capital-labor ratio, as the "fixed assets" factor is in a very large surplus relative to the "salary" factor of full-time employees. Analysis of the causes of non-optimal capital-labor ratio in industrial enterprises showed that a significant role in the formation of this economic phenomenon is played by overestimation of fixed assets of enterprises, as the numerator of capital-labor ratio is expressed in units of value, which are significantly 41 influenced by inflation in the country. Instead, its denominator (average number of workers) usually does not change over time or has a downward trend. Considering the consequences of the COVID-19 pandemic, which continues in Ukraine in the form of second, third, etc. waves of disease, the decline in industrial production and the reduction in the number of employees will be even more significant. The study of the degree of ensuring the intended use of the depreciation fund of industrial enterprises showed that it is at the level of 20-25%. It should be noted that in Ukraine, in contrast to developed countries with market economies, the depreciation fund has not become the main source of reproduction of fixed capital. They are rather poorly used as a source of investment for enterprises in modernization and expansion of production. The ways of approaching the actual capital-labor ratio at the industrial enterprises of Ukraine to the optimal level are offered. Among them is the elimination of the negative increasing influence of the revaluation of fixed assets on the level of capital-labor ratio of enterprises. The developed procedure is based on the application of the cost indicator of capital-labor ratio of enterprises in combination with the mathematical and statistical apparatus of production functions.
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GEROSA, STEFANO. "Technology and inequality." Doctoral thesis, Università degli Studi di Roma "Tor Vergata", 2009. http://hdl.handle.net/2108/924.
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This thesis is composed by three studies, whose common goal is advancing our knowledge of the properties of cross-country production technologies
In the first part we focus on across-country inequality, tackling the issue of cross-country dispersion of incomes. The objective of growth theory is that of explaining the observed shape of the world income distribution (WID) and to eventually predict its future evolution. The existence of large cross-country productivity differences, measured by the residual dispersion of incomes left unexplained by the dispersion of observable quantities (physical and human capital), calls for the rejection of the hypothesis of a common world technology. We introduce a novel specification of the technology index, linking productivity to cross-country knowledge spillovers, that is empirically testable and has the potential to account for the observed pattern of productivity differences. We investigate two possible knowledge spillovers structures in a dynamic general equilibrium framework, and we characterize the equilibrium or long-run WID for each of them. We show that with appropriate technology knowledge spillovers, in which each country extracts useful knowledge only from countries operating similat technologies, the long-run WID is in general clustered and the world economy is splitted in distinct technological neighbourhoods, giving a possible explanation for the endogenous formation of convergence clubs. With backward knowledge spillovers, where the technology diffusion process is blocked by barriers to technology adoption measured by the aggregate capital intensity of an economy, the shape of the long-run WID is controlled by the strenght of the spillovers force and the degree of increasing returns of the world economy. We show that an increase of the spillovers force always amplifies the dispersion of the equilibrium WID and that growth and inequality are negatively related: the less dispersed the WID, the higher the equilibrium world rate of the world economy.
In the second part we analyse the pattern of cross-country productivity differences and we test the specification of the technology index introduced in the first part. In particular we test the knowledge spillovers structures introduced in the first part over two dimensions: their ability to explain static observed cross-country productivity differences at a point in time and their consistency with the shape of the observed world income distribution. Using regression analysis to calibrate the fundamental parameters of our specification, we show that both appropriate technology and backward spillovers can explain over half of the observed productivity differences, but backward spillovers are more successful in replicating the actual shape of the WID.
In the third part we tackle the issue of within-country inequality, as measured by the skill premium, the wage of skilled workers relative to that of the unskilled. We study the ability of the capital-skill complementarity hypothesis (CSC), that assumes that capital substitutes unskilled labor more easily than skilled labor, to explain observed cross-country dispersion of the skill premium. We perform a steady-state analysis, novel to the literature about CSC, linking steady-state skill premia to the relative supply of unskilled labor and to observables that control the capital accumulation process (saving rates and barriers to capital accumulation, measured by the relative price of investments). We show that CSC holds in non-OECD countries but not in the OECD subsample, reinforcing a result obtained by other studies with different techniques: this result also show a fundamental cross-country parameter heterogeneity in the production function. As a by-product of our steady-state analysis we are also able to obtain new estimates for the elasticity of substitution between couples of inputs and to discriminate between alternative thresholds for the definition of skilled labor with respect to their consistentcy with plausible values of these elasticities. Finally, the fact that observable quantities are able to explain only a limited share of cross-country dispersion of skill.premia suggests that cross-country skill-biased technology differences are at work, and capital accumulation alone cannot explain neither income differences nor cross-country differences in inequality.
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Silva, Maria Aparecida Lucas da. "As relações de substituição entre cadernetas de poupança e fundos de investimento." Universidade Federal de São Carlos, 2013. https://repositorio.ufscar.br/handle/ufscar/2171.
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Previous issue date: 2013-05-21<br>This thesis aims to investigate the relations of substitution between Saving Accounts and DI Funds during the period of December 2004 and December 2012. The Brazilian basic interest rate SELIC rate has reduced over 10 percentage points during this period. Such a downward movement affected the returns on financial assets, i.e., their "prices", defined as opportunity costs in relation to the SELIC rate. The hypothesis is that substitution relationship between Saving Accounts and DI Funds have changed over time due to different levels of SELIC rate prevailing during the analyzed period. The dual approach and the nonlinear seemingly unrelated equations model (INSUR model) are used to estimate the demands via Translog functional form. Morishima elasticities of substitution are calculated in seven points of the sample in order to measure the substitution effect over the time and to evaluate possible asymmetry of elasticities. The results confirm the hypothesis that different levels of SELIC have engendered different patterns of relations of substitution between the analyzed assets. The conclusion is that the anew relations of substitution have expanded the role of Saving Accounts as instrument of private savings over DI Funds.<br>O objetivo deste estudo é investigar as relações de substituição entre as Cadernetas de Poupança e os Fundos DI, entre dezembro de 2004 e dezembro de 2012, período marcado pela redução na taxa básica de juros brasileira taxa SELIC em mais de 10 pontos percentuais. Esta queda acentuada afetou as rentabilidades dos ativos financeiros, i.e., seus preços , definidos aqui em termos de custos de oportunidades em relação à própria taxa SELIC. A hipótese do trabalho é que as relações de substituição entre Cadernetas de Poupança e Fundos DI se alteraram motivadas pelos diferentes níveis de taxa SELIC praticados ao longo do período analisado. Emprega-se a abordagem dual e o modelo não linear de equações aparentemente não relacionadas (sigla em inglês, INSUR) para estimar as demandas via a forma funcional Translog. As elasticidades de substituição de Morishima são calculadas em sete pontos médios da amostra, visando avaliar a evolução das magnitudes das relações de substituição ao longo do tempo, bem como sua possível assimetria. Os resultados obtidos confirmam a hipótese de que diferentes níveis de taxa SELIC engendram padrões de relações de substituição diversos entre os dois bens monetários analisados. Conclui-se que as diferentes relações de substituição verificadas levaram à ampliação do papel das Cadernetas de Poupança como instrumentos de poupança privada em detrimento dos Fundos DI.
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Becker, James Bradley. "Energy Substitution in Agriculture: A Translog Cost Analysis of the U.S. Agricultural Sector, 1992-2007." Youngstown State University / OhioLINK, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=ysu1288661653.
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Bou, habib Chadi. "Flux internationaux, hypertrophie bancaire et syndrome hollandais dans les petites économies ouvertes." Thesis, Lyon 2, 2012. http://www.theses.fr/2012LYO22014/document.
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Les flux financiers internationaux ont connu un développement accéléré au cours des quatre dernières décennies, et le rôle du secteur bancaire dans la transformation de ces flux en moyens de financer la demande s’est accru. Or le passage d’un choc de flux, à un choc de revenu, puis à un choc de demande, génère des ajustements de type «Syndrome Hollandais»; avec variation des prix relatifs et ajustement de la structure de production, mouvement des facteurs de production, et variation des rémunérations absolues et relatives de ces facteurs. Le phénomène est d’importance pour les petites économies ouvertes preneuses de prix et exposées aux chocs exogènes. Nous conceptualisons la transmission du choc et les ajustements sur différents horizons temporels pour une économie à deux secteurs; l’un produisant des biens échangeables et l’autre des biens non-échangeables. L’économie dispose de deux facteurs de production, le travail et le capital, substituables et mobiles avec le temps. Nous testons ce cadre conceptuel sur le Liban, le Luxembourg, et l’Islande; trois pays bénéficiant de larges flux financiers internationaux avant la crise de 2008 et ayant des secteurs bancaires de tailles importantes. Nous trouvons que la direction et l’intensité des ajustements de moyen terme vont dépendre du différentiel d’intensité capitalistique entre secteurs. Sur le long terme, l’offre des facteurs va se modifier. Nous testons aussi l’impact des politiques de réserves et du marché de la monnaie et du crédit, et des politiques fiscales et structurelles. La combinaison de mesures produit de meilleurs résultats sans toutefois mettre le poids de l’atténuation des ajustements sur un seul instrument<br>Foreign financial inflows have developed quickly in the past 40 years. These inflows have increased the ability of the banking sector to further finance domestic demand. The transformation of foreign financial inflows into an income and demand shock generates Dutch Disease adjustments; with change in relative prices and adjustments in the productive system, resources movement, and change in the absolute and relative remunerations of factors of production. The phenomenon is of great importance in the case of small open economies that are price takers in the international market and exposed to exogenous shocks. We conceptualize the transmission of the shock and the adjustments over different time horizons for an economy composed of two sectors; one producing traded goods and the other producing non-traded goods. This economy is endowed with two factors of production, labor and capital, substitutable and mobile as time elapses. We experiment this conceptual framework in the cases of Lebanon, Luxemburg, and Iceland; the three economies having large banking sectors and benefiting from large foreign financial inflows prior to the 2008 crisis. We find that the direction and intensity of adjustments over the medium term depend on the differential of capital intensity between sectors. Over the longer term, the supply of factors of production would change. We also simulate the impact of policy choices, with focus on reserves policies, policies of money and credit, fiscal policies, and structural policies. The combination of measures leads to better results without putting the burden of the mitigation of adjustments on one single policy instrument
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Fontaneti, Fernando Daniel Garcia. "A utilização de conceitos da teoria microeconômica da demanda do consumidor pela análise do comportamento." Pontifícia Universidade Católica de São Paulo, 2011. https://tede2.pucsp.br/handle/handle/16628.
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Previous issue date: 2011-06-03<br>Many studies in behavioral analysis have been making use of concepts derived
from the microeconomic theory of consumer demand to analyze and interpret the data
obtained or simply to put the research problem forward. The present study intended to
show how such concepts have been incorporated by behavior analysis in order to
identify what types of approaches have been made between the two areas and what
possibilities they have indicated for the development of one or both areas. Making use
of key words commonly found in the consumer demand theory, a survey of articles
which used concepts of the consumer demand theory was conducted in 4 journals:
JEAB, JABA, Psychological Review and Behavioural Processes. 77 texts were selected
for the reading of abstracts and a general characterization of the articles followed,
aiming to identify the principal researchers, institutions, types of articles and, for the
researches, their types (basic, applied or historic / methodological / conceptual). Among
the 77 articles, a new selection was carried out for the complete reading of the articles,
being 28 articles selected, which were then, read, described and classified into 5
categories, as follow: a) studies which measure the demand for reinforcers as a function
of cost changes; b) studies which measure the demand for reinforcers using the concept
of unit-price and/or verify how well the demand function proposed by Hursh, Raslear,
Shurtfeff, Bauman e Simmons (1988) accounted for the data obtained; c) studies about
the relative strength of reinforcers (relative preference) based upon their demand curves;
d) experimental studies regarding changes in income; e) studies with panel data. The
results of this study show the evident importance of the economic approach for the
behavioral analysis, besides demonstrating, apart from restrictions, the validity of
concepts of economic theory in so far as individual behavior, whether with humans or
infra-humans<br>Muitos estudos em análise do comportamento têm utilizado conceitos derivados
da teoria microeconômica da demanda do consumidor para a análise e interpretação dos
dados obtidos ou, mesmo, para a colocação do problema de pesquisa. O presente
trabalho pretendeu verificar como tais conceitos têm sido incorporados pela análise do
comportamento, de modo a identificar que tipos de aproximações têm sido feitas entre
as duas áreas e que possibilidades elas têm apontado para o avanço de uma ou ambas as
áreas. Utilizando-se de palavras-chaves comumente presentes na teoria da demanda do
consumidor, foi realizado levantamento de artigos que utilizaram conceitos da teoria da
demanda do consumidor em 4 periódicos: JEAB, JABA, Psychological Review e
Behavioural Processes. 77 textos foram selecionados para leitura de abstracts, e foi
feita a caracterização geral dos estudos, buscando-se identificar principais
pesquisadores, instituições, tipos de artigo e, para os relatos de pesquisa, seus tipos
(básica, aplicada ou histórica / metodológica / conceitual). Dentre os 77 textos,
procedeu-se a nova seleção para leitura completa dos artigos, tendo sido selecionados
28 artigos, que foram, então, lidos, descritos e classificados em 5 categorias, a saber: a)
estudos que medem a demanda por em função de variações no custo; b) estudos que
medem a demanda por reforçadores, utilizando-se do conceito de preço-unitário (unit
price) e/ou verificam o poder explicativo da função geral da demanda nos moldes
propostos por Hursh, Raslear, Shurtfeff, Bauman e Simmons (1988); c) estudos sobre
força relativa de reforçadores (preferência relativa) a partir de suas curvas de demanda;
d) estudos experimentais levando-se em conta variações na renda; e) estudos com
painel. O resultado deste estudo aponta para a clara importância da abordagem
econômica para a análise do comportamento, além de demonstrar, ainda que com
restrições, a validade de conceitos da teoria econômica no âmbito do comportamento
individual, seja com humanos ou infra-humanos
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"Aggregate elasticity of substitution and economic development." 2011. http://library.cuhk.edu.hk/record=b5894854.
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Hui, Chun Piu.<br>Thesis (M.Phil.)--Chinese University of Hong Kong, 2011.<br>Includes bibliographical references (leaves 84-85).<br>Abstracts in English and Chinese.<br>Chapter 1. --- Introduction --- p.1<br>Chapter 2. --- Literature Review --- p.4<br>Chapter 3. --- Model --- p.8<br>Chapter 4. --- Special Cases --- p.12<br>Chapter 4.1. --- Case (1) σ1 = σ2 --- p.12<br>Chapter 4.2. --- Case (2) σ1 + σ2 =2φ or σ1+ σ2 =2 --- p.17<br>Chapter 4.3. --- Case (3) σ1 = φ = 1 --- p.20<br>Chapter 4.4. --- Case (4) σ2 = φ = 1 --- p.23<br>Chapter 4.5. --- Summary of four special cases --- p.25<br>Chapter 5. --- Eight Regions --- p.26<br>Chapter 5.1. --- Region I: (σ1 > σ2 > φ) --- p.26<br>Chapter 5.2. --- Region II: (σ2 > σ1> φ) --- p.27<br>Chapter 5.3. --- Region III: (σ2 > φ > σ1 and σ1+σ2 >2) --- p.28<br>Chapter 5.4. --- Region IV: (σ2 > φ >σ1 and σ1+σ2 <2) --- p.29<br>Chapter 5.5. --- Region V: (φ > σ2 >σ1) --- p.30<br>Chapter 5.6. --- Region VI: (φ> σ1 > σ2) --- p.32<br>Chapter 5.7. --- Region VII: (σ1 > φ >σ2 and 2>σ1+σ2) --- p.33<br>Chapter 5.8. --- Region VIII: (σ1 > φ> σ2 and σ1+σ2>2) --- p.34<br>Chapter 5.9. --- Summary of eight regions --- p.34<br>Chapter 6. --- Testing for φ=0.5 and 2 --- p.36<br>Chapter 6.1 --- φ= 0 . 5 --- p.36<br>Chapter 6.2 --- φ = 2 --- p.38<br>Chapter 7. --- Does factor intensity affect the previous results? --- p.40<br>Chapter 8. --- Equal weights on intermediate goods --- p.41<br>Chapter 9. --- AES and unbounded growth --- p.43<br>Chapter 7. --- Conclusion --- p.45<br>Appendix --- p.48<br>References --- p.84
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Hasanov, Fuad Dacy Douglas C. "Residential housing, household portfolio, and intertemporal elasticity of substitution." 2005. http://repositories.lib.utexas.edu/bitstream/handle/2152/1933/hasanovf07105.pdf.
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Hasanov, Fuad. "Residential housing, household portfolio, and intertemporal elasticity of substitution." Thesis, 2005. http://hdl.handle.net/2152/1933.
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Chan, Te-Sheng, and 詹德聖. "Estimation of the Intertemporal Elasticity of Substitution for Taiwan''s Male Workers." Thesis, 1999. http://ndltd.ncl.edu.tw/handle/12576307101185967196.
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Jean-Ming, Wu, and 巫俊明. "Estimates returns to scale and elasticity of substitution in Taiwanese Manufacturing sector." Thesis, 1994. http://ndltd.ncl.edu.tw/handle/19789215781609358939.
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Laslopová, Ľubica. "The Elasticity of Substitution between Skilled and Unskilled Labor: A Meta-Analysis." Master's thesis, 2018. http://www.nusl.cz/ntk/nusl-372998.
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In this thesis we use meta-analytic methods to quantitatively summarize empirical evidence on elasticity of substitution between skilled and unskilled labor. Review is based on sample of 684 estimates from 78 studies. After a brief overview of theoretical framework, estimation strategies and distri- bution of the existing estimates, we test for publication bias. According to regression-based tests for publication bias, we do not reject null hypothesis of no publication bias in the existing literature. To explain heterogeneity between the estimates, we use Bayesian Model Averaging. We find that both real factors and research design influence resulting value of estimated elasticity. Our synthetic estimates of the elasticity imply that skilled and unskilled workers are imperfect substitutes in the long run, substitutability in the short-run is mostly limited. JEL Classification: J82, J23, J24, J31 Keywords: elasticity of substitution between skilled and un- skilled labor, meta-analysis, publication bias Author's e-mail llaslopova@gmail.com Supervisor's e-mail zuzana.havrankova@fsv.cuni.cz 1
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Pereira, Claudiney M. "Empirical essays on the elasticity of substitution, technical change, and economic growth." 2003. http://www.lib.ncsu.edu/theses/available/etd-07242003-143637/unrestricted/etd.pdf.
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Yang, Mingju, and 楊明珠. "Debt Rules and Endogenous Growth: The Role of the Elasticity of Substitution." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/00304802517900076715.
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郭慧民. "The Effects of a Change in Elasticity of Goods Substitution under a NOEM Framework." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/98418314429888386708.
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Krauchenia, Aliona. "Výzkum elasticit nabídky práce pro MSP: případová studie Běloruska." Master's thesis, 2012. http://www.nusl.cz/ntk/nusl-306138.
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FRANCESCA, Grassetti. "NONLINEAR DYNAMICS AND ECONOMIC GROWTH. THE INFLUENCE OF ELASTICITY OF SUBSTITUTION BETWEEN INPUT FACTORS AND DIFFERENTIAL SAVINGS PROPENSITIES." Doctoral thesis, 2018. http://hdl.handle.net/11393/251177.
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Questa tesi analizza le dinamiche qualitative e quantitative del modello di crescita economica Solow-Swan con differenti tassi di risparmio per lavoratori e capitalisti considerando differenti funzioni di produzione, al fine di studiare come le dinamiche di lungo periodo di un’economia sono influenzate dall’elasticità di sostituzione tra i fattori della produzione e da differenti propensioni al risparmio.
Nel primo capitolo è discusso il problema di stabilire una relazione tra elasticità di sostituzione ed i livelli di capitale ed output pro capite quando si considera una funzione di produzione con elasticità di sostituzione variabile. Nel capitolo vengono proposte definizioni di elasticità di sostituzione associata a differenti attrattori ed è introdotto un metodo di misura. L’obiettivo è di comparare modelli dinamici di crescita con funzioni di produzione di tipo VES, sigmoidale o CES. A tal fine, il metodo proposto è applicato al modello di Kaldor considerando una tecnologia VES. Ne emerge che quando le dinamiche sono semplici (convergenza ad un punto fisso), un Paese in cui l’elasticità di sostituzione tra capitale e lavoro è più elevata è caratterizzato da un più alto livello di equilibrio del capitale e dell’output pro capite. Nel caso in cui l’equilibrio di lungo periodo è invece un ciclo o una dinamica più complessa, tale relazione è ambigua.
Nel secondo capitolo è analizzato il modello di Kaldor assumendo che la tecnologia sia descritta dalla funzione di produzione Shifted Cobb-Douglas, una funzione di produzione che, differentemente dalla CES e VES precedentemente considerate in letteratura, permette di analizzare le dinamiche sia delle economie non sviluppate che di quelle in via di sviluppo e delle economie sviluppate. Il modello che ne risulta è descritto da una mappa discontinua con presenza di trappola della povertà. Inoltre fenomeni di multistabilità possono emergere: oltre al “vizioso circolo della povertà”, le dinamiche di lungo periodo possono includere fluttuazioni economiche o convergenza ad un livello positivo di capitale pro capite. Possono inoltre emergere bacini complessi; in tal caso una politica economica finalizzata ad aumentare il capitale pro capite può fallire e l’economia può essere catturata dalla trappola della povertà.
Nell’ultimo capitolo il modello di crescita neoclassico a tempo discreto e con differenti propensioni al risparmio è studiato assumendo la funzione di produzione Kadiala, rilevante dal punto di vista economico per la sua peculiarità di presentare una elasticità di sostituzione simmetrica rispetto al capitale ed al lavoro. Viene mostrato che, se i lavoratori risparmiano più dei capitalisti, il percorso di crescita è limitato ed il limite è indipendente dal tasso di risparmio dei capitalisti. Inoltre, la crescita delle economie non sviluppate è influenzata dal tasso di risparmio dei capitalisti mentre il livello di capitale pro capite delle economie sviluppate è influenzato dalla propensità al risparmio dei lavoratori. Fenomeni di multistabilità possono emergere, pertanto il modello è in grado di spiegare la coesistenza di economie non sviluppate, in via di sviluppo e sviluppate. Fluttuazioni e dinamiche complesse si verificano quando l’elasticità di sostituzione tra i fattori della produzione è minore di uno ed i capitalisti risparmiano più dei lavoratori.
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Žílová, Pavlína. "Faktory ovlivňující substituci v rámci generik v České republice." Master's thesis, 2015. http://www.nusl.cz/ntk/nusl-331686.
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This study uses logistic regression to estimate the probability of choosing the brand-name drug despite the presence of cheaper generics given patient and drug characteristics in the Czech pharmaceutical market in the period 2009-2013. Results of the analysis may help guide policies to decrease pharmaceutical costs. In order to motivate people who are more likely to choose the original version of drug, policy makers may impose higher copayments and lower subsidies on the original drugs which they use. Additionally, two supplementary analyses were applied to sub-sectors of the pharmaceutical market: antihypertensive drugs and antibiotics. Fixed effects logistic regression is employed to test the robustness of the results.
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"Essays on Public Policy and Consumption Responses." Doctoral diss., 2018. http://hdl.handle.net/2286/R.I.50479.
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abstract: This dissertation focuses on consequences of public policy on consumption responses.
Chapter 1 evaluates the effect of Thailand's car tax rebate scheme in 2012 on household consumption by examining aggregate and administrative data. Car sales doubled during the policy and dramatically declined afterwards while domestic household spending was sluggish following the policy, suggesting a substantial dampening effect of the policy on future household consumption.
Chapter 2 develops a formal model to evaluate Thai household consumption responses. A life-cycle model of consumption and saving is developed with features including uninsured income risks, liquidity constraints, durable goods with embedded adjustment costs and non-homothetic preference in durable goods. Adjustment costs and liquidity constraints are important frictions in the evaluation of the shorter-term responses to changes in relative prices, while non-homotheticity captures the income effect given that cars are luxury goods in the Thai economy context. Key parameters and the partial equilibrium responses, which are key inputs to inform the aggregate outcome of the policy, are estimated. The results show that the car-tax rebates had a sizable impact on slowing Thai household consumption following the policy due to high level of elasticity of intertemporal substitution among Thai households.
Chapter 3 examines the effect of public smoking bans in the EU countries. Using individual-level data, this chapter investigates whether nationwide smoke-free laws in Europe lead to higher smoking reduction and cessation rates among mature smokers. Exploiting the different timing in imposing smoking ban laws and using a difference-in-differences approach, I find that light smokers and heavy smokers were more likely to quit smoking after comprehensive bans were in place while there was no significant effect on average smokers. The results confirm that smoking bans, particularly when enforced more strictly and comprehensively, lead to higher smoking cessation rates even among mature smokers with well-established addiction.<br>Dissertation/Thesis<br>Doctoral Dissertation Economics 2018
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Havránková, Zuzana. "Šest esejí o meta-regresní analýze." Doctoral thesis, 2015. http://www.nusl.cz/ntk/nusl-333734.
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This dissertation thesis consists of six papers on macroeconomics, international economics, and energy economics. All the papers are tied together by the use of meta-regression analysis, which is essential for the derivation of robust policy-relevant conclusions from often conflicting results presented in the empirical literature. I use meta-analysis to quantitatively synthesize the reported research results on a given topic, correct the literature for publication selection bias, and filter out the effect of various misspecifications present in some primary studies. My results can be summarized as follows: 1) The elasticity of intertemporal substitution in consumption, a key input to all dynamic models in finance and macroeconomics, varies significantly across countries. The differences can be explained by the level of stock market participation, when countries with higher participation exhibit larger values of the elasticity; the mean reported elasticity is 0.5. 2) The effect of borders on international trade, which most authors find to be surprisingly large, can be explained away by innovations in methodology introduced in the last decade. When these innovations are taken into account jointly, the border effect disappears for developed countries, and is relatively small for developing countries. 3) When...
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Ivancic, Lorraine Economics Australian School of Business UNSW. "Scanner data and the construction of price indices." 2007. http://handle.unsw.edu.au/1959.4/40782.
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This thesis explores whether scanner data can be used to inform Consumer Price Index (CPI) construction, with particular reference to the issues of substitution bias and choice of aggregation dimensions. The potential costs and benefits of using scanner data are reviewed. Existing estimates of substitution bias are found to show considerable variation. An Australian scanner data set is used to estimate substitution bias for six different aggregation methods and for fixed base and superlative indexes. Direct and chained indexes are also calculated. Estimates of substitution bias are found to be highly sensitive to both the method of aggregation used and whether direct or chained indexes were used. The ILO (2004) recommends the use of dissimilarity indexes to determine the issue of when to chain. This thesis provides the first empirical study of dissimilarity indexes in this context. The results indicate that dissimilarity indexes may not be sufficient to resolve the issue. A Constant Elasticity of Substitution (CES) index provides an approximate estimate of substitution-bias-free price change, without the need for current period expenditure weights. However, an elasticity parameter is needed. Two methods, referred to as the algebraic and econometric methods, were used to estimate the elasticity parameter. The econometric approach involved the estimation of a system of equations proposed by Diewert (2002a). This system has not been estimated previously. The results show a relatively high level of substitution at the elementary aggregate level, which supports the use a Jevons index, rather than Carli or Dutot indexes, at this level. Elasticity parameter estimates were found to vary considerably across time, and statistical testing showed that elasticity parameter estimates were significantly different across estimation methods. Aggregation is an extremely important issue in the compilation of the CPI. However, little information exists about 'appropriate' aggregation methods. Aggregation is typically recommended over 'homogenous' units. An hedonic framework is used to test for item homogeneity across four supermarket chains and across all stores within each chain. This is a novel approach. The results show that treating the same good as homogenous across stores which belong to the same chain may be recommended.
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D'AMORE, GABRIELE. "Economic and financial aspects of crude oil markets." Doctoral thesis, 2017. http://hdl.handle.net/11573/985529.
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The Role of Market Speculation in Rising Oil Prices:
the large oil price fluctuations occurred from 2003 to 2008 has raised many questions about their causes. Many empirical studies have attempted to understand how oil price fluctuations are driven by changes in both market fundamentals and speculative pressures. In this regard, some problems arise such as: the use of unreliable data like the global level of inventories or the specification of a vast number of arbitrary restrictions for the models. In this study I try to isolate, coherently with the view of Knittel and Pindyck(2016) and inspired by Kilian's works, the speculative effect on the short-term spot price fluctuations determined by structural forward-looking behavioral shocks produced in the futures market. Exploiting a dataset used in Kilian and Murphy (2012), CFTC data (period 1999M1-2008M6) and taking advantage of the standard theory of storage we will be able to verify, with a Blanchard-Quah structural approach, that the impact of these shocks is remarkable but not the prevalent one in magnitude. Instead, it would seem that speculative inventory holdings may have played a much more important role.<br>The study named "European Energy Security: the Substitutability of European Crude Oil Imports from Russia" is meant to be a contribution to the current debate on the diversification possibilities in EU for reducing the dependency on Russian crude oil and ensuring the energy security of the European Union (EU). We focus on the aggregate demand for crude oil in EU with the aim of investigating the degree of substitutability of crude oil imports from the Former Soviet Union countries (FSU) and crude oil imports from four alternative regions (America, Middle East, Europe, Africa).
Following Fuss (1977) and Serletis (2010) we employ an econometric model of intra-fuel substitution, using a nonlinear seemingly unrelated regression (SUR) estimator, to assess the aforementioned degree of substitutability in terms of Morishima elasticities of substitution.
We use the most recent dataset, published by the European Commission, consisting of a collection of imported volumes and CIF prices of crude oil by country of origin.
The results indicate that the crude oil provided by former Soviet Union (FSU) countries is strongly substitutable with those imported from African and Middle Eastern countries whilst it is not substitutable with those imported from European and American countries.<br>Predictability Information Criterion for Selecting Stochastic Pricing Models:
pricing models of derivative instruments usually fail to provide reliable results when risks rise and financial crises occur. More advanced stochastic pricing models try to improve the fitting results adding risk factors and/or parameters to the models, incurring the risk of overfitted results.
Drawing on these observations, it is proposed a generalization of the Akaike Information Criterion (AIC) suitable to evaluate forecasting power of alternative stochastic pricing models for any fixed arbitrary forecasting time-horizon.
The Predictability Information Criterion (PIC) differs from the classical criteria for evaluating statistical models as it assumes that the random variable to study can (or cannot) be partially predictable, which makes it particularly suitable for studying stochastic pricing models coherently with the semimartingale definition of the price process.
On the basis of this assumption the criterion measures and compares the uncertainty of the predictions of two different alternative models when prices are (or are not) predictable. We conclude with a focus on the crude oil market by comparing GBM and OU stochastic processes that are commonly used for modeling West Texas Intermediate (WTI) oil spot price returns in derivative pricing models.