Education or Gold

Education or Gold - Lv Hgxfdwlrq dv Jrrg dv JrogB D...

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Unformatted text preview: Lv Hgxfdwlrq dv Jrrg dv JrogB D Sruwirolr Dqdo|vlv ri Kxpdq Fdslwdo Lqyhvwphqw Nhqqhwk O1 Mxgg 9 Krryhu Lqvwlwxwlrq Vwdqirug/ FD <7638 dqg QEHU Iheuxdu|/ 4<<: Uhylvhg= Pd|/ 5333 ,[email protected] Lv wkhuh xqghulqyhvwphqw lq hgxfdwlrqB Rqh zd| wr dqvzhu wklv txhvwlrq lv wr frpsduh wkh h{shfwhg uhwxuqv wr hgxfdwlrq wr wkh uhwxuqv ri dvvhwv ri frpsdudeoh ulvn1 Wklv sdshu h{dplqhv wzr kxpdq fdslwdo dvvhw sulflqj prghov zklfk lqwhjudwh wkh lghdv ri wkh FDSP zlwk xqltxh ihdwxuhv ri kxpdq fdslwdo lqyhvwphqwv dqg oderu pdunhwv1 Erwk prghov dujxh wkdw wkh kxpdq fdslwdo uhwxuq suhplxp vkrxog eh odujho| ghwhuplqhg e| lwv v|vwhpdwlf ulvn1 Frpelqlqj rxu wkhruhwlfdo uhvxowv zlwk h{lvwlqj hpslulfdo uhvxowv lqglfdwhv wkdw wkh uhwxuq wr hgxfdwlrq lv juhdwhu wkdq wkdw ri dvvhwv ri olnh ulvnlqhvv/ lpso|lqj xqghulqyhvwphqw1 41 Lqwurgxfwlrq Hgxfdwlrq lv dq lqyhvwphqw zlwk d kljk uhwxuq1 Lq idfw/ wkh phdq uhwxuq rq hgxfdwlrq lv vlplodu wr wkdw ri htxlw|/ dqg idu juhdwhu wkdq wkh uhwxuq wr erqgv ru jrog1 Wkh kljk uhwxuqv wr dvvhwv vxfk dv htxlw| duh mxvwl hg e| wkhlu kljk ulvn1 Lq wkh ulvn glphqvlrq/ htxlw| lv d srru dvvhw/ exw erqgv duh vdih/ dqg dvvhwv olnh lqvxudqfh frqwudfwv dqg jrog duh jrrg vlqfh wkhlu uhwxuq lv kljk zkhq wkh pdujlqdo ydoxh ri zhdowk lv kljk1 Fdq ulvn h{sodlq wkh kljk uhwxuq wr kxpdq fdslwdo lqyhvwphqwvB Xqiruwxqdwho|/ wkhuh kdv ehhq olwwoh dqdo|vlv/ wkhruhwlfdo ru hpslulfdo/ irfxvvlqj rq wkh ulvn surshuwlhv ri hgxfdwlrqdo lqyhvwphqwv1 Zh zdqw wr dvn zkhuh hgxfdwlrq wv lq wklv vshfwuxp= vkrxog lwv uhwxuqv eh khdylo| glvfrxqwhg olnh htxlw|/ ru duh lwv ulvn surshuwlhv pruh olnh erqgv/ lqvxudqfh/ ru jrogB Zh xvh wzr vlpsoh prghov ri ulvn| kxpdq fdslwdo lqyhvwphqw wr dgguhvv wkhvh txhvwlrqv1 Zh kljkoljkw wkh xqltxh ihdwxuhv ri hgxfdwlrqdo lqyhvwphqw dqg oderu WKLV LV SUHOLPLQDU\ ZRUN1 Frpphqwv duh zhofrphg1 Wkh dxwkru wkdqnv Jdu| Ehfnhu/ Mdphv Khfnpdq/ Hgglh Od}hdu/ Fdvh| Pxooljdq/ dqg sduwlflsdqwv ri wkh Dsulo/ 5333/ QEHU Sxeolf Hfrqrplfv phhwlqj iru wkhlu frpphqwv1 4 Lv Hgxfdwlrq dv Jrrg dv JrogB 5 pdunhwv1 Lw kdv ehhq orqj uhfrjql}hg wkdw d sruwirolr dssurdfk wr hgxfdwlrq lv lpsru0 wdqw1 Hduo| glvfxvvlrqv ri hgxfdwlrqdo lqyhvwphqwv frpsduhg wkh uhwxuq wr hgxfdwlrq wr vdih dvvhwv dqg dujxhg wkdw wkhuh zdv xqghulqyhvwphqw lq hgxfdwlrq ehfdxvh hgxfd0 wlrq kdg d pxfk kljkhu uhwxuq wkdq erqgv> vhh Jolfn dqg Ploohu +4<89,/ dqg Prujdq dqg Gdylg +4<96,1 Wklv dssurdfk zdv fulwlfl}hg lq Ehfnhu+4<:9,/ zkr dvvhuwhg wkdw dq lqyhvwphqw lq froohjh hgxfdwlrq lv vxemhfw wr frqvlghudeoh ulvn/ dqg lv reylrxvo| h{wuhpho| looltxlg1 Frqvhtxhqwo|/ wkh jdlq iurp hgxfdwlrq vkrxog eh frpsduhg zlwk wkdw rq lqyhvwphqwv zlwk htxdoo| odujh ulvn dqg looltxlglw|1 Ehfnhu wkhq h{dplqhv wkh vrfldo uhwxuq wr froohjh hgxfdwlrq/ dujxhv wkdw lw udqjhv " ehwzhhq ; dqg 44 shu fhqw/ qrwhv wkdw exvlqhvv lqyhvwphqw kdv d uhwxuq ri ehwzhhq ; dqg 45 shufhqw / dqg frqfoxghv wkdw wkh udwhv ri uhwxuq rq exvlqhvv fdslwdo dqg froohjh hgxfdwlrq vhhp/ wkhuhiruh/ wr idoo zlwklq wkh vdph udqjh1 Ghvslwh wkh odujh...
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This note was uploaded on 04/29/2010 for the course ECON 345 taught by Professor Sumaila during the Fall '09 term at UBC.

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Education or Gold - Lv Hgxfdwlrq dv Jrrg dv JrogB D...

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