Economics - Research Publications
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ItemNo Preview AvailableThe Doha agenda and development prospects for intellectual property rights reform(Asian Development Bank, 2002)At the World Trade Organization Ministerial Conference in Doha, a number of key declarations were made that will directly impact the operation of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). These declarations perform a multidimensional function: clarifying and reiterating existing rights and obligations, as well as setting out a negotiating agenda. By providing clarity on a number of critical issues, the Doha Ministerial Conference attempted to clear the way for future work on TRIPS. Overall, the Doha Declarations with respect to the TRIPS Agreement are seen as a major step for developing (and particularly the least developed) countries towards securing flexibility in the use of intellectual property rights (IPRs), especially with respect to public health issues. Specifically, the Declaration on the TRIPS Agreement and Public Health helps to ensure that in situations where a national emergency has to be dealt with, the set of options is not limited by the architecture of international IPRs. More generally, it reiterates the ability of countries to interpret the TRIPS Agreement in a way that is beneficial to them or reflective of their needs. The right to exercise flexibility over IPRs has historically been available to countries during their industrializing phase. While the TRIPS Agreement does limit the flexibility a country has, much work has attempted to emphasize the scope for discretion a country has in the design of its IPR system. The results of the Doha Ministerial Conference can be seen as an attempt to further stress the flexibility within the TRIPS Agreement.
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ItemHeidegger and the transition to postmodernity(Department of Philosophy, University of Poona, 2002)This is an investigation into Heidegger’s influence on the development of some ideas of the post-modern thought. It explores the meaning and implications of Heidegger’s concepts of authenticity and difference and his existential analysis of the human existence and the way these concepts left a significant impact on the development of the post modern ideas.
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ItemBounded rationality: static versus dynamic approach( 2002-12)Two kinds of theories of the boundedly rational behavior are possible. Static theories focus on stationary behavior and do not include any explicit mechanism for temporal change. Dynamic theories, on the other hand, explicitly model the fine-grain adjustments made by the subjects in response to their recent experiences. The main contribution of this paper is to argue that the restrictions usually imposed on the distribution of choices in the static approach are generically not supported by an explicit adjustment mechanism
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ItemA partial characterization of the solution of the multidimensional screening problem with nonlinear preferences( 2002-11)In this paper I apply the Hamiltonian method to solve the relaxed multidimensional screening problem. I also illustrate by some examples that the Hamiltonian technique coupled with implementability criterion developed by Carlier [2002] sometimes allows us to arrive at a complete solution of a screening problem.
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ItemA general class of risk models( 2002-01)We consider the actuarial risk model when the waiting times or claims have a Laplace transform which is a rational function. This generalizes the classical model, where the waiting times are expotenial, and give more flexibility in the modelling of a risk business. Ruin is seen as a random walk crossing a barrier; the summands of the random walk are expressed as the difference of the waiting time and the claim. The class R of distributions which have finite Laplace transforms includes the so-called phase-type distributions. For waiting times in R , the Laplace transform of the ruin probability is obtained explicitly; if the calims are in R , then the probability of ruin is a combination of exponentials times polynomials, which can be found in closed-form.
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ItemThe Distribution of the time to Ruin in the Classical Risk Model(Cambridge University Press (CUP), 2002-01-01)Abstract We study the distribution of the time to ruin in the classical risk model. We consider some methods of calculating this distribution, in particular by using algorithms to calculate finite time ruin probabilities. We also discuss calculation of the moments of this distribution.
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ItemThe Gerber-Shiu discounted penalty function in the stationary renewal risk model( 2002-08)The discounted penalty function introduced by Gerber and Shiu (1998) is considered in the stationary renewal risk model, where it is expressed in terms of the same discounted penalty function in the ordinary renewal risk model. This relationship unifies and generalizes known special cases. An invariance property between the stationary renewal risk model and the classical Poisson model with respect to the ruin probability is also generalized as a result.
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ItemAsian and Basket Asymptotics( 2002-07)The pricing of Asian or basket options is directly related to finding the distributions of sums of lognormal random variables. There is no general explicit formula for those distributions. This paper looks at the limit distributions of sums of lognormal variables when volatility, or maturity, tends to either 0 or to infinity. The limits obtained are either normal or lognormal, depending on the normalization chosen. This justifies the lognormal approximation, much used in practice, and also gives an asymptotically exact distribution for averages of lognormals with a relatively small volatility; it has been noted that all the analytical pricing formulas for Asian options perform poorly for small volatilities. Asymptotic formulas are also found for the moments of the sums of lognormals. Results are given for both discrete and continuous averages.
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ItemRuin Probabilities with a Markov Chain Interest Model( 2002-08)Ruin probabilities in two generalized discrete time risk processes with a Markov chain interest model are studied. Recursive and integrat equations for the ruin probabilities are given. Generalized Lundberg inequalities for the ruin probabilities are derived both by inductive and martingale approaches. The relationships between these inequalities are discussed. A numerical example is given to illustrate these results.
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ItemA Gibbs' Sampler for the Parameters of a Truncated Multivariate Normal Distribution( 2002-09)The inverse distribution function method for drawing randomly from normal andtruncated normal distributions is used to set up a Gibbs' sampler for the posterior densityfunction of the parameters of a truncated multivariate normal distribution. The sampler isapplied to shire level rainfall for five shires in Western Australia.