The Banking Firm: The Role of Signaling with Collaterals
In this paper we challenge basic results of signaling models. In our banking model each project of a borrower is described by a continuous density of outcomes. Different density functions are classified according to second stochastisch dominance. Combining these features we find that in a banking model collateral is no longer in a position to signal the degree of riskiness of the borrower to the lender. In most cases the equilibrium is a pooling equilibrium.
The Gravity Equation with Micro-Founded Trade Costs
Gravity Equations are broadly used to estimate the impacts of trade impediments on trade flows. It is often stated that results are implausibly high. In theoretical foundations of the gravity equation, trade costs usually enter as icebergmelting-costs. This paper offers an alternative approach to model trade costs. From a microeconomic point of view, trade costs should depend on trade input prices and - which is new - the underlying trade volume. If trade costs are determined by the trade volume, and average trade costs are falling with the trade volume (e.g. due to economies of scale in the trade sector), empirical results from gravity equations are likely to be biased.
PHOTOGRAMMETRY AND ITS USES IN HIGHWAY PLANNING AND DESIGN
PHOTOGRAMMETRY MIGHT BE DESCRIBED AS THE PROCESS OF CONVERTING PHOTOGRAPHS INTO CONTOURED TOPOGRAPHIC MAPS. FORMERLY GROUND SURVEY METHODS WERE CONSIDERED THE ONLY RELIABLE MEANS OF OBTAINING ACCURATE TOPOGRAPHIC INFORMATION. IT IS NOW POSSIBLE TO DEVELOP TOPOGRAPHIC MAPS OF SPECIFIED ACCURACY BY MEANS OF AERIAL PHOTOGRAPHS WHICH ARE THEN SUBJECTED TO A SERIES OF PHOTOGRAMMETRIC PROCESSES SO THAT MAPS MAY BE DRAWN AT SCALES USEFUL IN HIGHWAY LOCATION AND DESIGN. /AUTHOR/