📈 economics

Joint Estimation of Credit Risk in Consumer Lending: A Multi-Gate Mixture-of-Experts Approach

This study demonstrates that a Multi-Gate Mixture-of-Experts (MMoE) framework for the joint estimation of probability of default and loss given default significantly improves expected-loss calibration, particularly for middle and high-risk borrowers, by leveraging selective parameter sharing to better utilize shared borrower information compared to conventional sequential approaches.

Wenlu Zhang, Fang Fang, Lusi Li, Liuliu Fu2026-10-14
📈 economics

Service Digitalization Impacts on Public Governance Quality in Morocco: A Two-Stage Least Squares Approach

This study employs a Two-Stage Least Squares approach to analyze Morocco's 2003–2024 data, revealing that while e-government development significantly enhances public governance quality, e-participation currently exerts a negative impact due to insufficient citizen engagement, thereby informing a strategic roadmap for future digital transformation.

Mehdi Mohammed Kabbaj, Hamdi El Asli2026-10-14
📈 economics

Underinvestment, Renegotiation and Bridge Financing in Emergency Medical Service Public–Private Partnerships: A Stackelberg Analysis of For-Profit and Non-Profit Providers

This paper employs a Stackelberg game model to analyze Emergency Medical Service public–private partnerships in India, demonstrating that structural underinvestment arises from the government's inability to capture full marginal returns, that tax-exempt non-profits with specific mission weights can achieve first-best efficiency while outperforming taxed corporations, and that pre-committed surge clauses are superior to renegotiation or bridge financing for managing demand shocks.

Senthilkumar Anantharaman2026-10-14
📈 economics

Nonlinear Identification and Early Warning of Stablecoin Price Depegging: Empirical Evidence Based on a Cusp Catastrophe Model

Using a cusp catastrophe model on four major stablecoins from 2019 to 2023, this study reveals that price depegging is a nonlinear process driven by distinct liquidity and redemption mechanisms, where on-chain capital flows and holdings concentration serve as effective forward-looking early-warning indicators for both moderate and severe deviations.

Tianjie Gao, Xiangyu Zhang Zhang, Zhuming Chen2026-10-14