STRATEGIC INTERACTIONS AND NEGATIVE OIL PRICES

This paper argues on theoretical grounds that the negative oil prices event on April 20, 2020, was mainly due to the strategic interactions among some active traders on both sides of the futures contract. We present a three-player game of futures trading in which a continuum range of negative price can be supported as (strong) Nash equilibrium, yet none of those constitutes an [Formula: see text]-equilibrium originally developed by Ma (2009). We further propose the notion of coalition-with-side-payment as a solution concept for the environment where strategic interactions and transfer payments among players are allowed. Our model captures the mechanism underlying futures price manipulation, and its predictions largely agree with the observations on that day, which are beyond the scope of demand–supply and physical delivery narratives.

Impact of the Economic Impact Payments on Consumer Spending:\\ Analysis on a Granular Level of American Counties

This paper draws on weekly consumer spending data collected by American private companies to analyze the impact of the Economic Impact Payments on consumer spending in American counties. We use regression discontinuity design to quantify the causal effect of the Stimulus Checks on spending and use heterogeneity in economic and demographic factors to determine which groups of counties increased their spending the most, to see what factors affected the Stimulus Checks’ effectiveness. We then use the observed difference in impact across groups of counties to discuss whether the Stimulus Checks were the optimal governmental policy in the crisis and discuss the effectiveness of one-time transfer payments in future recessions.

Tax, transfers, and income inequality in New Zealand during 1988-2013

<p>This dissertation investigates the role tax and transfer policy changes played in the evolution of New Zealand disposable income inequality between 1988 and 2013. Across five papers, the key changes in tax and transfer policies are identified, the labour supply response of individuals to the changes are estimated, and the impact of these changes on the income distribution is quantified. Overall, nearly 40% of the increase in income inequality during this period is attributable to changes in the tax-transfer system. The tax and transfer payment changes investigated in this dissertation cover the gradual flattening of the tax scale over the 1980/90s, the reduction in benefit payments following the 1991 Mother of All Budgets, the introduction of Working for Families in 2005, and the erosion of transfer payments relative to the average wage throughout the period. Given these changes, the efficacy of the tax transfer system for meeting vertical and horizontal equity goals is evaluated using data from the Household Economic Survey (HES). The redistributive effect of tax-transfer policy fell from 22.6 Gini points to 18.2 Gini points between 1988/91 and 2011/13, with a corresponding decline in the amount of vertical equity in the tax-transfer system. Between the same periods the degree of horizontal inequity rose,although this was predominantly the result of greater targeting in the tax-transfer system. The adjustment in the structure of the tax-transfer system not only leads to a change in tax liabilities and transfer payments, but also generates a behavioural change by individuals with regards to the number of hours they would be willing to work. Preference parameter estimates over hours of work and income are generated for individuals in the sample, with imputed wages estimated for those who are out of work. A tax-transfer microsimulation model, that utilises wage and preference parameter estimates, is then used to construct counterfactual scenarios where the tax-transfer system of a given year is applied to the population of other years. For example, the tax-transfer system of 1988-1991 is applied to the population in 2010-2013 in order to create a scenario representing what the disposable income distribution in 2010-2013 would look like with the 1988-1991 tax-transfer system. Estimates from this process suggest that nearly 40% of the increase in disposable income inequality between the 1988/91 and 2010/13 periods was due to the change in payments and labour supply behaviour associated with tax-transfer policy adjustments. Other potential drivers of income inequality change were investigated by reweighting the HES data of one period to more closely represent the population of another period. Although shifts in the share of individuals in part time work also generated an increase in income inequality, the lift in higher educational attainment over this period is estimated to have reduced income inequality more sharply (by nearly 22%). The shift in the age distribution towards prime-aged work was not associated with any change in the aggregate income inequality measure.</p>

Tax, transfers, and income inequality in New Zealand during 1988-2013

<p>This dissertation investigates the role tax and transfer policy changes played in the evolution of New Zealand disposable income inequality between 1988 and 2013. Across five papers, the key changes in tax and transfer policies are identified, the labour supply response of individuals to the changes are estimated, and the impact of these changes on the income distribution is quantified. Overall, nearly 40% of the increase in income inequality during this period is attributable to changes in the tax-transfer system. The tax and transfer payment changes investigated in this dissertation cover the gradual flattening of the tax scale over the 1980/90s, the reduction in benefit payments following the 1991 Mother of All Budgets, the introduction of Working for Families in 2005, and the erosion of transfer payments relative to the average wage throughout the period. Given these changes, the efficacy of the tax transfer system for meeting vertical and horizontal equity goals is evaluated using data from the Household Economic Survey (HES). The redistributive effect of tax-transfer policy fell from 22.6 Gini points to 18.2 Gini points between 1988/91 and 2011/13, with a corresponding decline in the amount of vertical equity in the tax-transfer system. Between the same periods the degree of horizontal inequity rose,although this was predominantly the result of greater targeting in the tax-transfer system. The adjustment in the structure of the tax-transfer system not only leads to a change in tax liabilities and transfer payments, but also generates a behavioural change by individuals with regards to the number of hours they would be willing to work. Preference parameter estimates over hours of work and income are generated for individuals in the sample, with imputed wages estimated for those who are out of work. A tax-transfer microsimulation model, that utilises wage and preference parameter estimates, is then used to construct counterfactual scenarios where the tax-transfer system of a given year is applied to the population of other years. For example, the tax-transfer system of 1988-1991 is applied to the population in 2010-2013 in order to create a scenario representing what the disposable income distribution in 2010-2013 would look like with the 1988-1991 tax-transfer system. Estimates from this process suggest that nearly 40% of the increase in disposable income inequality between the 1988/91 and 2010/13 periods was due to the change in payments and labour supply behaviour associated with tax-transfer policy adjustments. Other potential drivers of income inequality change were investigated by reweighting the HES data of one period to more closely represent the population of another period. Although shifts in the share of individuals in part time work also generated an increase in income inequality, the lift in higher educational attainment over this period is estimated to have reduced income inequality more sharply (by nearly 22%). The shift in the age distribution towards prime-aged work was not associated with any change in the aggregate income inequality measure.</p>

Explore the Short Video's Technology in E-commerce in India

In this paper, there is description of videos technology has been used widely as well as tried to explore the transform in the structure of selling as well as buying of the product mainly in short videos. With the emergence of the Internet, online procedure are replacing conventional models in our society. Even so, not many recognize the criticality required in E-commerce industry. Video commerce is the next great thing of marketing. It connects to a web page of a dealer selling or giving services rightly from its portal to the consumers. They use a digital shopping cart structure and permit payment by credit card, debit card or electronic fund transfer payments. The E- commerce services helps in decreasing costs in managing orders while also interacting with a broad range of suppliers as well as trading partners. It also requires any type of business transaction in which the parties interconnect electronically rather than by physical exchanges or direct physical contact.

Assessing the Effect of Public Transfer Payments on the Vulnerability of Health Care Poverty in Rural Households in China

Background Since the 18th National Congress, China has completed the task of eliminating absolute poverty. However, the risk of health care for potential sub-health workers and the elderly in rural households has also increased, and government public transfer payments play an important role in reducing the vulnerability of rural families to health care poverty. Assessing the effectiveness of government public transfer payments in reducing the vulnerability of rural families to health care poverty will help the public sector to develop more accurate policies to meet the different needs of rural households for health care. Methods The data were derived from the 3rd 、4th and 5th National Survey of the China Family Panel Studies conducted in 2010. The annual study sample was 5,574 rural households, with a total sample of 16,722 rural households during the three-year study period. We assess and compare the multidimensional poverty and the vulnerability to health care poverty of rural households. Two series of multivariate logistic regression models were further undertaken to assess the effect of government public transfer payments before and after adding the income elasticity of health care needs on improving the vulnerability of rural families to health care poverty. Results The study found that when setting the poverty line at $1.90 and $3.20, rural households in the three research years expected a higher vulnerability to health care poverty than their actual incidence of multidimensional poverty in health care, and higher poverty vulnerability in the eastern region than in the western region. A series of multivariate logistic models evaluated the effect of government public transfer payment on improving the vulnerability of rural health care poverty and found that it is difficult for the government to fulfill the effect of public transfer payment without considering the difference of rural households' demand for health care. Conclusions At present, the imbalance of development between urban and rural areas in China is increasing, and rural families with heavy economic burdens are facing the risk of sub-health such as potential chronic illness. Our analysis emphasizes the importance of government departments in improving the targeting of public transfer payments to reduce the vulnerability of health care poverty in rural households.