Designed to compete with fiat currencies, bitcoin proposes it is a crypto-currency alternative. Bitcoin makes a number of false claims, including: bitcoin can be a reserve currency for banking; hoarding equals saving; and that we should believe bitcoin can expand by deflation to become a global transactional currency supply. Bitcoin’s developers combine technical implementation proficiency with...

Text Classification is an important research field in information retrieval and text mining. The main task in text classification is to assign text documents in predefined categories based on documents’ contents and labeled-training samples. Since word detection is a difficult and time consuming task in Persian language, Bayesian text classifier is an appropriate approach to deal with different...

This paper models flows of foreign direct investment (FDI) in a two country, two sector DSGE framework. The allocation of capital to production capacity abroad is subject to a search-and-matching friction with endogenous capital reallocation. The model is calibrated on observed inflows and outflows of FDI and leads to dynamics of foreign direct investment consistent with the empirical evidence ...

This paper investigates the determinants of private investment in Senegal over the period of 1970-2000. It first tests the variables for unit root using two, relatively, new tests namely the Dickey-Fuller generalised least square de-trending test proposed by Elliot et al. (1996) and the Ng-Perron test following Ng and Perron (2001). The long run private investment equation is derived using the ...

The point of this paper is that if output is durable then optimal behavior of a supplier is characterized by production smoothing. Durability of goods (such as capital) has opposite effects on the supply of the goods. Higher durability on the one hand raises the variability of investment demand for the goods by lowering the user’s cost, which tends to raise the variability of supply; on the oth...

We present an analytically tractable general equilibrium business cycle model that features micro-level investment lumpiness. We prove an exact irrelevance proposition which provides sufficient conditions on preferences, technology, and the fixed cost distribution such that any positive upper support of the fixed cost distribution yields identical equilibrium dynamics of the aggregate quantitie...

We study the implications of the creative destruction lifecycle of innovation for asset prices. We develop a general equilibrium model of endogenous firm creation and destruction where “incremental” innovations by incumbents and “radical” innovations by entrants drive the volatility of growth prospects of the economy. Higher entry—bigger threat of displacement of incumbents by entrants—implies ...

Although investment has played an important role in China’s phenomenal economic growth over the last two decades, there has been little research on investment determination at the macro level. This study sets out to explore and explain the factors that influence China’s aggregate investment measured by the fixed capital formation during the reform period and to draw useful conclusions from anal...

Statistical methods have certain advantages which advocate their use in pattern recognition. One central problem in statistical methods is estimation of class conditional probability density functions based on examples in a training set. In this study maximum likelihood estimation methods for Gaussian mixture models are reviewed and discussed from a practical point of view. In addition, good pr...

We introduce Bayesian Eigenobjects (BEOs), a novel object representation that is the first technique able to perform joint classification, pose estimation, and 3D geometric completion on previously unencountered and partially observed query objects. BEOs employ Variational Bayesian Principal Component Analysis (VBPCA) directly on 3D object representations to create generative and compact probab...