Damage, Death and Downtime Risk Attenuation in the 2011 Christchurch Earthquake

Size: px
Start display at page:

Download "Damage, Death and Downtime Risk Attenuation in the 2011 Christchurch Earthquake"

Transcription

1 Damage, Death and Downtime Risk Attenuation in the 2011 Christhurh Earthquake J.B. Mander & Y. Huang Zahry Department of Civil Engineering, Texas A&M University, College Station, TX USA NZSEE Conferene ABSTRACT: Following a atastrophi earthquake, 3d (damage, death and downtime) rapid estimates of the extent and severity of losses are desperately needed in order to better aid in post-event response and reovery. A quantitative risk analysis approah is advaned to investigate the 3d loss types for typial New Zealand onstrution as exemplified by the Redbook building for the 2011 Christhurh earthquake. The results are presented in terms of attenuation urves whih show that within the entral business distrit: the expeted loss ratio (related to insurane laims) is about 50% of the asset value; the expeted hane that someone is killed is 5%; and the expeted downtime is 1- year. However, onsiderable unertainties also exist, thus one an only be 90% onfident that these results will not be higher than: 100% damage, implying ollapse is a distint possibility; 10% hane of fatalities, implying there may also be some deaths and possibly signifiant injuries; and 2-year downtime due to reonstrution demand surge. These salutary results demonstrate that in spite of strutures being well-engineered, downtime in partiular is unaeptably large. Two methods an be used to solve this problem: to make the struture slightly stronger and more robust through damage avoidane design. 1 INTRODUCTION Historially, engineers have prinipally aimed at ensuring life-safety through ollapse-prevention due to earthquakes. However, over many years of researh and more reently in pratie, partial damage, death and downtime losses are gradually being taken into onsideration as they turn out to ontribute a signifiant portion of the overall earthquake-indued losses, espeially when one onsiders equivalent monetary value. In this researh, the general four-step quantitative risk analysis approah of Mander and Sirar (2011) is extended from the general all-hazard based loss model to an earthquake-speifi or senario-based 3d loss model. The well-known Redbook Building is onsidered to be an exemplar of the state-of-the-pratie for good strutural design in New Zealand (CCANZ, 1998). This building, whih is based on using redued design strength along with dutile detailing, is adopted as the basis for onduting a 3d seismi risk analysis. It will be shown that signifiant damage an be expeted when subjeted to the Christhurh earthquakes. Some deaths may also be expeted. But it is the downtime that is most worrying aspet, as this is proving to be most undesirable from a building owner s standpoint. Therefore, three alternative design senarios are explored and disussed. The first of these is to merely make the building stronger to defray the onset of damage. The seond maintains the existing strength, but employs Damage Avoidane Design (DAD) details. While both of these aforementioned strategies are shown to make some improvements in performane along with the redution in damage, it is finally demonstrated that what is really needed are buildings that are both stronger and have better (damage avoidane) performane attributes. 2 SCENARIO-BASED 3d OSS MODE Reently, Mander and Sirar (2011) developed a quantitative risk analysis approah for the loss Paper Number 016

2 estimation of strutures. The approah develops an equation-based inter-relationship using a four-step proedure between (a) seismi hazard; (b) strutural response; () damage; and (d) loss. In this researh, the all-hazard based analysis of Mander and Sirar (2011) is extended to a senariobased risk analysis method. It is well known that for any given speifi earthquake there exists an attenuation relationship that relates the shaking intensity with respet to the distane to the earthquake s epientre. Suh an attenuation relationship an be substituted into the Mander and Sirar (2011) theory. As shown in Figure 1, the senario-based four-step risk analysis onsists of: (a) hazard-intensity attenuation modelling; (b) strutural analysis; () damage analysis; and (d) lossattenuation estimation. Figure 1 shows that eah of the four steps are essentially linear when plotted in log-log spae. Therefore, a single ompound equation may be written to express the interonnetion between eah of the four graphs. b ab Sa R (1) r r ar r S R in whih r = a referene (senario) earthquake event; = a loss ratio; struture drift, an engineering demand parameter (EDP); S a = spetral aeleration, an intensity measure (IM); R = radial distane from the epientre of the earthquake; and a, b, and d are the slopes shown in the four graphs in Figure 1, these are interrelated suh that d = -ab. Drift R(km) IM (b) 1 Toppling/Failure b IM oss () 1 1 (d) d d oss Damage Onset Drift R(km) Figure 1: Senario-based 3d oss Model: (a) seismi hazard intensity-attenuation model; (b) strutural analysis; () damage analysis; and (d) loss-attenuation estimation In the first step, instead of assoiating the intensity measures with annual frequeny as Mander and Sirar (2011) proposed, a simple attenuation relationship is proposed that relates the intensity measure with the radial distane from the earthquake epientre. In the seond step, the response of the struture whih is exposed to different levels of ground shaking is predited. In the third step, the strutural drift is related to the damage losses. In the fourth step, damage or other losses (suh as death and downtime) at a ertain radial distane from the earthquake epientre are modelled. 2

3 It should be noted that earthquakes in the near-field (approximately < 8 km) may impose seismi demands that are either greater than the apaity of the struture, or less than the strutural toppling/failure apaity, as depited in Figure 1. This input (in Figure 1a) affets the outome, as shown in Figure 1d. 2.1 Senario-based Physial oss Model The model for alulating the physial damage loss ratio is: ; on u 1.3 (2) where = unit loss, whih taken as the monetary value of the struture under steady-state (nondisaster) priing, or as = 1.0 for omparative (unit-prie) studies; = struture drift at the onset of omplete ollapse; on = physial loss ratio at the onset of damage state 2; on = struture drift at the onset of damage 2; and u = physial loss ratio at the omplete ollapse of struture, u > 1 with a suggested median value u =1.3 presumes a 30% post-event prie surge. 2.2 Senario-based Death oss Model Fault and Event trees are used to analyse the probability of death loss arising from building damage due to the earthquake. The value of the slope in the damage analysis was alibrated using the fault and event trees, and is taken as = 2.6 as proposed in Ghorawat (2011). The model for alulating the probability of death loss is: D D ; Don D Du 0.75 (3) where D = probability of death loss at the onset of omplete damage, whih is generally taken as D = 0.1 (Mander and Elms 1994); D on = probability of death loss at the onset of damage; D u = probability of death loss of omplete damage, whih is normally taken as D u = 0.75, assuming the imum oupany of a building is 75%. 2.3 Senario-based Downtime oss Model Guided by earlier studies (Mander and Basoz, 1999; and Ghorawat, 2011) a downtime loss model is proposed as DT DT ; DTon DT DTu 150 (4) where DT = the downtime at the onset of omplete damage; DT on = the downtime at the onset of damage; and DT u = the downtime at omplete damage, whih is taken as DT u = 150 (weeks). 2.4 Unertainty and Randomness Consider the unertainty and randomness in the seismi demand and in the establishment of the model, is used to represent the dispersions through whih the median values ould be transformed to other fratiles. The dispersion of all ombined unertainty and randomness is given (Kennedy et al. 1980) using the following expression: (5) T D U C where D aounts for the variabilities in demand; U aounts for the unertainty in modelling, whih is taken as U = 0.25; and C aounts for the variabilities in struture apaity, whih is taken herein 3

4 as C = 0.2. Further, to aount for the overall dispersion in loss with respet to the radial distane from the epientre, it an be shown that: U (6) T R where U = 0.35 is assumed to aount for the unertainty in loss (Mander and Sirar, 2011). 3 3d OSS MODE CONSIDERING SPATIA DISTRIBUTION OF OSSES A ommonly adopted onservative assumption is that the damage of a building is uniformly distributed over the entire height. Thus a Maximum oss Model is defined as: i (7) 1/ (8) where = imum 3d loss ratio; = imum struture drift in the struture; and i = struture drift of the i th storey. As buildings beome taller, the onservative assumption that the imum loss is spread equally over all storeys an lead to a substantial overestimation of total loss. This is beause the most severe damage tends to be onentrated within a few floors, typially the lower storeys. Deshmukh (2011) developed a method to address this issue and proposed an Average oss Model. This requires the alulation and summation of the loss at eah storey of the building and then averaged over the entire height of the building, as follows: avg n i i1 n 1/ n i ; (10) i1 n avg where avg = average 3d loss ratio (for physial damage loss, avg 1.0; for death loss, D avg 0.1; and for downtime loss, DT avg 75); n = total number of storeys of the building; and avg = average struture drift in the struture. In reality, neither the imum loss model, nor the average loss model will hold universally true for all potential earthquake shaking intensities. For example, under stronger shaking if only one storey is near ollapse, then insurers will ondemn the entire struture in spite of most other storeys being in pristine ondition. This is a ase where building replaement is neessary and thus the imum loss model is appliable. Therefore, a proposed new loss model is developed by ombining the imum and the average loss models to give a omposite onditional loss model. For physial damage loss, the proposed model is expressed in terms of whether the building is repaired or replaed as follows: The building is repaired when: eff ( 1.0) (11) avg on (9) The building is replaed when: 4

5 eff (1.0 u ) (12) where eff = the effetive physial damage loss ratio for the proposed physial damage loss model. Similarly, for the death loss, the proposed model is expressed as: D eff ( D D 0.1) (13) Davg on Deff (0.1 D D u ) (14) D where D eff = the effetive probability of death loss for the proposed death loss model. And for the downtime loss, the proposed model is expressed as: DT eff ( DT DT 75) (15) DTavg on DTeff (75 DT DT u ) (16) DT where DT eff = the effetive downtime loss for the proposed downtime loss model. Other variables to represent the key oordinates in the proposed loss model are alulated by 1/d rr rr r (17) r R R R R d rr rl r (18) r where R rr = radial distane from the epientre of the earthquake orresponding to the 3d loss ratio rr (for physial damage loss, rr = 1.0; for death loss, D rr = 0.1; for downtime loss, DT rr = 75), note that this distane separates repair and replaement outomes; rl = 3d loss ratio of the average loss model orresponding to the radial distane from the epientre of the earthquake R rr. 4 RESUTS AND IMPICATIONS From the senario-based 3d loss models, the losses at a ertain radial distane from the earthquake epientre an be easily determined. The well-known 10-storey reinfored onrete Redbook Building (CCANZ 1998) was seleted as the exemplar struture in this researh. The senariobased 3d loss models were implemented for the Redbook Building based on the 22 February 2011 Christhurh earthquake. Compared to the imum loss model, the estimated 3d losses based on the senario-based 3d loss models, onsidering spatial distribution of damage losses over the height of the buildings, are onsiderably smaller. The 3d loss model results show that for the standard Redbook Building, within the entral business distrit taken as some 17 km radial distane away from the earthquake epientre: (i) the expeted physial damage loss ratio is about 50% of the asset value; (ii) the expeted probability of killing someone is about 3%; and (iii) the expeted downtime is 6 months. Considering the randomness and unertainties, one an have 90% onfidene that the losses will not be higher than: (i) 100% physial damage loss ratio; (ii) 5% of probability of death loss; and (iii) 1-year of downtime loss. When onsidering the spatial distribution of losses, the analysis results show that for the standard Redbook Building, at a 17 km radial distane from the earthquake epientre: (i) the physial damage loss is about 20%; (ii) the probability of death loss is only 0.7%; and (iii) the downtime loss is about 2 months. Compared to the imum loss model, it is observed that the estimated losses are signifiantly redue when onsidering spatial distribution of damage over the height of the struture. 5

6 IM Replae Repair Downtime oss Death oss Damage oss Drift R (km) Figure 2: Proposed 3d loss model for standard Redbook Building 5 DISCUSSION: WHAT CAN BE DONE TO AMEIORATE OSSES? In monetary terms it has been shown that the downtime loss is the most signifiant loss ompared to the physial damage loss and death loss (Ghorawat, 2011). It is therefore neessary to take downtime loss more seriously into onsideration in the pre-event analysis and design. To investigate how one might ameliorate losses, and in partiular minimize downtime by design, a sensitivity (swing) analysis has been performed. The Cases onsidered onsist of: 6

7 (a) Making the building 30% stronger (this degree of strengthening is in keeping with the proposed inrease in the seismi hazard for Christhurh); (b) Making the building more deformable and as damage-free as pratiable, without making the building stronger. Using the Damage Avoidane Design (DAD) armouring details along with reentering attributes as proposed in various reent studies by Rodgers et al. (2008, 2012) and Solberg et al (2008). () A ombination of Cases (a) and (b) above. Downtime oss Death oss Damage oss R (km) Figure 3: Proposed 3d loss model results for different buildings Results of this swing analysis are presented in Figure 3. When ompared with the Redbook Building as the benhmark, one an observe that for Case (a) the stronger building: (i) the physial damage loss ratio delined to about 20%; (ii) the probability of death loss redues to 0.4%; and (iii) the downtime loss is about 1 month. The values indiate that the building with a stiffer onstrution an learly derease the damage losses, espeially the downtime loss. For Case (b), the more dutile building, the 17 km radial distane from the earthquake epientre is just at the onset of the damage loss area, whih 7

8 means that no damage is done to the building is possible. However, at distanes loser than 17 km omplete damage requiring replaement is not really improved. For Case (), where the building is both strengthened and detailed to avoid damage, both replaement and repairs are redued. The swing analysis indiates that a stronger building will help inhibit ollapse and thus redue replaement losses, but repairs are still required at moderate distanes from the epientre (R > 9 km). A more deformable (DAD) onstrution is evidently more effetive in reduing the repair losses, but under severe shaking replaements may still be neessary; there is no substitution for strength when omplete toppling/ollapse/replaement is onerned. However, the more dutile building is notieably more effetive in dereasing the earthquake inflited damage and almost eliminates the need for building repairs. Therefore, to redue the need for both replaements and repairs, strutures need to be respetively made both stronger and more deformable (with DAD details). The stronger and more dutile building an ahieve the best performane and have the minimum 3d losses ompared to the other three types of buildings. For the ase of modifying the Redbook Building by inreasing the strength by 30 perent, plus altering the onnetions to armoured DAD details, all damage beyond 10 km from the epientre an theoretially be eliminated. To redue this entirely the building would need to be made stronger again. 6 CONCUSION By making a building stronger by design, the need for omplete replaement is redued, but damage and thus repairs along with the inevitable downtime an still be expeted. Conversely, by making a building more deformable, the need for repairs will be redued, but toppling or omplete failure will only be eliminated if the building is also made stronger. REFERENCES: Cement and Conrete Assoiation of New Zealand (CCANZ) Examples of onrete strutural design to NZS 3101:1995 Redbook. Cement and Conrete Assoiation of New Zealand, Wellington, New Zealand. Deshmukh, P.B Rapid spatial distribution seismi loss analysis for multistory buildings. M.S. thesis, Texas A&M University, Texas, United States. Ghorawat, S Rapid loss modeling of death and downtime aused by earthquake indued damage to strutures. M.S. thesis, Texas A&M University, Texas, United States. Kennedy, R. P., Cornell, C.A., Campbell, R. D., Kaplan, S., & Perla, H.F Probabilisti seismi safety study of an existing nulear power plant. Nulear Engineering and Design, 59(2), Mander, J.B., & Basoz, N Seismi fragility theory for highway bridges: Optimizing post-earthquake lifeline system reliability. Pro., Fifth US Conferene on ifeline Earthquake Engineering, Seattle, WA Mander, J. B., & Elms, D.G Quantitative risk assessment of large strutural systems. Strutural Safety & Reliability, 3(1), Mander, J.B., Sirar, J., & Damnjanovi I Diret loss model for seismially damaged strutures. Earthquake Engineering & Strutural Dynamis. (on-line) Rodgers, G.W., Solberg, K.M., Mander, J.B., Chase, J.G., Bradley, B.A., & Dhakal R.P High-fore-tovolume seismi dissipater embedded in a jointed preast onrete frame. Journal of Strutural Engineering. (on-line) Rodgers, G.W., Solberg, K.M., Chase, J.G., Mander, J.B., Bradley, B.A., Dhakal, R.P., et al Performane of a damage-proteted beam-olumn subassembly utilizing external HF2V energy dissipation devies. Earthquake Engineering & Strutural Dynamis, 37(13), Solberg, K., Dhakal, R.P., Bradley, B., Mander, J.B., & i, Seismi performane of damage-proteted beam-olumn joints. ACI Strutural Journal, 105(2),

Economics 2202 (Section 05) Macroeconomic Theory Practice Problem Set 3 Suggested Solutions Professor Sanjay Chugh Fall 2014

Economics 2202 (Section 05) Macroeconomic Theory Practice Problem Set 3 Suggested Solutions Professor Sanjay Chugh Fall 2014 Department of Eonomis Boston College Eonomis 2202 (Setion 05) Maroeonomi Theory Pratie Problem Set 3 Suggested Solutions Professor Sanjay Chugh Fall 2014 1. Interation of Consumption Tax and Wage Tax.

More information

BUILDING DAMAGE, DEATH AND DOWNTIME RISK ATTENUATION IN EARTHQUAKES. A Thesis YINGHUI HUANG

BUILDING DAMAGE, DEATH AND DOWNTIME RISK ATTENUATION IN EARTHQUAKES. A Thesis YINGHUI HUANG BUILDING DAMAGE, DEATH AND DOWNTIME RISK ATTENUATION IN EARTHQUAKES A Thesis by YINGHUI HUANG Submitted to the Office of Graduate Studies of Texas A&M University in partial fulfillment of the requirements

More information

i e SD No.2015/0206 PAYMENT SERVICES REGULATIONS 2015

i e SD No.2015/0206 PAYMENT SERVICES REGULATIONS 2015 i e SD No.2015/0206 PAYMENT SERVICES REGULATIONS 2015 Payment Servies Regulations 2015 Index PAYMENT SERVICES REGULATIONS 2015 Index Regulation Page PART 1 INTRODUCTION 7 1 Title... 7 2 Commenement...

More information

PROSPECTUS May 1, Agency Shares

PROSPECTUS May 1, Agency Shares Dreyfus Institutional Reserves Funds Dreyfus Institutional Reserves Money Fund Class/Tiker Ageny shares DRGXX Dreyfus Institutional Reserves Treasury Fund Class/Tiker Ageny shares DGYXX Dreyfus Institutional

More information

Pensions Increase (Annual Review) Order 2015 PENSIONS INCREASE (ANNUAL REVIEW) ORDER 2015

Pensions Increase (Annual Review) Order 2015 PENSIONS INCREASE (ANNUAL REVIEW) ORDER 2015 Pensions Inrease (Annual Review) Order 2015 Index PENSIONS INCREASE (ANNUAL REVIEW) ORDER 2015 Index Artile Page 1 Title... 3 2 Commenement... 3 3 Interpretation.3 4 Pension Inrease.. 4 5 Inrease in ertain

More information

Output and Expenditure

Output and Expenditure 2 Output and Expenditure We begin with stati models of the real eonomy at the aggregate level, abstrating from money, pries, international linkages and eonomi growth. Our ausal perspetive depends on what

More information

Study on Rural Microfinance System s Defects and Risk Control Based on Operational Mode

Study on Rural Microfinance System s Defects and Risk Control Based on Operational Mode International Business and Management Vol. 10, No. 2, 2015, pp. 43-47 DOI:10.3968/6807 ISSN 1923-841X [Print] ISSN 1923-8428 [Online] www.sanada.net www.sanada.org Study on Rural Mirofinane System s Defets

More information

Explanatory Memorandum

Explanatory Memorandum IN THE KEYS HEAVILY INDEBTED POOR COUNTRIES (LIMITATION ON DEBT RECOVERY) BILL 202 Explanatory Memorandum. This Bill is promoted by the Counil of Ministers. 2. Clause provides for the short title of the

More information

Economics 325 Intermediate Macroeconomic Analysis Practice Problem Set 1 Suggested Solutions Professor Sanjay Chugh Spring 2011

Economics 325 Intermediate Macroeconomic Analysis Practice Problem Set 1 Suggested Solutions Professor Sanjay Chugh Spring 2011 Department of Eonomis Universit of Marland Eonomis 35 Intermediate Maroeonomi Analsis Pratie Problem Set Suggested Solutions Professor Sanja Chugh Spring 0. Partial Derivatives. For eah of the following

More information

ON TRANSACTION COSTS IN STOCK TRADING

ON TRANSACTION COSTS IN STOCK TRADING QUANTITATIVE METHODS IN ECONOMICS Volume XVIII, No., 07, pp. 58 67 ON TRANSACTION COSTS IN STOCK TRADING Marek Andrzej Koiński Faulty of Applied Informatis and Mathematis Warsaw University of Life Sienes

More information

FOREST CITY INDUSTRIAL PARK FIN AN CIAL RETURNS EXECUTIVE SUMMARY

FOREST CITY INDUSTRIAL PARK FIN AN CIAL RETURNS EXECUTIVE SUMMARY FOREST CITY INDUSTRIAL PARK FIN AN CIAL RETURNS EXECUTIVE SUMMARY The City of London is engagedl in industrial land development for the sole purpose of fostering eonomi growth. The dynamis of industrial

More information

Bonus-Malus System with the Claim Frequency Distribution is Geometric and the Severity Distribution is Truncated Weibull

Bonus-Malus System with the Claim Frequency Distribution is Geometric and the Severity Distribution is Truncated Weibull IOP Conferene Series: Earth and Environmental Siene PAPER OPEN ACCESS Bonus-Malus System with the Claim Frequeny Distribution is Geometri and the Severity Distribution is Trunated Weibull To ite this artile:

More information

0NDERZOEKSRAPPORT NR TAXES, DEBT AND FINANCIAL INTERMEDIARIES C. VAN HULLE. Wettelijk Depot : D/1986/2376/4

0NDERZOEKSRAPPORT NR TAXES, DEBT AND FINANCIAL INTERMEDIARIES C. VAN HULLE. Wettelijk Depot : D/1986/2376/4 0NDERZOEKSRAPPORT NR. 8603 TAXES, DEBT AND FINANCIAL INTERMEDIARIES BY C. VAN HULLE Wettelijk Depot : D/1986/2376/4 TAXES, DEBT AND FINANCIAL INTERMEDIARIES Muh lending and borrowing is indiret : finanial

More information

State of New Mexico Participation Agreement for Deferred Compensation Plan

State of New Mexico Participation Agreement for Deferred Compensation Plan State of New Mexio Partiipation Agreement for Deferred Compensation Plan DC-4068 (06/2016) For help, please all 1-866-827-6639 www.newmexio457d.om 1 Things to Remember Please print Payroll Center/Plan

More information

The Impact of Capacity Costs on Bidding Strategies in Procurement Auctions

The Impact of Capacity Costs on Bidding Strategies in Procurement Auctions Review of Aounting Studies, 4, 5 13 (1999) 1999 Kluwer Aademi Publishers, Boston. Manufatured in The Netherlands. The Impat of Capaity Costs on Bidding Strategies in Prourement Autions JÖRG BUDDE University

More information

Availability Analysis with Opportunistic Maintenance of a Two Component Deteriorating System

Availability Analysis with Opportunistic Maintenance of a Two Component Deteriorating System Analysis with Maintenane of a Two Component Deteriorating System Joel P. Varghese and Girish Kumar Abstrat This paper desribes the opportunisti maintenane model for availability analysis of two omponent

More information

Ranking dynamics and volatility. Ronald Rousseau KU Leuven & Antwerp University, Belgium

Ranking dynamics and volatility. Ronald Rousseau KU Leuven & Antwerp University, Belgium Ranking dynamis and volatility Ronald Rousseau KU Leuven & Antwerp University, Belgium ronald.rousseau@kuleuven.be Joint work with Carlos Garía-Zorita, Sergio Marugan Lazaro and Elias Sanz-Casado Department

More information

Tariffs and non-tariff measures: substitutes or complements. A cross-country analysis

Tariffs and non-tariff measures: substitutes or complements. A cross-country analysis Bank i Kredyt 48(1), 2017, 45-72 Tariffs and non-tariff measures: substitutes or omplements. A ross-ountry analysis Eyal Ronen* Submitted: 29 April 2016. Aepted: 3 November 2016. Abstrat Alongside the

More information

Class Notes: Week 6. Multinomial Outcomes

Class Notes: Week 6. Multinomial Outcomes Ronald Hek Class Notes: Week 6 1 Class Notes: Week 6 Multinomial Outomes For the next ouple of weeks or so, we will look at models where there are more than two ategories of outomes. Multinomial logisti

More information

Alfons John Weersink. A thesis submitted in partial fulfillment of the requirements for the degree. Master of Science. Applied Economics.

Alfons John Weersink. A thesis submitted in partial fulfillment of the requirements for the degree. Master of Science. Applied Economics. OPTIMAL REPLACEMENT INTERVAL AND DEPRECIATION METHOD OF A COMBINE ON A REPRESENTATIVE DRYLAND GRAIN FARM IN NORTHCENTRAL MONTANA by Alfons John Weersink A thesis submitted in partial fulfillment of the

More information

Page 80. where C) refers to estimation cell (defined by industry and, for selected industries, region)

Page 80. where C) refers to estimation cell (defined by industry and, for selected industries, region) Nonresponse Adjustment in the Current Statistis Survey 1 Kennon R. Copeland U.S. Bureau of Labor Statistis 2 Massahusetts Avenue, N.E. Washington, DC 20212 (Copeland.Kennon@bls.gov) I. Introdution The

More information

Multi-Firm Mergers with Leaders and Followers

Multi-Firm Mergers with Leaders and Followers Multi-irm Mergers with eaders and ollowers Gamal Atallah 1 University of Ottawa Deember 2011 Department of Eonomis, University of Ottawa, P.O. Box 450, STN. A, Ottawa, Ontario, Canada, 1 gatllah@uottawa.a,

More information

TOTAL PART 1 / 50 TOTAL PART 2 / 50

TOTAL PART 1 / 50 TOTAL PART 2 / 50 Department of Eonomis University of Maryland Eonomis 35 Intermediate Maroeonomi Analysis Midterm Exam Suggested Solutions Professor Sanjay Chugh Fall 009 NAME: Eah problem s total number of points is shown

More information

THE STUDY OF RELATIONSHIP BETWEEN CAPITAL STRUCTURE, FIRM GROWTH WITH FINANCIAL LEVERAGE OF THE COMPANY LISTED IN TEHRAN STOCK EXCHANGE

THE STUDY OF RELATIONSHIP BETWEEN CAPITAL STRUCTURE, FIRM GROWTH WITH FINANCIAL LEVERAGE OF THE COMPANY LISTED IN TEHRAN STOCK EXCHANGE THE STUDY OF RELATIONSHIP BETWEEN CAPITAL STRUCTURE, FIRM GROWTH WITH FINANCIAL LEVERE OF THE COMPANY LISTED IN TEHRAN STOCK EXCHANGE Fatemeh Arasteh Department of Aounting, Siene and Researh Branh, Islami

More information

Valuation of Bermudan-DB-Underpin Option

Valuation of Bermudan-DB-Underpin Option Valuation of Bermudan-DB-Underpin Option Mary, Hardy 1, David, Saunders 1 and Xiaobai, Zhu 1 1 Department of Statistis and Atuarial Siene, University of Waterloo Marh 31, 2017 Abstrat The study of embedded

More information

Decision-making Method for Low-rent Housing Construction Investment. Wei Zhang*, Liwen You

Decision-making Method for Low-rent Housing Construction Investment. Wei Zhang*, Liwen You 5th International Conferene on Civil Enineerin and Transportation (ICCET 5) Deision-makin Method for Low-rent Housin Constrution Investment Wei Zhan*, Liwen You University of Siene and Tehnoloy Liaonin,

More information

GENERAL DESCRIPTION OF THE DB GLOBAL SOVEREIGN INDICES

GENERAL DESCRIPTION OF THE DB GLOBAL SOVEREIGN INDICES Dated: 20 July 2010 GENERAL DESCRIPTION OF THE DB GLOBAL SOVEREIGN INDICES ALTHOUGH THE INDEX SPONSOR WILL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF AN INDEX FROM SOURCES WHICH

More information

Importantly, note that prices are not functions of the expenditure on advertising that firm 1 makes during the first period.

Importantly, note that prices are not functions of the expenditure on advertising that firm 1 makes during the first period. ECONS 44 STRATEGY AND GAME THEORY HOMEWORK #4 ANSWER KEY Exerise - Chapter 6 Watson Solving by bakward indution:. We start from the seond stage of the game where both firms ompete in pries. Sine market

More information

Highlights: 2010 Home Mortgage Disclosure Data

Highlights: 2010 Home Mortgage Disclosure Data 1. Introdution The last five years have seen tremendous hanges in the volume and omposition of mortgage lending in the United States. The impat of Dodd-Frank legislation on the onentration of mortgage

More information

Licensing and Patent Protection

Licensing and Patent Protection Kennesaw State University DigitalCommons@Kennesaw State University Faulty Publiations 00 Liensing and Patent Protetion Arijit Mukherjee University of Nottingham Aniruddha Baghi Kennesaw State University,

More information

Optional Section: Continuous Probability Distributions

Optional Section: Continuous Probability Distributions 6 Optional Setion: Continuous Probability Distributions 6.5 The Normal Approximation to the Binomial Distribution For eah retangle, the width is 1 and the height is equal to the probability assoiated with

More information

Value Added Tax (Flat-rate Valuation of Supplies of Fuel for Private Use) Order 2013

Value Added Tax (Flat-rate Valuation of Supplies of Fuel for Private Use) Order 2013 Index VALUE ADDED TAX (FLAT-RATE VALUATION OF SUPPLIES OF FUEL FOR PRIVATE USE) ORDER 2013 Index Artile Page 1 Title... 3 2 Commenement... 3 3 Flat-rate basis of valuation of supplies of fuel for private

More information

Problem Set 8 Topic BI: Externalities. a) What is the profit-maximizing level of output?

Problem Set 8 Topic BI: Externalities. a) What is the profit-maximizing level of output? Problem Set 8 Topi BI: Externalities 1. Suppose that a polluting firm s private osts are given by TC(x) = 4x + (1/100)x 2. Eah unit of output the firm produes results in external osts (pollution osts)

More information

IMPACTS OF FOREIGN SAVINGS INFLOWS ON THE PALESTINIAN ECONOMY: A CGE ANALYSIS

IMPACTS OF FOREIGN SAVINGS INFLOWS ON THE PALESTINIAN ECONOMY: A CGE ANALYSIS International Journal of Eonomis, Commere and Management United Kingdom Vol. II, Issue 12, De 2014 http://ijem.o.uk/ ISSN 2348 0386 IMPACTS OF FOREIGN SAVINGS INFLOWS ON THE PALESTINIAN ECONOMY: A CGE

More information

Rational Bias in Inflation Expectations

Rational Bias in Inflation Expectations Rational Bias in Inflation Expetations Robert G. Murphy * Boston College Adam Rohde Charles River Assoiates August 2014 Revised Deember 2014 Abstrat This paper argues that individuals may rationally weight

More information

i e SD No.2017/0343 PAYMENT SERVICES (AMENDMENT) REGULATIONS 2017

i e SD No.2017/0343 PAYMENT SERVICES (AMENDMENT) REGULATIONS 2017 i e SD No.2017/0343 PAYMENT SERVICES (AMENDMENT) REGULATIONS 2017 Payment Servies (Amendment) Regulations 2017 Index PAYMENT SERVICES (AMENDMENT) REGULATIONS 2017 Index Regulation Page 1 Title... 5 2

More information

WORKING PAPER SERIES 3. Michal Franta The Likelihood of Effective Lower Bound Events

WORKING PAPER SERIES 3. Michal Franta The Likelihood of Effective Lower Bound Events WORKING PAPER SERIES 3 Mihal Franta The Likelihood of Effetive Lower Bound Events WORKING PAPER SERIES The Likelihood of Effetive Lower Bound Events Mihal Franta 3/2018 CNB WORKING PAPER SERIES The Working

More information

Analysing the Distributional Impacts of Stablisation Policy with a CGE Model: Illustrations and Critique for Zimbabwe

Analysing the Distributional Impacts of Stablisation Policy with a CGE Model: Illustrations and Critique for Zimbabwe Analysing the Distributional Impats of Stablisation Poliy with a CGE Model: Illustrations and Critique for Zimbabwe Sonja Fagernäs Eonomi and Statistis Analysis Unit April 2004 ESAU Working Paper 4 Overseas

More information

AUTHOR COPY. The co-production approach to service: a theoretical background

AUTHOR COPY. The co-production approach to service: a theoretical background Journal of the Operational Researh Soiety (213), 1 8 213 Operational Researh Soiety td. All rights reserved. 16-5682/13 www.palgrave-journals.om/jors/ The o-prodution approah to servie: a theoretial bakground

More information

The Impact of Personal and Institutional Investor Sentiment on Stock. Returns under the Chinese Stock Market Crash. Kexuan Wang

The Impact of Personal and Institutional Investor Sentiment on Stock. Returns under the Chinese Stock Market Crash. Kexuan Wang Advanes in Eonomis, Business and Management Researh (AEBMR), volume 26 International Conferene on Eonomis, Finane and Statistis (ICEFS 2017) The Impat of Personal and Institutional Investor Sentiment on

More information

Experimentation, Private Observability of Success, and the Timing of Monitoring

Experimentation, Private Observability of Success, and the Timing of Monitoring Experimentation, Private Observability of Suess, and the Timing of Monitoring Alexander Rodivilov Otober 21, 2016 For the latest version, please lik here. Abstrat This paper examines the role of monitoring

More information

PwC International Business Reorganisations Network Monthly Legal Update

PwC International Business Reorganisations Network Monthly Legal Update PwC International Business Reorganisations Network Monthly Legal Update Edition 11, November 2017 Contents PriewaterhouseCoopers (Australia) 1 PriewaterhouseCoopers Oy (Finaland) The Finish Supreme Court

More information

Dynamic Pricing of Di erentiated Products

Dynamic Pricing of Di erentiated Products Dynami Priing of Di erentiated Produts Rossitsa Kotseva and Nikolaos Vettas August 6, 006 Abstrat We examine the dynami priing deision of a rm faing random demand while selling a xed stok of two di erentiated

More information

Strategic Dynamic Sourcing from Competing Suppliers: The Value of Commitment

Strategic Dynamic Sourcing from Competing Suppliers: The Value of Commitment Strategi Dynami Souring from Competing Suppliers: The Value of Commitment Cuihong Li Laurens G. Debo Shool of Business, University of Connetiut, Storrs, CT0669 Tepper Shool of Business, Carnegie Mellon

More information

Prices, Social Accounts and Economic Models

Prices, Social Accounts and Economic Models Paper prepared for the 10th Global Eonomi Analysis Conferene, "Assessing the Foundations of Global Eonomi Analysis", Purdue University, Indiana, USA, June 2007 Pries, Soial Aounts and Eonomi Models Sott

More information

Limiting Limited Liability

Limiting Limited Liability Limiting Limited Liability Giuseppe Dari-Mattiai Amsterdam Center for Law & Eonomis Working Paper No. 2005-05 This paper an be downloaded without harge from the Soial Siene Researh Network Eletroni Paper

More information

TRADE AND PRODUCTIVITY *

TRADE AND PRODUCTIVITY * TRADE AND PRODUCTIVITY * FRANCISCO ALCALÁ (UNIVERSIDAD DE MURCIA) AND ANTONIO CICCONE (UNIVERSITAT POMPEU FABRA) November 2003 (forthoming The Quarterly Journal of Eonomis) Abstrat: We find that international

More information

Contending with Risk Selection in Competitive Health Insurance Markets

Contending with Risk Selection in Competitive Health Insurance Markets This paper is prepared for presentation at the leture, Sikness Fund Compensation and Risk Seletion at the annual meeting of the Verein für Soialpolitik, Bonn, Germany September 29, 2005. September 19,

More information

Technische Universität Ilmenau Institut für Mathematik

Technische Universität Ilmenau Institut für Mathematik Tehnishe Universität Ilmenau Institut für Mathematik Preprint No. M 09/23 The Repeater Tree Constrution Problem Bartoshek, Christoph; Held, Stephan; Maßberg, Jens; Rautenbah, Dieter; Vygen, Jens 2009 Impressum:

More information

Tax-loss Selling and the Turn-of-the-Year Effect: New Evidence from Norway 1

Tax-loss Selling and the Turn-of-the-Year Effect: New Evidence from Norway 1 Tax-loss Selling and the Turn-of-the-Year Effet: New Evidene from Norway 1 Qinglei Dai Universidade Nova de Lisboa July 2007 1 Aknowledgement: I would like to thank Kristian Rydqvist at Binghamton University,

More information

Kyle Bagwell and Robert W. Staiger. Revised: November 1993

Kyle Bagwell and Robert W. Staiger. Revised: November 1993 Multilateral Tariff Cooperation During the Formation of Regional Free Trade Areas* Kyle Bagwell and Robert W. Staiger Northwestern University The University of Wisonsin and NBER by Revised: November 1993

More information

Asymmetric Integration *

Asymmetric Integration * Fung and Shneider, International Journal of Applied Eonomis, (, September 005, 8-0 8 Asymmetri Integration * K.C. Fung and Patriia Higino Shneider University of California, Santa Cruz and Mount Holyoke

More information

Rational Bias in Inflation Expectations

Rational Bias in Inflation Expectations Rational Bias in Inflation Expetations Robert G. Murphy * Boston College Adam Rohde Charles River Assoiates August 2014 Revised August 2015 Abstrat This paper argues that individuals may rationally weight

More information

CONSUMPTION-LEISURE FRAMEWORK SEPTEMBER 20, 2010 THE THREE MACRO (AGGREGATE) MARKETS. The Three Macro Markets. Goods Markets.

CONSUMPTION-LEISURE FRAMEWORK SEPTEMBER 20, 2010 THE THREE MACRO (AGGREGATE) MARKETS. The Three Macro Markets. Goods Markets. CONSUMPTION-LEISURE FRAMEWORK SEPTEMBER 20, 2010 The Three Maro Markets THE THREE MACRO (AGGREGATE) MARKETS Goods Markets P Labor Markets Capital/Savings/Funds/Asset Markets interest rate labor Will put

More information

Clipping Coupons: Redemption of Offers with Forward-Looking Consumers

Clipping Coupons: Redemption of Offers with Forward-Looking Consumers Clipping Coupons: Redemption of Offers with Forward-Looking Consumers Kissan Joseph Oksana Loginova Marh 6, 2019 Abstrat Consumer redemption behavior pertaining to oupons, gift ertifiates, produt sampling,

More information

IS-LM model. Giovanni Di Bartolomeo Macro refresh course Economics PhD 2012/13

IS-LM model. Giovanni Di Bartolomeo Macro refresh course Economics PhD 2012/13 IS-LM model Giovanni Di Bartolomeo giovanni.dibartolomeo@uniroma.it Note: These leture notes are inomplete without having attended letures IS Curve Giovanni Di Bartolomeo giovanni.dibartolomeo@uniroma.it

More information

The Simple Economics of White Elephants

The Simple Economics of White Elephants The Simple Eonomis of White Elephants Juan-José Ganuza Universitat Pompeu Fabra and Barelona GSE Gerard Llobet CEMFI and CEPR May 16, 2016 Abstrat This paper disusses how the design of onession ontrats

More information

CHAPTER 9 BUDGETARY PLANNING SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY. True-False Statements. Multiple Choice Questions

CHAPTER 9 BUDGETARY PLANNING SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY. True-False Statements. Multiple Choice Questions HTER 9 BUDGETARY PLANNING SUMMARY OF QUESTIONS BY STUDY OBJETIVES AND BLOOM S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT 4 6 6 6 1 11. 11. 114. 11. 116. 117. 118. 119. 10. 11. 1. 1. 14. 1. 16.

More information

Retirement Benefits Schemes (Miscellaneous Amendments) RETIREMENT BENEFITS SCHEMES (MISCELLANEOUS AMENDMENTS) REGULATIONS 2014

Retirement Benefits Schemes (Miscellaneous Amendments) RETIREMENT BENEFITS SCHEMES (MISCELLANEOUS AMENDMENTS) REGULATIONS 2014 Retirement Benefits Shemes (Misellaneous Amendments) Index RETIREMENT BENEFITS SCHEMES (MISCELLANEOUS AMENDMENTS) REGULATIONS 2014 Index Regulation Page 1 Title... 3 2 Commenement... 3 3 Amendment of the

More information

Trade Scopes across Destinations: Evidence from Chinese Firm

Trade Scopes across Destinations: Evidence from Chinese Firm MPRA Munih Personal RePE Arhive Trade Sopes aross Destinations: Evidene from Chinese Firm Zhuang Miao and Yifan Li MGill University 15 Marh 2017 Online at https://mpra.ub.uni-muenhen.de/80863/ MPRA Paper

More information

The diversification delta: A different perspective. Author. Published. Journal Title. Version DOI. Copyright Statement.

The diversification delta: A different perspective. Author. Published. Journal Title. Version DOI. Copyright Statement. The diversifiation delta: A different perspetive Author Salazar Flores, Yuri, Bianhi, Robert, Drew, Mihael, Truk, Stefan Published 07 Journal Title Journal of Portfolio Management Version Post-print DOI

More information

The Economics of Setting Auditing Standards

The Economics of Setting Auditing Standards The Eonomis of Setting Auditing Standards Minlei Ye University of Toronto Dan A. Simuni University of British Columbia Ralph Winter University of British Columbia April 2010 ABSTRACT: This paper develops

More information

Managing Future Oil Revenues in Ghana

Managing Future Oil Revenues in Ghana IFPRI Disussion Paper 00893 August 2009 Managing Future Oil Revenues in Ghana An Assessment of Alternative Alloation Options Clemens Breisinger Xinshen Diao Rainer Shweikert Manfred Wiebelt Development

More information

FINANCIAL VOLATILITY AND DERIVATIVES PRODUCTS: A BIDIRECTIONAL RELATIONSHIP

FINANCIAL VOLATILITY AND DERIVATIVES PRODUCTS: A BIDIRECTIONAL RELATIONSHIP FINANCIAL VOLATILITY AND DERIVATIVES PRODUCTS: A BIDIRECTIONAL RELATIONSHIP Claudiu Tiberiu ALBULESCU Politehnia University of Timişoara Timisoara, Romania laudiu.albulesu@t.upt.ro Daniel GOYEAU University

More information

Research Article The Real Causes of Inflation

Research Article The Real Causes of Inflation Current Researh Journal of Eonomi Theory 7(1): 1-10, 2015 ISSN: 2042-4841, e-issn: 2042-485X 2015 Maxwell Sientifi Publiation Corp. Submitted: Otober 12, 2014 Aepted: January 27, 2015 Published: May 20,

More information

i e AT 16 of 2008 INSURANCE ACT 2008

i e AT 16 of 2008 INSURANCE ACT 2008 i e AT 16 of 2008 INSURANCE ACT 2008 Insurane At 2008 Index i e INSURANCE ACT 2008 Index Setion Page PART 1 REGULATORY OBJECTIVES 9 1 Regulatory objetives... 9 2 [Repealed]... 9 PART 2 ADMINISTRATION

More information

GOVERNMENT GAZETTE REPUBLIC OF NAMIBIA

GOVERNMENT GAZETTE REPUBLIC OF NAMIBIA .. GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA N$2.25 WINDHOEK -22 Deember 2001 CONTENTS Page GOVERNMENT NOTICE No. 249 Promulgation of Environment Investment Fund of Namibia At, 2001 (At No. 13 of 200

More information

Road Transport Regulations 2018 ROAD TRANSPORT REGULATIONS Title Commencement Interpretation... 5

Road Transport Regulations 2018 ROAD TRANSPORT REGULATIONS Title Commencement Interpretation... 5 Road Transport Regulations 2018 Index ROAD TRANSPORT REGULATIONS 2018 Index Regulation Page 1 Title... 5 2 Commenement... 5 3 Interpretation... 5 PART 2 ROAD TRANSPORT LICENSING COMMITTEE 6 MEETINGS OF

More information

Transport tax reforms, two-part tariffs, and revenue recycling. - A theoretical result

Transport tax reforms, two-part tariffs, and revenue recycling. - A theoretical result Transport tax reforms, to-part tariffs, and revenue reyling - A theoretial result Abstrat Jens Erik Nielsen Danish Transport Researh Institute We explore the interation beteen taxes on onership and on

More information

RAPID LOSS MODELING OF DEATH AND DOWNTIME CAUSED BY EARTHQUAKE INDUCED DAMAGE TO STRUCTURES. A Thesis SANDEEP GHORAWAT

RAPID LOSS MODELING OF DEATH AND DOWNTIME CAUSED BY EARTHQUAKE INDUCED DAMAGE TO STRUCTURES. A Thesis SANDEEP GHORAWAT RAPID LOSS MODELING OF DEATH AND DOWNTIME CAUSED BY EARTHQUAKE INDUCED DAMAGE TO STRUCTURES A Thesis by SANDEEP GHORAWAT Submitted to the Office of Graduate Studies of Texas A&M University in partial fulfillment

More information

FINANCIAL SERVICES (FEES) ORDER 2018

FINANCIAL SERVICES (FEES) ORDER 2018 Finanial Servies (Fees) Order 2018 Artile 1 Statutory Doument No. 2018/0060 Finanial Servies At 2008 FINANCIAL SERVICES (FEES) ORDER 2018 Approved by Tynwald: 20 Marh 2018 Coming into Operation: 1 April

More information

Important information about our Unforeseeable Emergency Application

Important information about our Unforeseeable Emergency Application Page 1 of 4 Questions? Call 877-NRS-FORU (877-677-3678) Visit us online Go to nrsforu.om to learn about our produts, servies and more. Important information about our Unforeseeable Emergeny Appliation

More information

Optimal Monetary Policy in a Model of the Credit Channel

Optimal Monetary Policy in a Model of the Credit Channel Optimal Monetary Poliy in a Model of the Credit Channel Fiorella De Fiore y European Central Bank Oreste Tristani z European Central Bank 9 September 2008 First draft Abstrat We onsider a simple extension

More information

Should platforms be allowed to charge ad valorem fees?

Should platforms be allowed to charge ad valorem fees? Should platforms be allowed to harge ad valorem fees? Zhu Wang and Julian Wright November 27 Abstrat Many platforms that failitate transations between buyers and sellers harge ad valorem fees in whih fees

More information

i e V04 ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AMENDMENT) CODE 2018

i e V04 ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AMENDMENT) CODE 2018 i e V04 ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AMENDMENT) CODE 2018 Anti-Money Laundering and Countering the Finaning of Terrorism (Amendment) Code 2018 Index ANTI-MONEY LAUNDERING

More information

CONSUMPTION-LABOR FRAMEWORK SEPTEMBER 19, (aka CONSUMPTION-LEISURE FRAMEWORK) THE THREE MACRO (AGGREGATE) MARKETS. The Three Macro Markets

CONSUMPTION-LABOR FRAMEWORK SEPTEMBER 19, (aka CONSUMPTION-LEISURE FRAMEWORK) THE THREE MACRO (AGGREGATE) MARKETS. The Three Macro Markets CONSUMPTION-LABOR FRAMEWORK (aka CONSUMPTION-LEISURE FRAMEWORK) SEPTEMBER 19, 2011 The Three Maro Markets THE THREE MACRO (AGGREGATE) MARKETS Goods Markets P Labor Markets Finanial/Capital/Savings/Asset

More information

PROBATE (AMENDMENT) RULES 2016

PROBATE (AMENDMENT) RULES 2016 Probate (Amendment) Rules 2016 Rule 1 Statutory Doument No. 2016/0108 Administration of Estates At 1990 PROBATE (AMENDMENT) RULES 2016 Made: 23 Marh 2016 Coming into Operation: 1 May 2016 The Deemsters

More information

Consumption smoothing and the welfare consequences of social insurance in developing economies

Consumption smoothing and the welfare consequences of social insurance in developing economies Journal of Publi Eonomis 90 (2006) 2351 2356 www.elsevier.om/loate/eonbase Consumption smoothing and the welfare onsequenes of soial insurane in developing eonomies Raj Chetty a,, Adam Looney b a UC-Berkeley

More information

Next generation access networks and Smart Grid services - an applied model Preliminary paper

Next generation access networks and Smart Grid services - an applied model Preliminary paper Next generation aess networks and Smart Grid servies - an applied model Preliminary paper François-Noël Bernal yz Grenoble Applied Eonomis Laboratory January 30, 07 Abstrat Smart grid spreading requires

More information

Review of Finance (2005) 9: Springer 2005

Review of Finance (2005) 9: Springer 2005 Review of Finane (2005) 9: 33 63 Springer 2005 Rationing in IPOs CHRISTINE A. PARLOUR 1 and UDAY RAJAN 2 1 David A. Tepper Shool of Business, Carnegie Mellon University; 2 Stephen M. Ross Shool of Business,

More information

Hillgrove Resources Ltd

Hillgrove Resources Ltd Hillgrove Resoures Ltd Quarterly report RN 1 Deember 2011 $0.19 BUY James Brennan-Chong 03 9640 3893 james.brennan-hong@wilsonhtm.om.au Cameron Judd 03 9640 3864 ameron.judd@wilsonhtm.om.au Prie Performane

More information

AP Macro Economics Review

AP Macro Economics Review AP Maro Eonomis Review Prodution Possibility Curve Capital goods Capital goods P r i e B2 B Pe B C upply 2 A Market Equilibrium W Consumer goods F emand E Consumer goods A hange in emand versus a hange

More information

Policy Consideration on Privatization in a Mixed Market

Policy Consideration on Privatization in a Mixed Market Poliy Consideration on Privatization in a Mixed Market Sang-Ho Lee * Abstrat This paper onsiders a mixed market where the publi firm ompetes with private firm and examines the welfare effet of the industrial

More information

Centre de Referència en Economia Analítica

Centre de Referència en Economia Analítica Centre de Referènia en Eonomia Analítia Barelona Eonomis Working Paper Series Working Paper nº 229 Priing ylial goods Ramon Caminal July, 2005 Priing ylial goods Ramon Caminal Institut danàlisi Eonòmia,

More information

Transfer of Functions (Isle of Man Financial Services Authority) TRANSFER OF FUNCTIONS (ISLE OF MAN FINANCIAL SERVICES AUTHORITY) ORDER 2015

Transfer of Functions (Isle of Man Financial Services Authority) TRANSFER OF FUNCTIONS (ISLE OF MAN FINANCIAL SERVICES AUTHORITY) ORDER 2015 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 Index TRANSFER OF FUNCTIONS (ISLE OF MAN FINANCIAL SERVICES AUTHORITY) ORDER 2015 Index Artile Page 1 Title... 3 2 Commenement...

More information

Implementing the 2018/19 GP contract

Implementing the 2018/19 GP contract Implementing the 2018/19 GP ontrat Changes to Personal Medial Servies and Alternative Provider Medial Servies ontrats Implementing the 2018/19 GP ontrat Changes to Personal Medial Servies and Alternative

More information

Accident Severity Prediction Formula for Rail-Highway Crossings

Accident Severity Prediction Formula for Rail-Highway Crossings 5 ident Severity Predition Formula for Rail-Highway Crossings JOHNS. HTZ STRCT The development of formulas to predit the severity of aidents at publi rail-highway rossings is desribed. The formulas make

More information

THESIS. "Dennis J. AFIT/GSO/MA/ "Approved for public rel7cas. Diatribution Unlimited THE AIR FORCE. iited

THESIS. Dennis J. AFIT/GSO/MA/ Approved for public rel7cas. Diatribution Unlimited THE AIR FORCE. iited 00 CD DTIC _ZLECTE! S A COMPARISON OF ESTIMATION TECHNIQUES FOR THICTHE THREE PARAMETER PARETO DISTRIBUTION THESIS "Dennis J. Major, Charek USAF AFIT/GSO/MA/850-3.. "Approved for publi rel7as. Diatribution

More information

THE ECONOMIC MOTIVES FOR CHILD ALLOWANCES: ALTRUISM, EXCHANGE OR VALUE OF INDEPENDENCE?

THE ECONOMIC MOTIVES FOR CHILD ALLOWANCES: ALTRUISM, EXCHANGE OR VALUE OF INDEPENDENCE? THE EONOMI MOTIVES FOR HILD ALLOWANES: ALTRUISM, EXHANGE OR VALUE OF INDEPENDENE? Lisa Farrell*, Paul Frijters** and Mihael A. Shields* * Department of Eonomis, University of Melbourne, Australia ** Tinbergen

More information

An EOQ Model with Parabolic Demand Rate and Time Varying Selling Price

An EOQ Model with Parabolic Demand Rate and Time Varying Selling Price Annals of Pure and Applied Mathematis Vol.,.,, 3-43 ISSN: 79-87X (P),79-888(online) Published on 5 September www.researhmathsi.org Annals of An EOQ Model with Paraboli Demand Rate and ime Varying Selling

More information

T R A D E A N D I N D U S T R I A L P O L I C Y S T R A T E G I E S

T R A D E A N D I N D U S T R I A L P O L I C Y S T R A T E G I E S Working Paper 1-2004 A Dynami Computable General Equilibrium (CGE) Model for South Afria: Extending the Stati IFPRI Model James Thurlow T R A D E A N D I N D U S T R I A L P O L I C Y S T R A T E G I E

More information

NBER WORKING PAPER SERIES MYOPIA AND THE EFFECTS OF SOCIAL SECURITY AND CAPITAL TAXATION ON LABOR SUPPLY. Louis Kaplow

NBER WORKING PAPER SERIES MYOPIA AND THE EFFECTS OF SOCIAL SECURITY AND CAPITAL TAXATION ON LABOR SUPPLY. Louis Kaplow NBER WORKING PAPER SERIES MYOPIA AND THE EFFECTS OF SOCIAL SECURITY AND CAPITAL TAXATION ON LABOR SUPPLY Louis Kaplow Working Paper 45 http://www.nber.org/papers/w45 NATIONAL BUREAU OF ECONOMIC RESEARCH

More information

THE INCORPORATION OF BUDGET CONSTRAINTS WITHIN STATED CHOICE EXPERIMENTS TO ACCOUNT FOR THE ROLE OF OUTSIDE GOODS AND PREFERENCE SEPARABILITY

THE INCORPORATION OF BUDGET CONSTRAINTS WITHIN STATED CHOICE EXPERIMENTS TO ACCOUNT FOR THE ROLE OF OUTSIDE GOODS AND PREFERENCE SEPARABILITY THE INCORPORATION OF BUDGET CONSTRAINTS WITHIN STATED CHOICE EXPERIMENTS TO ACCOUNT FOR THE ROLE OF OUTSIDE GOODS AND PREFERENCE SEPARABILITY John Rose 2/26/18 BIDA Working Paper 1801 THE INCORPORATION

More information

The Simple Economics of White Elephants

The Simple Economics of White Elephants The Simple Eonomis of White Elephants Juan-José Ganuza Universitat Pompeu Fabra and Barelona GSE Gerard Llobet CEMFI and CEPR May 13, 2016 Abstrat This paper disusses how the design of onession ontrats

More information

Economics 602 Macroeconomic Theory and Policy Problem Set 4 Suggested Solutions Professor Sanjay Chugh Summer 2010

Economics 602 Macroeconomic Theory and Policy Problem Set 4 Suggested Solutions Professor Sanjay Chugh Summer 2010 Department of Applied Eonomis Johns Hopkins University Eonomis 6 Maroeonomi Theory and Poliy Prolem Set 4 Suggested Solutions Professor Sanjay Chugh Summer Optimal Choie in the Consumption-Savings Model

More information

Lecture 7: The Theory of Demand. Where does demand come from? What factors influence choice? A simple model of choice

Lecture 7: The Theory of Demand. Where does demand come from? What factors influence choice? A simple model of choice Leture : The Theory of Demand Leture : The he Theory of Demand Readings: Chapter 9 Where does demand ome from? Sarity enourages rational deision-maing over household onsumption hoies. Rational hoie leads

More information

International Review of Business Research Papers Vol. 3 No. 3 August 2007 Pp

International Review of Business Research Papers Vol. 3 No. 3 August 2007 Pp International Review of Business Researh Papers Vol. 3 No. 3 August 2007 Pp. 309-324 Miroredit Programs and Eonomi Indiators: Are the Higher Inome Borrowers Better Off? Evidene from Bangladesh Sayma Rahman*

More information

Sequential Procurement Auctions and Their Effect on Investment Decisions

Sequential Procurement Auctions and Their Effect on Investment Decisions Sequential Prourement Autions and Their Effet on Investment Deisions Gonzalo isternas Niolás Figueroa November 2007 Abstrat In this paper we haraterize the optimal prourement mehanism and the investment

More information

Endogenous Peer Effects in School Participation

Endogenous Peer Effects in School Participation ndogenous Peer ffets in Shool Partiipation Gustavo J. Bobonis and Frederio Finan Otober 006 Abstrat: A remaining obstale in the literature on peer effets has been the inability to distinguish between peer

More information

A Truthful Budget Feasible Multi-Armed Bandit Mechanism for Crowdsourcing Time Critical Tasks

A Truthful Budget Feasible Multi-Armed Bandit Mechanism for Crowdsourcing Time Critical Tasks A Truthful Budget Feasible Multi-Armed Bandit Mehanism for Crowdsouring Time Critial Tasks ABSTRACT Arpita Biswas Xerox Researh Centre India Bangalore, India arpita.biswas@xerox.om Debmalya Mandal Shool

More information