Computable General Equilibrium Analysis: Opening a Black Box
|
|
- Theodore Pierce
- 8 years ago
- Views:
Transcription
1 Dscusson Paer No Comutable General Equlbrum Analss: Oenng a Black Box Chrstoh Böhrnger, Thomas F. Rutherford and Wolfgang Wegard
2 Dscusson Paer No Comutable General Equlbrum Analss: Oenng a Black Box Chrstoh Böhrnger, Thomas F. Rutherford and Wolfgang Wegard Donload ths ZEW Dscusson Paer from our ft server: ft://ft.ze.de/ub/ze-docs/d/d0356.df De Dscusson Paers denen ener möglchst schnellen Verbretung von neueren Forschungsarbeten des ZEW. De Beträge legen n allenger Verantortung der Autoren und stellen ncht notendgerese de Menung des ZEW dar. Dscusson Paers are ntended to make results of ZEW research romtl avalable to other economsts n order to encourage dscusson and suggestons for revsons. The authors are solel resonsble for the contents hch do not necessarl reresent the onon of the ZEW.
3 Non-Techncal Summar Quanttatve smulatons to evaluate alternatve olc measures la a ke role n aled economc research. Numercal models accommodate the sstematc analss of economc roblems here analtcal solutons are ether not avalable or do not rovde adequate nformaton. Comared to analtcal models, the numercal aroach facltates the analss of comlex economc nteractons and the mact assessment of structural olc changes. Among numercal methods, comutable general equlbrum (CGE) models are del emloed b varous natonal and nternatonal organzatons (EU Commsson, IMF, World Bank, OECD, etc.) for economc olc analss at the sector-level as ell as the econom-de level. CGE analss consttutes a oerful scentfc method for the comrehensve ex-ante smulaton of adjustment effects nduced b exogenous olc nterference. The man vrtue of the CGE aroach s ts comrehensve mcro-consstent reresentaton of rce-deendent market nteractons. Hoever, the barrers to enterng the feld of CGE analss for students and rofessonals are commonl erceved as rather rohbtve. Wthout detaled rogrammng knoledge, the CGE aroach s doomed to reman a black box for non-modelers. The man objectve of ths artcle s to loer the barrers to CGE analss for to target grous. The frst grou conssts of economsts that ant to actvel enter the feld of CGE analss. We la out the most recent develoments n CGE model mlementaton for ths grou: The MCP aroach, combned th the calbrated share form, rovdes a comrehensve frameork to mlement equlbrum roblems n a transarent and effcent a. The second grou ncludes economsts that ant to refran from rogrammng but are nterested n CGE analss as a tool kt. For ths grou, e resent an nteractve nterface that offers convenent access to CGE analss. Wthout techncal rogrammng sklls, the can use the ntutve and smle Wndos-based nterface to exlore the determnants of olc effects. Interactve learnng-b-dong then nvolves the secfcaton of addtonal olc smulaton, the ex-ante economc reasonng on the otental effects, and the ex-ost cross-check th the results rovded b the comuter smulatons..
4 Comutable General Equlbrum Analss: Oenng a Black Box Chrstoh Böhrnger boehrnger@ze.de ZEW Mannhem Thomas Rutherford rutherford@colorado.edu Unverst of Colorado at Boulder Wolfgang Wegard olfgang.egard@.un-regensburg.de Unverst of Regensburg ABSTRACT Comutable general equlbrum models la an mortant role n aled economc research. These models accommodate the mcro-consstent sstematc analss of comlex economc roblems here analtcal solutons are ether not avalable or do not rovde adequate nformaton. Hoever, the comutatonal aroach to economc olc analss also has severe shortcomngs of ts on. In general, scentfc ublcatons nclude a comlete lstng of nether the algebrac model underlng the numercal smulaton nor the data used to calbrate model arameters. Even f the model algebra and the data ere full lad out, relcaton of results ould stll requre secalzed rogrammng sklls. As a consequence, CGE analses are often erceved as a black box to non-exert readers. Ths artcle ams at loerng the barrers to numercal CGE analss along to lnes. Frst, e rovde a comact ntroducton to recent methods of CGE model mlementaton that ma substantall ease entr for otental modelers. Second, and equall mortant, e llustrate the non-techncal access to CGE analss b means of a user-frendl nterface that allos non-modelers to test and develo ther economc ntuton on general equlbrum nteractons thout rogrammng sklls.
5 INTRODUCTION Quanttatve smulatons to evaluate alternatve olc measures la a ke role n aled economc research. Numercal models accommodate the sstematc analss of economc roblems here analtcal solutons are ether not avalable or do not rovde adequate nformaton. Comared to analtcal models, the numercal aroach facltates the analss of comlex economc nteractons and the mact assessment of structural olc changes. Among numercal methods, comutable general equlbrum (CGE) models are del emloed b varous natonal and nternatonal organzatons (EU Commsson, IMF, World Bank, OECD, etc.) for economc olc analss at the sector-level as ell as the econom-de level. The man vrtue of the CGE aroach s ts mcro-consstent reresentaton of rce-deendent market nteractons. The smultaneous exlanaton of the orgn and sendng of the agents' ncome makes t ossble to address both econom-de effcenc as ell as dstrbutonal macts of olc nterference. Ths has made CGE models a standard tool for the quanttatve analss of olc nterference n man domans ncludng fscal olc, trade olc, and envronmental olc. 2 The comutatonal aroach to olc analss, hoever, has also shortcomngs of ts on. In general, scentfc ublcatons nclude a comlete lstng nether of the algebrac model underlng the numercal smulaton nor the data used to calbrate model arameters. Even f the model algebra and the data ere full lad out, relcaton of results or senstvt analss ould stll requre secalzed rogrammng sklls. 3 As a consequence, CGE analses s often erceved as a black box to non-exert readers. All the can do s to... delver summar grunts of belef or dsbelef but fnd t dffcult to artculate reasons n a dsclned a (McCloske 983,. 502). The objectve of ths ntroductor aer s to loer the barrers of entr to CGE analss for graduate students and rofessonals that are nterested n ths method for aled olc analss. We rovde a comact ntroducton to recent methods of CGE model mlementaton that hghl facltate the accessblt of CGE analss for otental modelers. Furthermore, e llustrate the non-techncal The mortance of CGE modelng n academc research s reflected b the fact, that snce 99 - the Journal of Economc Lterature has lsted a searate classfcaton number for ths te of analss (D 58: Comutable and other Aled General Equlbrum Models). 2 For surve artcles see e.g. Conrad (999, 200), Bergman (990), Gottfred et al. (990), Borges (986), Kehoe and Kehoe (994), Kleer et al. (995), Perera and Shoven (988), Shoven and Whalle (984, 992), Fehr and Wegard (996), Pggot and Whalle (985, 99), Bhattachara (996), Gunnng and Kezer (995). 3 Obvousl, errors n the numercal model secfcaton can never be ruled out. In fact, Deald, Thursb and Anderson (986) conclude from ther famous The Journal of Mone, Credt and Bankng Project that nadvertent errors n ublshed emrcal artcles are a commonlace, rather than a rare, occurrence. (. 587).
6 access to CGE analss b means of a user-frendl nterface, allong non-modelers to test and develo ther economc ntuton on general equlbrum nteractons thout rogrammng sklls. The remander of ths aer s organzed as follos. In secton 2, e brefl descrbe the basc rocedure n CGE analss. In secton 3, e la out the mlementaton of the common textbook 2x2x-model usng the mxed comlementart aroach n hch the equlbrum roblem s formulated as a sstem of eak nequaltes and comlementar slackness condtons (beteen equlbrum varables and equlbrum condtons). In secton 4, e ntroduce a generc vsual nterface for erformng quanttatve equlbrum analses thout techncal rogrammng sklls. In secton 5, e rovde olc-relevant examles of actvt analss and exlct rce restrctons as ell as quantt constrants to demonstrate the advantages of the mxed comlementart aroach n general equlbrum analss. In secton 6, e extend the stlzed 2x2x-model to a large-scale mult-regon, mult-sector model of global trade and energ use n order to nvestgate the economc macts of nternatonal clmate rotecton olces. Fnall, e conclude. 2 BASIC APPROACH CGE models buld uon general equlbrum theor that combnes behavoral assumtons on ratonal economc agents th the analss of equlbrum condtons. Analtcall, the economc mlcatons of olc nterference could be studed n a comaratve-statc frameork: One derves the total dfferentals of the market equlbrum condtons and solves ths sstem of equatons for the relatve changes n the varables of nterest. Ths s the normal rocedure emloed n the theoretcal lterature. Although theoretcal analss rovdes mortant qualtatve nsghts, ts contrbuton to actual olc analss remans lmted. Ths s because theoretcal models are hghl stlzed to kee analtcal tractablt. As soon as certan real-orld comlextes are taken nto account, e.g. a more detaled roducton structure, analtcal solutons are no longer avalable and numercal soluton methods are requred. Furthermore, analtcal models can onl be aled to margnal analss (gven non-lnear relatonshs), hereas numercal models are suted for the nvestgaton of structural changes. Fgure summarzes the fve man stes nvolved n constructng and usng CGE models. Intall, the olc ssue must be carefull studed to decde on the arorate model desgn as ell as the requred data. The second ste nvolves the use of economc theor (at best, the draft of a smle analtcal maquette model) n order to la out ke economc mechansms that drve the results n the more comlex numercal model. Data ork, model formulaton, and mlementaton then delvers the frameork for numercal olc analss. Ths ste also nvolves the set-u of alternatve olc nstruments and strateges that nduce changes vs-à-vs the reference stuaton (scenaro defnton). In determnng results of olc smulaton, the choce and arameterzaton of functonal forms are crucal. 2
7 Fgure : Stes n comutable general equlbrum analss. Issue Polc background 2. Theor Theoretcal foundaton of ke mechansms (e.g. analtcal maquette of numercal model) 3. Model formulaton Constructon of consstent Benchmark Equlbrum Data Set Formulaton and mlementaton of numercal model (ncl. choce of functonal forms); scenaro defnton Data: nut-outut tables, natonal accounts, tax data, ncome and exendture data Choce of exogenous elastctes (lterature surve) 4. Comuter smulatons Calbraton: Calculaton of arameter values from benchmark data Smulatons: Calculaton of ne olc equlbrum (counterfactual) Relcaton Check successful? Yes No Senstvt analss 5. Interretaton Reortng and economc nterretaton of results Robust results? Yes Conclusons and olc recommendatons No The rocedure most commonl used to select arameter values s knon as calbraton (see Mansur and Whalle 984). Calbraton of the free arameters of functonal forms requres a consstent one ear s data (or a sngle observaton reresented as an average over a number of ears), together th exogenous elastctes that are usuall taken from lterature surves. The calbraton s a determnstc rocedure and does not allo for a statstcal test of the model secfcaton. The one consstenc check that must necessarl hold before one can roceed th olc analss s the relcaton of the ntal benchmark: the calbrated model must be caable of generatng the base-ear (benchmark) equlbrum as a model soluton thout comutatonal ork. Wthn the olc smulatons, sngle arameters or exogenous varables are changed and a ne (counterfactual) equlbrum s comuted. Comarson of the counterfactual and the benchmark equlbrum then rovdes nformaton on the olc-nduced changes of economc varables such as emloment, roducton, consumton, relatve rces, etc. Fnall, the model results must be nterreted based on sound economc theor. Due to the relance on exogenous elastct values and a sngle base-ear observaton, comrehensve senstvt analss on ke elastctes (and ossbl 3
8 alternatve assumtons on economc ncentves) should be erformed before concrete olc recommendatons are derved. The essence of CGE economcs s the combnaton of general equlbrum theor th a consstent data set (most commonl from Natonal Accounts) n order to derve olc nsghts. 3 MODEL IMPLEMENTATION AND ANALYSIS At frst glance, the requrements of numercal equlbrum analss aear rohbtve. Shoven and Whalle, to romnent rotagonsts of the CGE aroach, bemoan the necesst for modelers to be a jack-of-all-trades: Modelers must kno general equlbrum theor so that ther models have a sound theoretcal bass; the must kno ho to solve ther models; the need to be able to rogram; the must understand the olc ssues on hch the ork; the have to kno about data sources and all ther assocated roblems; and the have to be conversant th relevant lterature, esecall that on elastctes (Shoven and Whalle 984,.047). Hoever, there has been substantal rogress durng the last to decades, artcularl n the felds of numercal soluton technques and hgher-level rogrammng languages, hch has dramatcall loered the barrers to enter numercal modelng. Comared to the old das, there s no longer a need for modelers to rogram ther on talored soluton algorthms, snce a varet of oerful commercal soluton ackages for nonlnear equaton sstems no exst (e.g. CONOPT (Drud 985), MINOS (Murtagh and Saunders 995) or PATH (Drkse and Ferrs 995). Moreover, hgher-level rogrammng languages (such as MATLAB (997), MATHEMATICA (Wolfram 996), AMPL (Fourer, Ga, and Kernghan, 987) or GAMS (Brooke, Kendrck, and Meeraus 988)) have been develoed that greatl facltate the translaton of an algebrac model formulaton nto a comuter-readable rogram. 4 The tradtonal aroach n CGE analss s to cast equlbrum condtons as a sstem of equatons here functonal forms are calbrated to benchmark data n the so-called coeffcent form. Ths aroach, hoever, mles restrctons th resect to the reresentaton of otentall mortant economc features and can be rather mess concernng the calbraton of the free arameters of functonal forms. To avod such drabacks, our aroach emlos the mxed comlementart frameork to secf an economc equlbrum and the so-called calbrated share form for functon calbraton. 4 For our comuter mlementaton e emlo GAMS (Generalzed Algebrac Modelng Sstem), hose fundamental strength les n the ease th hch mathematcall-defned models can be formulated and solved. GAMS tself does not rovde model solutons but delegates ths task to subsstems,.e. secalzed algorthms for artcular classes of mathematcal rograms. 4
9 In secton 3., e secf an economc equlbrum as a mxed comlementart roblem (MCP) here equlbrum condtons are formulated as eak nequaltes and condtons of comlementar slackness beteen varables and equlbrum condtons. Comared to the tradtonal equaton-based format, the MCP aroach easl accommodates the exlct treatment of actvt analss (.e. the ossblt of regme shfts beteen alternatve actvtes) as ell as dscrete rce and quantt constrants that ma become bndng n equlbrum or not. In secton 3.2, e resent common functonal forms n CGE analss to characterze technologes and references. Aart from the tradtonal coeffcent form, e ntroduce the equvalent calbrated share form hch substantall reduces the efforts as ell as sources of errors n the determnaton of free functon arameters. In secton 3.3, e ntroduce the standard textbook 2x2x-model and resent an llustratve olc smulaton. 3. General Equlbrum as a Mxed Comlementart Problem (MCP) An economc equlbrum can be cast as a mxed comlementart roblem. For llustraton, e consder a standard Arro-Debreu econom th n commodtes (ncl. factors), m sectors and h households (ncl. government). 5 The endogenous varables of the Arro-Debreu econom can be classfed nto 3 categores (Mathesen 985): := a non-negatve n-vector n rces for all goods and factors (I ={,...,n}), := a non-negatve m-vector for actvt levels of CRTS-roducton sectors (J={,...,M}), and M:= a non-negatve k-vector n ncomes (H ={,...,k}). In equlbrum the varables must fulfll three classes of condtons: zero roft of CRTS-roducers (exhauston-of-roduct constrant) - ( ) C ( ) R ( ) 0 j j j j here (usng Hotellng's Lemma): ( ) j the unt roft functon, j Cj( ) mn f j() the unt costs functon, and j Rj( ) max g j() the unt revenue functon. 5 The comettve settng can be easl adjusted th rce restrctons and quantt constrants to reflect market merfectons. 5
10 The functons f j and g j characterze feasble nut- and outut-combnatons of roducton n sector j. market clearance for all goods and factors: here: j ( ) j bh dh j h h b h the ntal endoment of household h th commodt, and dh(, Mh) argmax Uh ( x) x Mh the demand for good b household h maxmzng utlt. 6 budget constrants for households: h b M d h h h h h For common utlt functons (non-sataton), households are alas on ther budget lne,.e. b M d, and Walras la holds. 7 h h h h h Usng Walras la, aggregaton of market clearance condtons and zero roft condtons eld: j j( ) 0; j j( ) 0 j j and j ( ) j bh dh 0 j h h as ell as:. M ( b d ) 0 h h h h h h Thus, economc equlbrum features comlementart beteen equlbrum varables and equlbrum condtons: ostve market rces ml market clearance otherse commodtes are n excess sul and the resectve rces fall to zero. Actvtes ll be oerated as long as the break even - negatve revenues ml the shutdon of the resectve roducton actvtes. 6 U h denotes the utlt functon of household h. 7 Due to lnear-homogenet of roft functons and homogenet of demand functons of degree zero n rces, the economc equlbrum onl determnes relatve rces. 6
11 The MCP (Cottle and Pang 992, Rutherford 995): n Gven : f : R R Fnd : z R T st..: f( z) 0, z0, z f( z) 0 n n (MCP) corresonds to the roblem of fndng an economc equlbrum for z = [,, M] and f(z) = [ ( ), ( b d ) j, equlbrum condtons. ], thereb statng comlementart beteen varables and h h h h In ths context, the term mxed comlementart roblem (MCP) s straghtforard: mxed ndcates that the mathematcal rogram ncludes equaltes as ell as nequaltes; comlementart refers to comlementar slackness beteen sstem varables and sstem condtons. The above formulaton of an economc equlbrum s ver comact: Varables such as consumton and factor demand or commodt sules are treated mlctl, hch reduces comutaton tme sgnfcantl for hgher-dmensonal models. 3.2 Functonal Forms n Calbrated Share Form Numercal calculaton of an economc equlbrum requres the choce of concrete functonal forms for roducton ossbltes and references. In aled modelng, combnatons of Leontef-, Cobb- Douglas-, or constant-elastct-of-substtuton (CES) functons are most common. Such functons have certan mathematcal roertes (regulart) that ease the numercal analss consderabl, but are stll flexble enough to allo for an arorate reresentaton of economc behavor. Tables and 2 rovde an overve of standard functonal forms n conventonal coeffcent form and (less common) calbrated share form. The follong notatons are adoted th resect to functonal forms characterzng roducton: dstrbuton arameter for nut, scale arameter, substtuton arameter, substtuton elastct ( : ), x benchmark demand for nut, benchmark rce for nut, 7
12 f x, benchmark outut level C c benchmark outut rce, benchmark cost, benchmark unt cost, and x benchmark value share of nut. Equvalent notatons for functonal forms characterzng fnal demand nclude: d benchmark consumton demand for good, benchmark consumer rce for good,, U benchmark utlt level U gd E e M benchmark exendture, benchmark unt exendture, benchmark ncome, and d benchmark value share of consumton demand. M The so-called calbrated share form eases the calculaton of free arameters of functonal forms, because there s no need to nvert demand functons (as oosed to the coeffcent form aroach). Equvalence of the coeffcent form and the calbrated share form s straghtforard. For examle, let us consder CES roducton functons. Usng the nverted factor demand functons n coeffcent form e obtan: / / x, / / x. Substtutng ths exresson thn the coeffcent forms for roducton, cost and demand functons, e can derve the equvalent calbrated share forms: for the CES roducton functon: / / x = x x x =, x / 8
13 9 Table : Functonal forms n roducton Coeffcent Form Calbrated Share Form Leontef mn x = mn x = x CD = x x = x Producton functon CES / = x / x = x Leontef C C C CD C C C Cost functon CES / C / C C Leontef x x x CD x c x x c Demand functon CES x c x x c
14 0 Table 2: Functonal forms n consumton Coeffcent Form Calbrated Share Form Leontef mn d U mn d U=U d CD U d d U U d Utlt functon CES / / U d / d U=U d Leontef E U U E E U CD E U U E E U Exendture functon CES / E U / U E E U Leontef M d j j j j j j M d d M CD M d M d d M Demand functon CES M e d e M e d d M e
15 for the CES cost functon: / / C x / / C and for the CES demand functon: / x x C C C C x x C 3.3 Numercal Analss for the 2x2x-Model We ant to nvestgate the mlcatons of changes n the factor endoments for a stlzed equlbrum model th to factors of roducton, to goods (or lkese roducton sectors), and one household (see e.g. Boada and Wldasn 984 for a comrehensve analtcal treatment). Ths smle textbook 2x2x-model features the basc structure for all hgher dmensonal, more comlex models that are tcall used n CGE analss of olc nterference. For numercal analss, e must frst calbrate the model to a gven reference stuaton (the benchmark equlbrum),.e. the economc stuaton before the varaton of the factor endoment. The calbraton of functonal forms requres benchmark data that coml to general equlbrum condtons. As to our smle comettve 2x2x-Arro-Debreu econom, ths means that () sul equals demand of goods and factors, () no sector earns a ostve roft, and () the reresentatve household satsfes hs budget constrant. Table 3 rovdes stlzed data for our benchmark equlbrum n terms of a socal accountng matrx (Kng 985). The uer secton resents the benchmark rces, the loer secton reorts the benchmark quanttes. In general, data consstenc of a socal accountng matrx requres that the sums of each of the ros and columns equal zero. Whereas market equlbrum condtons are assocated th the ros, the columns cature the zero-roft condton for roducton sectors as ell as the
16 ncome balance for the aggregate household sector. Table 3: Prces and quanttes n the benchmark equlbrum Prces = 2 = r = = Socal Accountng Matrx Y Y2 Household Y Y K L Benchmark data are tcall delvered n value terms,.e. the are roducts of rces and quanttes. In order to obtan searate rce and quantt observatons, the common rocedure s to choose unts for goods and factors so that the have a rce of unt (net of all taxes and subsdes) n the benchmark equlbrum. Then, the value terms sml corresond to the hscal quanttes. Benchmark rces and quanttes, together th exogenous (substtuton) elastctes, determne the free arameters of the functonal forms lad out n Tables and 2. For our llustratve 2x2x-model, e assume Cobb-Douglas functons n roducton and consumton for hch the elastct of substtuton s equal to one b defnton. We are the no able to rte don the equlbrum condtons as lsted n Table 4. For our smle examle, one can easl do a relcaton check of the benchmark equlbrum condtons b nsertng the ntal rces and quanttes. Next, e nvestgate the mlcatons of a varaton n factor endoments. We assume that the ntal labor endoment s ncreased b L 5 from L 30 to L 35. In man cases, the transarent nterretaton of general equlbrum effects s romoted b a decomoston nto artal equlbrum effects. Here, e make use of a smle decomoston to exlan the outcome of the factor varaton. In a frst ste, e kee commodt rces constant and nvestgate ho consumton and roducton decsons of frms change n resonse to the ncreased factor endoment. The artal equlbrum rce assumton nvolves goods markets that are no longer n equlbrum. We can then derve the changes n (relatve) rces of goods and factors that are necessar to assure market clearance. For constant good rces, the Rbcznsk theorem (Rbcznsk 955) exlans the adjustment on the roducton sde 2
17 of the econom: If relatve commodt rces are constant and f both commodtes contnue to be roduced, an ncrease n the sul of a factor ll lead to an ncrease n the outut of the commodt usng that factor ntensvel and a decrease n the outut of the other commodt (Markusen et al. 995,. 9). In our concrete numercal examle, roducton of good s labor ntensve and, thus, e can redct an ncrease n the roducton of good for ncreased labor sul, hereas roducton of good 2 should decrease. In the artal equlbrum settng, e observe an excess demand on the market for good 2 and an excess sul on the market for good. For general equlbrum market clearance, relatve rces / 2 must to reduce roducton of good and ncrease roducton of good 2. The assocated sectoral shft n factor use leads to an excess sul of labor and an excess demand of catal. Consequentl, the factor rce rato / r declnes as comared to the benchmark equlbrum. Table 4: MCP formulaton of the 2x2x-econom n calbrated share form Equlbrum condtons Varables Comlementart condtons Zero roft Actvt varable r r r Market clearance Prce varables M 0 M r 2 r 2 2 Budget constrant 0 r M M r r 0 r r Income varable 30 50r M 0 M 30 50r M M 0 Table 5 summarzes the concrete numercal results for the benchmark equlbrum (column: Benchmark), the artal equlbrum calculaton th ncreased labor endoment holdng goods rces constant at the benchmark level (column: RYBCZINSKI), and the general equlbrum counterfactual (column: Counterfactual) th flexble rces. In fact, the numercal results confrm the basc theoretcal reasonng. 3
18 Table 5: Effects of ncreased labor endoment ( L 5) Varable Benchmark RYBCZINSKI Counterfactual Prces r Quanttes L L L M For more comlex hgher-dmensonal settngs, hoever, there s n man cases no clear theoretcal exlanaton. Wthout numercal smulatons, t ould not be ossble to obtan (ossbl rather general) nsghts. On the other hand, numercal results must alas be nterreted on the bass of sound theor. In ths context, the reader should be aare of some fundamental restrctons th resect to numercal olc analss. One never knos f the concrete results are correct. It must be assumed, of course, that the numercal soluton algorthm orks roerl, but a rong model -.e. rongl secfed th resect to the underlng economcs - ma have been solved. A small rogrammng error that can easl cree n s enough to cause such a dlemma. One ma relax ths roblem, hoever, n the follong a: as an ntal consstenc check, those olc measures should be smulated frst, here the qualtatve results - based on rgorous theoretcal analss - are alread knon (see e.g. RYBCZINSKI scenaro). If the smulaton model roduces dfferent results, one must assume that t s mssecfed. Otherse, one can roceed th the analss of olc measures, here results are oen n theor. Yet, one can stll not be sure that the numercal solutons are correct. Therefore, t s alas mortant that numercal results are convncngl exlaned n economc terms. 4 USER INTERFACE Deste the rogress on the felds of commercal soluton methods and hgher-level rogrammng language, CGE analss stll requres substantal rogrammng sklls to erform adequate quanttatve 4
19 economc research. Thus, economsts ho are not llng to send (suffcent) tme on rogrammng technques ma stll reject CGE analss as a black box. More recentl, hoever, several softare ackages have been develoed that allo modelers to set u vsual nterfaces qute easl n order to communcate results to non-modelers. In our ve, such nterfaces can greatl enhance the accessblt of CGE analss snce t ermts ersons ho are unfamlar th rogrammng to erform scenaro analss, roduce tables and fgures, and transfer model results nto sreadsheets and reorts. For demonstraton uroses, e make use of the ublc doman GAMSsm tool (Rutherford 200), hch rovdes an ntutve and smle Wndos-based nterface to economc models (or other mathematcal rograms) mlemented th GAMS. 8 The reader can donload the talor-made nterface from ft://ft.ze.de/ub/ze-docs/dv/m2x2x.exe to reroduce results and stud addtonal olc scenaros for the basc 2x2x-econom and ts varants (descrbed n secton 6). The executon of M2x2x.exe nstalls these models n a drector of choce on the comuter. When startng GAMSsm for the frst tme (from Wndos/Start/Programs/... or va a Wndos-Icon), a scenaro-fle (*.scn) must be loaded va the menu tem FILE OPEN (here M2x2x.scn ). Fgure 2: Loadng of scenaro fle Uon nvocaton of the.scn-fle, the nut and outut arameters that have been re-secfed b the modeler aear on the screen. In our case, the nut otons nclude the assgnment of ntal factor endoments to labour and catal as ell as the choce beteen the artal equlbrum settng (for 8 Detaled nstructon on GAMSsm can donloaded from htt://debreu.colorado.edu. 5
20 erformng the Rbcznsk calculaton) and the general equlbrum settng (to obtan the fnal market equlbrum); the outut s condensed n an aggregate summar reort of rces and quanttes. 9 Fgure 3: Defntons of nut and outut arameters A mouse-clck on OK oens the scenaro-fle shong an ndex of revousl solved cases. In addton to the case dentfers, the Case Index table reorts the resectve scenaro values of the nut varables and the soluton status of the case ( Solved, Unsolved, or Arox. ). In our alcaton, the Benchmark scenaro, hch has alread been re-calculated to assure the relcaton check, s lsted th ts nut secfcaton. 0 Fgure 4: Case Index th re-solved scenaros 9 The user can recall the model defntons of nut and outut arameters va VIEW DEFINITIONS at an tme. 0 A default scenaro hch reflects the modeler s default arameterzaton ll alas be generated. 6
21 Va CASE NEW, ne scenaros can be defned. Ths requres a case dentfer and the selecton of case-secfc nut values. For concreteness, f e ant to add the case RYBCZINSKI, e ma frst adot the ntal nut arameterzaton from the Benchmark scenaro. Fgure 5: Defnton of ne case (scenaro) After confrmng th OK, e can then select the nut arameters to be changed. For the RYBCZINSKI case, e set the ntal labor endoment (LBAR) to 35 and choose the artal equlbrum settng th fxed outut rces (MODUS PEM ). Fgure 6: Secfcaton of nut otons 7
Research Article Competition and Integration in Closed-Loop Supply Chain Network with Variational Inequality
Hndaw Publshng Cororaton Mathematcal Problems n Engneerng Volume 2012, Artcle ID 524809, 21 ages do:10.1155/2012/524809 Research Artcle Cometton and Integraton n Closed-Loo Suly Chan Network wth Varatonal
More informationAnswer: A). There is a flatter IS curve in the high MPC economy. Original LM LM after increase in M. IS curve for low MPC economy
4.02 Quz Solutons Fall 2004 Multple-Choce Questons (30/00 ponts) Please, crcle the correct answer for each of the followng 0 multple-choce questons. For each queston, only one of the answers s correct.
More informationJCM_VN_AM003_ver01.0 Sectoral scope: 03
Sectoral scoe: 03 Jont Credtng Mechansm Aroved Methodology VN_AM003 Imrovng the energy effcency of commercal buldngs by utlzaton of hgh effcency equment A. Ttle of the methodology Imrovng the energy effcency
More informationInstitute of Informatics, Faculty of Business and Management, Brno University of Technology,Czech Republic
Lagrange Multplers as Quanttatve Indcators n Economcs Ivan Mezník Insttute of Informatcs, Faculty of Busness and Management, Brno Unversty of TechnologCzech Republc Abstract The quanttatve role of Lagrange
More informationEvaluation of the information servicing in a distributed learning environment by using monitoring and stochastic modeling
MultCraft Internatonal Journal of Engneerng, Scence and Technology Vol, o, 9, -4 ITERATIOAL JOURAL OF EGIEERIG, SCIECE AD TECHOLOGY wwwest-ngcom 9 MultCraft Lmted All rghts reserved Evaluaton of the nformaton
More informationAn Alternative Way to Measure Private Equity Performance
An Alternatve Way to Measure Prvate Equty Performance Peter Todd Parlux Investment Technology LLC Summary Internal Rate of Return (IRR) s probably the most common way to measure the performance of prvate
More informationA Study on Secure Data Storage Strategy in Cloud Computing
Journal of Convergence Informaton Technology Volume 5, Number 7, Setember 00 A Study on Secure Data Storage Strategy n Cloud Comutng Danwe Chen, Yanjun He, Frst Author College of Comuter Technology, Nanjng
More informationDEFINING %COMPLETE IN MICROSOFT PROJECT
CelersSystems DEFINING %COMPLETE IN MICROSOFT PROJECT PREPARED BY James E Aksel, PMP, PMI-SP, MVP For Addtonal Informaton about Earned Value Management Systems and reportng, please contact: CelersSystems,
More informationMonitoring Network Traffic to Detect Stepping-Stone Intrusion
Montorng etork Traffc to Detect Steng-Stone Intruson Janhua Yang, Byong Lee, Stehen S. H. Huang Deartment of Math and Comuter Scence, Bennett College E-mal: {jhyang, blee }@bennett.edu Deartment of Comuter
More informationADOPTION OF BIG DATA ANALYTICS IN HEALTHCARE: THE EFFICIENCY AND PRIVACY
ADOPTION OF BIG DATA ANALYTICS IN HEALTHCARE: THE EFFICIENCY AND PRIVACY He L, School of Economc Informaton Engneerng, Southwestern Unversty of Fnance and Economcs, Chengdu, Chna, olverlhe@gmalcom Jng
More informationPerformance attribution for multi-layered investment decisions
Performance attrbuton for mult-layered nvestment decsons 880 Thrd Avenue 7th Floor Ne Yor, NY 10022 212.866.9200 t 212.866.9201 f qsnvestors.com Inna Oounova Head of Strategc Asset Allocaton Portfolo Management
More informationA Prediction System Based on Fuzzy Logic
Proceedngs of the World Congress on Engneerng and Comuter Scence 2008 WCECS 2008, October 22-24, 2008, San Francsco, USA A Predcton System Based on Fuzzy Logc Vadeh.V,Monca.S, Mohamed Shek Safeer.S, Deeka.M
More informationApplied Research Laboratory. Decision Theory and Receiver Design
Decson Theor and Recever Desgn Sgnal Detecton and Performance Estmaton Sgnal Processor Decde Sgnal s resent or Sgnal s not resent Nose Nose Sgnal? Problem: How should receved sgnals be rocessed n order
More informationANALYZING THE RELATIONSHIPS BETWEEN QUALITY, TIME, AND COST IN PROJECT MANAGEMENT DECISION MAKING
ANALYZING THE RELATIONSHIPS BETWEEN QUALITY, TIME, AND COST IN PROJECT MANAGEMENT DECISION MAKING Matthew J. Lberatore, Department of Management and Operatons, Vllanova Unversty, Vllanova, PA 19085, 610-519-4390,
More informationEfficient Computation of Optimal, Physically Valid Motion
Vol. xx No. xx,.1 5, 200x 1 Effcent Comutaton of Otmal, Physcally Vald Moton Anthony C. Fang 1 and Nancy S. Pollard 2 1 Deartment of Comuter Scence, Natonal Unversty of Sngaore 2 Robotcs Insttute, Carnege
More informationLoad Balancing of Parallelized Information Filters
IEEE TRANSACTIONS ON KNOWLEDGE AND DATA ENGINEERING, VOL. XXX, NO. XX, XXXXXXX 2001 1 Load Balancng of Parallelzed Informaton Flters Nel C. Rowe, Member, IEEE Comuter Socety, and Amr Zaky, Member, IEEE
More informationCan Auto Liability Insurance Purchases Signal Risk Attitude?
Internatonal Journal of Busness and Economcs, 2011, Vol. 10, No. 2, 159-164 Can Auto Lablty Insurance Purchases Sgnal Rsk Atttude? Chu-Shu L Department of Internatonal Busness, Asa Unversty, Tawan Sheng-Chang
More informationOptimal maintenance of a production-inventory system with continuous repair times and idle periods
Proceedngs o the 3 Internatonal Conerence on Aled Mathematcs and Comutatonal Methods Otmal mantenance o a roducton-nventory system wth contnuous rear tmes and dle erods T. D. Dmtrakos* Deartment o Mathematcs
More informationOverview of monitoring and evaluation
540 Toolkt to Combat Traffckng n Persons Tool 10.1 Overvew of montorng and evaluaton Overvew Ths tool brefly descrbes both montorng and evaluaton, and the dstncton between the two. What s montorng? Montorng
More informationbenefit is 2, paid if the policyholder dies within the year, and probability of death within the year is ).
REVIEW OF RISK MANAGEMENT CONCEPTS LOSS DISTRIBUTIONS AND INSURANCE Loss and nsurance: When someone s subject to the rsk of ncurrng a fnancal loss, the loss s generally modeled usng a random varable or
More informationFinn Roar Aune, Hanne Marit Dalen and Cathrine Hagem
Dscusson Papers No. 630, September 2010 Statstcs Norway, Research Department Fnn Roar Aune, Hanne Mart Dalen and Cathrne Hagem Implementng the EU renewable target through green certfcate markets Abstract:
More informationProject Networks With Mixed-Time Constraints
Project Networs Wth Mxed-Tme Constrants L Caccetta and B Wattananon Western Australan Centre of Excellence n Industral Optmsaton (WACEIO) Curtn Unversty of Technology GPO Box U1987 Perth Western Australa
More informationNBER WORKING PAPER SERIES CARBON MOTIVATED REGIONAL TRADE ARRANGEMENTS: ANALYTICS AND SIMULATIONS. Yan Dong John Whalley
NBER WORKING PAPER SERIES CARBON MOTIVATED REGIONAL TRADE ARRANGEMENTS: ANALYTICS AND SIMULATIONS Yan Dong John Whalley Workng Paper 14880 http://www.nber.org/papers/w14880 NATIONAL BUREAU OF ECONOMIC
More informationOn the Optimal Control of a Cascade of Hydro-Electric Power Stations
On the Optmal Control of a Cascade of Hydro-Electrc Power Statons M.C.M. Guedes a, A.F. Rbero a, G.V. Smrnov b and S. Vlela c a Department of Mathematcs, School of Scences, Unversty of Porto, Portugal;
More informationA New Technique for Vehicle Tracking on the Assumption of Stratospheric Platforms. Department of Civil Engineering, University of Tokyo **
Fuse, Taash A New Technque for Vehcle Tracng on the Assumton of Stratosherc Platforms Taash FUSE * and Ehan SHIMIZU ** * Deartment of Cvl Engneerng, Unversty of Toyo ** Professor, Deartment of Cvl Engneerng,
More informationINVENTORY MANAGEMENT REVISED
Scence & Mltary 2/2011 INVENTORY MANAGEMENT REVISED Analyss of behavoral asects of decson makng wthn Sales & Oeratons Plannng rocess Peter JUREČKA Abstract: The urose of ths artcle s to extend the standard
More informationHow To Understand The Results Of The German Meris Cloud And Water Vapour Product
Ttel: Project: Doc. No.: MERIS level 3 cloud and water vapour products MAPP MAPP-ATBD-ClWVL3 Issue: 1 Revson: 0 Date: 9.12.1998 Functon Name Organsaton Sgnature Date Author: Bennartz FUB Preusker FUB Schüller
More informationDynamic Load Balancing of Parallel Computational Iterative Routines on Platforms with Memory Heterogeneity
Dynamc Load Balancng of Parallel Comutatonal Iteratve Routnes on Platforms wth Memory Heterogenety Davd Clare, Alexey Lastovetsy, Vladmr Rychov School of Comuter Scence and Informatcs, Unversty College
More informationModule 2 LOSSLESS IMAGE COMPRESSION SYSTEMS. Version 2 ECE IIT, Kharagpur
Module LOSSLESS IMAGE COMPRESSION SYSTEMS Lesson 3 Lossless Compresson: Huffman Codng Instructonal Objectves At the end of ths lesson, the students should be able to:. Defne and measure source entropy..
More informationTrade Adjustment and Productivity in Large Crises. Online Appendix May 2013. Appendix A: Derivation of Equations for Productivity
Trade Adjustment Productvty n Large Crses Gta Gopnath Department of Economcs Harvard Unversty NBER Brent Neman Booth School of Busness Unversty of Chcago NBER Onlne Appendx May 2013 Appendx A: Dervaton
More informationHow To Calculate The Accountng Perod Of Nequalty
Inequalty and The Accountng Perod Quentn Wodon and Shlomo Ytzha World Ban and Hebrew Unversty September Abstract Income nequalty typcally declnes wth the length of tme taen nto account for measurement.
More informationPayment Cards and Cash.
Interchange Fees and Ine cences n the Substtuton between Payment Cards and Cash. Maranne Verder June 7, 2010 Abstract Ths artcle exlans why the collectve determnaton of nterchange fees n ayment latforms
More informationGas Deliverability Model with Different Vertical Wells Properties
PROC. ITB En. Scence Vol. 35 B, No., 003, 5-38 5 Gas Delverablty Model wth Dfferent Vertcal Wells Proertes L. Mucharam, P. Sukarno, S. Srear,3, Z. Syhab, E. Soewono,3, M. Ar 3 & F. Iral 3 Deartment of
More information17 Capital tax competition
17 Captal tax competton 17.1 Introducton Governments would lke to tax a varety of transactons that ncreasngly appear to be moble across jursdctonal boundares. Ths creates one obvous problem: tax base flght.
More informationCEIOPS-DOC-42/09. (former CP 49) October 2009
CEIOPS-DOC-42/09 CEIOPS Advce for Level 2 Imlementng Measures on Solvency II: Standard formula SCR - Artcle 109 c Lfe underwrtng rsk (former CP 49) October 2009 CEIOPS e.v. Westhafenlatz 1-60327 Frankfurt
More informationCalculation of Sampling Weights
Perre Foy Statstcs Canada 4 Calculaton of Samplng Weghts 4.1 OVERVIEW The basc sample desgn used n TIMSS Populatons 1 and 2 was a two-stage stratfed cluster desgn. 1 The frst stage conssted of a sample
More informationCredit Limit Optimization (CLO) for Credit Cards
Credt Lmt Optmzaton (CLO) for Credt Cards Vay S. Desa CSCC IX, Ednburgh September 8, 2005 Copyrght 2003, SAS Insttute Inc. All rghts reserved. SAS Propretary Agenda Background Tradtonal approaches to credt
More informationEnergy-based Design of Steel Structures According to the Predefined Interstory Drift Ratio 1
Dgest 01, December 01, 1573-1593 Energy-based Desgn of Steel Structures Accordng to the Predefned Interstory Drft Rato 1 Onur ERTER* Özgür BOZDAĞ** ustafa DÜZGÜ*** ABSTRACT The methods whch take lace n
More informationRisk-based Fatigue Estimate of Deep Water Risers -- Course Project for EM388F: Fracture Mechanics, Spring 2008
Rsk-based Fatgue Estmate of Deep Water Rsers -- Course Project for EM388F: Fracture Mechancs, Sprng 2008 Chen Sh Department of Cvl, Archtectural, and Envronmental Engneerng The Unversty of Texas at Austn
More informationHow Sets of Coherent Probabilities May Serve as Models for Degrees of Incoherence
1 st Internatonal Symposum on Imprecse Probabltes and Ther Applcatons, Ghent, Belgum, 29 June 2 July 1999 How Sets of Coherent Probabltes May Serve as Models for Degrees of Incoherence Mar J. Schervsh
More informationLecture 3: Force of Interest, Real Interest Rate, Annuity
Lecture 3: Force of Interest, Real Interest Rate, Annuty Goals: Study contnuous compoundng and force of nterest Dscuss real nterest rate Learn annuty-mmedate, and ts present value Study annuty-due, and
More informationAddendum to: Importing Skill-Biased Technology
Addendum to: Importng Skll-Based Technology Arel Bursten UCLA and NBER Javer Cravno UCLA August 202 Jonathan Vogel Columba and NBER Abstract Ths Addendum derves the results dscussed n secton 3.3 of our
More informationPSYCHOLOGICAL RESEARCH (PYC 304-C) Lecture 12
14 The Ch-squared dstrbuton PSYCHOLOGICAL RESEARCH (PYC 304-C) Lecture 1 If a normal varable X, havng mean µ and varance σ, s standardsed, the new varable Z has a mean 0 and varance 1. When ths standardsed
More informationFIGHTING INFORMALITY IN SEGMENTED LABOR MARKETS A general equilibrium analysis applied to Uruguay *
Vol. 48, No. 1 (May, 2011), 1-37 FIGHTING INFORMALITY IN SEGMENTED LABOR MARKETS A general equlbrum analyss appled to Uruguay * Carmen Estrades ** María Inés Terra ** As n other Latn Amercan countres,
More informationA Comprehensive Analysis of Bandwidth Request Mechanisms in IEEE 802.16 Networks
A Comrehensve Analyss of Bandwdth Reuest Mechansms n IEEE 802.6 Networks Davd Chuck, Kuan-Yu Chen and J. Morrs Chang Deartment of Electrcal and Comuter Engneerng Iowa State Unversty, Ames, Iowa 500, USA
More informationAsia-Pacific Research and Training Network on Trade. Working Paper Series, No. 81, July 2010. Truong P. Truong
Asa-Pacfc Research and Tranng Network on Trade Workng Paper Seres, No. 8, July 00 Revew of Analytcal Tools for Assessng Trade and Clmate Change Lnkages By Truong P. Truong Truong P. Truong s Honorary Professor
More informationPower-of-Two Policies for Single- Warehouse Multi-Retailer Inventory Systems with Order Frequency Discounts
Power-of-wo Polces for Sngle- Warehouse Mult-Retaler Inventory Systems wth Order Frequency Dscounts José A. Ventura Pennsylvana State Unversty (USA) Yale. Herer echnon Israel Insttute of echnology (Israel)
More informationPortfolio Loss Distribution
Portfolo Loss Dstrbuton Rsky assets n loan ortfolo hghly llqud assets hold-to-maturty n the bank s balance sheet Outstandngs The orton of the bank asset that has already been extended to borrowers. Commtment
More information) of the Cell class is created containing information about events associated with the cell. Events are added to the Cell instance
Calbraton Method Instances of the Cell class (one nstance for each FMS cell) contan ADC raw data and methods assocated wth each partcular FMS cell. The calbraton method ncludes event selecton (Class Cell
More informationA Novel Methodology of Working Capital Management for Large. Public Constructions by Using Fuzzy S-curve Regression
Novel Methodology of Workng Captal Management for Large Publc Constructons by Usng Fuzzy S-curve Regresson Cheng-Wu Chen, Morrs H. L. Wang and Tng-Ya Hseh Department of Cvl Engneerng, Natonal Central Unversty,
More informationFinancial Mathemetics
Fnancal Mathemetcs 15 Mathematcs Grade 12 Teacher Gude Fnancal Maths Seres Overvew In ths seres we am to show how Mathematcs can be used to support personal fnancal decsons. In ths seres we jon Tebogo,
More informationForecasting the Demand of Emergency Supplies: Based on the CBR Theory and BP Neural Network
700 Proceedngs of the 8th Internatonal Conference on Innovaton & Management Forecastng the Demand of Emergency Supples: Based on the CBR Theory and BP Neural Network Fu Deqang, Lu Yun, L Changbng School
More informationFeasibility of Using Discriminate Pricing Schemes for Energy Trading in Smart Grid
Feasblty of Usng Dscrmnate Prcng Schemes for Energy Tradng n Smart Grd Wayes Tushar, Chau Yuen, Bo Cha, Davd B. Smth, and H. Vncent Poor Sngapore Unversty of Technology and Desgn, Sngapore 138682. Emal:
More informationAn MILP model for planning of batch plants operating in a campaign-mode
An MILP model for plannng of batch plants operatng n a campagn-mode Yanna Fumero Insttuto de Desarrollo y Dseño CONICET UTN yfumero@santafe-concet.gov.ar Gabrela Corsano Insttuto de Desarrollo y Dseño
More informationSupply network formation as a biform game
Supply network formaton as a bform game Jean-Claude Hennet*. Sona Mahjoub*,** * LSIS, CNRS-UMR 6168, Unversté Paul Cézanne, Faculté Sant Jérôme, Avenue Escadrlle Normande Némen, 13397 Marselle Cedex 20,
More informationChapter 4 ECONOMIC DISPATCH AND UNIT COMMITMENT
Chapter 4 ECOOMIC DISATCH AD UIT COMMITMET ITRODUCTIO A power system has several power plants. Each power plant has several generatng unts. At any pont of tme, the total load n the system s met by the
More informationA Structure Preserving Database Encryption Scheme
A Structure Preservng Database Encryton Scheme Yuval Elovc, Ronen Wasenberg, Erez Shmuel, Ehud Gudes Ben-Guron Unversty of the Negev, Faculty of Engneerng, Deartment of Informaton Systems Engneerng, Postfach
More informationDynamics of Toursm Demand Models in Japan
hort-run and ong-run structural nternatonal toursm demand modelng based on Dynamc AID model -An emprcal research n Japan- Atsush KOIKE a, Dasuke YOHINO b a Graduate chool of Engneerng, Kobe Unversty, Kobe,
More informationMarginal Benefit Incidence Analysis Using a Single Cross-section of Data. Mohamed Ihsan Ajwad and Quentin Wodon 1. World Bank.
Margnal Beneft Incdence Analyss Usng a Sngle Cross-secton of Data Mohamed Ihsan Ajwad and uentn Wodon World Bank August 200 Abstract In a recent paper, Lanjouw and Ravallon proposed an attractve and smple
More information8.5 UNITARY AND HERMITIAN MATRICES. The conjugate transpose of a complex matrix A, denoted by A*, is given by
6 CHAPTER 8 COMPLEX VECTOR SPACES 5. Fnd the kernel of the lnear transformaton gven n Exercse 5. In Exercses 55 and 56, fnd the mage of v, for the ndcated composton, where and are gven by the followng
More informationCapacity-building and training
92 Toolkt to Combat Traffckng n Persons Tool 2.14 Capacty-buldng and tranng Overvew Ths tool provdes references to tranng programmes and materals. For more tranng materals, refer also to Tool 9.18. Capacty-buldng
More informationCourse outline. Financial Time Series Analysis. Overview. Data analysis. Predictive signal. Trading strategy
Fnancal Tme Seres Analyss Patrck McSharry patrck@mcsharry.net www.mcsharry.net Trnty Term 2014 Mathematcal Insttute Unversty of Oxford Course outlne 1. Data analyss, probablty, correlatons, vsualsaton
More informationStaff Paper. Farm Savings Accounts: Examining Income Variability, Eligibility, and Benefits. Brent Gloy, Eddy LaDue, and Charles Cuykendall
SP 2005-02 August 2005 Staff Paper Department of Appled Economcs and Management Cornell Unversty, Ithaca, New York 14853-7801 USA Farm Savngs Accounts: Examnng Income Varablty, Elgblty, and Benefts Brent
More informationBrigid Mullany, Ph.D University of North Carolina, Charlotte
Evaluaton And Comparson Of The Dfferent Standards Used To Defne The Postonal Accuracy And Repeatablty Of Numercally Controlled Machnng Center Axes Brgd Mullany, Ph.D Unversty of North Carolna, Charlotte
More informationTHE DISTRIBUTION OF LOAN PORTFOLIO VALUE * Oldrich Alfons Vasicek
HE DISRIBUION OF LOAN PORFOLIO VALUE * Oldrch Alfons Vascek he amount of captal necessary to support a portfolo of debt securtes depends on the probablty dstrbuton of the portfolo loss. Consder a portfolo
More informationAn Evaluation of the Extended Logistic, Simple Logistic, and Gompertz Models for Forecasting Short Lifecycle Products and Services
An Evaluaton of the Extended Logstc, Smple Logstc, and Gompertz Models for Forecastng Short Lfecycle Products and Servces Charles V. Trappey a,1, Hsn-yng Wu b a Professor (Management Scence), Natonal Chao
More informationIMPACT ANALYSIS OF A CELLULAR PHONE
4 th ASA & μeta Internatonal Conference IMPACT AALYSIS OF A CELLULAR PHOE We Lu, 2 Hongy L Bejng FEAonlne Engneerng Co.,Ltd. Bejng, Chna ABSTRACT Drop test smulaton plays an mportant role n nvestgatng
More informationMeta-Analysis of Hazard Ratios
NCSS Statstcal Softare Chapter 458 Meta-Analyss of Hazard Ratos Introducton Ths module performs a meta-analyss on a set of to-group, tme to event (survval), studes n hch some data may be censored. These
More informationExtending Probabilistic Dynamic Epistemic Logic
Extendng Probablstc Dynamc Epstemc Logc Joshua Sack May 29, 2008 Probablty Space Defnton A probablty space s a tuple (S, A, µ), where 1 S s a set called the sample space. 2 A P(S) s a σ-algebra: a set
More informationFIW Working Paper N 104 March 2013. Country-specific determinants of horizontal and vertical intra-industry agri-food trade of the Visegrad Countries
FIW Worng Paer FIW Worng Paer N 104 March 2013 Country-secfc determnants of horzontal and vertcal ntra-ndustry agr-food trade of the Vsegrad Countres Attla JAMBOR 1 Abstract The artcle analyses atterns
More informationA NEW ACTIVE QUEUE MANAGEMENT ALGORITHM BASED ON NEURAL NETWORKS PI. M. Yaghoubi Waskasi MYaghoubi@ece.ut.ac.ir. M. J. Yazdanpanah Yazdan@ut.ac.
A NEW ACTIVE QUEUE MANAGEMENT ALGORITHM BASED ON NEURAL NETWORKS M. Yaghoub Waskas MYaghoub@ece.ut.ac.r M. J. Yazdananah Yazdan@ut.ac.r N. Yazdan Yazdan@ut.ac.r Control and Intellgent Processng Center
More informationThe Development of Web Log Mining Based on Improve-K-Means Clustering Analysis
The Development of Web Log Mnng Based on Improve-K-Means Clusterng Analyss TngZhong Wang * College of Informaton Technology, Luoyang Normal Unversty, Luoyang, 471022, Chna wangtngzhong2@sna.cn Abstract.
More informationNumber of Levels Cumulative Annual operating Income per year construction costs costs ($) ($) ($) 1 600,000 35,000 100,000 2 2,200,000 60,000 350,000
Problem Set 5 Solutons 1 MIT s consderng buldng a new car park near Kendall Square. o unversty funds are avalable (overhead rates are under pressure and the new faclty would have to pay for tself from
More informationIDENTIFICATION AND CORRECTION OF A COMMON ERROR IN GENERAL ANNUITY CALCULATIONS
IDENTIFICATION AND CORRECTION OF A COMMON ERROR IN GENERAL ANNUITY CALCULATIONS Chrs Deeley* Last revsed: September 22, 200 * Chrs Deeley s a Senor Lecturer n the School of Accountng, Charles Sturt Unversty,
More informationMedium and long term. Equilibrium models approach
Medum and long term electrcty prces forecastng Equlbrum models approach J. Vllar, A. Campos, C. íaz, Insttuto de Investgacón Tecnológca, Escuela Técnca Superor de Ingenería-ICAI Unversdad ontfca Comllas
More informationOptimal Bidding Strategies for Generation Companies in a Day-Ahead Electricity Market with Risk Management Taken into Account
Amercan J. of Engneerng and Appled Scences (): 8-6, 009 ISSN 94-700 009 Scence Publcatons Optmal Bddng Strateges for Generaton Companes n a Day-Ahead Electrcty Market wth Rsk Management Taken nto Account
More information2008/8. An integrated model for warehouse and inventory planning. Géraldine Strack and Yves Pochet
2008/8 An ntegrated model for warehouse and nventory plannng Géraldne Strack and Yves Pochet CORE Voe du Roman Pays 34 B-1348 Louvan-la-Neuve, Belgum. Tel (32 10) 47 43 04 Fax (32 10) 47 43 01 E-mal: corestat-lbrary@uclouvan.be
More informationSection 5.4 Annuities, Present Value, and Amortization
Secton 5.4 Annutes, Present Value, and Amortzaton Present Value In Secton 5.2, we saw that the present value of A dollars at nterest rate per perod for n perods s the amount that must be deposted today
More informationFeature selection for intrusion detection. Slobodan Petrović NISlab, Gjøvik University College
Feature selecton for ntruson detecton Slobodan Petrovć NISlab, Gjøvk Unversty College Contents The feature selecton problem Intruson detecton Traffc features relevant for IDS The CFS measure The mrmr measure
More informationChapter 3: Dual-bandwidth Data Path and BOCP Design
Chater 3: Dual-bandwdth Data Path and BOCP Desgn 3. Introducton The focus of ths thess s on the 4G wreless moble Internet networks to rovde data servces wthn the overlang areas of CDA2000-WLA networks.
More informationThe Second Generation Model: Data, Parameters, and Implementation
PNNL-15431 The Second Generaton Model: Data, Parameters, and Implementaton Ronald D. Sands 1 Allen A. Fawcett 2 October 2005 Prepared for the Unted States Envronmental Protecton Agency under Contracts
More information+ + + - - This circuit than can be reduced to a planar circuit
MeshCurrent Method The meshcurrent s analog of the nodeoltage method. We sole for a new set of arables, mesh currents, that automatcally satsfy KCLs. As such, meshcurrent method reduces crcut soluton to
More informationOptimization under uncertainty. Antonio J. Conejo The Ohio State University 2014
Optmzaton under uncertant Antono J. Conejo The Oho State Unverst 2014 Contents Stochastc programmng (SP) Robust optmzaton (RO) Power sstem applcatons A. J. Conejo The Oho State Unverst 2 Stochastc Programmng
More informationSupport Vector Machines
Support Vector Machnes Max Wellng Department of Computer Scence Unversty of Toronto 10 Kng s College Road Toronto, M5S 3G5 Canada wellng@cs.toronto.edu Abstract Ths s a note to explan support vector machnes.
More informationLecture 2: Single Layer Perceptrons Kevin Swingler
Lecture 2: Sngle Layer Perceptrons Kevn Sngler kms@cs.str.ac.uk Recap: McCulloch-Ptts Neuron Ths vastly smplfed model of real neurons s also knon as a Threshold Logc Unt: W 2 A Y 3 n W n. A set of synapses
More informationRecent Advances in Business Management and Marketing
Recent Advances n Busness anagement and aretng A Sales Growth odel for Small Enterrses ARTIN ACHE, ONDŘEJ ACHE Deartment of aretng, Deartment of Busness Economcs Unversty of Economcs, Prague W. Churchll
More informationProblem Set 3. a) We are asked how people will react, if the interest rate i on bonds is negative.
Queston roblem Set 3 a) We are asked how people wll react, f the nterest rate on bonds s negatve. When
More informationBPMSG AHP Excel Template with multiple Inputs
BPMSG AP Excel Temlate wth multle Inuts Author: Klaus D. Goeel htt://bmsg.com Overvew The AP temlate works under Wndows OS and Excel verson MS Excel 2 (xlsx extenson). The workbook conssts of 2 nut worksheets
More informationAn Analytical Model for Multi-tier Internet Services and Its Applications
An Analytcal Model for Mult-ter Internet Servces and Its Alcatons Bhuvan Urgaonkar, Govann Pacfc, Prashant Shenoy, Mke Sretzer, and Asser Tantaw Det. of Comuter Scence, Servce Management Mddleware Det.,
More informationWORKING PAPERS. The Impact of Technological Change and Lifestyles on the Energy Demand of Households
ÖSTERREICHISCHES INSTITUT FÜR WIRTSCHAFTSFORSCHUNG WORKING PAPERS The Impact of Technologcal Change and Lfestyles on the Energy Demand of Households A Combnaton of Aggregate and Indvdual Household Analyss
More informationTraffic State Estimation in the Traffic Management Center of Berlin
Traffc State Estmaton n the Traffc Management Center of Berln Authors: Peter Vortsch, PTV AG, Stumpfstrasse, D-763 Karlsruhe, Germany phone ++49/72/965/35, emal peter.vortsch@ptv.de Peter Möhl, PTV AG,
More informationEfficient Project Portfolio as a tool for Enterprise Risk Management
Effcent Proect Portfolo as a tool for Enterprse Rsk Management Valentn O. Nkonov Ural State Techncal Unversty Growth Traectory Consultng Company January 5, 27 Effcent Proect Portfolo as a tool for Enterprse
More informationA hybrid global optimization algorithm based on parallel chaos optimization and outlook algorithm
Avalable onlne www.ocpr.com Journal of Chemcal and Pharmaceutcal Research, 2014, 6(7):1884-1889 Research Artcle ISSN : 0975-7384 CODEN(USA) : JCPRC5 A hybrd global optmzaton algorthm based on parallel
More informationAnalysis and Modeling of Buck Converter in Discontinuous-Output-Inductor-Current Mode Operation *
Energy and Power Engneerng, 3, 5, 85-856 do:.436/ee.3.54b63 Publshed Onlne July 3 (htt://www.scr.org/journal/ee) Analyss and Modelng of Buck Converter n Dscontnuous-Outut-Inductor-Current Mode Oeraton
More informationON THE PROVISION OF MICRO LOANS - MICROFINANCE INSTITUTIONS AND TRADITIONAL BANKS
JOURNA OF ECONOIC DEVEOPENT 59 Volume 35, Numer 1, arch 2010 ON TE PROVIION OF ICRO OAN - ICROFINANCE INTITUTION AND TRADITIONA BANK RUBANA AJABEEN * Truman tate Unversty Ths aer emloys a utlty maxmzng
More informationA GENETIC ALGORITHM-BASED METHOD FOR CREATING IMPARTIAL WORK SCHEDULES FOR NURSES
82 Internatonal Journal of Electronc Busness Management, Vol. 0, No. 3, pp. 82-93 (202) A GENETIC ALGORITHM-BASED METHOD FOR CREATING IMPARTIAL WORK SCHEDULES FOR NURSES Feng-Cheng Yang * and We-Tng Wu
More informationHow Large are the Gains from Economic Integration? Theory and Evidence from U.S. Agriculture, 1880-2002
How Large are the Gans from Economc Integraton? Theory and Evdence from U.S. Agrculture, 1880-2002 Arnaud Costnot MIT and NBER Dave Donaldson MIT, NBER and CIFAR PRELIMINARY AND INCOMPLETE August 15, 2011
More informationAN APPOINTMENT ORDER OUTPATIENT SCHEDULING SYSTEM THAT IMPROVES OUTPATIENT EXPERIENCE
AN APPOINTMENT ORDER OUTPATIENT SCHEDULING SYSTEM THAT IMPROVES OUTPATIENT EXPERIENCE Yu-L Huang Industral Engneerng Department New Mexco State Unversty Las Cruces, New Mexco 88003, U.S.A. Abstract Patent
More informationInter-domain Alliance Authentication Protocol Based on Blind Signature
Internatonal Journal of Securty Its Alcatons Vol9 No2 (205) 97-206 htt://ddoorg/04257/sa205929 Inter-doman Allance Authentcaton Protocol Based on Blnd Sgnature Zhang Je Zhang Q-kun Gan Yong Yn Yfeng Tan
More informationPRIVATE SCHOOL CHOICE: THE EFFECTS OF RELIGIOUS AFFILIATION AND PARTICIPATION
PRIVATE SCHOOL CHOICE: THE EFFECTS OF RELIIOUS AFFILIATION AND PARTICIPATION Danny Cohen-Zada Department of Economcs, Ben-uron Unversty, Beer-Sheva 84105, Israel Wllam Sander Department of Economcs, DePaul
More information