Natural Selection and Neanderthal Extinction in a Malthusian Economy By Angus C. CHU Published in Journal of Population Economics Abstract: Why are Homo sapiens the only human species living on this planet? Homo sapiens have lived on this planet for about 300,000 years. During most of their existence, early modern humans shared this planet with other archaic humans, such as Neanderthals and Denisovans. Why did the other archaic humans become extinct? To explore this question, this study develops a Malthusian model with natural selection of human species to explore how population dynamics of one group of humans may cause the extinction of another group. [...]

A Time-Varying Network for Cryptocurrencies By Li Gu, Wolfgang Karl Härdle & Yubo Tao Published in Journal of Business & Economic Statistics Abstract: Cryptocurrencies return cross-predictability and technological similarity yield information on risk propagation and market segmentation. To investigate these effects, we build a time-varying network for cryptocurrencies, based on the evolution of return cross-predictability and technological similarities. We develop a dynamic covariate-assisted spectral clustering method to consistently estimate the latent community structure of cryptocurrencies network that accounts for both sets of information. We demonstrate that investors can achieve better risk diversification by investing in cryptocurrencies from different communities. A cross-sectional [...]

Profit Sharing with a Contest Among Agents BY Chong Wang, Mingli Zheng Published in Managerial and Decision Economics. Abstract: We consider how an internal competition in the form of a contest among agents can be combined with profit sharing in team production. The principal can choose to share between the principal and the agents as well as the sharing rule with a competitive contest among the agents. We show that under some conditions, a pure strategy equilibrium of profit sharing exists. In equilibrium, internal sharing involves a contest that is more competitive than proportional sharing, and the principal can get [...]

Regression-Adjusted Estimation of Quantile Treatment Effects under Covariate-Adaptive Randomizations By Liang Jiang, Peter C.B. Phillips, Yubo Tao and Yichong Zhang. Forthcoming in <Journal of Econometrics>. Abstract: Datasets from field experiments with covariate-adaptive randomizations (CARs) usually contain extra covariates in addition to the strata indicators. We propose to incorporate these additional covariates via auxiliary regressions in the estimation and inference of unconditional quantile treatment effects (QTEs) under CARs. We establish the consistency and limit distribution of the regression-adjusted QTE estimator and prove that the use of multiplier bootstrap inference is non-conservative under CARs. The auxiliary regression may be estimated parametrically, nonparametrically, [...]

Financialization and Commodity Markets Serial Dependence By Zhi Da, Ke Tang, Yubo Tao and Liyan Yang Forthcoming in Management Science For further information, please click here.

By Chi Shing Chan, Fung Kwan and Ka Chon Lei Journal of Asian Economics, 81 (2022) 101501. For further information, please click here.

By Angus C. Chu, Pietro Peretto and Xilin Wang Journal of Development Economics, forthcoming. For further information, please click here.

By Angus C. Chu, Guido Cozzi, Yuichi Furukawa and Chih-Hsing Liao Macroeconomic Dynamics, forthcoming. For further information, please click here.

By Ying Tung Chan, Yibai Yang and Zhijie Zheng Economics Letters For further information, please click here.

By Angus C. Chu, Yuichi Furukawa and Xilin Wang Journal of Macroeconomics, 2022, 72, 103399. For further information, please click here.