http://hdl.handle.net/10016/3012 2013-05-25T09:14:04Z 2013-05-25T09:14:04Z Ruiz-Castillo, Javier [jrc] http://hdl.handle.net/10016/6026 2012-02-21T18:29:04Z 1997-04-30T22:00:00Z

Title: A simplidied model for social welfare analysis : an applications to Spain, 1973-74 to 1980-81 Author(s): Ruiz-Castillo, Javier [jrc] Abstract: Most of the literature on income distribution has been concentrated on inequality. In this paper we introduce also a concern for efficiency in an social welfare model. We propose a simple but useful specification which combines three features: (i) the selection of measurement instruments in the relative and the absolute case on the grounds of their properties for applied work; (ii) a procedure to make welfare comparisons across households with different needs, in a model in which equivalence scales depend only on household size; an (iii) the use of house hold specific statistical price indices to make intertemporal comparisons in teal terms. The methodology is applied to the study of the role of prices and demographic effects in the evolution of the standard of living in Spain from 1973-74 to 1980-81.

1997-04-30T22:00:00Z Lafuente, Juan A. http://hdl.handle.net/10016/9853 2011-01-26T16:43:52Z 1999-12-31T23:00:00Z

Title: Optimal hedging under departures from the cost of carry valuation: evidence from the spanish stock index futures market Author(s): Lafuente, Juan A. Abstract: This paper provides an a~alytical discussion of the optimal hedge ratio when discrepancies between the futures trading price and its theoretical valuation according to the cost-of-carry model occurs. Under the assumption of a geometric Brownian motion for spot prices we model the mispricing by a new specific noise in the theoretical dynamic of futures market. Empirical evidence above the model is provided for the Spanish stock index futures. Ex-post simulations reveal that hedging effectiveness applying the estimated ratio is similar to the achieved with a systematic unitary hedge ratio, the optimal one when a mispricing does not appear. However, a small number of futures contracts is needed.

1999-12-31T23:00:00Z Adamopoulou, Effrosyni Kaya, Ezgi http://hdl.handle.net/10016/16980 2013-05-16T22:19:54Z 2013-04-30T22:00:00Z

Title: Young adults living with their parents and the influence of peers Author(s): Adamopoulou, Effrosyni; Kaya, Ezgi Abstract: This paper focuses on young adults living with their parents in the U.S. and studies the role of peers. Using data from the National Longitudinal Study of Adolescent Health (Add Health)we analize the influence of high school friends on the coresidence of young adults with their parents. We address the challenges in the identification of peer effects in a static framework and employ an instrumental variable technique and control for state fixed effects in order to mitigate them. We then move to a dynamic framework and exploit differences in the timing of leaving the parental home among peers. Our results indicate that there are statistically significant peer effects on the nest-leaving behavior of young adults.

2013-04-30T22:00:00Z Lemus, A. Moreno, Diego [dmoreno] http://hdl.handle.net/10016/16978 2013-05-16T10:50:57Z 2013-04-30T22:00:00Z

Title: Price cap regulation with capacity withholding Author(s): Lemus, A.; Moreno, Diego [dmoreno] Abstract: A monopolist facing an uncertain demand makes ex-ante capacity decisions involving irreversible investments, and then chooses its output up to capacity upon the realization of demand. In equilibrium, capacity is low and underused. Imposing a binding price cap leads to an increase of capacity as well as expected output and total surplus, and to a decrease of expected price. The optimal price cap trades off the incentives for capacity investment and capacity withholding, and is well above the marginal cost. Price cap regulation alone cannot eliminate inefficiencies. When the unit cost of capacity is high the comparative static properties of price caps relative to the price cap than maximizes capacity investment ρ* are analogous to those obtained when the demand is known with certainty, and the optimal price cap is ρ*. When the unit cost of capacity is low, however, the expected output and surplus decrease with the price cap above and around ρ*, and therefore the optimal price cap is below ρ*.

2013-04-30T22:00:00Z