This article addresses the contribution to hedonic modeling of a nonparametric approach based on artificial neural network (ANN) regressions. ANNs provide consistent estimates for the hedonic price of each attribute and permit a number of hypotheses on the hedonic price relationship to be tested nonparametrically. In particular, we exploit results by Stinchcombe and White (Econom Theory 14:295?C324, 1998) in order to carry out misspecification testing in linear and semiloglinear hedonic models. The same approach directly applies to testing misspecification of any parametric specification for the hedonic relationship. A nonparametric significance test for the variables in the hedonic model is also proposed. The test extends the approach developed by Racine (J Bus Econ Stat 15(3):369?C378, 1997) in kernel-based nonparametric testing to ANN-based inference. The finite sample performance of the proposed tests is analyzed through Monte Carlo experiments, and simulation-based algorithms for computation of the null distribution of the tests are proposed. Then, the performance of three classes of regression models??linear, semi-log, and ANNs??applied to hedonic price modeling in a Spanish regional housing market is compared. Our results indicate the presence of nonlinear behavior, as predicted by economic theory, with the ANN-based tests detecting statistically significant evidence of misspecification??both in the linear and the semilog specifications??and ANN regressions providing moderate improvement of predictive performance. 相似文献
Intereconomics - In the article “The Bill, Please! Households’ Real Returns on Financial Assets Since the Introduction of the Euro” by Marc-Peter Radke and Manuel Rupprecht in... 相似文献
This paper investigates the financial market´s perception regarding the effectiveness of the Single Supervisory Mechanism in Europe. Do investors believe that centralized supervision adds value compared to multiple supervision? . Do they feel uncertain about the supervisory role of the ECB? To answer these questions, a sample of 118 European Banks has been used finding that whereas in early dates the market reaction was positive reflecting the expectation of greater stability, it turned negative at the time the scope of the supervision was limited to only a group of banks. As might be expected, the reaction is significantly more negative for the directly supervised entities, anticipating a different and more demanding style of supervision that could lead to higher cost. This negative wealth effect is intensified for banks with higher price-to-book ratios or those located in countries with more developed financial systems and better investor protection. However, solvency and productivity firm indicators or low levels of perceived corruption moderate it. This research not only highlights the doubts and uncertainty of investors about the final applications of the SSM, but it could be also useful for policy makers and regulators in order to achieve a more harmonized supervision that improves the credibility of the systems and promote financial stability.
Portuguese Economic Journal - Several empirical studies have analyzed which firm characteristics influence government evaluators in the decision to select specific firms to participate in Research... 相似文献
Our inquiry advances a comparison of the anthropological content of Thorstein Veblen’s evolutionary perspective with the foundations of the political anthropology drawn from selected works of Pierre Clastres. We seek to establish that what can be referred to as a clastrean reference can simultaneously offer new perspectives on institutionalism, while maintaining a radical and emancipatory understanding of Veblen’s writings. In this sense, we seek to reconsider and reevaluate the role of economic surplus drawn from Veblen’s anthropology, while also offering a general and critical perspective for understanding the emergence of coercive power within societies. 相似文献
An evolutionary approach to the delimitation of labour market areas: an empirical application for Chile. Spatial Economic Analysis. Labour market areas (LMAs) are argued to represent a more appropriate policy framework than administrative units for the analysis of spatial labour market activity. This article develops LMAs for Chile by applying an evolutionary computation approach. This innovative approach defines LMAs through an optimization process by maximization of internal cohesion, subject to restrictions of minimum levels of self-containment and population. To evaluate the appropriateness of the LMAs, comparative analyses are performed between alternative delimitations based on different parameter configurations of the proposed method versus administrative boundaries and the most widely used method for official LMA delimitation, the travel-to-work areas method. 相似文献
We propose and empirically investigate a pricing model for convertible bonds based on Monte Carlo simulation. The method uses parametric representations of the early exercise decisions and consists of two stages. Pricing convertible bonds with the proposed Monte Carlo approach allows us to better capture both the dynamics of the underlying state variables and the rich set of real-world convertible bond specifications. Furthermore, using the simulation model proposed, we present an empirical pricing study of the US market, using 32 convertible bonds and 69 months of daily market prices. Our results do not confirm the evidence of previous studies that market prices of convertible bonds are on average lower than prices generated by a theoretical model. Similarly, our study is not supportive of a strong positive relationship between moneyness and mean pricing error, as argued in the literature. 相似文献
Multi-tenant architectures (MTAs) are considered a cornerstone in the success of Software as a Service as a new application distribution formula. Multi-tenancy allows multiple customers (i.e. tenants) to be consolidated into the same operational system. This way, tenants run and share the same application instance as well as costs, which are significantly reduced. Functional needs vary from one tenant to another; either companies from different sectors run different types of applications or, although deploying the same functionality, they do differ in the extent of their complexity. In any case, MTA leaves one major concern regarding the companies’ data, their privacy and security, which requires special attention to the data layer. In this article, we propose an extended data model that enhances traditional MTAs in respect of this concern. This extension – called multi-target – allows MT applications to host, manage and serve multiple functionalities within the same multi-tenant (MT) environment. The practical deployment of this approach will allow SaaS vendors to target multiple markets or address different levels of functional complexity and yet commercialise just one single MT application. The applicability of the approach is demonstrated via a case study of a real multi-tenancy multi-target (MT2) implementation, called Globalgest.相似文献