Economics - Research Publications
Permanent URI for this collection
Search Results
1 - 10 of 282
-
ItemReplication: Belief elicitation with quadratic and binarized scoring rules(Elsevier, 2020-12-01)Researchers increasingly elicit beliefs to understand the underlying motivations of decision makers. Two commonly used methods are the quadratic scoring rule (QSR) and the binarized scoring rule (BSR). Hossain and Okui (2013) use a within-subject design to evaluate the performance of these two methods in an environment where subjects report probabilistic beliefs over binary outcomes with objective probabilities. In a near replication of their study, we show that their results continue to hold with a between-subject design. This is an important validation of the BSR given that researchers typically implement only one method to elicit beliefs. In favor of the BSR, reported beliefs are less accurate under the QSR than the BSR. Consistent with theoretical predictions, risk-averse subjects distort their reported beliefs under the QSR.
-
ItemSecondary School Fee Inflation: An Analysis of Private High Schools in Victoria, Australia(Carfax Publishing Ltd., 2017)The recent growth in privately administered secondary education in many developed countries has been a widely observed phenomenon. The Australian private secondary school sector has grown faster than those in any other OECD nation, even though the average tuition fees charged by these schools have increased at double the nation’s overall rate of inflation. In this paper, we employ a panel data set to estimate a set of hedonic price indices for private secondary schools that cater to different segments of the population in order to determine if and how changes in their characteristics influence the changes in fees.
-
ItemThe influence of student experiences on post-graduation surveys(ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2016-02-17)This study attempts to establish the extent to which in-class teaching quality instruments can be used to predict post-graduation survey results. It examines the responses for the Good Teaching Scale of the Course Experience Questionnaire administered to 10,433 students who completed their studies at a major Australian tertiary institution from 2003 to 2005 using a unique data-set that matched student records and measures of class characteristics to the individual survey responses. The findings indicate that the overall degree experiences of particular students can be predicted by measures of class differences as measured by teaching quality instruments and the grade distributions of the classes they completed. These factors are in addition to the effects of students’ own performance as measured by their grades, their field of study and their post-graduation experience. It was found that in-class administered teaching quality instruments have an asymmetric influence on post-graduation survey results. Higher than expected scores appear to have little impact, and lower than expected results were found to have a significant negative impact on post-graduation recollections. The grade distribution in classes taken was also found to be an important factor in explaining variation in degree satisfaction.
-
ItemInverting the indirect-The ellipse and the boomerang: Visualizing the confidence intervals of the structural coefficient from two-stage least squares(ELSEVIER SCIENCE SA, 2017-08)In the just-identified model,the exact distribution of the two-stage least squares (2SLS) estimator of the coefficient of the endogenous regressor is a ratio of two normally distributed random variables. used Fieller's 1932 result to derive the density function of the estimator. In this paper, we present a novel graphical exposition of Fieller's 1954 technique to approximate the confidence interval for the 2SLS estimator. We use this approach to examine how the degree of endogeneity and instrument relevance influences the correspondence between the Fieller and traditional asymptotic confidence intervals for the estimator.
-
ItemImpacts of graduated driver licensing regulations(Elsevier, 2020-05-01)We evaluate the impact of the Graduated Driver Licensing (GDL) system introduced in Victoria, Australia as they influence both injury and fatality rates. Since 1990, the Victorian GDL scheme has undergone several modifications including the introduction of new requirements and the stricter enforcement of existing regulations. Our evaluation of the GDL is based on monthly mortality and morbidity data for drivers 18–25 for the period January 2000 to June 2017. We estimate the immediate and long-term impacts of each policy change to the GDL system. Our results indicate that several initiatives in the GDL system have had impacts on both fatalities and injuries requiring hospitalisation when differentiated by gender. In a number of cases we observe that reactions to these measures are common to both genders. These include: the signalling of the proposed GDL changes in the media, the introduction of an extra probationary year for those under 21, the total alcohol ban for the entire probationary period, and limits on peer passengers for the first year. Stricter mobile phone restrictions appear to have had no impact on injuries for either males or females although they were associated with lower fatality rates for both. In addition, we found an indication that in the period prior to the introduction of the mandatory requirement of 120 h supervised driving, there was a rise in male driver injuries possibly caused by a rush of more inexperienced learners to obtain their probationary licence.
-
ItemOpportunities and Challenges for CGE Models in Analysing Taxation(WILEY, 2018-03)Taxation analysis seeks to describe the effects of current taxes, make forecasts and assess proposed reform options. In each case, the effects on market outcomes, distribution of the tax burden and distortions to decisions and economic efficiency are estimated. When second‐round effects are important, including for most taxes on business and where exemptions from comprehensive tax bases are significant, general equilibrium models are required. A computer general equilibrium model (CGE) with detailed and disaggregated industry, product and factor markets has great potential to quantify the general equilibrium effects of taxation. Challenges and areas for development of available CGE models for taxation analysis include the following: disaggregation of households to assess distribution effects and allow for different elasticities; modelling the effects of the hybrid tax treatment of different household saving and investment options; disaggregation of some business decisions to capture the effects of departures from comprehensive tax bases and of decision‐makers facing different tax systems; and modelling and conveying the implications of imperfect knowledge of key assumptions and parameters.
-
ItemIndia's Long Road: The Search for Prosperity(WILEY, 2017-12)
-
ItemTime series copulas for heteroskedastic data(WILEY, 2018-04-01)Summary We propose parametric copulas that capture serial dependence in stationary heteroskedastic time series. We suggest copulas for first‐order Markov series, and then extend them to higher orders and multivariate series. We derive the copula of a volatility proxy, based on which we propose new measures of volatility dependence, including co‐movement and spillover in multivariate series. In general, these depend upon the marginal distributions of the series. Using exchange rate returns, we show that the resulting copula models can capture their marginal distributions more accurately than univariate and multivariate generalized autoregressive conditional heteroskedasticity models, and produce more accurate value‐at‐risk forecasts.
-
Item
-
ItemThe Evolution of Tariff Protection and WageProtection in the Late Colonies and Early Federation(WILEY, 2017-12)This paper examines the links between tariff protection and wage protection. These two areas of regulation were linked politically by a coalition of the Protectionist Party and the Labour Party which supported both policies together. In the regulatory systems themselves there were links through New Protection Policy and the major influence it had on the hugely important Harvester Judgment of the Court of Conciliation and Arbitration. By 1910, these developments had laid down the foundations of Australian tariff policy and labour market regulation which became among the most highly regulated markets in the non‐communist world for many decades.