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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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