Collinearity and twostep estimation of sample selection. Lui is a professor of economics at the hong kong university of science and. Fai leung, hong kong university of science and technology cool heads and warm hearts. Received 8 november 2007 accepted 27 january 2009 available online 10 february 2009 jel classi.
Optimal dynamic antitrust fines munich personal repec. Scholarly books, monographs, reports and case studies. Remedies to the collinearity problems are proposed and evaluated. Journal of economic theory 54, 224233 1991 transversality condition and optimality in a class of infinite horizon continuous time economic models siu fai leung department of economics, harkness hall, university of rochester, rochester, new york 14627 received october 10, 1989. Siu fai leung, hong kong university of science and technology. This paper presents a theoretical investigation of the dynamic effects of social security on individual consumption, wealth and welfare. Siu fai leung hkust institute for emerging market studies. It shows that exploratory work to check for collinearity problems is strongly recommended before deciding on which estimator to apply. This paper investigates the problem concerning the existence of a solution to a diverse class of optimal allocation problems which include models of cake eating, exhaustible resource extraction, lifecycle saving, and nonatomic games. His book on the exchange rate systems in hong kong and singapore. Includes bibliographical references my kingdom for a drink. Lingnan university became the first university in hong kong to accomplish the goal of providing 4year full residence for all undergraduates.
Siu fai leung ideasrepec research papers in economics. He received his ma and phd in economics from the university of chicago in 1985 and 1987, respectively. Collinearity and twostep estimation of sample selection models. For the eu fine, and based on this methodology, we find an equilibrium point for a high level of offense 2 times normal profits and a high detection probability 0. Everyday low prices and free delivery on eligible orders. The dynamic effects of social security on individual consumption, wealth and welfare, journal of public economic theory, association for public economic theory, vol. This paper investigates both theoretically and numerically the impact of sex selection on fertility. Hanushek, eric, leung, charles ka yui and kuzey yilmaz, march 2014, pdf version. We show that migration can take place even when migrants earn less abroad and, surprisingly, when earnings in the foreign country are riskier for every member of the family. Trade, foreign direct investment and labor migration.
Leung, siu fai transversality condition and optimality in a class of infinite horizon continuous time economic models, journal of economic theory, v54, n1 june 1991. Transversality condition and optimality in a class of. Springerverlag 1994 will sex selection reduce fertility. Moore alcohol problems and the control of availability. An economic application of the dubovitskiimilyutin version of the. The framework of analysis is yaaris 1965 lifecycle model of. Ekkachai saenyasiri esaenyasiri bba general business management prof. With keen interest in marine biology and ecology, he pursued his doctor of philosophy degree in marine biology. A rational explanation1 siu fai leung department of economics, hong kong uni ersity of science and technology, clear water bay, kowloon, hong kong email. Brian leung siu fai is a radio djpresenter in hong kong. Siu fai leung department of economics,hong kong university of science and technology,clear water bay,kowloon, hong kong received 1 april 2000.
Cake eating, exhaustible resource extraction, lifecycle. Standard antitrust optimal fines rely on a microeconomic static model. Siu fai leung department of economics, hong kong university of science and technology, clear water bay, kowloon, hong kong article info article history. This article proposes a formal model of migration in which workers are heterogeneous and markets are stochastically correlated. The lifecycle model of saving with uncertain lifetime and. Leung is head and sor of the department of economics at hkust. Few children say i want to be an economist when i grow up. It aims to provide students with an education in the liberal arts tradition and has joined the global liberal arts alliance since 2012. Economic development and cultural change 62 4, 599632, 2014. Leung, suit fai and shifty yu, june 1996, pdf version.
Department of economics, hong kong university of science and technology, clear water bay. Yf leung, bj fan, dsc lam, ws lee, pos tam, jkh chua, ccy tham. The analysisreveals several critical misconceptions and deficiencies in the literature. The economics of cryptocurrenciesbitcoin and beyond.
We derive and characterize the optimal migration pattern of a family. Examples of these models for which a solution does not exist and the causes of the non. He hosts we are family and go west on rthk radio 2. Trade, foreign direct investment, and labor migration leonard k. This paper presents a critical evaluation of three widely used tests for sex preferences. Kam wing siu eckwsiu bsc quantitative finance prof. This pdf is a selection from a published volume from the national bureau. Department of economics, business school, hong kong university of science and technology hkust, more information at edirc access statistics for papers by siu fai leung. Anirban mukhopadhyay mkmukhop contact information of our academic affairs and advising counselors aaac.
Crossref jan fidrmuc, migration and adjustments to shocks in transition economies, ssrn electronic journal, 10. The heckman correction for sample selection and its. Runon mutation and three novel nonsense mutations identified in the pax6 gene in patients with aniridia. The existence, uniqueness, and optimality of the terminal wealth depletion time in lifecycle models of saving under uncertain lifetime and borrowing constraint. Journal of public economics vol 45, issue 2, pages 143.
This paper gives a short overview of monte carlo studies on the usefulness of heckman. Economics and the prevention of alcoholrelated problems. Hong kong institute of economics and business strategy hku christian economists roundtable 20 market economy in practice date. Motchenkova describes optimal antitrust dynamic sanctions and their application for eu and us methodology. Lingnan university lnlu, formerly called lingnan college, is the only public liberal arts university in hong kong. Christian economists roundtable 20 market economy in. Cake eating exhaustible resource extraction lifecycle. The sensitivity of the reset tests to disturbance autocorrelation in regression analysis, empirical economics, springer, vol. A simple approach, economic theory, 3, 1993, 765774. Kongpin chen, shinhwan chiang and siu fai leung, migration, family, and risk diversification, ssrn electronic journal, 10. Siu fai leung department of economics, harkness hall, university of rochester, rochester, ny 14627, usa received march 18, 1994 accepted august 31, 1994 abstract. Migration, family, and risk diversification journal of. Nonparametric hazard estimation with timevarying discrete covariates.
A new formulation that encompasses all these diverse models is provided. Professor, department of economics director, center for economic development. The economic consequences of demographic change in east. Monte carloexperiments as well as an empirical example based on mrozs 1987 data areused to illustrate. But many later discover that a degree in economics is a gateway to satisfying careers in business, finance, law, and government. Quantifying the impacts of digital rights management and ebook pricing on the ebook. Dsc lam, yf leung, jkh chua, l baum, dsp fan, kw choy, cp pang. Springerverlag 1988 on tests for sex preferences siu fai leung university of chicago, chicago, il 60637, usa received april 20, 1988 accepted july 5, 1988 abstract. This paper investigates the origins of the collinearity problems encounteredin the twostep estimation method for sample selection models. Hkust summer workshop on macroeconomics june 24 25, 2014 room 1003, lee shau kee business building, hkust.
Migration, family, and risk diversification by kongpin. By siu fai leung abstract this paper formulates a stochastic dynamic model of fertility to evaluate the assumptions that underlie the widely used econometric tests for parental sex preferences. Sponsored by national institute on alcohol abuse and alcoholism. The pontryagin maximum principle is well known in economics. We have attempted to examine the extent of gender and castebased discrimination in the formal and informal labour markets in india using the national sample survey office nsso employment. Lee, siu fai leung, yatang lin, elaine liu, yang lu, travis ng, sheilagh ogilvie, michael poyker, xiaoyue shan, carol shiue, yufeng sun. Cheng and siu fai leung department of economics hong kong university of science and technology clear water bay, kowloon hong kong fax. Yip is currently an associate professor in economics at the school of humanities.
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