Risk and Australian public policy. This project will develop fundamentally new approaches to the theory of risk and uncertainty and their role in the design and management of complex projects and policy initiatives. The results will be applied to the central economic policy choices facing Australia; those connected with globalisation and microeconomic reform. This project will show how the latest advances in economic theory can help to illuminate the major issues in the Australian public debate, ....Risk and Australian public policy. This project will develop fundamentally new approaches to the theory of risk and uncertainty and their role in the design and management of complex projects and policy initiatives. The results will be applied to the central economic policy choices facing Australia; those connected with globalisation and microeconomic reform. This project will show how the latest advances in economic theory can help to illuminate the major issues in the Australian public debate, from the role of government and the market to the assessment of standards of living. The project will also help to bridge the gap between economics and other social sciences.Read moreRead less
Inequality of health, wealth and education in China. This project aims to examine whether China’s recent increase in income inequality is associated with increased inequalities in other well-being related outcomes: health, education and wealth. It also aims to identify the factors associated with increases in inequalities. Significant increases in income and wealth inequality could have detrimental effects on economic and political stability. The expected outcomes from this project will help to ....Inequality of health, wealth and education in China. This project aims to examine whether China’s recent increase in income inequality is associated with increased inequalities in other well-being related outcomes: health, education and wealth. It also aims to identify the factors associated with increases in inequalities. Significant increases in income and wealth inequality could have detrimental effects on economic and political stability. The expected outcomes from this project will help to identify policies useful in addressing inequalities and enhancing stability within Australia's important trading partner.Read moreRead less
The Role of the Family in Facilitating the Human Capital and Labour Market Investments of Young Australians. A nation's future lies in its young people, and society as a whole must take part in ensuring that today's youth acquire the skills, experience, and training necessary not only to cope, but to thrive. The proposed research will make a substantial step forward in understanding how families make decisions about supporting their young adult children and how those decisions are shaped by Aust ....The Role of the Family in Facilitating the Human Capital and Labour Market Investments of Young Australians. A nation's future lies in its young people, and society as a whole must take part in ensuring that today's youth acquire the skills, experience, and training necessary not only to cope, but to thrive. The proposed research will make a substantial step forward in understanding how families make decisions about supporting their young adult children and how those decisions are shaped by Australian social policy. The findings will inform social policy development by providing evidence on pressing issues such as the effects of rising house prices or weakening labour markets on young Australians' ability to invest in education.Read moreRead less
How do company announcements affect trading frequency in stocks? This project addresses the question of how financial markets respond to news by investigating how company announcements affect trading patterns in Australian banking stocks. Analysis will be based on new extensions to autoregressive conditional hazard (ACH) models, with research focussing on how to incorporate announcement variables into an ACH framework and how to modify standard ACH analysis to account for simultaneous transactio ....How do company announcements affect trading frequency in stocks? This project addresses the question of how financial markets respond to news by investigating how company announcements affect trading patterns in Australian banking stocks. Analysis will be based on new extensions to autoregressive conditional hazard (ACH) models, with research focussing on how to incorporate announcement variables into an ACH framework and how to modify standard ACH analysis to account for simultaneous transactions, market frictions and spillover effects. The results of this research will assist government and companies in choosing announcement times, aid traders in portfolio adjustment and will lead to a better understanding of the microstructure of Australian stock markets.Read moreRead less
Regional Dimensions: New Models for Analysis of the Spatial Effects of Policy, Socio-Demographic and Economic Changes. This project aims to substantially improve the decision-support tools available to State and Territory governments by providing them with, first, far more detailed small area data than has previously been available, via the creation of a synthetic small area household database and, second, with the capacity to assess the current and future impact of possible policy reforms and l ....Regional Dimensions: New Models for Analysis of the Spatial Effects of Policy, Socio-Demographic and Economic Changes. This project aims to substantially improve the decision-support tools available to State and Territory governments by providing them with, first, far more detailed small area data than has previously been available, via the creation of a synthetic small area household database and, second, with the capacity to assess the current and future impact of possible policy reforms and likely social, demographic and economic changes at the small area level, through the construction of microsimulation models on top of the synthetic household data.Read moreRead less
Optimism, Pessimism and Confidence - Their economic impacts. When modelling uncertainty, economists typically assume people utilise well-behaved and precise probabilities. As most people have only the vaguest conception of chances of terrorist acts, of contracting SARS, or of extreme market volatility, this limits usefulness of the standard model in predicting or guiding choice. This project aims to incorporate a richer set of attitudes about uncertainty into economic theory, including impreci ....Optimism, Pessimism and Confidence - Their economic impacts. When modelling uncertainty, economists typically assume people utilise well-behaved and precise probabilities. As most people have only the vaguest conception of chances of terrorist acts, of contracting SARS, or of extreme market volatility, this limits usefulness of the standard model in predicting or guiding choice. This project aims to incorporate a richer set of attitudes about uncertainty into economic theory, including imprecise estimates of chance, optimistic (or pessimistic) bias, and relative confidence. This will enable more rigorous analysis of topics like irrational exuberance (panic), consumer stampedes, and (in)tolerance of risk, thereby improving the measurement of benefits and costs of related actions or policies.Read moreRead less
Economic consequences for Australia of global demographic change. In addition to addressing the economic implications of declining fertility and mortality in Australia this study will analyse major changes in demographic behaviour in regions on which Australia's economic health depends and the consequent changes in the flow of migrants into Australia. A new mathematical model of global population change will be integrated into the standard GTAP-dynamic model of global economic performance to pr ....Economic consequences for Australia of global demographic change. In addition to addressing the economic implications of declining fertility and mortality in Australia this study will analyse major changes in demographic behaviour in regions on which Australia's economic health depends and the consequent changes in the flow of migrants into Australia. A new mathematical model of global population change will be integrated into the standard GTAP-dynamic model of global economic performance to provide a useful tool for future analysis of Australia's population and economic policies. The analysis will contribute to policy development and the models will be widely available to policy institutions for their use.Read moreRead less
The economics of mothers milk and the market for infant food. Breastfeeding is increasingly recognized as an important public health issue, but is rarely viewed from an economic perspective. However, feminist critiques of mainstream economics have helped draw attention to the value of breastmilk and the significance of economic and commercial factors in women's decisions about infant feeding. This project aims to provide the economic analysis and social research relevant to effective public heal ....The economics of mothers milk and the market for infant food. Breastfeeding is increasingly recognized as an important public health issue, but is rarely viewed from an economic perspective. However, feminist critiques of mainstream economics have helped draw attention to the value of breastmilk and the significance of economic and commercial factors in women's decisions about infant feeding. This project aims to provide the economic analysis and social research relevant to effective public health policies on breastfeeding. The primary output will be a book manuscript.Read moreRead less
Economic Modelling of the Nurses' Labour Market in Australia. Nurses play an important role in the health system and help to ensure individuals lead healthier, happier and more productive lives. Devising cost-effective policies to ensure an adequate supply of motivated and productive nurses is crucial in achieving efficiency and equity in the health care system. The results will be used by government to help set optimal pay and conditions for nurses, and to ensure that these are competitive with ....Economic Modelling of the Nurses' Labour Market in Australia. Nurses play an important role in the health system and help to ensure individuals lead healthier, happier and more productive lives. Devising cost-effective policies to ensure an adequate supply of motivated and productive nurses is crucial in achieving efficiency and equity in the health care system. The results will be used by government to help set optimal pay and conditions for nurses, and to ensure that these are competitive with other nurse employers. This will provide a firm evidence-base to reduce nurse shortages and therefore increase the quality of patient care in Australia.Read moreRead less
Australia's Resilience to Recession. This project aims to study why Australia differs from its OECD peers in that it has not had a recession for 27 years. It intends to generate knowledge by using economic models to solve 3 puzzles relating to Australia’s success: (i) why did foreign financial market shocks not spill over to the economy?; (ii) how has the resource curse that affects economies with a booming resource sector been avoided?; and (iii) what makes Australia special? Expected outcomes ....Australia's Resilience to Recession. This project aims to study why Australia differs from its OECD peers in that it has not had a recession for 27 years. It intends to generate knowledge by using economic models to solve 3 puzzles relating to Australia’s success: (i) why did foreign financial market shocks not spill over to the economy?; (ii) how has the resource curse that affects economies with a booming resource sector been avoided?; and (iii) what makes Australia special? Expected outcomes include the development of theoretical and empirical models that reflect the unique features of the Australian economy. This should provide significant benefits, including guidance to Australian and international policymakers on macroeconomic policies for resource-rich countries.Read moreRead less