Time-to-Degree and the Business Cycle When students themselves enjoy large degrees of freedom in determining the duration of their studies, it results in a fairly large degree of interindividual variance in terms of time-todegree. This paper investigates individual time-to-degree in a model where students determine the optimum time-to-degree whilst weighing up the cost against the consumption b...

Regional Income Stratification in Unified Germany Using a Gini Decomposition Approach This paper delivers new insights into the development of income inequality and regional stratification in Germany after unification using a new method for detecting social stratification by a decomposition of the GINI index which yields the obligatory betweenand within-group components as well as an “overlappi...

The costs of living with wildlife are assessed using Namibian subsistence farmers’ willingness to pay (WTP) for deterrents to attacks on crops and livestock as a measure of damage costs. A utility-theoretic approach jointly estimates household WTP for deterrent programs in two “currencies,” maize and cash. This has a double payoff. Use of a noncash staple increases respondent comprehension and ...

We design and conduct an economic experiment to investigate the learning process of the agents under compound risk and under ambiguity. We gather data for subjects choosing between lotteries involving risky and ambiguous urns. Decisions are made in conjunction with a sequence of random draws with replacement, allowing us to estimate the beliefs of the agents at different moments in time. For ea...

The Journal of Economic Literature codes classification system (JEL) published by the American Association (AEA) is de facto standard for research literature in economics. JEL used to classify articles, dissertations, books, book reviews, and working papers EconLit, a database maintained AEA. Over time, it has evolved extended with over 850 subclasses. This paper reviews history development sys...

This paper reviews some recent developments in digital currency, focusing on platform-sponsored currencies such as Facebook Credits. In a model of platform management, we find that it will not likely be profitable for such currencies to expand to become fully convertible competitors to state-sponsored currencies. JEL Classification: D42, E4, L51 Bank Classification: bank notes, economic models,...

The main purpose of this study is to develop a Fuzzy inference system to predict bank profitability in Iran and help investors in their investment decisions. For this purpose, the main effective variables on bank profitability, including facilities, deposits, manpower costs, and assets were recognized. In the next step, the data of 13 banks were collected from 2001 to 2011. The membership funct...

I explore alternative central bank policies for liquidity provision in a model of payments. I use a mechanism design approach so that agents’ incentives to default are explicit and contingent on the credit policy designed. In the first policy, the central bank invests in costly enforcement and charges an interest rate to recover costs. I show that the second-best solution is not distortionary. ...

This paper proposes a model in which bank runs are closely related to the state of the business cycle. The benchmark model shows that, in a market economy, there are welfare losses due to the existence of bank runs. Extensions of the model explore the welfare effects of various government policies. The results suggest that an interest-cap deposit insurance scheme is an efficient policy to preve...

This study by adopting rolling regression techniques investigate whether bank and life insurance equity returns sensitivity to long term unanticipated interest rate changes has been changed since the Bank of England was granted operational independence in May 1997. Our results indicate that there may well have been changes in the way banks and life insurance companies manage interest rate risk....