...Economics of Olympics ECON1001D – Macroeconomics Yurii Hrabovetsky 2015-12-11 Jason Dean The economics of the Olympics revolve around the prospect of high economic growth within the country post-Olympic years. This is often found to be an utter lie. The majority of the time the host country is promised a great amount of profit but the truth is that they tend to lose a lot of money on it – most of which comes from tax revenues. “During the competition between communities for the right to host a future Olympic Games, politicians and proponents bring forth predictions touting the economic benefits to the region that ultimately wins the right to host the Games” (Philip Porter, 2008, Page 470). Many politicians believe this idea of the economic value of the Olympics. Most of the time it is found that these countries lose a majority of the money. “However, when the Games are over the host communities are often left with substantial debts and, as we demonstrate below, little or no noticeable benefits” (Porter, 2008, Page 470). The predictions that are made and the results of the Olympics are often found to be completely different. This mostly due to the use of the input-output models and the misinterpretation of the short term results without consideration for the long term effects. This report will focus on how the predictions are made, the issues with these predictions, and the effects after the Olympics have ended. One of the models used to predict the results...
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...Li, Zhaowei Liu ECON508: Applied econometrics May 10, 2013 Abstract In China, many environmental problems have been ignored when it mainly focused on a higher pace of economic growth for a long time. In this paper, we aim at finding the relationship between air pollutions and its potential contributor—industrial development. And we are also interested in finding out which department in industry contributes most to air pollution. With these questions, it is essential for us to bring our analysis into a practical and comprehensive content. In this paper, we choose air pollution indicators and industry output in provincial level, thus we would like to test it based on different regions. We use the fixed effect model to construct the data and use hypothesis testing to testify our model through three characteristics: normality, heteroskedasticity and autocorrelation. After the regression and test, we come to the conclusion that basically our model is an appropriate one although several data and time series problems limit its further accuracy. And what is more, the result is quite accordance with our assumption that industrial sectors do effect the environment to some extent and among all the sectors we discuss, mining is the most overarching element. In order to obtain a better and more convincing result, we still need more information about air quality in our further study and research. Keywords: air pollution; industrial sector Chapter 1 Introduction 1.1 Identification...
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...& assessment of subsea production and export carbon steel pipelines during operation is a crucial part of overall subsea pipeline corrosion management strategy. Internal corrosion of the pipelines is generally assessed by continuous monitoring of operational parameters and periodic inspection of pipeline’s internal condition by inspection tools such as NDT (non- destructive testing) techniques. However, corrosion assessment is highly challenging for the pipelines not equipped with facilities (un-piggable pipelines) to run the inspection tools. One prominent alternative for the corrosion assessment of un-piggable pipelines is to use a combination of different corrosion models. CORROSION ASSESSMENT MODELS Carbon steel pipelines are widely used in subsea for transport of multiphase production fluids due to their significant economic impact on offshore projects. However, carbon steel is highly susceptible to internal corrosion caused by presence of carbon dioxide (CO2) and hydrogen sulphide (H2S) in free water, an environment commonly present in multiphase (oil, gas and water) production systems and pipelines. During design stage of the carbon steel pipelines, a corrosion allowance is usually added to pipe wall thickness in order to accommodate metal loss due to corrosion during the operational life. Corrosion allowance is an effective barrier for mitigating the loss of pressure containment of a carbon steel pipeline due to internal corrosion. The corrosion allowance during the...
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...BUSINESS MODEL GENERATION Yves Pigneur Patrick Van Der Pijl Alexander Osterwalder Alan Smith Tim Clark www.businessmodelgeneration.com, EUR 27,60 THE CORE TEAM a core team did the heavy lifting in authorship, design and production of this collaborative effort involving over 400 strategy practitioners from around the world. Lead authors Alexander Osterwalder, Ph.D, and Professor Yves Pigneur, Ph.D., Creative Director & Designer Alan Smith from The Movement, Producer Patrick Van der Pijl of Business Models Inc. and Editor Tim Clark of Hitotsubashi University Graduate School of International Corporate Strategy. www.businessmodelgeneration.com 2 AGENDA 1. 2. 3. 4. 5. 6. 7. 8. 9. BUSINESS MODEL BUSINESS MODEL EXAMPLES MORE... BUSINESS MODEL REVENUE MODEL BUSINESS MODEL BUSINESS MODEL MISC. FRAMEWORK ENVIRONMENT MEASUREMENTS INNOVATION 3 1. BUSINESS MODEL 4 BUSINESS MODEL 5 BUSINESS MODEL A Business Model Of A Company Is A Simplified Representation Of Its Business Logic. 5 BUSINESS MODEL 5 BUSINESS MODEL BUSINESS MODEL “describes what a company offers its customers, how it reaches them and relates to them, through which resources, activities and partners it achieves this and finally, how it earns money.” Dr. Alexander Osterwalder 6 KP KA VP CR CS 2. C$ by Alexander Osterwalder & Yves Pigneur (taken from the book „Business Model Generation“) BUSINESS MODELCH FRAMEWORK KR R$ 7 2. BUSINESS...
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...Research Methods & Reporting Page 1 of 6 RESEARCH METHODS & REPORTING Economic evaluation using decision analytical modelling: design, conduct, analysis, and reporting Evidence relating to healthcare decisions often comes from more than one study. Decision analytical modelling can be used as a basis for economic evaluations in these situations. Stavros Petrou professor of health economics 1, Alastair Gray professor of health economics 2 1 Clinical Trials Unit, Warwick Medical School, University of Warwick, Coventry CV4 7AL, UK; 2Health Economics Research Centre, Department of Public Health, University of Oxford, Oxford, UK Economic evaluations are increasingly conducted alongside randomised controlled trials, providing researchers with individual patient data to estimate cost effectiveness.1 However, randomised trials do not always provide a sufficient basis for economic evaluations used to inform regulatory and reimbursement decisions. For example, a single trial might not compare all the available options, provide evidence on all relevant inputs, or be conducted over a long enough time to capture differences in economic outcomes (or even measure those outcomes).2 In addition, reliance on a single trial may mean ignoring evidence from other trials, meta-analyses, and observational studies. Under these circumstances, decision analytical modelling provides an alternative framework for economic evaluation. Decision analytical modelling compares the expected costs and...
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...27.05.2015 Term paper: Impact of Education on Growth As a basic theory which is always taught in economics, the effect of education on the economic growth of a country is always positive. In order to further verify this theory, the authors of many books provide examples which complement it. If we go deep into this theory and search for other evidence, we come across different researches done by economists and statisticians who have analyzed the theory to a great extent. In order to differentiate their studies they have done their empirical research on the subject by using different econometric models. Even though the underlying result i.e. derived from their research is the same, yet these models have different comprehensive implications, something which will also be discussed in our review. As a part of our review we have taken four different research paper written by different researchers, which have the same fundamental scope. However, the origins of these researches are subject to geographical changes and this has been done in order to prove our basic rationality of the theory. The critical reviews consist of the methods used by the authors and the way they have tried to analyze the empirical evidence by using econometric models. The first article which we will be reviewing in our discussion is the research paper written by Robert J. Barro which is titled as ‘Economic Growth in a Cross Section of Countries.’ The research done by Barro is quite comprehensive, in which...
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...on regional economic growth of China 1. Introduction Economic growth is always an important topic in the economics research. Many study in the past just considered region as an isolated “island”, and the mutual relations among different regions were usually ignored. However, regional economy is an open system. Factors such as trade, factor mobility (labor or capital), and technology or knowledge spillover will all make relations among regions become complicated. Under such circumstance, regional economy is no longer isolated but strongly related. The development of regional economy not only relies on its own endowment, also highly depends on the development of other regions This paper is going to bring relative spatial autocorrelation analysis and econometrics methods in the analysis of regional economic growth in China. It attempts to test the spatial dependence of economic growth among different provinces in China and its tendency. The inner mechanism of regional economic growth will also be discussed. In the second section, I will briefly introduce the literature review about regional economic study in China. In the third section, using a sample of per capita GDP data over 1978-2008 in 31 provinces in mainland China, I compute a global spatial autocorrelation, and use the local spatial autocorrelation to get general idea where this global spatial autocorrelation come from. In the fourth part, the spatial factors which influence regional economic growth will...
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...provided their own interpretation about the relationship between economic structure and levels of prosperity. One example was W.W Rostow, who proposed the model of stage development. While this model has become a commonly held view of economic development, it does not always hold true for underdeveloped nations. When taking into account the recent economic development of a country in the Global South, such as Colombia, it becomes clear that Rostow’s theory is linear, geographical, and pro-capitalist model. The first flawed aspect of the model is the fact that it is linear – it assumes that “all regions go through the same stages in a particular order towards high mass consumption” (Knox et al, 313). In contrast to these assumptions, the economic development of Colombia has been anything but linear, given its position as an underdeveloped nation. Rostow’s theory suggests that “in order for a country to move from a traditional society to a society that is ‘taking off’, it must first establish the preconditions for takeoff” (Knox et al, 314). At this stage, a country should “begin to heavily invest in developing a manufacturing sector” (Knox et al, 314) as it moves away from an agricultural based economy. While this may prove to be true for countries such as the United States and Canada, the same cannot be said for Colombia. In fact, it can be argued that Colombia simply skipped this second stage of Rostow’s model. Columbia is an economy that “currently has 18% of its labour force...
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... A Skeptic's Guide to Computer Models by John D. Sterman This article was written by Dr. John D. Sterman, Director of the MIT System Dynamics Group and Professor of Management Science at the Sloan School of Management, Massachusetts Institute of Technology, 50 Memorial Drive, Cambridge, MA 02139, USA; email: jsterman@mit.edu. Copyright © John D. Sterman, 1988, 1991. All rights reserved. This paper is reprinted from Sterman, J. D. (1991). A Skeptic's Guide to Computer Models. In Barney, G. O. et al. (eds.), Managing a Nation: The Microcomputer Software Catalog. Boulder, CO: Westview Press, 209-229. An earlier version of this paper also appeared in Foresight and National Decisions: The Horseman and the Bureaucrat (Grant 1988). A S KEPTIC'S GUIDE TO COMPUTER MODELS 2 The Inevitability of Using Models........................................................................3 Mental and Computer Models..............................................................................2 The Importance of Purpose..................................................................................3 Two Kinds of Models: Optimization Versus Simulation and Econometrics.......4 Optimization.............................................................................................4 Limitations of Optimization..........................................................5 When To Use Optimization....................
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...Quantitative Easing and the American Economy: How Saving is Saving Us From Inflation Mark Nasca „12 Colgate University April 30th, 2012 Abstract Following the Great Recession (2007-09), the Federal Reserve (Fed) utilized monetary policy instruments that had never been used in previous economic recoveries. With interest rates near zero, the Fed undertook rounds of quantitative easing (QE), a non-standard policy, in an attempt to stimulate the economy and help bring the nation out of the recession. In this study, the theoretical model presented by Nasca (2011) will be expanded to show that price level can be stabilized when saving and the money supply increase in tandem, all else constant. Following the theoretical discussion, this study will then utilize an intertemporal model with heterogeneous agents to describe the U.S. economy in order to analyze factors affecting consumer saving decisions when QE policies are enacted following an economic crisis. The goal of this model is to show how the saving decision is affected by the enactment of QE in a crisis environment, given the lower prevailing interest rate scenario and elevated levels of economic instability. This study finds that the increase in saving rate observed in the unfavorable rate environment can potentially be attributed to the increased uncertainty in future income expectations and heightened levels of risk aversion that are characteristic of a post-crisis economy. This serves as a theoretical justification for...
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...www.ccsenet.org/ijef International Journal of Economics and Finance Vol. 3, No. 2; May 2011 Development of Financial Market and Economic Growth: Review of Hong Kong, China, Japan, The United States and The United Kingdom Anson Wong (Corresponding author) School of Accounting and Finance The Hong Kong Polytechnic University Tel: 852-2766-7866 E-mail: afanson@inet.polyu.edu.hk Xianbo Zhou Department of Economics Lingnan College, SUN YAT-SEN University, China E-mail: zhouxb@mail.sysu.edu.cn Received: July 20, 2010 Accepted: January 13, 2011 doi:10.5539/ijef.v3n2p111 Abstract The empirical evidence suggests that the development of stock markets in China, USA, United Kingdom, Japan and Hong Kong have independently a strongly positive correlation with their economic growth. The result brings out an important theory to support for the proposition that the stock market development is one of the key drivers of economic growth in developed and developing countries, whatever the modes of their financial systems, stage of their economic development and types of economic system. Keywords: Development of Stock Market, Economic Growth, China, Japan, United Kingdom, USA, Hong Kong 1. Introduction Numerous studies have proposed that the development of stock market is able to improve growth performance through its positive effects on capital flows, diversification of investment risk and pooling funding for the long-term industrial projects and provision...
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...Oladipo, PhD Department of Economics and Finance School of Business, Medgar Evers College 1637 Bedford Avenue, Brooklyn, NY 11225 Email: ooladipo@ mec.cuny.edu Abstract The study employed the Toda and Yamamoto (1995) and Dolado and Lutkepohl (1996) – TYDL- methodology to uncover the direction of causal relationship between savings and economic growth in Nigeria between 1970 and 2006. The empirical results suggest that savings and economic growth are positively cointegrated indicating a stable long run equilibrium relationship. Further, the findings revealed a unidirectional causality between savings and economic growth and the complementary role of FDI in growth. Keywords: Cointegration, FDI, Savings and Economic Growth JEL Classification: C32; E21;O11 Does Saving really matter for Growth in Developing Countries? The Case of a Small Open Economy Introduction The relationship between savings and economic growth has received increased attention in recent years especially in developed and emerging economies [see Bacha (1990), DeGregorio (1992), Levine and Renelt (1992), and Jappelli and Pagano (1994)]. This might not be unconnected to the central underpinning of Lewis’s (1955) traditional development theory that increasing savings would accelerate economic growth. Research efforts by Kaldor (1956) and Samuelson and Modigliani (1966) examined how different savings behaviours would induce economic growth. A survey of the role of savings in economic development by the World...
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...Energy Economics 31 (2009) 882–887 Contents lists available at ScienceDirect Energy Economics j o u r n a l h o m e p a g e : w w w. e l s ev i e r. c o m / l o c a t e / e n e c o Economic impacts of higher oil and gas prices The role of international trade for Germany Christian Lutz a,⁎, Bernd Meyer a,b a b Institute for Economic Structures Research (GWS), Osnabrueck, Germany University of Osnabrueck, Germany a r t i c l e i n f o a b s t r a c t The analysis concentrates on direct and indirect price increases, induced shifts in international trade and structural changes in the oil importing economies. The paper at hand asks, whether a stabilizing effect via international trade and domestic structural change on the GDP of oil importing countries can be observed, if a permanent oil price increase occurs. At least for Germany, structural change from consumer goods to investment goods industry and an improvement of international competitiveness limit negative impacts of increased energy prices. Analysis is based on the extensive and disaggregated global GINFORS model and the detailed INFORGE model for the German economy. © 2009 Elsevier B.V. All rights reserved. Article history: Received 15 July 2008 Received in revised form 13 January 2009 Accepted 27 May 2009 Available online 6 June 2009 JEL classification: Q43 C53 C67 F17 Keywords: Global modelling Energy prices and the macro economy International trade 1. Introduction Oil price shocks have negative...
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...resources on growth is conditional on the quality of institutions, by further building on Mehlum, Moene, and Torvik’s (2006b) influential work. Advances are made by re-testing the hypothesis, using: (a) a dataset of up to 53 countries over the period 1984-2003; and (b) a resource abundance indicator that focuses on non-renewable resources alone rather than the ones commonly used in the literature that include renewable resources, which are inappropriate. The empirical results of the paper confirm the hypothesis that resource rich economies are not destined to be cursed if they have good institutions. Keywords: World economic growth, resource curse, institutions * Senior Lecturer at the University of Botswana, Department of Economics, Private Bag 0022 Gaborone, Botswana. E-mail: thokweng@mopipi.ub.bw, Telephone: (+267) 3552151, Fax: (+267)3972936. 1 1. Introduction Contrary to conventional theory, a growing body of evidence suggests that economies with abundant natural resources perform badly in terms of economic growth relative to their resource poor counterparts—the so-called resource curse hypothesis. However, this general hypothesis is not robust. It clearly fails to account for the differing experiences of resource abundant economies. For instance, the theory, applied generally, offers no explanation as to why economies like Botswana and Norway have exceptional growth, while Saudi Arabia and Nigeria have stagnated. Prompted by these experiences, the paper investigates...
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...human enterprise. Its intricacies are clearly not limited to the scientists alone, but it is essential for the entire human race. If we think of science as a space within the larger space of society then it is at the interfaces between these two spaces that human beings are involved with science. To see this interface clearly from the space of science is not the same as seeing it as a mere collection of facts that should be construed to be true and nothing but the truth. Science is beyond facts, ideals and thoughts. It is a process and a model that has undergone tests, been tried, reviewed and accepted as a true representation of the processes and occurrences in the natural world However, due to the broad nature of science, and the work, time and resources involved in pursuit of knowledge in different science fields which entails different interests, and thereby different values too; and the different possibilities of knowledge about different subjects, has lead to a myopic misconception by the science practitioners that Physical and Natural applied sciences are more superior and of more importance than social sciences. These differences among practitioners of the various science disciplines are pervasive and aptly cultural ones, since scientific work requires transcending unconscious...
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