Journal publications

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Pareto Optimality and Indeterminancy of General Equilibrium under Knightian Uncertainty

Wei Ma
This paper studies general equilibrium theory, for both complete and incomplete markets, under Knightian uncertainty. Noting that the preference represented by Knightian uncertainty induces a set of complete preferences, we set ourselves the task of inquiring the relationship between an equilibrium...
Mar 2016
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publication

The Demand for Reproductive Health Care

Gauthier Tshiswaka-Kashalala and Steven F. Koch
This research formalizes the interactions between the various determinants of a woman's reproductive health behavior during her reproductive years, and, using nonparametric control functions, examines those determinants. The theoretical model is developed from Grossman's (2000) model of health as a...
Aug 2015
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publication

Random Expected Utility Theory with a Continuum of Prizes

Wei Ma
This note generalizes Gul and Pesendorfer’s random expected utility theory, a stochastic reformulation of von Neumann-Morgenstern expected utility theory for lotteries over a finite set of prizes, to the circumstances with a continuum of prizes. Let [0,M] denote this continuum of prizes; assume...
Aug 2018
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Can creditor bail-in trigger contagion? The experience of an emerging market

Roy Havemann
The successful bail-in of creditors in African Bank, a small South African monoline lender, provides an opportunity to evaluate the intended and unintended consequences of new resolution tools. Using a data set that matches quarterly, daily and nancial-instrument level data, I show that the bail-in...
Jul 2018
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publication

Pricing electricty blackout among South African households

Nomsa Phindile Nkosi and Johane Dikgang
South African households, like households in many other developing countries, are faced with regular power outages. This is a big problem, since the outages that the households experience are both frequent and long in duration. Efficient electricity infrastructure investment decisions are possible...
Jan 2018
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publication

The Interdependence between the Saving Rate and Technology across Regimes: Evidence from South Africa

Kevin S. Nell and Maria M. De Mello
This paper hypothesises that the saving rate and technological progress are interdependently determined by a common exogenous source, so that an exogenous shock to the saving rate determines long-run growth transitions. In an open economy, the saving rate measures the quality of capital investment...
Mar 2017
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publication

Price-setting Behavior and Competition in Developing Countries: An Analysis of Retail Outlets in Lesotho

Mamello Nchake, Lawrence Edwards and Asha Sundaram
We study the relationship between price-setting behavior and the degree of competition in a setting where markets and information flows are relatively imperfect. Using a unique dataset that combines survey data on retail outlets in Lesotho, and detailed historical information on their product...
Dec 2015
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publication

Exploring Unbalanced Growth in South Africa: Understanding the Sectoral Structure of the South African Economy

Johannes W. Fedderke
This paper explores the reasons for the unbalanced growth structure of South Africa. While a number of emerging markets show a high proportion of value added and employment being generated by the service sector, South Africa is one of very few such economies that also show a strong decline in...
Sep 2014
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publication

Using a Natural Experiment to Examine Tobacco Tax Regressivity

Adel Bosch and Steven F. Koch
We take advantage of a tobacco tax hike that occurred during the collection of the South African Income and Expenditure Survey to examine the regressivity of tobacco taxes. We are also able to examine the relative change in regressivity following the tax increase. Like previous research into...
May 2014
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Unveiling the Energy Saving Role of Banking Performance in Sub-Sahara Africa

Amuakwa-Mensah, F, Klege, R.A, Adom, P.K., Hagan, E, Amoah, A
Using a two-step system generalized method of moment (GMM) technique and a panel data for 43 sub-Sahara African countries from 1998 to 2012, this article examines the drivers of energy intensity. Specifically, the article tests two hypotheses: (1) improved banking performance does not foster energy...
May 2018
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