Economics
We give an overview of the diverse electoral systems used in local, national, or super-national elections around the world. We discuss existing methods for selecting single and multiple winners and give real-world examples for some more…
The paper presents two new approaches to modeling the interaction of small and medium pricetaking traders with a stock exchange. In the framework of these approaches, the traders can form and manage their portfolios of financial instruments…
Urban-rural gap and regional inequality are long standing problems in China and result in considerable number of studies. This paper examines the dynamic behaviors of incomes for both urban and rural areas with a prefectural data set. The…
The correct understanding of commodity price dynamics can bring relevant improvements in terms of policy formulation both for developing and developed countries. Agricultural, metal and energy commodity prices might depend on each other:…
Diversification represents the idea of choosing variety over uniformity. Within the theory of choice, desirability of diversification is axiomatized as preference for a convex combination of choices that are equivalently ranked. This…
This paper extends the long-term factorization of the stochastic discount factor introduced and studied by Alvarez and Jermann (2005) in discretetime ergodic environments and by Hansen and Scheinkman (2009) and Hansen (2012) in Markovian…
We analyze export data aggregated at world global level of 219 classes of products over a period of 39 years. Our main goal is to set up a dynamical model to identify and quantify plausible mechanisms by which the evolutions of the various…
China has attracted increasing amounts of foreign investment since it opened its doors to the world and whilst many analysts have focused on foreign investment in popular areas, little has been written about medical device investment. The…
In this paper I empirically investigate prediction markets for binary options. Advocates of prediction markets have suggested that asset prices are consistent estimators of the "true" probability of a state of the world being realized. I…
The solution to science's replication crisis is a new ecosystem in which scientists sell what they learn from their research. In each pairwise transaction, the information seller makes (loses) money if he turns out to be correct…
Inside the EU, the commercial integration of the CEE countries has gained remarkable momentum before the crisis appearance, but it has slightly slowed down afterwards. Consequently, the interest in identifying the factors supporting the…
A macroeconomic model based on the economic variables (i) assets, (ii) leverage (defined as debt over asset) and (iii) trust (defined as the maximum sustainable leverage) is proposed to investigate the role of credit in the dynamics of…
Some argue that political stability is best served through a two-party system. This study refutes this. The author mathematically defines the stability and rigidity of electoral systems comprised of any quantity of electors and parties. In…
The multidimensional extension of the Aleskerov-Golubenko polarization index is developed. Several versions of the polarization index are proposed based on different distance functions. Basic properties of the index are examined.
Inequality and its consequences are the subject of intense recent debate. Using a simplified model of the economy, we address the relation between inequality and liquidity, the latter understood as the frequency of economic exchanges.…
We provide a theoretical framework to understand when firms may benefit from exploiting previously abandoned technologies and brands. We model for the long run process of innovation, allowing for sustainable diversity and comebacks of old…
Given that Olympic Games held over the past decade each have cost USD 8.9 billion on average, the size and financial risks of the Games warrant study. The objectives of the Oxford Olympics study are to (1) establish the actual outturn costs…
Bayesian hierarchical models are a methodology for aggregation and synthesis of data from heterogeneous settings, used widely in statistics and other disciplines. I apply this framework to the evidence from 7 randomized experiments of…
The literature on the costs of climate change often draws a link between climatic 'tipping points' and large economic shocks, frequently called 'catastrophes'. The use of the phrase 'tipping points' in this context can be misleading. In…
In the work the fair division problem for two participants in presence of both divisible and indivisible items is considered. The set of all divisions is formally described; it is demonstrated that fair (in terms of Brams and Taylor)…