Abstract: This paper evaluates the labor supply of male and female on own-farm, agri-wage and non-farm activities in Pakistan Our analysis reveals that education, caste, village infrastructure appeared to be important determinants for labor supply of both male and female. We also estimated the existence of perfect markets by applying three tests of separability. All tests strongly rejected the separability hypothesis, indicating the dependence of production and consumption decisions of rural households in Pakistan.

• Publication Date: 12-Apr-2015
• DOI: 10.15224/978-1-63248-058-3-55
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Abstract: During last decades the stochastic simulation approach, both via MC and QMC has been vastly applied and subsequently analyzed in almost all branches of science. Very nice applications can be found in areas that rely on modeling via stochastic processes, such as finance. However, since financial quantities -- opposed to natural processes -- depend on human activity, their modeling is often very challenging. Many scholars therefor suggest to specify some parts of financial models by means of fuzzy set theory. In this paper we formulate a fuzzystochastic model to be solved by Monte Carlo simulation. The application possibility is shown on the case of Value at Risk estimation of a single position, though it can be easily generalized to deal with more complex problem.

• Publication Date: 12-Apr-2015
• DOI: 10.15224/978-1-63248-058-3-56
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