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1.
This study examines the impact of a stamp tax rate increase on market behavior, using data from two stock exchanges in China. We find that when the tax rate increases from 0.3 to 0.5% (which implies that the transaction cost increases by about 1/3) trading volume decreases by 1/3. This implies an elasticity of turnover with respect to a stamp tax of −50% and an elasticity of turnover with respect to transaction cost of −100%. The markets’ volatility significantly increases after the increase in the tax rate. Furthermore, the change in the volatility structure indicates that the markets become less efficient in the sense that shocks are less quickly assimilated in the markets.
相似文献
Badi H. Baltagi (Corresponding author)Email: |
Dong LiEmail: |
Qi LiEmail: |
2.
Carolina Castaldi Roberto Fontana Alessandro Nuvolari 《Journal of Evolutionary Economics》2009,19(4):545-566
We reconsider the notion of technological trajectories by means of a detailed case-study of the evolution of tank technology
between 1915 and 1945. We use principal component analysis to analyze the distribution of technical characteristics and how
they map into specific service characteristics. We find that, despite the existence of differences in technical leadership,
tank designs of different countries show a high degree of overlap and closeness along a common technological trajectory. In
the conclusions, we speculate on whether this pattern can be explained by common heuristics that influenced the rate and direction
of design activities or by doctrinal viewpoints influencing the development and use of tanks in the battlefield.
相似文献
Alessandro NuvolariEmail: |
3.
Andre Jungmittag 《Empirical Economics》2006,31(2):313-331
This paper investigates whether a convergence or divergence of national innovation capabilities of the 15 EU countries occurs in the course of time. An answer to this question permits immediate conclusions with regard to the success prospects of a convergence of per capita incomes and labor productivities within the EU. For the empirical analysis based on patents granted at the US-Patent and Trademark Office, unit root tests for time series and panel data are used to scrutinize the convergence hypothesis. Taking all results together, evidence points to the fact that an absolute convergence of innovation capabilities is an exception. However, for a number of countries the results suggest either conditional convergence or convergence to their own growth paths.
相似文献
Andre JungmittagEmail: |
4.
Economists in the institutional tradition have spent a great deal of time dealing with the notions of governance and the state.
Yet that school of thought has yet to develop a complete unified theory of either governance or the state. In the work Commons
and Veblen we see very different levels of analysis and commentary on these issues. Both authors are recognized as founding
thinkers in the Institutional school yet they differ on how they use their methods and they have differing ideas about the
usefulness of the state. Still, considered together they present a fairly complete and useable set of ideas about how governance
and the state work. This essay summarizes, clarifies, and somewhat expands on the views held by Commons and Veblen with the
view of moving towards a clear and concise institutional theory of the state.
相似文献
Thomas KempEmail: |
5.
Thierry Aimar 《The Review of Austrian Economics》2008,21(1):23-43
This article argues for an extension of the Austrian paradigm of the ignorance of actors. The idea that will be defended here
is that actors are not only confronted with their lack of knowledge of the other person but also with their lack of self-knowledge.
From this perspective, the article seeks to understand the implications of this phenomenon in terms of infra-individual coordination
and to account for the mental processes mobilized by the individual mind so as to deal with that self-ignorance.
相似文献
Thierry AimarEmail: |
6.
The recent period of intensive and extensive development of global economic integration, or globalization, has reached a crossroads.
The regime of the neoliberal Great Capitalist Restoration is not sustainable and fundamental governance changes must be made.
This paper adds perspective to the choices that must be made at this critical juncture of the global social economy by applying
the master concepts of Schumpeter’s Creative Destruction and Polanyi’s Protective Response.
相似文献
James Ronald StanfieldEmail: |
7.
Localized innovation, localized diffusion and the environment: an analysis of reductions of CO2 emissions by passenger cars 总被引:2,自引:1,他引:1
We investigate technological change with regard to CO2 emissions by passenger cars, using a Free Disposal Hull methodology to estimate technological frontiers. We have a sample
of cars available in the UK market in the period 2000–2007. Our results show that the rates of technological change (frontier
movement) and diffusion (distance to frontier at the car brand level) differ substantially between segments of the car market.
We conclude that successful policies should be aimed at the diffusion of best-practice technology, and take account of the
different potential for further progress between different segments of the market (e.g. diesel vs. gasoline engines and small
vs. large engines).
相似文献
Bart VerspagenEmail: |
8.
Antonio Saravia 《Constitutional Political Economy》2008,19(2):129-147
The fall of the Institutional Revolutionary Party (PRI) in July 2000 marked a milestone in Mexico’s political history. Throughout
its 71 years of incumbency, the PRI had incarnated the set of social, political and economic institutions of the country to
the extent of becoming synonymous with governance and stability. Using a simple model in which institutional change is the
result of the strategic interaction between citizens, an incumbent ruler and a potential new ruler or entrant, we provide
a systematic interpretation of this experience emphasizing the role of evolutionary factors such as history, uncertainty,
learning and experimentation.
相似文献
Antonio SaraviaEmail: |
9.
It is well-known that endogenous cycles can occur in Ramsey models with heterogeneous households and borrowing constraints.
In this note, we address the issue of robustness in the more general case of endogenous labor supply and we explain the occurrence
of local indeterminacy under progressive taxation.
相似文献
Thomas Seegmuller (Corresponding author)Email: |
10.
We analyze the role of vertical innovation in trade patterns for developing economies trading with technologically advanced
countries. A model is presented where the international diffusion of knowledge, promoted by economic integration, is the source
of a technological catching up and leads to a convergence in the quality of traded goods, with a positive effect on exports.
We then turn our attention on the evolution of trade between the Central and Eastern European countries (CEECs-5) and their
European Union partner countries, assessing whether economic integration has increase the quality of the goods produced. For
the period 1995–2005, we find evidence of the increasing role of intra-industry trade and vertical differentiation and a process
of specialization in higher quality products, especially in the medium- and high-skill sectors.
相似文献
Marcella Mulino (Corresponding author)Email: |
11.
Jianpei Li 《Portuguese Economic Journal》2009,8(2):119-136
This paper analyzes the efficiency of team production when risk-neutral agents exhibit other-regarding preferences. It is
shown that full efficiency can be sustained as an equilibrium of a budget-balancing mechanism that punishes some randomly
chosen agents if output falls short of the efficient level but distributes output equally otherwise. The result depends on
agents being sufficiently inequity-averse.
相似文献
Jianpei LiEmail: |
12.
Monetary policy as bad medicine: The volatile relationship between business cycles and asset prices 总被引:1,自引:0,他引:1
Philipp Bagus 《The Review of Austrian Economics》2008,21(4):283-300
Austrian business cycle theory has become an important point of focus in controversial mainstream discussions regarding the
role of asset prices in monetary policy. In this article, the relation between asset prices and the Austrian business cycle
theory is examined. The analysis focuses on how central banking supports optimism, resulting in the redirection of entrepreneurial
activity and knowledge via asset price bubbles. The crucial role of credit expansion for asset price booms is also analyzed.
Following this analysis, the implications for monetary policy are deduced.
相似文献
Philipp BagusEmail: |
13.
Guido Candela Massimiliano Castellani Roberto Dieci 《International Review of Economics》2008,55(3):285-311
In this paper we study a particular case of “multiple” externalities associated to the production of a good/activity, whose
external effects can change from positive to negative depending on the level of output (intersecting externalities). To analyze their impact on the public policy we propose a very simple two-agent partial equilibrium model in the technological
context of externalities. In a static framework, the centralized solution always implies an optimal policy, which may consist
of taxation or subsidization depending on the individual optimum and on the technology parameters. In a dynamic model with
local knowledge of the efficiency function and instantaneous output adjustments, such an optimal policy can be structurally
stable or unstable. In the latter case, under small changes of the parameters the policy may switch from low taxation/subsidization
to high taxation/subsidization or vice versa, or even jump discontinuously from taxation to subsidization or vice versa. Furthermore, the decentralized solution based upon “tradable rights” can be economically equivalent to the centralized solution
in the form of taxation policy but the two solutions may be not politically equivalent.
相似文献
Roberto DieciEmail: |
14.
A complex systems methodology to transition management 总被引:2,自引:2,他引:0
Floortje Alkemade Koen Frenken Marko P. Hekkert Malte Schwoon 《Journal of Evolutionary Economics》2009,19(4):527-543
There is a general sense of urgency that major technological transitions are required for sustainable development. Such transitions
are best perceived as involving multiple transition steps along a transition path. Due to the path dependent and irreversible
nature of innovation in complex technologies, an initial transition step along some preferred path may cut off paths that
later may turn out to be more desirable. For these reasons, initial transition steps should allow for future flexibility,
where we define flexibility as robustness regarding changing evidence and changing preferences. We propose a technology assessment
methodology based on rugged fitness landscapes, which identifies the flexibility of initial transition steps in complex technologies.
We illustrate our methodology by an empirical application to 2,646 possible future car systems.
相似文献
Koen FrenkenEmail: |
15.
Robert Kemp 《Forum for Social Economics》2007,36(1):43-51
This paper puts the theory of medical dominance, as it understood as a sociological theory of historical change, into a broader
theory of institutional change of the delivery of medical care. The application of medical dominance theory to three institutional
contexts (Australia, USA, and Canada) is reviewed. The possibility of progressive institutional change in the delivery of
medical care is addressed, as well as the type of technological innovation that might accompany such institutional change.
The concept of medical dominance is useful to explain the dominant characteristics supporting the institution of medical practice.
However, an explanatory theory of the evolution of health care delivery should be linked to the instrumentally warranted standards
for medical care. These standards are then discussed.
相似文献
Robert KempEmail: |
16.
How large is liquidity risk in an automated auction market? 总被引:2,自引:0,他引:2
We introduce a new empirical methodology that models liquidity risk over short time periods for impatient traders who submit market orders. Using Value-at-Risk type measures, we quantify the liquidity risk premia for portfolios and individual stocks traded on the automated auction market Xetra. The specificity of our approach relies on the adequate econometric modelling of the potential price impact incurred by the liquidation of a portfolio. We study the sensitivity of liquidity risk towards portfolio size and traders' time horizon, and interpret its diurnal variation in the light of market microstructure theory.
相似文献
Pierre GiotEmail: Phone: +32-81-724887 |
Joachim Grammig (Corresponding author)Email: Phone: +49-7071-2976009Fax: +49-29-5546 |
17.
In constitutional political economy, the citizens’ constitutional interests determine the social contract that is binding
for the post-constitutional market game. However, following traditional preference subjectivism, it is left open what the
constitutional interests are. Using the example of risk attitudes, we argue that this approach is too parsimonious with regard
to the behavioral foundations to support a calculus of consent. In face of innovative activities with pecuniary and technological
externalities in the post-constitutional phase, the citizens’ constitutional interests vary with their risk preferences. To
determine what kind of social contract is generally agreeable, specific assumptions about risk preferences are needed.
相似文献
Ulrich WittEmail: |
18.
Sourushe Zandvakili 《Forum for Social Economics》2008,37(2):135-145
Assessment of inequality measurement is the focus for this survey. All measures of inequality must be evaluated based on a
set of desirable properties. More importantly, the usefulness of statistical inference for measures of inequality needs examination.
相似文献
Sourushe ZandvakiliEmail: |
19.
Mauro Caminati 《Journal of Evolutionary Economics》2006,16(3):207-229
The introduction of a production function of technology embodying laws of returns to research and development (R&D) is now standard practice in growth theory. This paper offers a critical evaluation, in the light of a generalized N–K model, of some recent contributions suggesting foundations for the existence of laws of returns to R&D. It is argued that such contributions fail to analyze the way in which research and development activity in the technological and scientific domains affect the dimension, the hierarchic structure and the complexity of knowledge search spaces. In the attempt at moving some analytical steps in this direction, this paper considers the possibility that modularity effectively counters the rise in complexity which would follow from idea growth and the increasing number of potential interactions between component ideas. It is argued that the force of the modularity argument finds its limits in the face of radical innovations that are general purpose, but entail a deconstruction and reconstruction of the hierarchy of technological interactions. It is also suggested that niche creation and knowledge spillovers elicit the early development and subsequent diffusion of such radical innovations.
相似文献
Mauro CaminatiEmail: |
20.
Darwinism in economics: from analogy to continuity 总被引:5,自引:3,他引:2
Christian Cordes 《Journal of Evolutionary Economics》2006,16(5):529-541
Currently there is an ongoing discussion about how Darwinian concepts should be harnessed to further develop economic theory. Two approaches to this question, Universal Darwinism and the continuity hypothesis, are presented in this paper. It is shown whether abstract principles can be derived from Darwin’s explanatory model of biological evolution that can be applied to cultural evolution. Furthermore, the relation of the ontological basis of biological and cultural evolution is clarified. Some examples illustrate the respective potential of the two approaches to serve as a starting-point for theory development.
相似文献
Christian CordesEmail: |