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Interest rate parity Economists have found empirical evidence that covered interest rate parity generally holds, though not with precision due to the effects of various risks, costs, taxation, and ultimate differences in liquidity. When both covered and uncovered interest rate parity hold, they expose a relationship su... | https://en.wikipedia.org/wiki?curid=2406246 |
Interest rate parity That is not to say that domestic investors and foreign investors will earn equivalent returns, but that a single investor on any given side would expect to earn equivalent returns from either investment decision. When the no-arbitrage condition is satisfied "without" the use of a forward contract t... | https://en.wikipedia.org/wiki?curid=2406246 |
Interest rate parity If uncovered interest rate parity holds, such that an investor is indifferent between dollar versus euro deposits, then any excess return on euro deposits must be offset by some expected loss from depreciation of the euro against the dollar. Conversely, some shortfall in return on euro deposits mus... | https://en.wikipedia.org/wiki?curid=2406246 |
Labor mobility Labor or worker mobility is the geographical and occupational movement of workers. Worker mobility is best gauged by the lack of impediments to such mobility. Impediments to mobility are easily divided into two distinct classes with one being personal and the other being systemic. Personal impediments in... | https://en.wikipedia.org/wiki?curid=2412921 |
Labor mobility In the first place, it is usually costly and inconvenient for workers to move from one locality to another, and they may lose working time in making any change of jobs. Therefore, an employer in a locality may enjoy what has been called a “spatial monopoly.” This would be especially the case in an isolat... | https://en.wikipedia.org/wiki?curid=2412921 |
Labor mobility Furthermore, he is usually unable to acquaint other buyers with the real quality of his wares (services), for the present buyer is the only one who knows the present quality of the worker's services, and the present buyer only knows what their quality is under his particular working conditions. Any other... | https://en.wikipedia.org/wiki?curid=2412921 |
Labor mobility This might be true of supervisors, management, some white-collar employees, and some highly skilled workers. Sixthly, recent practices and attitudes of employers reduce the mobility of labor. Where employers have the practice of hiring workers early in their working lives with the notion that they will r... | https://en.wikipedia.org/wiki?curid=2412921 |
Labor mobility Surveys in Britain in the 1870s found eleven to twelve-year old boys from the upper-class public schools were on average five inches taller than boys from industrial schools, and at all teen-ages three inches taller than the sons of artisans. When the British people was for the first time medically exami... | https://en.wikipedia.org/wiki?curid=2412921 |
Labor mobility However, lately because of political reasons, mainly the Velvet Revolution (31 March 2018 – 8 May 2018), labor migration towards Armenia has increased, having a positive impact on the economic situation of the country. Similar tendencies have been witnessed in Georgia after their revolution. Azerbaijan i... | https://en.wikipedia.org/wiki?curid=2412921 |
Colonial commodity fiat was the process whereby a colonising European power would define an arbitrary price for natural resources. This process diminished the colonised nation's natural capital. | https://en.wikipedia.org/wiki?curid=2412926 |
Standard gross margin Standard gross margins or SGMs enable the classification of farms according to the type of enterprises on the farm and their relative contribution to overall profitability. The SGM provides a measure of a holding's business size, irrespective of its area and intensity of production. SGMs are calcu... | https://en.wikipedia.org/wiki?curid=2414483 |
Highest quality is lowest cost "Highest quality is lowest cost" is a Japanese manufacturing aphorism based on the premise that the highest quality manufacturer will earn a reputation that makes buyers prefer, price being reasonably similar, to buy its goods. This means that the manufacturer will produce more than its c... | https://en.wikipedia.org/wiki?curid=2418267 |
Implicit cost In economics, an implicit cost, also called an imputed cost and payment is not made other, implied cost, or notional cost, is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent. It is the opposite of an explici... | https://en.wikipedia.org/wiki?curid=2421479 |
Hamiltonian economic program The was the set of measures that were proposed by American Founding Father and first Secretary of the Treasury Alexander Hamilton in four notable reports and implemented by Congress during George Washington's first administration. These reports outlined a coherent program of national mercan... | https://en.wikipedia.org/wiki?curid=2421624 |
Paradox of value The paradox of value (also known as the diamond–water paradox) is the contradiction that, although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market. The philosopher Adam Smith is often considered to be the classic presenter of this pa... | https://en.wikipedia.org/wiki?curid=2422097 |
Paradox of value So, if someone possesses a good, they will use it to satisfy some need or want, starting with the one that takes highest priority. Eugen von Böhm-Bawerk illustrated this with the example of a farmer having five sacks of grain. With the first, he will make bread to survive. With the second, he will make... | https://en.wikipedia.org/wiki?curid=2422097 |
Paradox of value In other words, each additional unit of water that becomes available can be applied to less urgent uses as more urgent uses for water are satisfied. Therefore, any particular unit of water becomes worth less to people as the supply of water increases. On the other hand, diamonds are in much lower suppl... | https://en.wikipedia.org/wiki?curid=2422097 |
Piece work (or piecework) is any type of employment in which a worker is paid a fixed piece rate for each unit produced or action performed, regardless of time. When paying a worker, employers can use various methods and combinations of methods. Some of the most prevalent methods are: paid a wage by the hour (known as ... | https://en.wikipedia.org/wiki?curid=2424922 |
Piece work Variable skill level is second, where piece rates are more effective in a more homogenous workforce. Thirdly, there may be more invasive managerial relations as the management is attempting to test how fast the workers can produce. Employees decide whether to work for piece rate pay if the relative earnings ... | https://en.wikipedia.org/wiki?curid=2424922 |
Piece work This must be calculated in a set way, a control trial is run to determine the average items produced by equivalent workers, this is divided by 1.2 to reach the agreed average figure, and the fair rate is set to ensure each worker achieves the minimum wage. In a service setting, the output of piece work can b... | https://en.wikipedia.org/wiki?curid=2424922 |
Piece work Simply counting the number of pieces produced by a worker was likely easier than accounting for that worker's time, as would have been required for the computation of an hourly wage. took on new importance with the advent of machine tools, such as the machine lathe in 1751. Machine tools made possible by the... | https://en.wikipedia.org/wiki?curid=2424922 |
Piece work In the mid-19th century, the practice of distributing garment assembly among lower-skilled and lower-paid workers came to be known in Britain as the sweating system and arose at about the same time that a practical (foot-powered) sewing machine, was developed. Factories that collected sweating system workers... | https://en.wikipedia.org/wiki?curid=2424922 |
Piece work In calculating an appropriate piece work rate, employers must keep track of average productivity rates for specific activities and set a piece work rate that ensures that all workers are able to earn minimum wage. If a worker earns less than the minimum wage, the employer has to pay the difference. Exception... | https://en.wikipedia.org/wiki?curid=2424922 |
Affective forecasting (also known as hedonic forecasting, or the hedonic forecasting mechanism) is the prediction of one's affect (emotional state) in the future. As a process that influences preferences, decisions, and behavior, affective forecasting is studied by both psychologists and economists, with broad applicat... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Its effect on decision making and well-being is of particular concern to policy-makers and analysts in these fields, although it also has applications in ethics. For example, the tendency to underestimate our ability to adapt to life-changing events has led to legal theorists questioning the assum... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting For example, one study found that while many women who imagine encountering gender harassment predict feelings of anger, in reality, a much higher proportion report feelings of fear. Other research suggests that accuracy in affective forecasting is greater for positive affect than negative affect,... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Errors may arise due to extrinsic factors, such as framing effects, or intrinsic ones, such as cognitive biases or expectation effects. Because accuracy is often measured as the discrepancy between a forecaster's present prediction and the eventual outcome, researchers also study how time affects ... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting For example, one study found that undergraduate students tended to overestimate experienced happiness levels when participants were asked how they were feeling in "general" with and without reference to the election, compared to when participants were asked how they were feeling "specifically" in ... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting These college students predicted that the lottery outcomes would lead to meaningful differences in their own level of happiness, but follow-up questionnaires revealed that students assigned to desirable or undesirable dormitories reported nearly the same levels of happiness. Thus, differences in f... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting In this way, the self-fulfilling prophecy can lead to the perception that forecasters have made accurate predictions. Inaccurate forecasts can also become amplified by expectation effects. For example, a forecaster who expects a movie to be enjoyable will, upon finding it dull, like it significant... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Immune neglect tries to cope with the event before it even happens. One study documents how sense-making processes decrease emotional reaction. The study found that a small gift produced greater emotional reactions when it was not accompanied by a reason than when it was, arguably because the reas... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Bolger & Zuckerman found that coping strategies vary between individuals and are influenced by their personalities They assumed that since people generally do not take their coping strategies into account when they predict future events, that people with better coping strategies should have a bigg... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Hoerger ran another study on immune neglect after this, which studied both daters' and non-daters' forecasts about Valentine's Day, and how they would feel in the days that followed. Hoerger found that different coping strategies would cause people to have different emotions in the days following ... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting For example, Cameron and Payne conducted a series of studies in order to investigate the relationship between affective forecasting and the collapse of compassion phenomenon, which refers to the tendency for people's compassion to decrease as the number of people in need of help increases. Partici... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Research suggests that the accuracy of affective forecasting for positive and negative emotions is based on the distance in time of the forecast. Finkenauer, Gallucci, van Dijk, and Pollman discovered that people show greater forecasting accuracy for positive than negative affect when the event or... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting A well-known example originates from a paper by Kahneman and Schkade, who coined the term "focusing illusion" in 1998. They found that although people tended to believe that someone from the Midwest would be more satisfied if they lived in California, results showed equal levels of life satisfacti... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting This could be due to the fact that the more information that is available the less likely it is one will able to ignore contributory factors. Time discounting (or time preference) is the tendency to weigh present events over future events. Immediate gratification is preferred to delayed gratificat... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Baseball fans, for example, tend to use the best game they can remember as the basis for their affective forecast of the game they are about to see. Commuters are similarly likely to base their forecasts of how unpleasant it would feel to miss a train on their memory of the worst time they missed ... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Because of this, people do not realize that they made a mistake in their predictions, and will then continue to misforecast similar situations in the future. Meyvis et al. ran five studies to test whether or not this is true. They found in all of their studies, when people were asked to recall the... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting When asked to imagine what a 'good day' would be like for them in a year, however, people resort to more uniformly positive descriptions. Gilbert and Wilson call bringing to mind a flawed representation of a forecasted event the "misconstrual problem". Framing effects, environmental context, and h... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting In order to make an accurate forecast the student would need to be aware that his forecast is biased due to mental contamination, be motivated to correct the bias, and be able to correct the bias in the right direction and magnitude. Projection bias can arise from empathy gaps (or hot/cold empathy... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting People predicted their future feelings about the outcome of the 2008 US presidential election between Barack Obama and John McCain. Neuroticism was correlated with impact bias, which is the overestimation of the length and intensity of emotions. People who rated themselves as higher in neuroticism... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting By implementing Loewentstein's recommendation, firms that understand projection bias should minimize information asymmetry; such would diminish the negative consumer externality that comes from purchasing an undesirable good and relieve sellers from extraneous costs required to exaggerate the util... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Life-Cycle Consumption Projection bias influences the life-cycle of consumption. The immediate utility obtained from consuming particular goods exceeds the utility of future consumption. Consequently, projection bias causes "a person to (plan to) consume too much early in life and too little late ... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Students, for example, might predict they would devastated if they failed a test as a way to motivate them to study harder for it. The role of motivated reasoning in affective forecasting has been demonstrated in studies by Morewedge and Buechel (2013). Research participants were more likely to ov... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Whereas a current forecast reflects "expected" or "predicted utility", the actual outcome of the event reflects "experienced utility". Predicted utility is the "weighted average of all possible outcomes under certain circumstances." Experienced utility refers to the perceptions of pleasure and pai... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting However, with a negative impact on consumption, due to their lack of experience with public transportation, car users predict that they will receive less satisfaction with the use of public transportation than they actually experience. This can lead them to refrain from the use of such services, d... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Economic definitions of happiness are tied to concepts of welfare and utility, and researchers are often interested in how to increase levels of happiness in the population. The economy has a major influence on the aid that is provided through welfare programs because it provides funding for such ... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Studies show that experiential purchases, such as a bag of chips, result in forecasts of higher levels of happiness than material purchases, such as the purchase of a pen. This prediction of happiness as a result of a purchase experience exemplifies affective forecasting. It is possible that an in... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Applying findings from affective forecasting research to happiness also raises methodological issues: should happiness measure the outcome of an experience, or the satisfaction experienced as result of the choice made based upon a forecast? For example, although professors may forecast that gettin... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting However, findings in affective forecasting errors have prompted some to suggest that juries are overcompensating victims, since their forecasts overestimate the negative impact of damages on the victims' lives. Some scholars suggest implementing jury education to attenuate potentially inaccurate p... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting In cases involving sexual harassment, judgements are more likely to blame the victim for their failure to react in a timely fashion or their failure to make use of services that were available to them in the event of sexual harassment. This is because prior to the actual experience of harassment, ... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Additionally, if juries are educated on other factors that may influence the reactions of those who are victims of sexual harassment, such as intimidation, they are more likely to make more accurate forecasts, and less likely to blame victims for their own victimization. has implications in health... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Research also indicates that affective forecasts about future quality of life are influenced by the forecaster's current state of health. Whereas healthy individuals associate future low health with low quality of life, less healthy individuals do not forecast necessarily low quality of life when ... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting (2005) found that the perspective that individuals take influences their susceptibility to biases when making predictions about their feelings. A perspective that overrides impact bias is mindfulness. Mindfulness is a skill that individuals can learn to help them prevent overestimating their feeli... | https://en.wikipedia.org/wiki?curid=2426547 |
Affective forecasting Being able to observe the current event can help individuals focus on pursuing future events that provide long-term satisfaction and fulfillment. | https://en.wikipedia.org/wiki?curid=2426547 |
Asset pricing In financial economics, asset pricing refers to a formal treatment and development of two main pricing principles, outlined below, together with the resultant models. There have been many models developed for different situations, but correspondingly, these stem from general equilibrium asset pricing or r... | https://en.wikipedia.org/wiki?curid=2429071 |
Asset pricing General equilibrium pricing is then used when evaluating diverse portfolios, creating one asset price for many assets. Calculating an investment or share value here, entails a financial forecast for the business or project in question, where the output cashflows are then discounted at the rate returned by... | https://en.wikipedia.org/wiki?curid=2429071 |
Asset pricing The classical model here is Black–Scholes which describes the dynamics of a market including derivatives (with its option pricing formula); leading more generally to Martingale pricing, as well as the aside models. Black–Scholes assumes a log-normal process; the other models will, for example, incorporate... | https://en.wikipedia.org/wiki?curid=2429071 |
Framework Convention on the Protection and Sustainable Development of the Carpathians The "(Carpathian Convention)" is a framework type convention pursuing a comprehensive policy and cooperating in the protection and sustainable development of the Carpathians. Designed to be an innovative instrument to ensure protectio... | https://en.wikipedia.org/wiki?curid=2429160 |
Framework Convention on the Protection and Sustainable Development of the Carpathians Since then, UNEP/ROE serviced five negotiation meetings of the Carpathian countries. At the Fifth Ministerial Conference "Environment for Europe" (Kiev, May 2003), the Carpathian countries adopted the consequently signed by all seven ... | https://en.wikipedia.org/wiki?curid=2429160 |
Cincinnati Time Store The (1827-1830) was the first in a series of retail stores created by American individualist anarchist Josiah Warren to test his economic labor theory of value. The experimental store operated from May 18, 1827 until May 1830. He sold things at-cost plus a small markup for his time. It is usually ... | https://en.wikipedia.org/wiki?curid=2435422 |
Cincinnati Time Store Believing the labor is the foundational cost of things, he held that equal amounts of labor should, naturally, receive equal material compensation. He set out to examine if his theories could be put to practice by establishing his "labor for labor store." If his experiment proved to be successful,... | https://en.wikipedia.org/wiki?curid=2435422 |
Cincinnati Time Store After a rough initial period, the store proved to be very successful. Warren's goods were much cheaper than competitors', though he maintained that he was not trying to put other stores out of business. Another store in the neighborhood converted to Warren's methods. The fact that prices for goods... | https://en.wikipedia.org/wiki?curid=2435422 |
Cincinnati Time Store As Cincinnati librarian Steve Kemple noted: When the advantages of the store became known and its method understood, it was the most popular mercantile institution in the city. The people called it the “Time Store,” not because it gave credit or sold goods on installments, but on account of the pe... | https://en.wikipedia.org/wiki?curid=2435422 |
Cincinnati Time Store Although it goes back to 1827 though 1830, Josiah Warner's "Cincinnati Time Store", which sold merchandise in units of hours of work called "labour notes" which resembled paper money, this was "[p]erhaps ... the anticipator of all future" Local exchange trading systems, and was even a precursor to... | https://en.wikipedia.org/wiki?curid=2435422 |
Peak earning years refers to the time in life when workers earn the most money per year. Given their initial lack of experience, workers' earnings start out low. Earnings peak when workers hit middle age, then begin to fall as retirement approaches. But peak earnings now occur later in life and reach a higher level. In... | https://en.wikipedia.org/wiki?curid=2441808 |
Distribution deal A distribution deal (aka distribution contract or distribution agreement) is a legal agreement between one party and another, to handle distribution of a product. There are various forms of distribution deals. There are exclusive and non-exclusive distribution agreements. In an exclusive distribution ... | https://en.wikipedia.org/wiki?curid=2448327 |
Distribution deal Distribution agreements are frequently broken up in terms of countries, such that a set of supply companies in one market/country, possibly supply companies in related fields like sports equipment, share a distribution agent in another market/country. This keeps costs down, allowing the distributor to... | https://en.wikipedia.org/wiki?curid=2448327 |
Market abolitionism is the belief that the economic market should be completely eliminated from society. Market abolitionists argue that markets are ethically abhorrent, antisocial and fundamentally incompatible with long term human and environmental survival. In large countries in the modern world, the only significan... | https://en.wikipedia.org/wiki?curid=2451225 |
Market abolitionism Notably, Noam Chomsky is one of those who have expressed the opinion that a truly free market (in the context of a sudden transition from the current system) would destroy the species as well as physical environment. He also favors a democratic participatory planning process as a replacement to the ... | https://en.wikipedia.org/wiki?curid=2451225 |
Argentine argentino The Argentino was an Argentine currency equal to 5 pesos oro sellado. The 1/2 argentino coin was issued in 1881 and 1884 and it weighs 4.0322 grams. The argentino coin was issued from 1881 to 1896 and it weighs 8.0645 grams. Both were made of gold 0.900. The Argentino was a complementary currency in... | https://en.wikipedia.org/wiki?curid=2453851 |
Fuel mix disclosure ]According to the European Union's Internal Market in Electricity Directive from July 1, 2004, electric power consumers must be informed about the sources from which the electricity they have purchased was generated. Additionally, consumers must be informed about the amount of carbon dioxide emitted... | https://en.wikipedia.org/wiki?curid=2458941 |
GKO (abbreviation for ) are short-term zero-coupon government bonds issued by the Russian Finance Ministry and trade on the Moscow Inter Bank Currency Exchange (MICEX), as well as on five other currency exchanges connected with the MICEX and located in large regional cities. The last auction was held in February 2004. ... | https://en.wikipedia.org/wiki?curid=2460620 |
GKO The market volume is growing as a result of the implementation of the Russian Finance Ministry's policy of substituting the external debt for the internal debt and developing a liquid internal government-securities market, which must give market participants effective instruments to manage liquidity and form benchm... | https://en.wikipedia.org/wiki?curid=2460620 |
Bottom of the pyramid The bottom of the pyramid, bottom of the wealth pyramid or the bottom of the income pyramid is the largest, but poorest socio-economic group. In global terms, this is the 2.7 billion people who live on less than $2.50 a day. Management scholar CK Prahalad popularised the idea of this demographic a... | https://en.wikipedia.org/wiki?curid=2460944 |
Bottom of the pyramid Aneel Karnani, also of the Ross School at the University of Michigan, argued in a 2007 paper that there is no fortune at the bottom of the pyramid and that for most multinational companies the market is really very small. Karnani also suggests that the only way to alleviate poverty is to focus on ... | https://en.wikipedia.org/wiki?curid=2460944 |
Bottom of the pyramid He has identified the BoP Perspective as a unique market-based approach to poverty alleviation. London has also developed the BoP Impact Assessment Framework, a tool that provides a holistic and robust guide for BoP ventures to assess and enhance their poverty alleviation impacts. This framework, ... | https://en.wikipedia.org/wiki?curid=2460944 |
Bottom of the pyramid If we plot the world wealth in percent terms along the vertical axis of a graph and the corresponding percent population having control on it on the horizontal axis of a graph and add the mirror image of this graph on the left side of the vertical axis we get a wealth pyramid and can see that as w... | https://en.wikipedia.org/wiki?curid=2460944 |
Bottom of the pyramid Where is the actual bottom? and how low? This can perhaps only be visualised by observing the slums right in the hearts of the cities in the developing countries. Kash Rangan, John Quelch, and other faculty members at the Global Poverty Project at Harvard Business School "believe that in pursuing ... | https://en.wikipedia.org/wiki?curid=2460944 |
Bottom of the pyramid Because the high costs of doing business among the very poor demand a high contribution per transaction, companies must embrace the reality that high margins and price points aren't just a top-of-the-pyramid phenomenon; they’re also a necessity for ensuring sustainable businesses at the bottom of ... | https://en.wikipedia.org/wiki?curid=2460944 |
Bottom of the pyramid Informal intermediation ranges from casual intermediaries at the good or benign end of the spectrum to 'loan sharks' at the professional and sometimes criminal end of the spectrum. One of many examples of products that are designed with needs of the very poor in mind is that of a shampoo that work... | https://en.wikipedia.org/wiki?curid=2460944 |
Bottom of the pyramid There is a traditional view that BOP consumers are not brand conscious (prahalad, 2005). However, C. K. Prahalad (2005) claimed against this traditional view, positing that the BOP market is brand conscious. For instance, brand influences the new product adoption in the bottom of pyramid market (R... | https://en.wikipedia.org/wiki?curid=2460944 |
Dollar roll A dollar roll is similar to a reverse repurchase agreement and provides a form of collateralized short-term financing with mortgage-backed securities comprising the collateral. The investor sells a mortgage-backed security for settlement on one date and buys it back for settlement at a later date. The inves... | https://en.wikipedia.org/wiki?curid=2482438 |
Stochastic drift In probability theory, stochastic drift is the change of the average value of a stochastic (random) process. A related concept is the drift rate, which is the rate at which the average changes. For example, a process that counts the number of heads in a series of formula_1 fair coin tosses has a drift ... | https://en.wikipedia.org/wiki?curid=2486019 |
Stochastic drift In sufficiently small populations, drift can also neutralize the effect of deterministic natural selection on the population. Time series variables in economics and finance — for example, stock prices, gross domestic product, etc. — generally evolve stochastically and frequently are non-stationary. The... | https://en.wikipedia.org/wiki?curid=2486019 |
Stochastic drift But even in the absence of the parameter "c" (that is, even if "c"=0), this unit root process exhibits drift, and specifically stochastic drift, due to the presence of the stationary random shocks "u": a once-occurring non-zero value of "u" is incorporated into the same period's "y", which one period l... | https://en.wikipedia.org/wiki?curid=2486019 |
Lombard credit is the granting of credit to banks against pledged items, mostly in the form of securities or life insurance policies. The pledged items must be readily marketable; in particular, the securities 'eligible for collateral' which are registered on lists. Lending is via central banks. As a general rule, the ... | https://en.wikipedia.org/wiki?curid=2489126 |
Lombard credit A discount rate lower than the rate typically charged by another bank opened the possibility of arbitrage and thus required extra scrutiny of potential borrowers. The Federal Reserve Board of the United States switched to a so-called "Lombard facility," in which the discount rate is actually "higher" tha... | https://en.wikipedia.org/wiki?curid=2489126 |
Hudson's Bay tokens The Hudson's Bay Company tokens represented the unit of currency used in the fur trade for many decades. The largest—one "Made Beaver"—was equal in value to the skin on an adult male beaver in good condition. Smaller sizes represented one-half, one-quarter, and one-eighth of a Made-Beaver. One side ... | https://en.wikipedia.org/wiki?curid=2490908 |
Bispectrum In mathematics, in the area of statistical analysis, the bispectrum is a statistic used to search for nonlinear interactions. The Fourier transform of the second-order cumulant, i.e., the autocorrelation function, is the traditional power spectrum. The Fourier transform of "C"("t", "t") (third-order cumulant... | https://en.wikipedia.org/wiki?curid=2496000 |
Bispectrum By combining and removing two filters, much can be gleaned from only two filters. Through modern computerized interpolation, a third virtual filter can be created to recreate true color photographs that, while not particularly useful for scientific analysis, are popular for public display in textbooks and fu... | https://en.wikipedia.org/wiki?curid=2496000 |
Celebrity–industrial complex The celebrity-industrial complex is a social and economic construct which involves a symbiotic relationship between celebrities and business corporations. First proposed by "Vanity Fair" columnist Maureen Orth in her book, "The Importance of Being Famous" (2003), it is fueled both by the ce... | https://en.wikipedia.org/wiki?curid=2499233 |
Panel data In statistics and econometrics, panel data or longitudinal data are multi-dimensional data involving measurements over time. contain observations of multiple phenomena obtained over multiple time periods for the same firms or individuals. Time series and cross-sectional data can be thought of as special case... | https://en.wikipedia.org/wiki?curid=2499813 |
Panel data Therefore, if an unbalanced panel contains "N" panel members and "T" periods, then the following strict inequality holds for the number of observations ("n") in the dataset: . Both datasets above are structured in the long format, which is where one row holds one observation per time. Another way to structur... | https://en.wikipedia.org/wiki?curid=2499813 |
Panel data If formula_7 is not correlated with any of the independent variables, ordinary least squares linear regression methods can be used to yield unbiased and consistent estimates of the regression parameters. However, because formula_7 is fixed over time, it will induce serial correlation in the error term of the... | https://en.wikipedia.org/wiki?curid=2499813 |
Crossing the Lines The project brings the communities of Utrecht (the Netherlands) and Mortsel (Belgium) and the County of Essex (Great Britain) together to protect and redevelop flood defencelines in Northwest Europe in an environmentally sustainable manner. This partnership will develop the defence lines of "Nieuwe H... | https://en.wikipedia.org/wiki?curid=2500127 |
Farm gate value The farm gate value of a cultivated product in agriculture and aquaculture The market value is not the same as the price farmers get for their product, as (if an auction is used), the value they get per weight may be well below the market price. In some cases, the value they get per weight may even be b... | https://en.wikipedia.org/wiki?curid=2518403 |
AD–IA model The aggregate demand–inflation adjustment model builds on the concepts of the IS–LM model and the AD–AS models, essentially in terms of changing interest rates in response to fluctuations in inflation rather than as changes in the money supply in response to changes in the price level. The is a Keynesian me... | https://en.wikipedia.org/wiki?curid=2522966 |
AD–IA model The inflation adjustment line would then shift upward (reflecting an increase in the inflation rate) causing a movement along the new demand curve until real GDP was equal to potential. This model is further advanced in higher levels of undergraduate studies. David Romer proposed in 2000 that the LM curve b... | https://en.wikipedia.org/wiki?curid=2522966 |
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