C. Mathew Mate
- Published in print:
- 2007
- Published Online:
- January 2008
- ISBN:
- 9780198526780
- eISBN:
- 9780191712098
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198526780.001.0001
- Subject:
- Physics, Condensed Matter Physics / Materials
Friction, lubrication, adhesion, and wear are prevalent physical phenomena in everyday life and in many key technologies. This book incorporates a bottom-up approach to friction, lubrication, and ...
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Friction, lubrication, adhesion, and wear are prevalent physical phenomena in everyday life and in many key technologies. This book incorporates a bottom-up approach to friction, lubrication, and wear. This is done by focusing on how these tribological phenomena occur on the small scale — the atomic to the micrometer scale — a field often called nanotribology. The book covers the microscopic origins of the common tribological concepts of roughness, elasticity, plasticity, friction coefficients, and wear coefficients. Some macroscale concepts (like elasticity) scale down well to the micro- and atomic-scale, while other macroscale concepts (like hydrodynamic lubrication) do not. In addition, this book also has chapters on topics not typically found in tribology texts: surface energy, surface forces, lubrication in confined spaces, and the atomistic origins of friction. These chapters cover tribological concepts that have become increasingly important at the small scale: capillary condensation, disjoining pressure, contact electrification, molecular slippage at interfaces, and atomic scale stick-slip. Numerous examples are provided throughout the book on how a nanoscale understanding of tribological phenomena is essential to the proper engineering of important new technologies such as MEMS, disk drives, and nanoimprinting.Less
Friction, lubrication, adhesion, and wear are prevalent physical phenomena in everyday life and in many key technologies. This book incorporates a bottom-up approach to friction, lubrication, and wear. This is done by focusing on how these tribological phenomena occur on the small scale — the atomic to the micrometer scale — a field often called nanotribology. The book covers the microscopic origins of the common tribological concepts of roughness, elasticity, plasticity, friction coefficients, and wear coefficients. Some macroscale concepts (like elasticity) scale down well to the micro- and atomic-scale, while other macroscale concepts (like hydrodynamic lubrication) do not. In addition, this book also has chapters on topics not typically found in tribology texts: surface energy, surface forces, lubrication in confined spaces, and the atomistic origins of friction. These chapters cover tribological concepts that have become increasingly important at the small scale: capillary condensation, disjoining pressure, contact electrification, molecular slippage at interfaces, and atomic scale stick-slip. Numerous examples are provided throughout the book on how a nanoscale understanding of tribological phenomena is essential to the proper engineering of important new technologies such as MEMS, disk drives, and nanoimprinting.
Ser-Huang Poon and Richard Stapleton
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199271443
- eISBN:
- 9780191602559
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271445.001.0001
- Subject:
- Economics and Finance, Financial Economics
Relying on the existence, in a complete market, of a pricing kernel, this book covers the pricing of assets, derivatives, and bonds in a discrete time, complete markets framework. It is primarily ...
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Relying on the existence, in a complete market, of a pricing kernel, this book covers the pricing of assets, derivatives, and bonds in a discrete time, complete markets framework. It is primarily aimed at advanced Masters and PhD students in finance. Topics covered include CAPM, non-marketable background risks, European-style contingent claims as in Black–Scholes and in cases where risk-neutral valuation relationship does not exist, multi-period asset pricing under rational expectations, forward and futures contracts on assets and derivatives, and bond pricing under stochastic interest rates. All the proofs, including a discrete time proof of the Libor market model, are shown explicitly.Less
Relying on the existence, in a complete market, of a pricing kernel, this book covers the pricing of assets, derivatives, and bonds in a discrete time, complete markets framework. It is primarily aimed at advanced Masters and PhD students in finance. Topics covered include CAPM, non-marketable background risks, European-style contingent claims as in Black–Scholes and in cases where risk-neutral valuation relationship does not exist, multi-period asset pricing under rational expectations, forward and futures contracts on assets and derivatives, and bond pricing under stochastic interest rates. All the proofs, including a discrete time proof of the Libor market model, are shown explicitly.
Sharan Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.003.0013
- Subject:
- Business and Management, Marketing
This chapter shows how the firm should coordinate its advertising decisions with the other elements of the marketing mix such as price and promotion, especially when demand is uncertain. It shows how ...
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This chapter shows how the firm should coordinate its advertising decisions with the other elements of the marketing mix such as price and promotion, especially when demand is uncertain. It shows how the firm should vary its advertising spending over the product life cycle and the business cycle. In particular, it shows how marketing-finance fusion allows the firm to maximize its long-run performance under uncertainty.Less
This chapter shows how the firm should coordinate its advertising decisions with the other elements of the marketing mix such as price and promotion, especially when demand is uncertain. It shows how the firm should vary its advertising spending over the product life cycle and the business cycle. In particular, it shows how marketing-finance fusion allows the firm to maximize its long-run performance under uncertainty.
Robert James Matthys
- Published in print:
- 2004
- Published Online:
- January 2010
- ISBN:
- 9780198529712
- eISBN:
- 9780191712791
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198529712.003.0016
- Subject:
- Physics, History of Physics
In 1983, K. James published two useful but rather complicated equations whose purpose was to help design the suspension spring. The equations show the effect that different spring lengths, widths, ...
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In 1983, K. James published two useful but rather complicated equations whose purpose was to help design the suspension spring. The equations show the effect that different spring lengths, widths, and thicknesses will have on the pendulum. The two equations are quite helpful, as the suspension spring is without doubt the most complicated part of a pendulum, despite its apparent physical simplicity. The first equation calculates the maximum stress in the spring, which occurs at the spring's top end at the maximum angle of swing. The second calculates how much the pendulum will speed up due to the inherent torque exerted by the suspension spring on the pendulum rod. In this chapter, the second equation is used to show that the suspension spring exerts a temperature effect on the pendulum's timing that is roughly as big as the thermal expansion of the pendulum rod. Anywhere from 16% to 84% of a pendulum's total temperature sensitivity is due to the suspension spring, with the actual amount depending on the spring's dimensions, modulus of elasticity, and suspended weight.Less
In 1983, K. James published two useful but rather complicated equations whose purpose was to help design the suspension spring. The equations show the effect that different spring lengths, widths, and thicknesses will have on the pendulum. The two equations are quite helpful, as the suspension spring is without doubt the most complicated part of a pendulum, despite its apparent physical simplicity. The first equation calculates the maximum stress in the spring, which occurs at the spring's top end at the maximum angle of swing. The second calculates how much the pendulum will speed up due to the inherent torque exerted by the suspension spring on the pendulum rod. In this chapter, the second equation is used to show that the suspension spring exerts a temperature effect on the pendulum's timing that is roughly as big as the thermal expansion of the pendulum rod. Anywhere from 16% to 84% of a pendulum's total temperature sensitivity is due to the suspension spring, with the actual amount depending on the spring's dimensions, modulus of elasticity, and suspended weight.
Vasco Molini
- Published in print:
- 2007
- Published Online:
- May 2008
- ISBN:
- 9780199236558
- eISBN:
- 9780191717031
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199236558.003.0007
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter finds that food security in Vietnam showed improvements that were concentrated among the richer households, although there was some improvement among the poorer strata as well. It ...
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This chapter finds that food security in Vietnam showed improvements that were concentrated among the richer households, although there was some improvement among the poorer strata as well. It focuses on the calorie/expenditure elasticity and compares results for the years 1993 and 1998. It shows that this link is strong and that calorie income elasticity changed in the expected direction. In general, food security improved in Vietnam during 1990s although considerable differences still remain among expenditure deciles and among regions due to the accentuated spatial difference.Less
This chapter finds that food security in Vietnam showed improvements that were concentrated among the richer households, although there was some improvement among the poorer strata as well. It focuses on the calorie/expenditure elasticity and compares results for the years 1993 and 1998. It shows that this link is strong and that calorie income elasticity changed in the expected direction. In general, food security improved in Vietnam during 1990s although considerable differences still remain among expenditure deciles and among regions due to the accentuated spatial difference.
Ronald I. McKinnon
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199937004
- eISBN:
- 9780199980703
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199937004.003.0008
- Subject:
- Economics and Finance, Financial Economics
The commonly used elasticities model of the balance of trade projects that a country's trade surplus will decline if its currency is appreciated. Its exports become more expensive to foreigners, and ...
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The commonly used elasticities model of the balance of trade projects that a country's trade surplus will decline if its currency is appreciated. Its exports become more expensive to foreigners, and imports look more expensive to domestic nationals. So with moderately high price elasticities, a creditor country's trade surplus should fall. However, in a macroeconomic sense, this model is (too) insular because it ignores the direct effects on domestic spending (absorption) of exchange rate changes. If instead one posits a more open economy where the investment decision is globalized, then a discrete appreciation would increase the cost of investing and producing in that country, and investment would slump. For a creditor country, the value of its domestic claims on foreigners would also fall, further reducing domestic absorption. Thus imports could fall even as exports weaken. So the effect on the net trade balance is ambiguous. “China bashing” to appreciate the renminbi to reduce China's trade surplus is unwarranted.Less
The commonly used elasticities model of the balance of trade projects that a country's trade surplus will decline if its currency is appreciated. Its exports become more expensive to foreigners, and imports look more expensive to domestic nationals. So with moderately high price elasticities, a creditor country's trade surplus should fall. However, in a macroeconomic sense, this model is (too) insular because it ignores the direct effects on domestic spending (absorption) of exchange rate changes. If instead one posits a more open economy where the investment decision is globalized, then a discrete appreciation would increase the cost of investing and producing in that country, and investment would slump. For a creditor country, the value of its domestic claims on foreigners would also fall, further reducing domestic absorption. Thus imports could fall even as exports weaken. So the effect on the net trade balance is ambiguous. “China bashing” to appreciate the renminbi to reduce China's trade surplus is unwarranted.
Ser-Huang Poon and Richard Stapleton
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199271443
- eISBN:
- 9780191602559
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271445.003.0002
- Subject:
- Economics and Finance, Financial Economics
‘Risk Aversion, background Risk, and the Pricing Kernel’ looks in more detail at utility functions and their effect on the shape of the pricing kernel. The authors discuss the meaning of risk ...
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‘Risk Aversion, background Risk, and the Pricing Kernel’ looks in more detail at utility functions and their effect on the shape of the pricing kernel. The authors discuss the meaning of risk aversion and, in particular, ‘relative risk aversion’ and show that if relative risk aversion is constant at different levels of wealth, then the pricing kernel exhibits constant elasticity. They then show that the introduction of ‘background risk’, that is, non-hedgeable risks, causes the pricing kernel to exhibit declining elasticity. This effect on the pricing kernel is particularly significant for the pricing of options.Less
‘Risk Aversion, background Risk, and the Pricing Kernel’ looks in more detail at utility functions and their effect on the shape of the pricing kernel. The authors discuss the meaning of risk aversion and, in particular, ‘relative risk aversion’ and show that if relative risk aversion is constant at different levels of wealth, then the pricing kernel exhibits constant elasticity. They then show that the introduction of ‘background risk’, that is, non-hedgeable risks, causes the pricing kernel to exhibit declining elasticity. This effect on the pricing kernel is particularly significant for the pricing of options.
Carel P. van Schaik, Maria A. van Noordwijk, and Erin R Vogel
- Published in print:
- 2008
- Published Online:
- May 2009
- ISBN:
- 9780199213276
- eISBN:
- 9780191707568
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213276.003.0018
- Subject:
- Biology, Animal Biology, Biodiversity / Conservation Biology
Sex differences in diet, ranging, and activity budgets (‘ecology’) can have two plausible, non-exclusive causes: differential needs due to reproduction in females and differences in body size, as ...
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Sex differences in diet, ranging, and activity budgets (‘ecology’) can have two plausible, non-exclusive causes: differential needs due to reproduction in females and differences in body size, as well as sex differences in sociosexual strategies, usually because males are forced to travel more widely or minimize feeding time relative to females. The authors of this chapter evaluated these two hypotheses by examining sex differences in the ecology of orangutans inhabiting a Sumatran swamp forest, using two different methods. The greater reproductive burden on females is reflected in their spending more time per day feeding overall, more time foraging on insects, and less time resting, but females did not engage more in tool-assisted foraging or less in acquiring vertebrate meat. Despite the large range of body sizes, the influence of body size on time budgets, diet and the toughness and elasticity of food items was minor. However, larger males spent more time feeding on fruit than smaller ones. The other differences between unflanged males and flanged males were more compatible with different sociosexual strategies: unflanged males moved more and travelled faster than flanged males, and had shorter feeding bouts. Thus, the overall pattern of differences largely reflects sex differences in requirements due to reproduction and male sociosexual strategies. The effects of body size on diet may be so small because tooth morphology rather than body strength determine food choice.Less
Sex differences in diet, ranging, and activity budgets (‘ecology’) can have two plausible, non-exclusive causes: differential needs due to reproduction in females and differences in body size, as well as sex differences in sociosexual strategies, usually because males are forced to travel more widely or minimize feeding time relative to females. The authors of this chapter evaluated these two hypotheses by examining sex differences in the ecology of orangutans inhabiting a Sumatran swamp forest, using two different methods. The greater reproductive burden on females is reflected in their spending more time per day feeding overall, more time foraging on insects, and less time resting, but females did not engage more in tool-assisted foraging or less in acquiring vertebrate meat. Despite the large range of body sizes, the influence of body size on time budgets, diet and the toughness and elasticity of food items was minor. However, larger males spent more time feeding on fruit than smaller ones. The other differences between unflanged males and flanged males were more compatible with different sociosexual strategies: unflanged males moved more and travelled faster than flanged males, and had shorter feeding bouts. Thus, the overall pattern of differences largely reflects sex differences in requirements due to reproduction and male sociosexual strategies. The effects of body size on diet may be so small because tooth morphology rather than body strength determine food choice.
Chris Jones
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199281978
- eISBN:
- 9780191602535
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199281971.003.0009
- Subject:
- Economics and Finance, Public and Welfare
Rules for setting Ramsey (1927) optimal commodity taxes are derived in this chapter using the conventional welfare analysis presented in Ch. 6. When these tax rules apply, Diamond and Mirrlees (1971) ...
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Rules for setting Ramsey (1927) optimal commodity taxes are derived in this chapter using the conventional welfare analysis presented in Ch. 6. When these tax rules apply, Diamond and Mirrlees (1971) and Stiglitz and Dasgupta (1971) prove that the producer prices can be used as shadow prices in project evaluation if private profits are eliminated from consumer incomes. This result is demonstrated using shadow prices to value the changes in economic activity from a marginal tax change. It provides economic intuition that can be used, together with the generalized Hatta decomposition, to extend a number of the familiar optimal tax rules to economies with variable prices.Less
Rules for setting Ramsey (1927) optimal commodity taxes are derived in this chapter using the conventional welfare analysis presented in Ch. 6. When these tax rules apply, Diamond and Mirrlees (1971) and Stiglitz and Dasgupta (1971) prove that the producer prices can be used as shadow prices in project evaluation if private profits are eliminated from consumer incomes. This result is demonstrated using shadow prices to value the changes in economic activity from a marginal tax change. It provides economic intuition that can be used, together with the generalized Hatta decomposition, to extend a number of the familiar optimal tax rules to economies with variable prices.
David Anthoff and Richard S.J. Tol
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199692873
- eISBN:
- 9780191738371
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199692873.003.0014
- Subject:
- Economics and Finance, Development, Growth, and Environmental
We use the integrated assessment model FUND to compute the income elasticities of climate change impacts for different world regions over time. We find limited support for Schelling's Conjecture that ...
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We use the integrated assessment model FUND to compute the income elasticities of climate change impacts for different world regions over time. We find limited support for Schelling's Conjecture that development might be the best defence against climate change impacts, and for the idea that the impacts from climate change might be akin to a ‘luxury good’. For very poor regions, an increase in income in the short run is an effective tool to reduce impacts from climate change by making those societies less vulnerable, in particular to infectious diseases. While net climate impacts appear to be akin to a luxury good for some countries at specific times, that effect disappears in the long run as impacts from agriculture make up a large share of total impacts.Less
We use the integrated assessment model FUND to compute the income elasticities of climate change impacts for different world regions over time. We find limited support for Schelling's Conjecture that development might be the best defence against climate change impacts, and for the idea that the impacts from climate change might be akin to a ‘luxury good’. For very poor regions, an increase in income in the short run is an effective tool to reduce impacts from climate change by making those societies less vulnerable, in particular to infectious diseases. While net climate impacts appear to be akin to a luxury good for some countries at specific times, that effect disappears in the long run as impacts from agriculture make up a large share of total impacts.
Alfred Greiner and Willi Semmler
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195328233
- eISBN:
- 9780199869985
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195328233.003.0016
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter focuses on renewable resources and studies the interaction of economic agents, extracting renewable resources, and the resource dynamics as well as the fate of the resources in the long ...
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This chapter focuses on renewable resources and studies the interaction of economic agents, extracting renewable resources, and the resource dynamics as well as the fate of the resources in the long run. The chapter is organized as follows. Section 15.2 introduces the model and various specifications of the model as well as two theorems. The theorems reveal the relation between zero horizon optimization where the discount rate tends to infinity, and infinite time horizon optimization, where the discount rate is finite. In Section 15.3, analytical results for the open access regime — in the literature typically viewed as a zero horizon optimization problem — are gathered concerning the systems of predator-prey and competitive interactions. Both interactions allow for limit cycles in the optimal trajectories. Section 15.4 presents numerical results for the monopoly problem.Less
This chapter focuses on renewable resources and studies the interaction of economic agents, extracting renewable resources, and the resource dynamics as well as the fate of the resources in the long run. The chapter is organized as follows. Section 15.2 introduces the model and various specifications of the model as well as two theorems. The theorems reveal the relation between zero horizon optimization where the discount rate tends to infinity, and infinite time horizon optimization, where the discount rate is finite. In Section 15.3, analytical results for the open access regime — in the literature typically viewed as a zero horizon optimization problem — are gathered concerning the systems of predator-prey and competitive interactions. Both interactions allow for limit cycles in the optimal trajectories. Section 15.4 presents numerical results for the monopoly problem.
Alok Bhargava
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199269143
- eISBN:
- 9780191710117
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269143.003.0002
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter addresses various issues arising from the estimation of income elasticities of energy and nutrients using different types of data from developing countries. While it is reasonable to ...
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This chapter addresses various issues arising from the estimation of income elasticities of energy and nutrients using different types of data from developing countries. While it is reasonable to expect that food consumption depends on habit persistence and individuals' requirements, most microeconomic studies have not addressed these issues in detail. Moreover, from a food policy standpoint, it is important to investigate how diets change with household incomes in developing countries.Less
This chapter addresses various issues arising from the estimation of income elasticities of energy and nutrients using different types of data from developing countries. While it is reasonable to expect that food consumption depends on habit persistence and individuals' requirements, most microeconomic studies have not addressed these issues in detail. Moreover, from a food policy standpoint, it is important to investigate how diets change with household incomes in developing countries.
Hiromitsu Ishi
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199242566
- eISBN:
- 9780191596452
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242569.003.0003
- Subject:
- Economics and Finance, South and East Asia
Sheds light on the strategies traditionally adopted by the Japanese government concerning tax policy during the post‐war period of 1960s and 1970s.
Sheds light on the strategies traditionally adopted by the Japanese government concerning tax policy during the post‐war period of 1960s and 1970s.
Howard Bodenhorn
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780195147766
- eISBN:
- 9780199832910
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195147766.003.0008
- Subject:
- Economics and Finance, Economic History
Modern interpretations of free banking argue that lightly regulated banking systems are either unstable and undesirable, or that free competition in banking generates the same favorable outcomes as ...
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Modern interpretations of free banking argue that lightly regulated banking systems are either unstable and undesirable, or that free competition in banking generates the same favorable outcomes as competition in any other industry. The historical evidence shows that America's experience with free banking can support either position depending on the time and place under study. Free banking laws in antebellum America induced massive entry and, often, equally rapid exit in its early years (sometimes referred to as wildcatting), but later experience was more favorable. After 1845, failure rates among free banks fell to about the same rate as chartered banks. Free banking created some perverse incentives for banks, however. Free banks under‐issued banknotes relative to profit‐maximizing banks and free banknote issues demonstrated less seasonal elasticity. Both features were the result of the requirement that free banks hold unbalanced portfolios, top heavy with government bonds.Less
Modern interpretations of free banking argue that lightly regulated banking systems are either unstable and undesirable, or that free competition in banking generates the same favorable outcomes as competition in any other industry. The historical evidence shows that America's experience with free banking can support either position depending on the time and place under study. Free banking laws in antebellum America induced massive entry and, often, equally rapid exit in its early years (sometimes referred to as wildcatting), but later experience was more favorable. After 1845, failure rates among free banks fell to about the same rate as chartered banks. Free banking created some perverse incentives for banks, however. Free banks under‐issued banknotes relative to profit‐maximizing banks and free banknote issues demonstrated less seasonal elasticity. Both features were the result of the requirement that free banks hold unbalanced portfolios, top heavy with government bonds.
Gilles Saint‐Paul
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198293323
- eISBN:
- 9780191596841
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198293321.003.0003
- Subject:
- Economics and Finance, Macro- and Monetary Economics
We show how in a heterogeneous labour market, a group of workers may benefit from rigid institutions. This is because they allow it to collectively exploit monopoly power at the expense of other ...
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We show how in a heterogeneous labour market, a group of workers may benefit from rigid institutions. This is because they allow it to collectively exploit monopoly power at the expense of other groups that are complementary in production. It is shown that if rigidity arises, it is likely to be associated with employee rents. The greater the rent the fewer are the workers are exposed to unemployment and lower is the elasticity of labour demand. In some cases, rigidities are favoured over fiscal transfers because they are sustained by a larger coalition, including members of the taxed group.Less
We show how in a heterogeneous labour market, a group of workers may benefit from rigid institutions. This is because they allow it to collectively exploit monopoly power at the expense of other groups that are complementary in production. It is shown that if rigidity arises, it is likely to be associated with employee rents. The greater the rent the fewer are the workers are exposed to unemployment and lower is the elasticity of labour demand. In some cases, rigidities are favoured over fiscal transfers because they are sustained by a larger coalition, including members of the taxed group.
John McDonald and G. D. Snooks
- Published in print:
- 1986
- Published Online:
- November 2003
- ISBN:
- 9780198285243
- eISBN:
- 9780191596636
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198285248.003.0009
- Subject:
- Economics and Finance, Economic History
‘Economic production functions’ describes the characteristics of deterministic production functions used in the analysis of Domesday production. These include the Cobb–Douglas, Constant Elasticity of ...
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‘Economic production functions’ describes the characteristics of deterministic production functions used in the analysis of Domesday production. These include the Cobb–Douglas, Constant Elasticity of Substitution, Mukerji, Sato, Generalized Linear, Generalized Quadratic, and production functions.Less
‘Economic production functions’ describes the characteristics of deterministic production functions used in the analysis of Domesday production. These include the Cobb–Douglas, Constant Elasticity of Substitution, Mukerji, Sato, Generalized Linear, Generalized Quadratic, and production functions.
Richard Pomfret
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199248872
- eISBN:
- 9780191596797
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199248877.003.0015
- Subject:
- Economics and Finance, International
Analyses the effects of non‐reciprocal tariff preferences granted by high‐income countries to less‐developed countries. Section 1 reports the gross trade effects, which have often been small because ...
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Analyses the effects of non‐reciprocal tariff preferences granted by high‐income countries to less‐developed countries. Section 1 reports the gross trade effects, which have often been small because of low export supply elasticities of the beneficiaries and exclusion of products for which supply might have been responsive. Section 2 deals with measures of trade creation, trade diversion, and the net welfare effects. Section 3 draws conclusions.Less
Analyses the effects of non‐reciprocal tariff preferences granted by high‐income countries to less‐developed countries. Section 1 reports the gross trade effects, which have often been small because of low export supply elasticities of the beneficiaries and exclusion of products for which supply might have been responsive. Section 2 deals with measures of trade creation, trade diversion, and the net welfare effects. Section 3 draws conclusions.
Richard Pomfret
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199248872
- eISBN:
- 9780191596797
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199248877.003.0016
- Subject:
- Economics and Finance, International
Section 1 of this chapter investigates whether RTAs have led to increased regionalization of world trade. Section 2 reports on studies using CGE models to identify gainers and losers from the spread ...
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Section 1 of this chapter investigates whether RTAs have led to increased regionalization of world trade. Section 2 reports on studies using CGE models to identify gainers and losers from the spread of RTAs as opposed to non‐discriminatory trade liberalization. Section 3 draws conclusions, emphasizing that the problem for all empirical work on RTAs is our poor knowledge of elasticities of substitution between imports from different sources.Less
Section 1 of this chapter investigates whether RTAs have led to increased regionalization of world trade. Section 2 reports on studies using CGE models to identify gainers and losers from the spread of RTAs as opposed to non‐discriminatory trade liberalization. Section 3 draws conclusions, emphasizing that the problem for all empirical work on RTAs is our poor knowledge of elasticities of substitution between imports from different sources.
Ser-Huang Poon and Richard Stapleton
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199271443
- eISBN:
- 9780191602559
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271445.003.0003
- Subject:
- Economics and Finance, Financial Economics
‘Option Pricing in a Single-Period Model’ uses the one-period complete markets model to derive forward prices of European-style options relates them to the forward price of the underlying asset. The ...
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‘Option Pricing in a Single-Period Model’ uses the one-period complete markets model to derive forward prices of European-style options relates them to the forward price of the underlying asset. The authors show that the value of the option depends upon the shape of the pricing kernel, and, in particular, on the shape of the asset-specific pricing kernel, ψ(xj). The analysis starts at a general level and then concentrates on an important special case, where the underlying cash flow is lognormal. They establish in this case that a risk-neutral valuation relationship (RNVR) exists between the option price and the price of the underlying asset if the asset-specific pricing kernel, ψ(xj), has the property of constant elasticity. This establishes the well known Black–Scholes equation for the value of an option.Less
‘Option Pricing in a Single-Period Model’ uses the one-period complete markets model to derive forward prices of European-style options relates them to the forward price of the underlying asset. The authors show that the value of the option depends upon the shape of the pricing kernel, and, in particular, on the shape of the asset-specific pricing kernel, ψ(xj). The analysis starts at a general level and then concentrates on an important special case, where the underlying cash flow is lognormal. They establish in this case that a risk-neutral valuation relationship (RNVR) exists between the option price and the price of the underlying asset if the asset-specific pricing kernel, ψ(xj), has the property of constant elasticity. This establishes the well known Black–Scholes equation for the value of an option.
Ser-Huang Poon and Richard Stapleton
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199271443
- eISBN:
- 9780191602559
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271445.003.0004
- Subject:
- Economics and Finance, Financial Economics
‘Valuation of Contingent Claims: Extensions’ extends the analysis in Ch. 3 to contingent claims on assets with non-lognormal distributions, for example, normal distributions, as in the Brennan ...
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‘Valuation of Contingent Claims: Extensions’ extends the analysis in Ch. 3 to contingent claims on assets with non-lognormal distributions, for example, normal distributions, as in the Brennan (1979), and generalized lognormal distributions, as in the shifted lognormal case of Rubinstein (1983). Next, the authors consider the pricing of claims where risk-neutral valuation relationships do not exist. For this case, they discuss Heston (1993)'s extension to the case of ‘preference-parameter free valuation relationships’, where at least one preference parameter in the pricing kernel becomes irrelevant for the pricing of contingent claims. Then, they derive the related results in Franke, Stapleton, and Subrahmanyam (1999) who showed that if assets are lognormal, but the pricing kernel has declining elasticity, possibly due to background risk, then all options have higher prices than in the Black–Scholes world. Finally, they discuss the bounds on option prices in such economies.Less
‘Valuation of Contingent Claims: Extensions’ extends the analysis in Ch. 3 to contingent claims on assets with non-lognormal distributions, for example, normal distributions, as in the Brennan (1979), and generalized lognormal distributions, as in the shifted lognormal case of Rubinstein (1983). Next, the authors consider the pricing of claims where risk-neutral valuation relationships do not exist. For this case, they discuss Heston (1993)'s extension to the case of ‘preference-parameter free valuation relationships’, where at least one preference parameter in the pricing kernel becomes irrelevant for the pricing of contingent claims. Then, they derive the related results in Franke, Stapleton, and Subrahmanyam (1999) who showed that if assets are lognormal, but the pricing kernel has declining elasticity, possibly due to background risk, then all options have higher prices than in the Black–Scholes world. Finally, they discuss the bounds on option prices in such economies.
