infonet-economy

We extend the celebrated Rothschild and Stiglitz (1970) definition of Mean Preserving Spreads to scalar diffusion processes. We provide sufficient conditions under which a family of diffusion processes satisfies the dynamic counterparts to the famous Rothschild and Stiglitz integral conditions. We prove that the only Brownian bridge with non-constant drift that displays the Dynamic...

This article introduces ‘destituent entrepreneurship’ as a way of imagining the political thrust of entrepreneurship under conditions of crisis. Taking its cues from Giorgio Agamben’s work on destituent power, and from theories of prefigurative praxis by other thinkers, this analysis uses the occupied-enterprise movement in Argentina as an illustrative case to cultivate sensitivity...

Space-time is a profound concept in physics. This concept was shown to be useful for dimensionality reduction. We present basic definitions with interesting counter-intuitions. We give theoretical propositions to show that space-time is a more powerful representation than Euclidean space. We apply this concept to manifold learning for preserving local information. Empirical results...

We develop a functional learning approach to modelling systems of time series which preserves the ability of standard linear time-series models (VARs) to uncover the Granger-causality links in between the series of the system while allowing for richer functional relationships. We propose a framework for learning multiple output-kernels associated with multiple input-kernels over a...

This paper investigates theoretically how the structure of means-tested public long-term care (LTC) support influences the relationship between LTC insurance and informal care. Three types of public support encountered in various means-tested LTC schemes are examined. First, the level to be considered for means-testing only takes into account the level of wealth of the recipient...

We develop a novel stress-test framework to monitor systemic risk in financial systems. The modular structure of the framework allows to accommodate for a variety of shock scenarios, methods to estimate interbank exposures and mechanisms of distress propagation. The main features are as follows. First, the framework allows to estimate and disentangle not only first-round effects (i.e...

There are arguably potential wage gains from exports in developing countries. Export markets bring about opportunities for firms and successful exporting firms translate some of the benefits of exports to workers via employment and wage premia. Using comparable data for 61 developing and low-income countries, we document the prevalence of the export wage premia worldwide. With an...

This paper investigates the effect of changes in ambiguity on the value of statistical life (VSL) under the smooth ambiguity model developed by Klibano, Marinacci and Mukerji (2005). Changes in ambiguity over the mortality risk are expressed through the specific concept of stochastic dominance of order n defined by Ekern (1980). We provide sufficient conditions on the individual...