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
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
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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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
Regional Economic Development and Performance: Roles of Leadership and Institutional Factors in Endogenous Growth. Contemporary regional economic development theory emphasises endogenous factors as key determinants of difference in regional economic performance. Leadership and institutional issues require special attention for analysis and in strategy formulation and implementation of regional development plans. This project develops model frameworks for analysing the impact of those endogenous ....Regional Economic Development and Performance: Roles of Leadership and Institutional Factors in Endogenous Growth. Contemporary regional economic development theory emphasises endogenous factors as key determinants of difference in regional economic performance. Leadership and institutional issues require special attention for analysis and in strategy formulation and implementation of regional development plans. This project develops model frameworks for analysing the impact of those endogenous factors on regional economic performance and develops methodologies for their incorporation into regional development strategy, using illustrative case studies. A major book on this topic will result. The collaboration is between researchers at the University of Queensland and George Mason University.Read moreRead less
Knowledge and Networks: An Evaluation of Patent Citation Activity and Active Knowledge Networks. Although many methods from many disciplines have been used, somewhat imperfectly, to examine knowledge creation and knowledge networks, the most accepted method in economics and strategy is patent citation analysis. Yet, even users of the methodology recognize that it is an imperfect measure of innovation, innovativeness and network linkages between innovations. The study sets up a methodology to ex ....Knowledge and Networks: An Evaluation of Patent Citation Activity and Active Knowledge Networks. Although many methods from many disciplines have been used, somewhat imperfectly, to examine knowledge creation and knowledge networks, the most accepted method in economics and strategy is patent citation analysis. Yet, even users of the methodology recognize that it is an imperfect measure of innovation, innovativeness and network linkages between innovations. The study sets up a methodology to examine the relationship between citations and network interactions between patent applicants. The value of the research is in providing a better measure of innovation and knowledge and in the normative lessons about establishing better scientific networks.Read moreRead less
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
A comparison of housing wealth and the welfare behaviour of Australians and Britons. This comparison of housing wealth as a cushion against adverse life course events in Australia and the UK will improve understanding of how government interventions impede or promote homeowner ability to unlock housing equity to meet welfare needs and uncover types of events precipitating housing equity withdrawal, and the ways this helps or hinders wellbeing in subsequent years of a household's life course. Giv ....A comparison of housing wealth and the welfare behaviour of Australians and Britons. This comparison of housing wealth as a cushion against adverse life course events in Australia and the UK will improve understanding of how government interventions impede or promote homeowner ability to unlock housing equity to meet welfare needs and uncover types of events precipitating housing equity withdrawal, and the ways this helps or hinders wellbeing in subsequent years of a household's life course. Given the paucity of knowledge about consequences of housing equity withdrawal, anticipated national benefits of this research include greater appreciation of sensible and sustainable use of housing equity withdrawal and sound management of the accompanying debt. Outcomes will impact positively on the priority area, Ageing Well, Ageing Productively.Read moreRead less