Distribution-free estimation with interval-censored contingent valuation data: troubles with Turnbull?

Contingent valuation (CV) surveys frequently employ elicitation procedures that return interval-censored data on respondents’ willingness to pay (WTP). Almost without exception, CV practitioners have applied Turnbull’s self-consistent algorithm to such data in order to obtain nonparametric maximum likelihood (NPML) estimates of the WTP distribution. This paper documents two failings of Turnbull’s algorithm; (1) that it may not converge to NPML estimates and (2) that it may be very slow to converge. With regards to (1) we propose starting and stopping criteria for the algorithm that guarantee convergence to the NPML estimates. With regards to (2) we present a variety of alternative estimators and demonstrate, through Monte Carlo simulations, their performance advantages over Turnbull’s algorithm.

tal group with cells of Alexan

the total energy values(p=0.125 1)of Artemia parthenogenetica,while the medium without the algal cells significantly affected both the total dry weight(p=0.021 5) and the total energy values(p=0.013 5) of Artemia parthenogenetica.In addition,both the medium     

A network meta-analysis to compare simeprevir with boceprevir and telaprevir in combination with peginterferon-α and ribavirin in patients infected with genotype 1 Hepatitis C virus

Abstract

Objective:

To conduct a network meta-analysis (NMA) to assess the relative efficacy and safety of simeprevir, a second generation oral protease inhibitor (PI), compared to telaprevir and boceprevir in combination with pegylated interferon-α and ribavirin (PR) in patients with chronic hepatitis C.     

Labor or consumption taxes? An application with a dynamic general equilibrium model with heterogeneous agents

This study analyzes the effects of tax reform that shifts tax burden from labor to consumption. In this context, I also deal with the issue of progressivity. Even though this kind of tax policy change has recently gained popularity, its positive effects are debatable while the offsetting effect of a consumption tax on labor supply makes the net output change rather ambiguous. I examine these effects using a dynamic general equilibrium model with heterogeneous agents. The model is calibrated to fit certain characteristics of the Finnish economy. In addition to output and employment effects, I study the tax reform's effect on income and wealth distribution. First, I find that eliminating progressivity in labor taxation increases output via increase in capital accumulation that comes, however, in expense of slightly more inequality. Then, tax reform that replaces progressive labor taxes with a flat-rate consumption tax leads to a significant rise in capital accumulation, a negligible change in labor supply and gross labor income distribution, but a relatively considerable increase in wealth concentration.     

Objectives of Financial Reporting with Chinese Characters

Objectives of financial reporting are not immutable--they are influenced by a variety of factors, such as the economic, legal, political, and social environment in which financial reporting takes place. As the environmental contexts have changed in China since 1992, objectives of financial reporting have shown even more Chinese characters. In this paper, we focus on these special characters of objectives of financial reporting in China. In order to understand the objectives featured by Chinese characters, we are trying to find the hidden relationships between the objectives and environmental contexts. Our research shows that many researchers have already tried to establish objectives of financial reporting with Chinese characters, however current studies do have their limitations, and further studies should be done.     

Vertical separation with location–price competition

While the literature has generally found that vertical separation helps buffer competition and harm consumers in a duopolistic market, we find the exact opposite. To induce the retailers to locate closer to consumers and earn a larger market share, the manufacturers set wholesale prices below marginal cost. This market share effect dominates the previously focused coordination effect under which a higher wholesale price helps coordinate the retailers’ pricing decisions. For each manufacturer, vertical separation is a dominant strategy so the endogenous determination of vertical separation versus vertical integration is a prisoner’s dilemma game.     

Study on Portfolios Models with Evolutionary Programming

This paper is trying to make some improvement to Markowitz＇s Mean-Variance Model. In this paper, we try to solve the model of portfolio by using Evolutionary Programming under the condition of the covariance matrix which is a non-positive matrix, and design a new method which can improve Markowitz＇s model. At last, we give an illustrative example with the new method.     

Does decision error decrease with risk aversion?

There is substantial evidence that risky decision-making involves a stochastic error process. The literature has adopted different approaches to address this issue, however, risk preferences are not uniquely identified by the most popular methods; decision error is not predicted to monotonically decrease with risk aversion. This paper reports the results of an experiment that elicits risk preferences to identify risk averse individuals and evaluates the frequency the stochastically dominant of two lotteries is chosen. Risk averse subjects exhibit a strong preference for dominant lotteries. More importantly, violations are consistent with stochastic decision error that decreases with risk aversion.     

On Shapley–Shubik equilibria with financial markets

In this paper, we extend the Shapley–Shubik model to a two period financial economy, and essentially address the question of the existence of an equilibrium. More precisely, we show the existence of nice equilibria, i.e. situations in which prices for both assets and commodities are strictly positive. Even if the general lines of the proof are largely influenced by the paper of Dubey and Shubik (J Econ Theory 17:1–20, 1978), most of the arguments are new because of the financial nature of the economy. It forces us to deal with a generalized Nash equilibrium, and to proscribe the use of arguments which only work with a single cash-in-advance constraint.      

How Can I Deal with Flextime Hazards?

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Disequilibrium growth theory with insider–outsider effects

Ito has applied the non-Walrasian regime switching methodology to the Solovian neoclassical growth model and discussed the occurrence of regimes of full employment, overemployment and underemployment and the different dynamical systems (to be patched up) these regimes give rise to. We shall show in this paper that nothing of this sort really characterizes Solovian growth with non market-clearing real wages if over- or under-time work of the workforce within the firms (the insiders) is taken into account. This simple extension of the two-dimensional dynamical systems of Ito by one dimension implies that there is only one regime possible (the Goodwinian classical regime) with a 3D dynamics that are easily made globally stable and which moreover are often globally asymptotically stable, and this even more when substitution and endogenous growth are added to the model.     

Testing the Uzawa–Lucas model with OECD data

The paper tests the Uzawa–Lucas model of endogenous growth using a modified Granger-causality test and panel data for 20 OECD countries. The results favour the human capital augmented endogenous growth model against both the exogenous growth model à la Solow and endogenous growth models of the AK type.