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15 2024-10

Sign-up Now: FSS-DECO Workshop: “Greater Bay Area Market Design Workshop 2024” 17-18/10/2024@E21B-G002

2024-10-14T15:33:39+08:00

Greater Bay Area Market Design Workshop 2024

 

Date: 17-18 Oct 2024 (Thu & Fri)

Time: 10:00-12:15; 14:00-17:30 (17 Oct 2024, Thu)

   10:00-12:15; 14:00-16:45 (18 Oct 2024, Fri)

Venue: E21B-G002, University of Macau

Language: English

Registration: https://web.inaciobo.com/workshop2024/registration/

 

The “Greater Bay Area Market Design Workshop 2024” is an event with the objective of deepening our understanding of market design, an essential subfield within economics responsible for optimizing complex resource allocation problems. The tangible impact of market design is increasingly evident across many sectors. For instance, innovations in market design have led to significant improvements in university admissions systems by ensuring more efficient and equitable student placements. In the realm of public education, market design has been employed for teacher assignment, effectively matching educators to schools based on multiple factors like skills and needs, thereby potentially improving educational outcomes. Moreover, public procurement processes have been refined through well-designed auctions and contracting mechanisms, resulting in more cost-effective and transparent allocation of public resources. Market design principles have also been instrumental in reengineering school choice systems to better reflect parental preferences while simultaneously balancing fairness and efficiency considerations.

 

The workshop has several targeted objectives: it will serve as a nexus for connecting innovative market design research conducted in China’s Greater Bay Area with complementary efforts in Europe, the U.S., and Australia, enriching the international body of knowledge. The event also aims to provide a platform for emergent scholars to present their work. One of the pivotal goals is to move academic insights from theory to policy, accentuating the societal relevance and practical applicability of market design.

 

All are welcome

 

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Sign-up Now: FSS-DECO Workshop: “Greater Bay Area Market Design Workshop 2024” 17-18/10/2024@E21B-G0022024-10-14T15:33:39+08:00
15 2024-10

FSS-DECO Seminar: “Characteristic Function-based Factor Modelling of Affine Jump Diffusions Using Options” by Prof. Herman Peter BOSWIJK, 16/10/2024, 14:00 @E21B-G002

2024-10-10T14:28:37+08:00

Seminar on Economics

 

Characteristic Function-based Factor Modelling of Affine Jump Diffusions Using Options 

 

Speaker: Prof. Herman Peter BOSWIJK

Professor of Financial Econometrics and Vice-Dean / Chair

Amsterdam School of Economics

University of Amsterdam

 

Abstract:

We develop a framework to analyse affine jump diffusions using factor modelling techniques, offering a novel method to study which and how many risk factors drive the price process of a single asset. We use information contained in options to construct observations on the characteristic function of the returns on the underlying asset, without having to specify a parametric model. We show how to form a linear factor model out of these observations. Our asymptotic framework is one in which the number of observed options, of varying strikes, tends to infinity. We prove asymptotic normality of the factor model, and provide a feasible central limit theorem which can be used for testing. In addition, we prove that diagnostic criteria based on the eigenvalues of the sample covariance matrix of the constructed factor model are able to consistently estimate the number of factors, and that principal component analysis is able to extract these factors. An empirical application suggests that the main factor driving the S&P 500 returns is a stochastic variance process, which explains 97% of the variation in the factor model.

 

Date: 16 October 2024 (Wednesday)

Time : 14:00-15:15

Language: English

Venue: E21B-G002

 

All are welcome!

Department of Economics
Faculty of Social Sciences
University of Macau

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FSS-DECO Seminar: “Characteristic Function-based Factor Modelling of Affine Jump Diffusions Using Options” by Prof. Herman Peter BOSWIJK, 16/10/2024, 14:00 @E21B-G0022024-10-10T14:28:37+08:00
4 2024-10

FSS-DECO Seminar: “Designing a new market: Civil service jobs selection, assignment and reassignment in Brazil” by Prof. Inácio BÓ, 09/10/2024, 14:00 @E21B-G016

2024-10-10T00:00:16+08:00

Seminar on Economics

 

Designing a new market: Civil service jobs selection, assignment and reassignment in Brazil 

Speaker: Prof. Inácio BÓ

Associate Professor

Department of Economics

University of Macau

 

Abstract:

This study explores the formulation and implementation of Brazil’s Unified National Public Competition (CPNU), a governmental innovation aimed at centralizing public servant recruitment for government jobs in multiple institutions in the country. Addressing the complexities of candidates applying for multiple positions, we describe the market design techniques chosen to tackle these challenges. It focuses on candidate allocation across different phases, job assignments, waitlist management, and quota implementation, demonstrating how traditional approaches could lead to inefficiencies. The proposed solutions aim to improve candidate distribution while ensuring fair affirmative action policies. The proposals we describe are currently being used in the first edition of the CPNU, in which more than two million candidates in 220 cities registered to compete for more than six thousand jobs.

 

Date: 9 October 2024 (Wednesday)

Time : 14:00-15:15

Language: English

Venue: E21B-G016

 

All are welcome!

Department of Economics
Faculty of Social Sciences
University of Macau

 

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FSS-DECO Seminar: “Designing a new market: Civil service jobs selection, assignment and reassignment in Brazil” by Prof. Inácio BÓ, 09/10/2024, 14:00 @E21B-G0162024-10-10T00:00:16+08:00
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