infonet-economy

We study the optimal policies and mean-variance frontiers (MVF) of a multiperiod mean-variance optimization of assets and liabilities (AL). This makes the analysis more challenging than for a setting based on purely exogenous liabilities, in which the optimization is only performed on the assets while keeping liabilities fixed. We show that, under general conditions for the joint AL…

In this paper we identify conditions under which the introduction of a pay-as-you-go social security system is ex-ante Pareto-improving in a stochastic overlapping genera-
tions economy with capital accumulation and land. We argue that these conditions are consistent with realistic specifications of the parameters of the economy. In our model, financial markets are complete and…

Competent public agencies are associated with better economic outcomes. Beyond competence, political leaders need to secure the loyalty of their agencies. Unfortunately, several theories predict a tradeoff between these two valued features. This paper finds that recruitment into agencies is meritocratic where (1) agency officials have poor outside options, (2) careers in agencies are…

We analyze complex bond portfolios within the framework of a dynamic general equilibrium asset-pricing model. Equilibrium bond portfolios are nonsensical and imply a trading volume that vastly exceeds observed trading volume on financial markets. Instead, portfolios that combine bond ladders with a market portfolio of equity assets are nearly optimal investment strategies. The…

Abstract information refers to information that a user can't directly obtain just by visualizing the spatial information of objects in a 3D virtual environment (3DVE). This thesis first reviews the state of the art on interactive 3DVEs development, abstract information visualization techniques and the evaluation of interactive 3DVEs. Then, this thesis presents a conceptual model…

This paper applies digital PLL (Phase-locked loop) approach to the body movement classification problem. PLLs have been used efficiently in telecommunication to retrieve modulated signals from the background noise. Acceleration sensor signal processing often require the same kind of noise tolerance and the relevant movement patterns are frequently periodic, e.g. walking. The paper…

Inevitably, mobile applications and services on a growing scale assist us in our daily life situations, fulfilling our needs for leisure, entertainment, communication or information. However, user acceptance of a mobile application depends on the application's perceived quality of experience (QoE) and it also includes the criticality of the application to the user's context…

We study a number of large international military conflicts since World War II where we establish a news analysis as a proxy for the estimated likelihood that the conflict will result in a war. We find that in cases when there is a pre-war phase, an increase in the war likelihood tends to decrease stock prices, but the ultimate outbreak of a war increases them. In cases when a war…