综合经济学
I unravel the basic long run dynamics of the broker call money market, which is the pile of cash that funds margin loans to retail clients (read: continuous time Kelly gamblers). Call money is assumed to supply itself perfectly…
This paper supplies two possible resolutions of Fortune's (2000) margin-loan pricing puzzle. Fortune (2000) noted that the margin loan interest rates charged by stock brokers are very high in relation to the actual (low) credit risk and the…
This paper studies a two-person trading game in continuous time that generalizes Garivaltis (2018) to allow for stock prices that both jump and diffuse. Analogous to Bell and Cover (1988) in discrete time, the players start by choosing fair…
Americans across demographic groups tend to have low financial literacy, with low-income people and minorities at highest risk. This opens the door to the exploitation of unbanked low-income families through high-interest alternative…
In spring 2022, the German federal government agreed on a set of measures that aimed at reducing households' financial burden resulting from a recent price increase, especially in energy and mobility. These measures included among others, a…
The 2022 Russia Ukraine War has led to many sanctions being placed on Russia and Ukraine. The paper will discuss the impact the 2022 Russian Sanctions have on agricultural food prices and hunger. The paper also uses Instrumental Variable…
How to fairly apportion congressional seats to states has been debated for centuries. We present an alternative perspective on apportionment, centered not on states but "families" of state, sets of states with "divisor-method" quotas with…
Developing new electricity grid tariffs in the context of household electrification raises old questions about who pays for what and to what extent. When electric vehicles (EVs) and heat pumps (HPs) are owned primarily by households with…
This study analyses oil price movements through the lens of an agnostic random forest model, which is based on 1,000 regression trees. It shows that this highly disciplined, yet flexible computational model reduces in sample root mean…
Hand hygiene is one of the key low-cost measures proposed by the World Health Organization (WHO) to contain the spread of COVID-19. In a field study conducted during the pandemic in June and July 2020 in Switzerland, we captured the hand…
In this paper, I consider a simple heterogeneous agents model of a production economy with uncertain climate change and examine constrained efficient carbon taxation. If there are frictionless, complete financial markets, the simple model…
The present study uses domain experts to estimate welfare levels and indicators from high-resolution satellite imagery. We use the wealth quintiles from the 2015 Tanzania DHS dataset as ground truth data. We analyse the performance of the…
The hidden-action model provides an optimal sharing rule for situations in which a principal assigns a task to an agent who makes an effort to carry out the task assigned to him. However, the principal can only observe the task outcome but…
Several examples of Cyber-physical human systems (CPHS) include real-time decisions from humans as a necessary building block for the successful performance of the overall system. Many of these decision-making problems necessitate an…
We consider a zonal international power market and investigate potential economic incentives for short-term reductions of transmission capacities on existing interconnectors by the responsible transmission system operators (TSOs). We show…
Can proximity make friendships more diverse? To address this question, we propose a learning-driven friendship formation model to study how proximity and similarity influence the likelihood of forming social connections. The model predicts…
Democracy often fails to meet its ideals, and these failures may be made worse by electoral institutions. Unwanted outcomes include polarized institutions, unresponsive representatives, and the ability of a faction of voters to gain power…
The form of political polarization where citizens develop strongly negative attitudes towards out-party policies and members has become increasingly prominent across many democracies. Economic hardship and social inequality, as well as…
This paper empirically examines how the opening of K-12 schools and colleges is associated with the spread of COVID-19 using county-level panel data in the United States. Using data on foot traffic and K-12 school opening plans, we analyze…
Clinical research should conform to high standards of ethical and scientific integrity, given that human lives are at stake. However, economic incentives can generate conflicts of interest for investigators, who may be inclined to withhold…