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A methodology is developed for combining mean value forecasts using not only all the important statistics related to the past performance and the dependence of the individual forecasts, but also a rank ordering of the individual forecasts representing the belief of a decision maker about the future performance of the forecasts. The maximum likelihood combination of the forecasts turns out to be a weighted linear combination of the individual forecasts, where the weights are a function of the rank order of the forecasts, correlation coefficients between the forecasts, and relative entropy information measures between the individual forecasts and the actual values. These weights are assessed once in the most general case and once in a special case where the forecasts are normally distributed. The sensitivity of the weights is also investigated. A sample application of this method for predicting U.S. hog prices is also presented.
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This paper presents a methodology for producing a probability forecast of a turning point in U.S. economy using Composite Leading Indicators. This methodology is based on classical statistical decision theory and uses information-theoretic measurement to produce a probability. The methodology is flexible using as many historical data points as desired. This methodology is applied to producing probability forecasts of a downturn in U.S. economy in the 1970-1990 period. Four probability forecasts are produced using different amounts of information. The performance of these forecasts is evaluated using the actual downturn points and the scores measuring accuracy, calibration, and resolution. An indirect comparison of these forecasts with Diebold and Rudebusch's sequential probability recursion is also presented. It is shown that the performances of our best two models are statistically different from the performance of the three-consecutive-month decline model and are the same as the one for the best probit model. The probit model, however, is more conservative in its predictions than our two models.
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Ordinary least squares (OLS) regression is relatively sensitive to the presence of outliers in a data set. In this paper, a robust estimation method, least median of squares (LMS) is used to identify outliers in land value data. Once the outliers are identified, are the land value equations re-estimated. The results show that a few observations can have a significant effect on the estimated coefficients. Finally, the observations which were identified as outliers were examined in more detail. One cause of outliers is an omitted variable. In this case, a large fraction of the outliers were found to be observations with high development potential.
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This paper examines the effect of a zoning change on the land market in McHenry County, Illinois. One question addressed is whether zoning `'follows the market.” It is found that, for agricultural land, zoning does tend to follow the market. In addition, the effect of land prices on land use is examined. The results here, however, are mixed. In the initial years after the zoning change, a high relative price of residential land increases the probability that a parcel will be zoned residential. However, several years later, a high relative price of residential land decreases the probability that a parcel is zoned residential. This result suggests that it may take some time for a zoning change to have a significant impact on the local land market.
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Does the formation of a customs union reduce and eventually eliminate tariffs among member countries to provide mechanisms or regional institutions for social, economic and political development? The literature examined suggests that, although many problems of trade liberalization continue to occur, greater benefits could be obtained by reducing tariffs on a non‐discriminatory basis, or by removing protection from domestic enterprises altogether, and by importing domestic requirements of the products of displaced industries from outside at world market prices. The literature also provides a valid case for protecting certain activities in ECOWAS — particularly trade and industrial enterprises — either for the purpose of increasing income or the rate of economic growth, or in order to achieve certain non‐economic objectives. The implications of economic integration in these terms can best be examined within a broader theoretical framework of developmental theory of trade liberalization. Copyright © 1993 John Wiley & Sons, Ltd
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By 1965, Taiwan has changed from a labor surplus economy into a labor shortage economy. This article examines how rising demand for labor due lo rapid economic growth in Taiwan has been met since 1965. This article attempts to answer 1) Where did the labor supply come from? 2) Has all of the potential labor supply been tapped and exhausted? 3) Is it possible for labor shortage and unutilized labor reserve to occur simultaneously? The authors hope that this study will lead to a better understanding of the limitation of the free market mechanism and help identify the proper public policies to enhance labor utilization.
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After surveying the evolution of the major methodologies in inflation hedging, this study presents a unique methodology that uses principal component factor analysis to separate the effects of variability in the real rate of return from the nominal rate of return. This approach allows the effects of both anticipated and unanticipated inflation on rates of return to be estimated more precisely. This study finds that art objects perform well in terms of average real rates of return and that the market, though not perfect, integrates anticipated inflation into the rates of return. However, unanticipated inflation is very often negatively related to the rates of return. Copyright © 1994, Wiley Blackwell. All rights reserved
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