Multiple steady states and indeterminacy in the Uzawa–Lucas model with educational externalities

This paper examines a foreign technology holder’s licensing choices between royalty and fixed-fee scheme. We emphasize that foreign licensor chooses the quality of licensed technology when the licensee country does not implement perfect intellectual property protection for licensor’s technology. We study quality choice as the foreign licensor’s selection for a particular grade of technical skills. We show that fixed fee emerges as the equilibrium licensing scheme when both the transfer of his technology is relatively efficient and the licensee is sufficiently cost competitive in the domestic market, and that royalty licensing prevails otherwise. We further show it need not hold the general belief that welfare in the licensor country unambiguously rise with a stronger patenting system in the licensee country when, in particular, such patenting system in place is sufficiently lax.     

Measuring agents’ reaction to private and public information in games with strategic complementarities

In games with strategic complementarities, public information about the state of the world has a larger impact on equilibrium actions than private information of the same precision, because public signals are more informative about the likely behavior of others. We present an experiment in which agents’ optimal actions are a weighted average of the fundamental state and their expectations of other agents’ actions. We measure the responses to public and private signals. We find that, on average, subjects put a larger weight on the public signal. In line with theoretical predictions, as the relative weight of the coordination component in a player’s utility increases, players put more weight on the public signal when making their choices. However, the weight is smaller than in equilibrium, which indicates that subjects underestimate the information contained in public signals about other players’ beliefs.     

‘Economics with Training Wheels’: Using Blogs in Teaching and Assessing Introductory Economics

Blogs provide a dynamic interactive medium for online discussion, consistent with communal constructivist pedagogy. The author of this article describes and evaluates a blog assignment used in the teaching and assessment of a small (40–60 students) introductory economics course. Using qualitative and quantitative data collected across four semesters, students’ participation in the blog assignment is found to be associated with student ability, gender, and student perceptions of the blog. Importantly, students with past economics experience do not appear to crowd out novice economics students. Student performance is positively associated with the quality of their blog participation after controlling for student ability, suggesting that a focus on quality of student engagement could further improve learning outcomes. Students generally report overall positive experiences with the blog assignment.     

Superstitious seasonality in precious metals markets? Evidence from GARCH models with time-varying skewness and kurtosis

In this article, we analyse whether the Friday the 13th effect documented by Kolb and Rodriguez (1987) can be observed in precious metals markets. Specifically, we use dummy-augmented GARCH models to investigate the impact of this specific calendar day on the conditional means of gold, silver, palladium and platinum returns. The specification of the GARCH model follows a flexible class recently proposed by León et al. (2005) that incorporates time-varying skewness and kurtosis by applying a Gram–Charlier series expansion of the normal density function. Our results for the period from July 1996 to August 2013 provide three important insights. First, there is no evidence that human superstition regarding bad luck Fridays affects precious metals markets in a negative way, i.e. returns on Fridays the 13th are not significantly lower than on regular Fridays. Second, besides showing robustness in a variety of settings, we can confirm this main result in a sensitivity check, where we replace the dummy variables by a new measure of investor attention, recently promoted by Da et al. (2011), that is based on Google search volumes. Third, as an important by-product of our study, we can show that there is significant evidence of time-varying skewness and kurtosis in precious metals returns.     

Advancing the Multilateral Regional Cooperation in Economy and Trade with the Scheme Reform of Zero Tariffs

China＇s tariff arrangement in the transition period after ＂entry to WTO＂ influences the process of the multilateral trade system in the world. Establishing the free trade area and customs union according to WTO/GATS 1994 article 24, or according to authorizing the clause （Enabling Clause ） to sign the regional trade agreement between developing countries or signed the protocol of economic integration taking promoting and serving the liberalization of trade as purpose according to WTO/GATS article 5, include the regional trade agreement in the multilateral trade system frame to standardize, supervise and coordinate to China, reduce trade protectionism and improve the multilateral trade system＇s influence in the world greatly. Drawing lessons from CEPA and China the system of the manoeuvre ahead of time of overall ＂entry to WTO＂ of ASEAN Free Trade Area and arrange, accelerate multilateral regional cooperation in economy and trade, zero tariff scheme reform favors route choice.     

Cost-effectiveness analysis of simeprevir in combination with peginterferon and ribavirin for treatment-naïve chronic hepatitis C genotype 1 patients in Japan

Abstract

Aim:

Simeprevir (SMV), a protease inhibitor, recently became available for the treatment of chronic hepatitis C (HCV) genotype 1 patients in Japan. The introduction of triple therapy using SMV in combination with peginterferon and ribavirin (PR) significantly improves the cure rate. The aim was to assess the cost-effectiveness of SMV with PR (SMV/PR) compared to telaprevir with PR (TVR/PR), PR alone, or no treatment in treatment-naïve patients in Japan.     

Circular economy in China and recommendations

It is an overall, urgent and long-term strategic task for China to vigorously develop the circular economy and build a resource-saving and environ- mental-friendly society. China is now at the acceler- ating stage of industrialization and urbanization. Lower per-capita resource amount and tendency of environmental deterioration has not been fundamen- tally averted. Therefore a circular economy devel- opment is an inevitable choice to realize the goal of building a well-off society, ensure sust…     

Health-related quality-of-life,work productivity,and economic burden among patients with Parkinson’s disease in Japan

Abstract

Aims: This study aimed to characterize the burden of Parkinson’s disease (PD) by examining health-related quality-of-life (HRQoL), impairments to work productivity and daily activities, healthcare resource use, and associated costs among Japanese patients with PD.

Materials and methods: This retrospective cross-sectional study used data from the 2009–2014 Japan National Health and Wellness Survey (NHWS) (n?=?144,692). HRQoL (Short Form 36-Item Health Survey version 2), impairments to work productivity and daily activities (Work Productivity and Activity Impairment Questionnaire), healthcare resource utilization, and annual costs were compared between respondents with PD (n?=?133) and controls without PD (n?=?144,559). The effect of PD on outcomes was estimated using propensity score weighting and multivariable regression models.

Results: HRQoL was lower in patients with PD compared to the control group, with reduced physical (41.3 vs 51.3) and mental (35.7 vs 45.4) component summary scores and health state utility scores (0.62 vs 0.77; p?<?.001 for all). Patients with PD also reported higher levels of absenteeism (19.3% vs 3.3%), presenteeism (45.2% vs 18.5%), overall work impairment (52.8% vs 20.3%), and activity impairment (49.6% vs 20.8%) than controls without PD (p?<?.001 for all). In addition, patients with PD had higher healthcare resource utilization, direct (¥3,856,921/$37,994 vs ¥715,289/$7,046), and indirect (¥2,573,938/$25,356 vs ¥902,534/$8,891) costs compared with controls without PD (p?<?.001 for both).

Limitations: Data were cross-sectional and did not allow for causal inferences. Although the NHWS demographically represents the Japanese adult population, it is unclear whether it adequately represents the adult population with PD in Japan.

Conclusions: PD was associated with poorer HRQoL, greater work productivity loss, and higher direct and indirect costs. The findings suggest that an unmet need exists among patients with PD in Japan. Improving PD treatment and management could benefit both patients and society.     

Emissions Trading Mode in America and China and Its Future

The emissions trading is a kind of sustainable development measures that is based on market mechanism, and its growing is closely connected with the market development level. The level of American emissions permits market is relatively high, and also predicts the prospect of professional bourse pattern. Most of emissions permits transactions in China are organized by government environment authority, which make it lack of market function. Emissions permits is a kind of property rights. It is important and profitable, while the emissions trading market obviously possesses the two-class of original allocation and second-time transfer. But there are some decisive differences between emissions permits and ordinary transaction object, so the specialized bourse for emissions trading should be built.     

Thoughts and Countermeasures of Agricultural Revolution in Science and Technology

As science and technology is the first productivity, this paper, through investigation of agricultural revolution in science and technology, proposes the countermeasures to the agricultural revolution in science and technology. The author hopes it can promote the realization of rural prosperity, peasant＇s richness and agricultural development in some degree.     

FDI and Technology Spillover in China

Foreign-invested enterprises＇ influence on China＇s enterprises＇ technology is one of the most important issues. We use the panel data of China＇s state-owned enterprises to analyze this influence. The result shows that the foreign-invested enterprises have a significant influence on the native enterprises. We find that the extent of the technology spillover is positively related to the technological level of the foreign-invested enterprises, while their caoital and asset scales have rather comnlicated influences.     

Spousal Wealth and Fathers’ Involvement in Childcare in Uganda

ABSTRACT

The redistribution of household work is considered essential for effectively empowering women. This study examines the extent to which fathers’ evaluation of their wealth in relation to their wives’ influences fathers’ willingness to participate in childcare, a domain traditionally gender ascribed to wives. Data were gathered from a mothers’ survey and a fathers’ survey, each with a sample of 200, conducted in a rural and an urban district in Uganda in 2008. The study compares mean scores for perception and practice indices across three wealth categories: “wife is wealthier than husband,” “husband is wealthier than wife,” and “shared or equal wealth.” Data show that fathers are more likely to engage in childcare when husbands and wives share or have equal wealth than when there are wealth differences between spouses. The results suggest that policy should focus on raising women's economic endowment as well as public education that encourages progressive perceptions of gender roles.     

When and Where Are Informed Traders? What Is Their Relationship with Analysts in the Price Discovery Process?

The authors' aim was to analyze the influence of analysts' recommendations on the activity of informed and uninformed traders and whether such influence produces changes in the price discovery process. The analysis was carried out in the Spanish market, considered to be an ideal market given its characteristics. The authors' results indicate that although investors as a whole react to new information from analysts and their activity increases, this reaction is not independent of the type of stock. Informed traders do not increase their activity with small stocks to the same extent as uninformed investors do. Furthermore, the influence of these movements on price discovery is not significant. The results suggest that the interpretation role of analysts is more important for less accessible firms in terms of assessing their growth opportunities. This role may enhance the herding behavior of uninformed agents trading in those small titles for which they would otherwise need to invest extra time and extra money for taking profitable decisions.     

Living, learning and relaxing in a safe and beautiful bay

Everyone living or working in Torbay is entitled to a good quality of life . All the partnerships and organi- zations have committed themselves to work together to improve Torbay. This is Torbay' s community plan for the coming three years .It has been developed and prepared by us , the Torbay Strategic Partnership, on behalf of the people living and working in Torbay. We consulted the people of Torbay when we were preparing it . SAFETY In recent years , Torbay has achieved some of the …     

Internet Development and E-commerce Barriers in China

With China＇s entry into WTO, electronic commerce becomes an indispensable premise for China to build a modern, competitive, knowledge-driven economy, and integrate its national economy into an increasingly networked, knowledge-based global economy. This study examines the current status of Internet and E-commerce development in China, finds the factors that lead to the current situation in terms of government policy orientation, identifies the major barriers to E-commerce adoption in China, and proposes strategies toward greater success of E-commerce in China.     

Connections and performance in bankers’ turnover

In this paper we study the impact of the connections of the top executives (Presidents, CEOs and General Managers) of Italian banks on their turnover and on bank performance. We measure managers’ connections by the kilometer distance between the province of the bank's headquarter and the manager's province of birth. We show that top managers tend to be local in the sense that the distribution of this distance is heavily skewed towards zero. On the basis of this evidence we investigate whether connections affect the duration of the appointment at the bank, and whether connections entrench managers at the expense of the bank's performance. We find that connections generally decrease the probability of bank manager’s turnover, and that the positive effect of performance on tenure is strongly attenuated once connections are taken into account. Furthermore we find that for any bank type performance does not increase with connections. On the contrary, we show that having connected managers hurts performance in Mutual, Cooperative and Rural banks. Overall these findings suggest that connections are collusion devices to share and maintain rents at the expenses of bank performance.