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pairwise elections. The Condorcet efficiency of a voting procedure is the conditional probability that it will elect the …
Persistent link: https://www.econbiz.de/10005661106
In this paper an expression for the probability of winning a game in a tennis match is derived under the assumption … values using data from the 2007 Wimbledon Tennis Championships. We also derive expressions for the probability of several …
Persistent link: https://www.econbiz.de/10005752625
Persistent link: https://www.econbiz.de/10005035858
Laplace’s definition of probability in terms of equi-possible outcomes as well as to von Mises’ frequentist approach. On the … opposite, Kolmogorov’s analytical axiomatization of probability theory enables a priori and a posteriori probabilities to … probability. Therefore, only in Kolmorogorov’s formalism is statistical inference rigorously framed. …
Persistent link: https://www.econbiz.de/10004998514
The global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute...
Persistent link: https://www.econbiz.de/10004999959
Bayesian Model Averaging (BMA) provides a coherent mechanism to address the problem of model uncertainty. In this paper we extend the BMA framework to panel data models where the lagged dependent variable as well as endogenous variables appear as regressors. We propose a Limited Information...
Persistent link: https://www.econbiz.de/10004999975
Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...
Persistent link: https://www.econbiz.de/10005767345
The key policy challenge for Turkey in the years ahead will be to enhance and consolidate the advances made since the nation’s 2000-01 economic crisis. Higher growth could reduce unemployment and raise living standards toward European Union levels. This paper reviews Turkey’s...
Persistent link: https://www.econbiz.de/10005767368
(SDDS) and is complemented by an in-depth assessment of the quality of the key macroeconomic datasets for the national … accounts, prices, government finance, monetary, and balance-of-payments statistics. The assessment reveals that Korea meets the …
Persistent link: https://www.econbiz.de/10005768651
Using data from Argentina, Australia, Colombia, El Salvador, Peru, and the United States, we identify three types of threshold effects when assessing the impact of economic activity on nonperforming loans (NPLs). For advanced financial systems showing low NPLs, there is an embedded...
Persistent link: https://www.econbiz.de/10005768731