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41.
ABSTRACTThis paper analyzes factors influencing consumption decision of pesticide free fruits (PFF) and estimates the willingness to pay (WTP) price premium for PFF in Pakistan. A contingent valuation survey of 200 households was conducted using face to face interview and payment card method. Results suggested that 93.5% respondents were WTP higher prices for PFF. Remarkably, around 35% respondents were WTP 16–20% higher prices and 24% respondents were WTP 6–10% higher prices for PFF than the existed conventional price. In addition, our ordered logit regression suggests that demographic and socio-economic variables such as age, education, income, household’s size and perception about health benefits are significantly associated with higher WTP for PFF. 相似文献
42.
Sharpe ratio is a widely accepted tool for comparing the portfolio performance. In this paper we have proposed a nonparametric measure of the Sharpe rule. The statistical properties of this nonparametric measure and the standard Sharpe ratio are then developed under both normality and non-normality of observations. Further thebias corrected measures are given. An empirical application is also provided.
相似文献43.
Asymmetric responses of money demand to oil price shocks in Saudi Arabia: a non-linear ARDL approach
Mouyad Alsamara Zouhair Mrabet Michel Dombrecht Karim Barkat 《Applied economics》2017,49(37):3758-3769
Saudi Arabia is an open oil-based economy with fixed exchange rates; therefore, it has limited monetary policy autonomy. Using non-linear autoregressive distributed lag approach, this article investigates the asymmetric effects of oil price shocks on the demand of money in Saudi Arabia over the period 1990:Q1–2014:Q4. The empirical results show evidence of positive long run but asymmetric effects of oil price shocks on the money demand. In particular, we find that the positive oil price shocks are more important than negative shocks. Therefore, two policy responses can be considered: either sustaining the fixed exchange rate regime and following an economic diversification policy or switching towards a flexible exchange rate regime to achieve price stability. In that case, the existence of a stable money demand function in Saudi Arabia is a necessary precondition for adopting a monetary policy strategy targeted to price stability using instruments like money targeting. 相似文献
44.
A. Ullah 《Empirical Economics》1988,13(3-4):223-249
In this paper we systematically review and develop nonparametric estimation and testing techniques in the context of econometric models. The results are discussed under the settings of regression model and kernel estimation, although as indicated in the paper these results can go through for other econometric models and for the nearest neighbor estimation. A nontechnical survey of the asymptotic properties of kernel regression estimation is also presented. The technique described in the paper are useful for the empirical analysis of the economic relations whose true functional forms are usually unknown. 相似文献
45.
In this paper we have attempted to provide an integrated approach to the estimation of models with risk terms. It was argued that there exist orthogonality conditions between variables in the information set and higher-order moments of the unanticipated variable density. These could be exploited to provide consistent estimators of the parameters associated with the risk term. Specifically, it was recommended that an IV estimator should be applied, with instruments constructed from the information set. Four existing methods commonly used to estimate models with risk terms are examined, and applications of the techniques are made to the estimation of the risk term in the $US/$C exchange market, and the effects of price uncertainty upon production. 相似文献
46.
Islamic Financial Institutions (IFIs) have recently witnessed remarkable growth driven by their holistic business model. The key differentiator of IFIs is their Shari’a-based business proposition which often requires some financial sacrifices, e.g. being ethical, responsible and philanthropic. It also requires them to refrain from investments in tobacco, alcohol, pornography or earning interest. For IFIs’ sponsors and managers, however, the key motivational factor for entering the Islamic financial market is not the achievement of Shari’a objectives through the holistic business model, but rather the urge to tap this highly profitable market where customers are inclined to pay a premium for Shari’a compliance. In order for IFIs to be accepted by the market, their financial instruments need to be approved by Shari’a scholars, known for their integrity and expertise in Shari’a. One can therefore expect potential tensions between IFIs’ managers and Shari’a scholars. The purpose of this research is to probe the hidden struggle between managers and Shari’a scholars in pursuit of their respective objectives. The study investigates this phenomenon using grounded theory as a methodological framework based on data collected from three IFIs from two countries. The findings reveal that Shari’a scholars and managers of IFIs have divergent objectives, which creates incongruence of objectives at the strategic level. The findings illustrate the tension and latent struggle for Shari’a compliance, which has been termed as ‘Fatwa Repositioning’ resulting in four possible consequences: deep, reasonable, minimum and superficial Shari’a compliance. Fatwa Repositioning is the core category of this study, which exhibits how managers and Shari’a scholars struggle to position the Shari’a compliance of their institutions so as to best serve their respective objectives. Interestingly, Shari’a scholars are seemingly not always in control of what they are supposed to be controlling, i.e. Shari’a compliance. 相似文献