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This paper develops a framework to estimate the probability of default (PD) implied in listed stock options. The underlying option pricing model measures PD as the intensity of a jump diffusion process, in which the underlying stock price jumps to ...

Policy towards asylum seekers has been a controversial topic for more than a decade. Rising numbers of asylum applications have been met with ever-tougher policies to deter them. Following a period of policy harmonisation, the EU has reached a ...

This paper presents the conditions under which a causal interpretation can be given to the association between childhood parental employment and subsequent education of children. In a model in which parental preferences are separable in own ...

Most labor scarce overseas countries moved decisively to restrict their immigration during the first third of the 20th century. This autarchic retreat from unrestricted and even publicly-subsidized immigration in the first global century before ...

The seasonal production of fruit and seeds resembles opening a feeding station, such as a restaurant agents/ customers will arrive at a certain rate and pick fruit (get served) at a certain rate following some appropriate processes. Therefore, ...

The complexity of the financial markets, represents a big challenge to the specialist in the area. The traditional way of coping with the analysis of such systems is the use of analytical models. However, the analytical models present some ...

Marriage data show a strong degree of positive assortative mating along a variety of attributes. But since marriage is an equilibrium outcome, it is unclear whether positive sorting is the result of preferences rather than opportunities. We assess ...

Dynamic economic models usually describe the path of economic variables as prices, consumption or capital at equilibrium. The most popular models assume that agents have perfect foresight. Implicitly this assumption requires that agents can compute ...

We study (anti-) coordination problems in networks in a laboratory experiment. Partici- pants interact with their neighbours in a fixed network to play a bilateral (anti-) coordination game. Our main treatment variable is the extent to which players ...