Publications with Fulltext

Permanent URI for this collectionhttps://hdl.handle.net/20.500.14288/6

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Now showing 1 - 7 of 7
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    PublicationOpen Access
    State foreclosure laws and the incidence of mortgage default
    (University of Chicago Press, 2014) Dudley, Evan; James, Christopher M.; Department of Business Administration; Demiroğlu, Cem; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 18073
    This study presents a numerical and an experimental study on an active vibration control system. The system includes a fully-clamped plate and two surface bonded piezoelectric actuators and a collocated velocity sensor at one of the actuator locations. One of the piezoelectric actuators is used for disturbance actuation and the other one is used for control actuation. A model based optimal velocity feedback controller is used as control algorithm. The disturbance and actuator models are obtained through experimental characterization of the plate under the effect of the disturbance source. A representative SIMULINK model is built in parallel to the development of the experimental setup in order to investigate performance of the controller for various control parameters. After the model based optimal controller is designed, performance of the optimal velocity feedback controller is validated with the experimental study by comparing the vibration suppression values at multiple modes of the structure. Results show that the developed control methodology effectively suppresses the vibration amplitudes at multiple modes of the structure and also vibration attenuation levels can be predicted accurately with the simulations for various controller design parameters. It is also demonstrated that using an optimal controller enhances the performance of the system as opposed to just using velocity feedback algorithm for the active vibration control of the smart plate.
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    PublicationOpen Access
    Inflation as a global phenomenon - Some implications for inflation modelling and forecasting: Model derivations and additional results
    (2017) Martinez-Garcia, Enrique; Department of Economics; Kabukçuoğlu, Ayşe; Faculty Member; Department of Economics; College of Administrative Sciences and Economics
    We model local inflation dynamics using global inflation and domestic slack motivated by a novel interpretation of the implications of the workhorse open-economy New Keynesian model. We evaluate the performance of inflation forecasts based on the theoretically-consistent single-equation forecasting speci cation implied by the model, exploiting the international linkages of inflation. In this on-line appendix, we provide a detailed description of the structure of the model underlying our analysis from first principles. Furthermore, we characterize the solution of the log-linearized model and derive analytically the key equilibrium relationships that we use for forecasting. We make note in particular of the role that the slope of the Phillips curve plays in the equilibrium solution of the model and for forecasting purposes. We also include additional results (robustness checks) that support and complement our in-sample analysis of the fit of the model and our pseudo out-of-sample forecasting evaluation exercises.
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    PublicationOpen Access
    Do disaster expectations explain household portfolios?
    (Econometric Society, 2012) Alan, Şule; Faculty Member; College of Administrative Sciences and Economics
    It has been argued that rare economic disasters can explain most asset pricing puzzles. If this is the case, perceived risk associated with a disaster in stock markets should be revealed in household portfolios. That is, the framework that solves these pricing puzzles should also generate quantities that are consistent with the observed ones. This paper estimates the perceived risk of disasters (both probability and expected size) that is consistent with observed portfolios and consumption growth between 1983 and 2004 in the United States. I find that the portfolio choices of households that have less than a college degree can be partially explained by expectations of stock market disasters only if one allows for a large probability of labor income loss at the same time. Such disaster expectations, however, are not revealed in the portfolios of educated and wealthier households: simple per-period participation costs of the stock market coupled with preference heterogeneity explain their participation and investment patterns.
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    PublicationOpen Access
    Strategic effects of renegotiation-proof contracts
    (De Gruyter, 2012) Gerratana, Emanuele; Department of Economics; Koçkesen, Levent; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 37861
    It is well known that non-renegotiable contracts with third parties may have an effect on the outcome of a strategic interaction and thus serve as a commitment device. We address this issue when contracts are renegotiable. More precisely, we analyze the equilibrium outcomes of two-stage games with renegotiation-proof third-party contracts in relation to the equilibrium outcomes of the same game without contracts. We assume that one of the parties in the contractual relationship is unable to observe everything that happens in the game when played by the other party. We first show that when contracts are non-renegotiable, the set of equilibrium outcomes of the game with contracts is restricted to a subset of Nash equilibrium outcomes of the original game. Introducing renegotiation, in general, imposes further constraints and in some games implies that only subgame perfect equilibrium outcomes of the original game can be supported. However, there is a large class of games in which non-subgame perfect equilibrium outcomes can also be supported, and hence, third-party contracts still have strategic implications even when they are renegotiable.
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    PublicationOpen Access
    Optimal auctions with simultaneous and costly participation
    (Berkeley Electronic Press (Bepress), 2009) Çelik, Görkem; Department of Economics; Yılankaya, Tahir Okan; Department of Economics; College of Administrative Sciences and Economics; 101165
    We study the optimal auction problem with participation costs in the symmetric independent private values setting, where bidders know their valuations when they make independent participation decisions. After characterizing the optimal auction in terms of participation cutoffs, we provide an example where it is asymmetric. We then investigate when the optimal auction will be symmetric/asymmetric and the nature of possible asymmetries. We also show that, under some conditions, the seller obtains her maximal profit in an (asymmetric) equilibrium of an anonymous second price auction. In general, the seller can also use non-anonymous auctions that resemble the ones that are actually observed in practice.
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    PublicationOpen Access
    Market power and price discrimination in the US market for higher education
    (Wiley, 2019) Epple, Dennis; Romano, Richard; Sieg, Holger; Zaber, Melanie; Department of Economics; Sarpça, Sinan; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 52406
    We estimate an equilibrium model of private and state college competition that generates realistic pricing patterns for private colleges using a large national data set from the National Postsecondary Student Aid Study (NPSAS). Our analysis distinguishes between tuition variation that reflects efficient pricing to students who generate beneficial peer externalities and variation that reflects arguably inefficient exercise of market power. Our findings indicate substantial exercise of market power and, importantly, sizable variation in this power along the college quality hierarchy and among students with different characteristics. Finally, we conduct policy analysis to examine the consequences of increased availability of quality public colleges in a state.
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    PublicationOpen Access
    Private schools and residential choices: accessibility, mobility, and welfare
    (Berkeley Electronic Press (Bepress), 2011) Hanushek, Eric A.; Department of Economics; Sarpça, Sinan; Yılmaz, Kuzey; Faculty Member; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 52406; N/A
    Private schools free households from a strict link between residential location decisions and the tax-school quality bundles they consume. In order to study the impact of private schools on educational outcomes, we develop a general equilibrium model that simultaneously incorporates locational choice built on access and locational choice built on tax-school quality attributes of jurisdictions. We conclude that private school choice enhances the welfare of all households-both those attending private schools and those attending public schools-while also working to reduce the amount of housing and school segregation in equilibrium. Investigation of alternative school policies indicates that greater choice, including using targeted school vouchers, can improve welfare and achievement. Finally, we demonstrate how the fiscal burden arising from some households paying less taxes than they consume in public services varies significantly with the structure of school choice options.