This paper explores the link between mortgage origination fees and housing prices. It is argued that sharp decline in mortgage origination fees in US since the late 1980s was caused by mortgage market deregulation and mortgage innovation. Based on this reasoning the sources of exogenous...

In this paper, we develop a simple algorithm for obtaining the global solution to a small scale fixed-charge transportation problem (FCTP). The procedure itself is very quick. The proposed method solves FCTP by decomposing the problem into series of smaller sub-problems, which is novel and can...

We study two models of population with migration. On an island lives an individual whose genealogy is given by a critical Galton–Watson tree. If its offspring ends up consuming all the resources, any newborn child has to migrate to find new resources. In this sense, the migrations are...

We propose a “reflexivity” index that quantifies the relative importance of short-term endogeneity for several commodity futures markets (corn, oil, soybean, sugar, and wheat) and a benchmark equity futures market (E-mini S&P 500), from mid-2000s to October 2012. Our reflexivity index is...