954 resultados para Media representation


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UANL

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UANL

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UANL

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UANL

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This paper proves a new representation theorem for domains with both discrete and continuous variables. The result generalizes Debreu's well-known representation theorem on connected domains. A strengthening of the standard continuity axiom is used in order to guarantee the existence of a representation. A generalization of the main theorem and an application of the more general result are also presented.

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This paper derives the ARMA representation of integrated and realized variances when the spot variance depends linearly on two autoregressive factors, i.e., SR SARV(2) models. This class of processes includes affine, GARCH diffusion, CEV models, as well as the eigenfunction stochastic volatility and the positive Ornstein-Uhlenbeck models. We also study the leverage effect case, the relationship between weak GARCH representation of returns and the ARMA representation of realized variances. Finally, various empirical implications of these ARMA representations are considered. We find that it is possible that some parameters of the ARMA representation are negative. Hence, the positiveness of the expected values of integrated or realized variances is not guaranteed. We also find that for some frequencies of observations, the continuous time model parameters may be weakly or not identified through the ARMA representation of realized variances.

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This paper presents a new model of voter behaviour under methods of proportional representation (PR). We abstract away from rounding, and assume that a party securing k percent of the vote wins exactly k percent of the available seats. Under this assumption PR is not manipulable by any voter aiming at maximisation of the number of seats in the parliament of her most preferred party. However in this paper we assume that voters are concerned, first and foremost, with the distribution of power in the post-election parliament. We show that, irrespective of which positional scoring rule is adopted, there will always exist circumstances where a voter would have an incentive to vote insincerely. We demonstrate that a voter’s attitude toward uncertainty can influence her incentives to make an insincere vote. Finally, we show that the introduction of a threshold - a rule that a party must secure at least a certain percentage of the vote in order to reach parliament - creates new opportunities for strategic voting. We use the model to explain voter behaviour at the most recent New Zealand general election.