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What are the determinants and effects of school choice? An international comparison between Australia and the UK. The project will provide a clearer picture of the determinants of school choice, most notably the impact of economic phenomena on that choice. For Australia, this will mean we have a better understanding of the competing explanations of the growth of students at private schools over the past three decades: the role of government subsidies; the role of demographic changes; the effec ....What are the determinants and effects of school choice? An international comparison between Australia and the UK. The project will provide a clearer picture of the determinants of school choice, most notably the impact of economic phenomena on that choice. For Australia, this will mean we have a better understanding of the competing explanations of the growth of students at private schools over the past three decades: the role of government subsidies; the role of demographic changes; the effects of increased income inequality; and the role of changes in preferences towards private schools. This information will provide a better evidence base for future policy development in this area.Read moreRead less
The impact of crime on the mental wellbeing of communities. Considering not only the direct impact of crime on the victims but also the indirect consequences of living in a community with a higher crime rate may in fact lead to a more accurate analysis of the size of the consequences of criminal activities on the society. Further, it may also be the case that the negative externality of crime on non-victims is much larger for some crimes than for others. If this were the case, it could have impl ....The impact of crime on the mental wellbeing of communities. Considering not only the direct impact of crime on the victims but also the indirect consequences of living in a community with a higher crime rate may in fact lead to a more accurate analysis of the size of the consequences of criminal activities on the society. Further, it may also be the case that the negative externality of crime on non-victims is much larger for some crimes than for others. If this were the case, it could have implications for the way in which police resources are presently distributed across different crimes. Better understanding the total societal cost of crime - to both victims and non-victims - could therefore help improve public policy. Read moreRead less
Maximum likelihood estimation of the parameters of stochastic differential equations. The primary objective of this project is to develop efficient algorithms for estimating the parameters of stochastic differential equations (SDEs) by simulated and exact maximum likelihood. The research will draw on both parametric and non-parametric analysis in novel ways to construct estimation procedures that are computationally feasible. These methods will then be applied in the area of finance and used to ....Maximum likelihood estimation of the parameters of stochastic differential equations. The primary objective of this project is to develop efficient algorithms for estimating the parameters of stochastic differential equations (SDEs) by simulated and exact maximum likelihood. The research will draw on both parametric and non-parametric analysis in novel ways to construct estimation procedures that are computationally feasible. These methods will then be applied in the area of finance and used to estimate the parameters of stochastic-volatility models, thus contributing to knowledge in a prominent area of complex systems, namely financial risk. The execution of this collaborative project will deliver quality research training in the topical area of mathematical finance and produce high-calibre postgraduates.
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Novel econometric techniques for modelling and forecasting electricity prices and price volatility in Australia. Price volatility, particularly price spikes, are of special importance to electricity retailers who, because of retail price regulation, cannot pass them onto final customers and end up bearing the price risk. While state governments may enter into compensation deals with retailers, it is of great interest to both parties to understand why and when these price surges occur and, once t ....Novel econometric techniques for modelling and forecasting electricity prices and price volatility in Australia. Price volatility, particularly price spikes, are of special importance to electricity retailers who, because of retail price regulation, cannot pass them onto final customers and end up bearing the price risk. While state governments may enter into compensation deals with retailers, it is of great interest to both parties to understand why and when these price surges occur and, once they have occurred, how long they will last. A better understanding of the electricity price process will enable more sophisticated plans and strategies to be put in place to hedge against unfavourable, unexpected or extreme price events.Read moreRead less
International Networks in Applied Bayesian Statistics: improving Australia''s knowledge through intelligent data analysis and modelling. National benefits of this project are fourfold: (i) new international networks between Australia, Southern Africa, France and USA in the priority area of mathematical sciences; (ii) state-of-the-art Bayesian statistical methods for integrating and analyzing non-standard data and diverse information sources, including expert opinion, in order to solve complex pr ....International Networks in Applied Bayesian Statistics: improving Australia''s knowledge through intelligent data analysis and modelling. National benefits of this project are fourfold: (i) new international networks between Australia, Southern Africa, France and USA in the priority area of mathematical sciences; (ii) state-of-the-art Bayesian statistical methods for integrating and analyzing non-standard data and diverse information sources, including expert opinion, in order to solve complex problems in environment, industry, health, defence; (iii) direct contribution to solution of global environmental problems, specifically water quality, threatened species and environmental risk; (iv) superior training of the next generation of the global community of researchers in applied statistics.Read moreRead less
Community perceptions of environmental risks associated with large construction projects. Large construction projects have an enormous environmental impact, yet there has been little research in this area, particularly in developing countries where many such projects are being procured. Furthermore, research tends to focus on ecological impacts and ignore social and cultural issues. The result is a poor understanding of how perceptions of environmental risk are shaped in affected communities. To ....Community perceptions of environmental risks associated with large construction projects. Large construction projects have an enormous environmental impact, yet there has been little research in this area, particularly in developing countries where many such projects are being procured. Furthermore, research tends to focus on ecological impacts and ignore social and cultural issues. The result is a poor understanding of how perceptions of environmental risk are shaped in affected communities. To address this problem, we aim to establish a research agenda to investigate how communities affected by large construction projects in China perceive environmental risks. The outcome will be recommendations to help construction companies develop sustainable, consultative and socially sensitive practices.Read moreRead less
Personal income tax reform in Australia - development of a model. This project will produce a personal income tax model that can sustain the high revenue and other expectations imposed upon it, and yet deliver enhanced equity, efficiency and simplicity. The main benefits of developing such a model include the increased legitimacy of the income tax system, with enhanced compliance outcomes and a reduction in tax avoidance and evasion. Further benefits include reduced tax administrative and compli ....Personal income tax reform in Australia - development of a model. This project will produce a personal income tax model that can sustain the high revenue and other expectations imposed upon it, and yet deliver enhanced equity, efficiency and simplicity. The main benefits of developing such a model include the increased legitimacy of the income tax system, with enhanced compliance outcomes and a reduction in tax avoidance and evasion. Further benefits include reduced tax administrative and compliance costs, increased work effort and a positive ongoing contribution to GDP.Read moreRead less
Internal capital markets, divisional rent-seeking and optimal incentives: theory and evidence. There exists a considerable gap between real-world economic organizations and the economic theory of the firm. This project provides formal theories of resource allocation within multidivisional corporations and the nature of optimal incentives, thereby contributing to fill this gap. The project is expected to produce highest-quality research publishable in top-tier journals. This will, among others, e ....Internal capital markets, divisional rent-seeking and optimal incentives: theory and evidence. There exists a considerable gap between real-world economic organizations and the economic theory of the firm. This project provides formal theories of resource allocation within multidivisional corporations and the nature of optimal incentives, thereby contributing to fill this gap. The project is expected to produce highest-quality research publishable in top-tier journals. This will, among others, enhance Australia's standing as a knowledge nation. Additional benefit comes from the possibility of longer term collaborative research between Monash University and the University of Bristol, and possible research collaboration between Australian and British economists that goes beyond the two institutions. Read moreRead less
Expand the capacity of an international multidisciplinary research network focussed on the ethical, legal and social implications of emerging biotechnologies. This project will ensure that Australia plays a central role in international debates and research activities aimed at regulating and facilitating advances in biotechnology. The project will also provide Australian researchers with direct access to key international experts in the field.
Decision-making in social insects and nature-inspired optimisation algorithms. Insect societies are ideal for the study of complex systems. Contrary to other complex systems, insect colonies can be modified without destroying the system. Computer scientists have found a source of inspiration in the behaviour of social insects for solving optimisation problems. Here we will study the influence of information flow on decision-making in real insect societies using:
1) Experiments aimed at investig ....Decision-making in social insects and nature-inspired optimisation algorithms. Insect societies are ideal for the study of complex systems. Contrary to other complex systems, insect colonies can be modified without destroying the system. Computer scientists have found a source of inspiration in the behaviour of social insects for solving optimisation problems. Here we will study the influence of information flow on decision-making in real insect societies using:
1) Experiments aimed at investigating how storage and transfer of information affects individual decision-making within a honey bee colony (University of Sydney)
2) Design of a new class of 'bee' algorithms that incorporate direct information transfer and are aimed at solving dynamic multicriterion optimisation problems (University of Leipzig).
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