Microsimulation is a rapidly expanding area of spatial modelling, which seems to offer great potential for applied policy analysis. However, currently there is considerable debate on the most appropriate methodology for estimating micro-data. Household or individual attribute data can be represented both as lists and/or as tabulations. It has long been argued (Birkin and Clarke, 1995; Clarke, 1...

This article provides an empirical investigation into the validity of the production-based capital asset-pricing model (P-CAPM) in the Japanese asset markets during the period 1980-1997. Several methodologies are used to test the P-CAPM, which include the GMM test of the Euler equations, the volatility bound test, the mispricing test, and the test of the ability of stock and investment returns ...

Consider a finite triangulation of surface M genus g and assume that spin-less fermions populate the edges triangulation. The quantum dynamics such particles takes place inside algebra canonical anti-commutation relations (CAR). Following Kitaev’s work on toric models, we identify sub-algebra CAR generated by elements associated to triangles vertices We show any Hamiltonian drawn from this disp...

Estimating the micro-founded New Keynesian Phillips Curve using rational inflation expectation proxies has often found that the output gap is not a valid measure of inflation pressure. This paper investigates the empirical success of the NKPC in explaining US inflation, using observed measures of inflation expectations and taking account of serial correlation in the stylized NKPC. Contrary to r...