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FATAL CRASHES CAUSED BY LIGHT TRUCKS RELATIVE TO CARS: A TEST OF THE OFFSETTING BEHAVIOR HYPOTHESIS
Title
FATAL CRASHES CAUSED BY LIGHT TRUCKS RELATIVE TO CARS: A TEST OF THE OFFSETTING BEHAVIOR HYPOTHESIS.
Creator
Zubritsky, Adam, Caputo, Michael, University of Central Florida
Abstract / Description
This thesis presents an econometric test of the offsetting behavior hypothesis concerning drivers of light trucks relative to cars. The main objective is to determine whether drivers of light trucks offset perceived safety benefits associated with larger vehicles by driving more aggressively than drivers of cars, subsequently causing more fatal crashes, holding all else constant. An empirical model using data on pedestrian fatalities across the United States over a five-year period is...
Show moreThis thesis presents an econometric test of the offsetting behavior hypothesis concerning drivers of light trucks relative to cars. The main objective is to determine whether drivers of light trucks offset perceived safety benefits associated with larger vehicles by driving more aggressively than drivers of cars, subsequently causing more fatal crashes, holding all else constant. An empirical model using data on pedestrian fatalities across the United States over a five-year period is developed and analyzed in order to capture the desired results. Estimates provide substantial evidence in support of the offsetting behavior hypothesis. To strengthen the case for driver offsetting behavior beyond previous studies, the model is estimated again using pedalcyclist fatalities. The results also point to interesting conclusions regarding the effects of increased speed limits on the behavior of drivers.
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Date Issued
2005
Identifier
CFE0000579, ucf:46469
Format
Document (PDF)
PURL
http://purl.flvc.org/ucf/fd/CFE0000579
A HEDONIC ANALYSIS OF THE EFFECT OF EXPERT WINE RATINGS ON PRICE AND RETAILER PROFITS
Title
A HEDONIC ANALYSIS OF THE EFFECT OF EXPERT WINE RATINGS ON PRICE AND RETAILER PROFITS.
Creator
Neill, Kaitlin, Caputo, Michael, University of Central Florida
Abstract / Description
During the last few decades, economists have become interested in the wine industry and several of them have focused on the determinants of price. One characteristic that has been identified as an important determinant is expert wine ratings. Much of the previous research on this topic has focused on relating expert grades to the retail price of wine. Using proprietary data, this paper will test whether these grades influence retail prices as well as retailer profits and wholesale pricing. By...
Show moreDuring the last few decades, economists have become interested in the wine industry and several of them have focused on the determinants of price. One characteristic that has been identified as an important determinant is expert wine ratings. Much of the previous research on this topic has focused on relating expert grades to the retail price of wine. Using proprietary data, this paper will test whether these grades influence retail prices as well as retailer profits and wholesale pricing. By analyzing an individual wholesale firm in South Florida and their distribution network, this paper determines the effect expert ratings have on these dependent variables. Empirical evidence confirms that expert ratings have a positive effect on wholesale and retail wine prices and that they exhibit a parallel influence on retailer profits. This thesis aims to contribute new information to aid both the end consumers purchasing decisions as well as busi-ness pricing strategies.
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Date Issued
2011
Identifier
CFH0004129, ucf:44879
Format
Document (PDF)
PURL
http://purl.flvc.org/ucf/fd/CFH0004129
THREE ESSAYS ON DIFFERENTIAL GAMES AND RESOURCE ECONOMICS
Title
THREE ESSAYS ON DIFFERENTIAL GAMES AND RESOURCE ECONOMICS.
Creator
Ling, Chen, Caputo, Michael, University of Central Florida
Abstract / Description
This dissertation consists of three chapters on the topic of differential games and resource economics. The first chapter extends the envelope theorem to the class of discounted infinite horizon differential games that posses locally differentiable Nash equilibria. The theorems cover both the open-loop and feedback information structures, and are applied to a simple analytically solvable linear-quadratic game. The results show that the conventional interpretation of the costate variable as...
Show moreThis dissertation consists of three chapters on the topic of differential games and resource economics. The first chapter extends the envelope theorem to the class of discounted infinite horizon differential games that posses locally differentiable Nash equilibria. The theorems cover both the open-loop and feedback information structures, and are applied to a simple analytically solvable linear-quadratic game. The results show that the conventional interpretation of the costate variable as the shadow value of the state variable along the equilibrium path is only valid for feedback Nash equilibria, but not for open-loop Nash equilibria. The specific linear-quadratic structure provides some extra insights on the theorem. For example, the costate variable is shown to uniformly overestimate the shadow value of the state variable in the open-loop case, but the growth rate of the costate variable are the same as the shadow value under open-loop and feedback information structures. Chapter two investigates the qualitative properties of symmetric open-loop Nash equilibria for a ubiquitous class of discounted infinite horizon differential games. The results show that the specific functional forms and the value of parameters used in the game are crucial in determining the local asymptotic stability of steady state, the steady state comparative statics, and the local comparative dynamics. Several sufficient conditions are provided to identify a local saddle point type of steady state. An important steady state policy implication from the model is that functional forms and parameter values are not only quantitatively important to differentiate policy tools, but they are also qualitatively important. Chapter three shifts the interests to the lottery mechanism for rationing public resources. It characterizes the optimal pricing strategies of lotteries for a welfare-maximization agency. The optimal prices are shown to be positive for a wide range of individual private value distributions, suggesting that the sub-optimal pricing may result in a significant efficiency loss and that the earlier studies under zero-pricing may need to be re-examined. In addition, I identify the revenue and welfare equivalency propositions across lottery institutions. Finally, the numerical simulations strongly support the findings.
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Date Issued
2010
Identifier
CFE0003195, ucf:48752
Format
Document (PDF)
PURL
http://purl.flvc.org/ucf/fd/CFE0003195
Infectious Disease Risks in Developing Countries: A Non-Market Valuation Exercise
Title
Infectious Disease Risks in Developing Countries: A Non-Market Valuation Exercise.
Creator
Samajpati, Shreejata, Gerking, Shelby, Dickie, Mark, Caputo, Michael, Roy, Joyashree, University of Central Florida
Abstract / Description
This dissertation focuses on the non-market valuation of health-risks of malaria, an infectious disease that imposes a substantive public health burden across the globe, hitting particularly hard the tropical developing nations of Africa and Asia. The United Nations Millennium Development Goals include malaria control as a priority and large investments are underway to promote effective prevention and treatment. Despite such concerted supply-side efforts, malaria-related mortality and...
Show moreThis dissertation focuses on the non-market valuation of health-risks of malaria, an infectious disease that imposes a substantive public health burden across the globe, hitting particularly hard the tropical developing nations of Africa and Asia. The United Nations Millennium Development Goals include malaria control as a priority and large investments are underway to promote effective prevention and treatment. Despite such concerted supply-side efforts, malaria-related mortality and morbidity still abound due to a complex interface of factors like climate-change, poverty, inadequate control behavior, infection and prevention externalities, parasite resistance etc. This research project digs into the demand-side of the health problem, considers the "externality" dimension to prevention, and primarily asks the question: how do individuals in developing countries view competing disease-control (prevention) measures, viz. a publicly-administered community-level malaria control measure as against private preventive choices. A theoretical model is developed to help explore the public-private interplay of health risks of malaria. The malaria-endemic regions of Kolkata (India) and its rural fringes comprise the site for an empirical investigation. A field survey (Malaria Risk and Prevention Survey, October-December, 2011) incorporating a mix of stated and revealed preference techniques of health valuation is implemented. Risk-perceptions of respondents are elicited using a measurable visual-aid and individuals' perceived valuations of health-risk reductions, randomly offered with the public and private health treatments, are empirically ascertained. Using a Likelihood Ratio Test on the structural risk parameters, it is seen that individuals' valuations of health risk reductions are the same across the private and public treatments. The comparative valuation exercise, thus, corroborates the externality dimension to malaria control, calling for greater public action to combat malaria. The viability of such a scaled-up public malaria program, in the context of Kolkata, is discussed by comparing the public treatment willingness to pay estimates with the annual estimated costs that the Kolkata Municipal Corporation, the civic body in the city of Kolkata, maintains on account of vector control. Results from the comparative valuation exercises also support the idea that private prevention is generally responsive to prevention costs, indicating the importance of price incentives to induce greater prevention. The issues of health valuation and price sensitivity are further explored across various split-samples differentiated on the basis of socio-economic attributes, disease exposure, actual prevention efforts and perceived malaria risks of survey respondents. Such auxiliary exercises help analyze the valuation question in greater depth, and generate policy insights into the potential factors that shape private prevention behavior.
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Date Issued
2012
Identifier
CFE0004594, ucf:49195
Format
Document (PDF)
PURL
http://purl.flvc.org/ucf/fd/CFE0004594
Essays on Marketing Strategies in the Context of Interdependent Consumption
Title
Essays on Marketing Strategies in the Context of Interdependent Consumption.
Creator
Talebi Ashoori, Minoo, Stock, Axel, Liu, Lin, Mao, Huifang, Caputo, Michael, University of Central Florida
Abstract / Description
This dissertation consists of two essays in which I study the impact of two interdependent consumerbehaviors, fairness concerns and exclusivity seeking, on a companys marketing strategiesand profits specifically in a context where it tries to expand its clientele with the objective of generatingrepeat purchases, for example by running deals on daily deal platforms. In the first essay,I examine the impact of customers fairness concerns on the profitability of a company runningpromotions on...
Show moreThis dissertation consists of two essays in which I study the impact of two interdependent consumerbehaviors, fairness concerns and exclusivity seeking, on a companys marketing strategiesand profits specifically in a context where it tries to expand its clientele with the objective of generatingrepeat purchases, for example by running deals on daily deal platforms. In the first essay,I examine the impact of customers fairness concerns on the profitability of a company runningpromotions on daily deal platforms. With the prevalence of social media and the internet, informationabout such targeted promotions can become available to all consumers including those whodid not have access to the platform and paid a full-price. Conducting a laboratory experiment,I demonstrate that knowledge about targeted promotions often leads to post-promotional fairnessconcerns among these consumers resulting in an increased tendency to switch providers. Incorporatingthe results of the experiment in a two-period game-theoretic model I analyze the impactof customers post-promotional fairness concerns on the profits of quality differentiated companieswho compete by running targeted promotions. I find that the low quality provider always suffersfrom consumers sensitivity to unfairness. Contrary, I show that the high quality provider can counterintuitivelybenefit from consumers fairness concerns as long as its quality advantage is not toolarge. Furthermore, I analyze how profits are impacted when information about the targeted dealsleaks to non-targeted customers who would have bought at the regular price. I find that, counterintuitively,competing firms profits increase with leakage. In the second essay of this dissertation, Istart with the observation that many platform members are new customers and are uncertain aboutthe quality of the companys product or service until they consume it. In such a context, I examinea high quality sellers optimal signaling strategy in a market where consumers prefer to purchase ascarce product due to desire for exclusivity or to receive a service in a non-crowded environmentdue to better experience and service delivery. Utilizing a repeat purchase signaling model I show that, consistent with prior literature, the high quality firm signals its quality by making its productscarce as well as charging a high price when consumers desire for exclusivity is high and cost ofquality is great. Contrary, I also find conditions under which the high quality firm counterintuitivelymakes its product widely available and prices it low to signal its quality. The model may inpart explain how high quality sellers market their products or services on daily deal websites.
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Date Issued
2015
Identifier
CFE0005890, ucf:50855
Format
Document (PDF)
PURL
http://purl.flvc.org/ucf/fd/CFE0005890
Calibration of Option Pricing in Reproducing Kernel Hilbert Space
Title
Calibration of Option Pricing in Reproducing Kernel Hilbert Space.
Creator
Ge, Lei, Nashed, M, Yong, Jiongmin, Qi, Yuanwei, Sun, Qiyu, Caputo, Michael, University of Central Florida
Abstract / Description
A parameter used in the Black-Scholes equation, volatility, is a measure for variation of the price of a financial instrument over time. Determining volatility is a fundamental issue in the valuation of financial instruments. This gives rise to an inverse problem known as the calibration problem for option pricing. This problem is shown to be ill-posed. We propose a regularization method and reformulate our calibration problem as a problem of finding the local volatility in a reproducing...
Show moreA parameter used in the Black-Scholes equation, volatility, is a measure for variation of the price of a financial instrument over time. Determining volatility is a fundamental issue in the valuation of financial instruments. This gives rise to an inverse problem known as the calibration problem for option pricing. This problem is shown to be ill-posed. We propose a regularization method and reformulate our calibration problem as a problem of finding the local volatility in a reproducing kernel Hilbert space. We defined a new volatility function which allows us to embrace both the financial and time factors of the options. We discuss the existence of the minimizer by using regu- larized reproducing kernel method and show that the regularizer resolves the numerical instability of the calibration problem. Finally, we apply our studied method to data sets of index options by simulation tests and discuss the empirical results obtained.
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Date Issued
2015
Identifier
CFE0005617, ucf:50211
Format
Document (PDF)
PURL
http://purl.flvc.org/ucf/fd/CFE0005617