Nigerian Stock Exchange and Economic Development

The need to critically analyze the efficiency of capital market on the Nigerian economy for the period between 1979 and 2008 as a reference point for developing economies is the bedrock of this work. The results indicate that the stock market indeed contributes to economic growth as all variables conformed to expectation. The Nigerian Stock Exchange has not been having the best of times as an aftermath of the global financial crisis after an unprecedented surge in returns on investment which has resulted in a continuous downturn in market capitalization. Multiple regression method of econometric analysis was used for the work. The major findings revealed a negative relationship between the market capitalization and the Gross Domestic Product as well as a negative relationship between the turnover ratio and the Gross Domestic Product while a positive relationship was observed between the all-share index and the Gross Domestic Product. These findings led to some policy formulations aimed at an improved and developed market for potential gain to the benefit of rational investors even across national borders

Accounting for WTP/WTA discrepancy in discrete choice models: Discussion of policy implications based on two freight transport stated choice experiments

A key input in cost-benefit analysis is represented by the marginal rate of substitution which expresses the willingness to pay, or its counterpart willingness to accept, for both market and non-market goods. The consistent discrepancy between these two measures observed in the literature suggests the need to estimate reference dependent models able to capturing loss aversion by distinguishing the value attached to a gain from the value attached to a loss according to reference dependent theory. This paper proposes a comparison of willingness to pay and willingness to accept measures estimated from models with both symmetric and reference dependent utility specifications within two different freight transport stated choice experiments. The results show that the reference dependent specification outperforms the symmetric specification and they prove the robustness of reference dependent specification over datasets designed according different attributes levels ranges. Moreover we demonstrate the policy relevance of asymmetric specifications illustrating the strong implications for cost-benefit analysis in two case studies.WTP/WTA discrepancy, freight choice, policy evaluation

Analyzing loss aversion and diminishing sensitivity in a freight transport stated choice experiment

Choice behaviour might be determined by asymmetric preferences whether the consumers are faced with gains or losses. This paper investigates loss aversion and diminishing sensitivity, and analyzes their implications on willingness to pay and willingness to accept measures in a reference pivoted choice experiment in a freight transport framework. The results suggest a significant model fit improvement when preferences are treated as asymmetric, proving both loss aversion and diminishing sensitivity. The implications on willingness to pay and willingness to accept indicators are particular relevant showing a remarkable difference between symmetric and asymmetric model specifications. Not accounting for loss aversion and diminishing sensitivity, when present, produces misleading results and might affect significantly the policy decisions.freight transport, choice experiments, willingness to pay, preference asymmetry

Romania’s competitive advantage within the European Union area

The central idea of the paper emphasizes Romania’s competitive advantages in the EU and there are two analysis levels herein: the correct identification of Romania’s competitive advantages and the oportunities to value them. The paper aims at achieving a competitiveness analysis of the Romanian economy during 2006-2009. The Romanian economy’s integration within the European Union does not only mean a mere inclusion or accession into/to the Community, but it also represents the belonging to a strongly competitive area. Since the Union has mainly aimed at becoming the most competitive economy at world level, Romania has to face a double challenge: redefining its competitiveness and reducing the current gaps between its economy and the average level of the main EU social and economic indices. Redefining competitiveness is actually redefining competitiveness determiners. Reaching the convergence goal is based on the Romanian economy’s sustainable competitive advantages. The essential concern is their proper identification, as they are the result of a strategic vision. Taking account of these principles, Romania’s EU accession is acquiring new traits. Is there a competitiveness gain or is there a certain loss right from the moment of the accession

Gainsharing: A Critical Review and a Future Research Agenda

This paper provides a critical review of the extensive literature on gainsharing. It examines the reasons for the fast growth in these programs in recent years and the major prototypes used in the past. Different theoretical formulations making predictions about the behavioral consequences and conditions mediating the success of these programs are discussed and the supporting empirical evidence is examined. The large number of a theoretical case studies and practitioner reports or gainsharing are also summarized and integrated. The article concludes with a suggested research agenda for the future

Wino Dark Matter and Future dSph Observations

We discuss the indirect detection of the wino dark matter utilizing gamma-ray observations of dwarf spheroidal galaxies (dSphs). After carefully reviewing current limits with particular attention to astrophysical uncertainties, we show prospects of the wino mass limit in future gamma-ray observation by the Fermi-LAT and the GAMMA-400 telescopes. We find that the improvement of the so-called $J$-factor of both the classical and the ultra-faint dSphs will play a crucial role to cover whole mass range of the wino dark matter. For example, with $\delta (\log_{10}J) = 0.1$ for both the classical and the ultra-faint dSphs, whole wino dark matter mass range can be covered by 15 years and 10 years data at the Fermi-LAT and GAMMA-400 telescopes, respectively.Comment: 32 pages, 13 figure

Optimal overlayer inspired by Photuris firefly improves light-extraction efficiency of existing light-emitting diodes

In this paper the design, fabrication and characterization of a bioinspired overlayer deposited on a GaN LED is described. The purpose of this overlayer is to improve light extraction into air from the diode's high refractive-index active material. The layer design is inspired by the microstructure found in the firefly Photuris sp. The actual dimensions and material composition have been optimized to take into account the high refractive index of the GaN diode stack. This two-dimensional pattern contrasts other designs by its unusual profile, its larger dimensions and the fact that it can be tailored to an existing diode design rather than requiring a complete redesign of the diode geometry. The gain of light extraction reaches values up to 55% with respect to the reference unprocessed LED.Comment: 9 pages, 9 Figures, published in Optics Expres

Optimal utility and probability functions for agents with finite computational precision

When making economic choices, such as those between goods or gambles, humans act as if their internal representation of the value and probability of a prospect is distorted away from its true value. These distortions give rise to decisions which apparently fail to maximize reward, and preferences that reverse without reason. Why would humans have evolved to encode value and probability in a distorted fashion, in the face of selective pressure for reward-maximizing choices? Here, we show that under the simple assumption that humans make decisions with finite computational precision––in other words, that decisions are irreducibly corrupted by noise––the distortions of value and probability displayed by humans are approximately optimal in that they maximize reward and minimize uncertainty. In two empirical studies, we manipulate factors that change the reward-maximizing form of distortion, and find that in each case, humans adapt optimally to the manipulation. This work suggests an answer to the longstanding question of why humans make “irrational” economic choices