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In economics, many quantities are related to each other. Such economic relations are often much more complex than relations in science and engineering, where some quantities are independence and the relation between others can be well approximated by linear functions. As a result of this complexity, when we apply traditional statistical techniques - developed for science and engineering - to process economic data, the inadequate treatment of dependence leads to misleading models and erroneous predictions. Some economists even blamed such inadequate treatment of dependence for the 2008 financial crisis. To make economic models more adequate, we need more accurate techniques for describing dependence. Such techniques are currently being developed. This book contains description of state-of-the-art techniques for modeling dependence and economic applications of these techniques. Most of these research developments are centered around the notion of a copula - a general way of describing dependence in probability theory and statistics. To be even more adequate, many papers go beyond traditional copula techniques and take into account, e.g., the dynamical (changing) character of the dependence in economics.
This book, Platinum Essays In The Philosophy Of Applied Economics Of Development, is a collection of interrelated and interconnected essays on applied economics of development with underlying philosophy contents. The topic and areas of coverage were carefully chosen to comprehensively reflect a mandatory range of issues, germane to the understanding, teaching, research, publication and practice of applied economics of development, particularly in medium-to low income emerging markets. There are twenty one chapters each with a topic of major developmental significance in applied economics. Based on the clear and lucid underlying philosophical statements, the broad scope of the applied definitions, analytical and descriptive review of relevant modern and dated literatures, germane to the discourse, observations, recommendations, conclusions and range of ease or otherwise of policy implementations, the key objectives of the book have been achieved.
This study was carried out in three major palm-oil producing areas in Cameroon with the aim of investigating the artisanal milling and commercialization of red palm oil. Structured and semi-structured questionnaires were administered; focus group discussions and participatory observation were applied to obtain required information. Those involved were identified and the service providers ranged from mill owners or managers to smallholders and intermediaries, some of which were involved in two or three of the services. All told, 83% of those involved were men, and the women represented 17% of the service providers. Six different types of processing equipment were identified in the production areas and it was revealed that semi-automated press and combined motorized hydraulic digester and press system (digester screw press) were the most efficient. After harvesting of fresh fruit bunches (FFBs), the major operations were: chopping or cutting, stripping, selecting and sieving, loading to drums for boiling, off-loading to the digester or press for crushing and/or pressing, and clarifying of palm oil. Family labor, hired labor or both, contributed greatly to the success of the milling operations. Family labor was not paid, but motivations were given to family members, while hired labor was paid per activity. The average cost of labor per ton of FFB in the study area was 8,812 FCFA for both peak and low seasons. The average net return in the processing and marketing of 1 ton of FFB was 32,207 FCFA in peak season and 46,556 FCFA in low season. This income-generating activity was ranked as the first main source of income in the study area and has valuable contributions in household livelihood. The production of palm kernel oil and local soap was also recorded in the area, but this was mainly for home use and not for sale. Poor accessibility and unstable prices were the main constraints in the production process. While the men were dominant in processing, women were dominant in the commercialization of RPO. Artisanal palm-oil milling is a lucrative business in the area and will go a long way to alleviate poverty if the smallholders could come together and form a dynamic scheme.
This paper analyzes portfolio diversification, leverage, and financial contagion. It studies the extent to which basic principles of portfolio diversification explain “contagious selling” of financial assets when there are purely local shocks. The paper demonstrates that the elementary portfolio theory offers key insights into “contagion.” Most important, portfolio diversification and leverage are sufficient to explain why an investor will find it optimal to significantly reduce all risky asset positions when an adverse shock impacts just one asset.
...the relationship between employment growth and output growth...is greatly affected by the functioning, efficiency and institutional structure of the labor market. --Joseph Stiglitz, Chief Economist Despite the resumption of economic growth in most LAC countries since the late 1980s, improvements on the employment/unemployment front have been sluggish at best, with a few notable exceptions. In many countries, renewed growth in LAC in the 1990s has so far failed to generate adequate new jobs in place of those lost during the adjustment, and to restore wages to pre-crisis levels. The focus of this book is on: · the performance of labor markets in the LAC region since the beginning of significant structural reforms most countries in the region have undertaken · the structure of labor markets, institutions, and incentive structures; · the effects of that structure on employment, earnings, income distribution, and poverty levels; · the role of labor market institutions in labor market trends; · the options for reform and the benefits of comprehensive labor reforms, as evidenced inside and outside the region; · labor policy reforms to improve in a sustainable way the employment/unemployment outlook.
"This book is a compilation of papers first presented at the workshop "The palm oil controversy in transnational perspective" that took place in Singapore, 2-4 March 2009. The workshop was jointly organized by the Institute of Oriental and Asian Studies, Rheinische Friedrich-Wilhelms-Universit'at, Bonn and the Institute of Southeast Asian Studies (ISEAS), Singapore. It was funded by Asia-Europe Foundation (ASEF)"--Preface.
This book presents 16 selected papers from the 7th International Conference on The Application of Physical Modelling in Coastal and Port Engineering and Science, Coastlab18. The conference was organized in Santander, Spain, from 22 to 26 May, 2018, by the Instituto de Hidráulica Ambiental de la Universidad de Cantabria, IHCantabria. Coastlab18 welcomed 175 attendees from 18 different countries. The technical program included three renowned keynote lectures and 120 presentations focused on theoretical and practical aspects related to physical modelling in the field of coastal and ocean engineering. Coastal and ocean structures, breakwaters, revetments, laboratory technologies, measurement systems, coastal field measurement and monitoring, combined physical and numerical modelling, physical modelling case studies, tsunamis, and coastal hydrodynamics were the main topics covered in the conference. This book attempts to cover, as completely as possible, all the topics presented during the conference. The papers were accepted after a peer-review process based on their full text.