12,334 research outputs found

    Optimal Taxation in a Simple Model of Human Capital Accumulation

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    This paper studies optimal taxation in dynamic economies with a simple form of human capital accumulation as considered in Bull (1993). We show that in a Ramsey equilibrium along any balanced growth path, the taxes on wage income and (physical) capital income must be zero. Under the assumption on preferences of Bull (1993), we extend his result by showing that along a balanced growth all optimal taxes are necessarily zero.

    A large energy-gap oxide topological insulator based on the superconductor BaBiO3

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    Mixed-valent perovskite oxides based on BaBiO3 (BBO) are, like cuperates, well-known high-Tc superconductors. Recent ab inito calculations have assigned the high-Tc superconductivity to a correlation-enhanced electron--phonon coupling mechanism, stimulating the prediction and synthesis of new superconductor candidates among mixed-valent thallium perovskites. Existing superconductivity has meant that research has mainly focused on hole-doped compounds, leaving electron-doped compounds relatively unexplored. Here we demonstrate through ab inito calculations that BBO emerges as a topological insulator (TI) in the electron-doped region, where the spin-orbit coupling (SOC) effect is significant. BBO exhibits the largest topological energy gap of 0.7 eV among currently known TI materials, inside which Dirac-type topological surface states (TSSs) exit. As the first oxide TI, BBO is naturally stable against surface oxidization and degrading, different from chalcoginide TIs. An extra advantage of BBO lies in its ability to serve an interface between the TSSs and the superconductor for the realization of Majorana Fermions

    Sampling Sup-Normalized Spectral Functions for Brown-Resnick Processes

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    Sup-normalized spectral functions form building blocks of max-stable and Pareto processes and therefore play an important role in modeling spatial extremes. For one of the most popular examples, the Brown-Resnick process, simulation is not straightforward. In this paper, we generalize two approaches for simulation via Markov Chain Monte Carlo methods and rejection sampling by introducing new classes of proposal densities. In both cases, we provide an optimal choice of the proposal density with respect to sampling efficiency. The performance of the procedures is demonstrated in an example.Comment: 11 pages, 2 figure

    Regional Origins of Employment Volatility: Evidence from German States

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    Openness for trade can have positive welfare effects in terms of higher growth. But increased openness may also increase uncertainty through a higher volatility of employment. We use regional data from Germany to test whether openness for trade has an impact on volatility. We find a downward trend in the unconditional volatility of employment, which has been interrupted by the re-unification period. Patterns are similar to those for output volatility. The conditional volatility of employment, measuring idiosyncratic developments across states, in contrast, has remained fairly unchanged. In contrast to evidence for the US, we do not find evidence for a significant link between employment volatility and trade openness.employment volatility, trade openness, regional labour markets

    Mobility and Cooperation: On the Run

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    In public goods experiments where subjects may change groups, we observe a continual flight of the more cooperative subjects away from the less cooperative ones. The less cooperative subjects attempt to enter cooperative groups in order to free-ride on their contributions. Lorsque les sujets peuvent changer de groupes dans les expériences sur les contributions volontaires aux biens publics, nous observons que les sujets plus coopératifs délaissent les sujets moins coopératifs. De plus, ces derniers essaient de joindre les groupes coopératifs pour profiter comme resquilleurs de leurs contributions.Public goods, Tiebout hypothesis, migration, experimental economics, Biens publics, hypothèse de Tiebout, migration, économie expérimentale

    Mean-field optimal control and optimality conditions in the space of probability measures

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    We derive a framework to compute optimal controls for problems with states in the space of probability measures. Since many optimal control problems constrained by a system of ordinary differential equations (ODE) modelling interacting particles converge to optimal control problems constrained by a partial differential equation (PDE) in the mean-field limit, it is interesting to have a calculus directly on the mesoscopic level of probability measures which allows us to derive the corresponding first-order optimality system. In addition to this new calculus, we provide relations for the resulting system to the first-order optimality system derived on the particle level, and the first-order optimality system based on L2L^2-calculus under additional regularity assumptions. We further justify the use of the L2L^2-adjoint in numerical simulations by establishing a link between the adjoint in the space of probability measures and the adjoint corresponding to L2L^2-calculus. Moreover, we prove a convergence rate for the convergence of the optimal controls corresponding to the particle formulation to the optimal controls of the mean-field problem as the number of particles tends to infinity
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