Fiscal Policy in a Growth Model with Both Altruistic and Nonaltruistic Agents

This paper examines the long-run behavior of an overlapping generations model with a population consisting of altruistic and nonaltruistic agents. It also studies the effect of fiscal policy on aggregate capital accumulation and on the welfare of both types of agents. It shows that an increase in the relative number of nonaltruists is Pareto-improving in the steady state. It also shows that the introduction of public debt or unfunded social security has no effect on the long-run equilibrium but implies a transfer of resources from the nonaltruistic to the altruistic agents. Finally, it indicates that inheritance taxation hurts not only the altruists but also the nonaltruists.     

Zum Problem der numerischen Bestimmung der Niveau-Eigenschaft eines psychologischen Tests

Zusammenfassung Ausgehend von einer in dieser Zeitschrift (Bd. 3, S. 117–127) von Lienert und Ebel publizierten Arbeit, werden die allgemeinen Bedingungen für idealtypische Speed- und Power-Tests diskutiert. Es wird nachgewiesen, da? Indices zur numerischen Kennzeichnung von Speedbzw. Power-Eigenschaften eines psychologischen Tests — bestimmt auf Grund einmaliger Testdurchführung —, wie sie von Lienert und Ebel und vor ihnen von Gulliksen (1) entwickelt wurden, nur unter speziellen Bedingungen anwendbar sind.     

The impact of regulatory focus on adolescents’ evaluation of targeted advertising on social networking sites

This article examines whether individual differences in chronic regulatory focus (prevention vs. promotion focus) among adolescents influences the way they evaluate targeted advertising on social networking sites. Study 1 (survey) reveals that adolescents with a promotion focus (who are oriented toward achieving positive outcomes) have a more positive attitude and a higher purchase intention toward targeted advertising, as compared to prevention-focused adolescents (who are dispositioned toward avoiding negative outcomes). Study 2 (experiment) investigates how adolescents’ chronic regulatory focus can alter their attitude and purchase intention on a mock social networking site that includes a targeted advertisement. Results show that a low personalized targeted ad is better evaluated (in terms of a more positive attitude and higher purchase intention) among prevention-focused adolescents, whereas a high personalized targeted ad results in better advertising outcomes among promotion-focused adolescents. Contributions to theory and implications for advertising practice are discussed.     

Particle swarm optimization: A study of particle displacement for solving continuous and combinatorial optimization problems

This article addresses the particle swarm optimization (PSO) method. It is a recent proposed algorithm by Kennedy and Eberhart [1995. Particle swarm optimization. In: Proceedings of the IEEE International Conference on Neural Networks (Perth, Australia), vol. IV, IEEE Service Center, Piscataway, NJ, pp. 1942–1948]. This optimization method is motivated by social behaviour of organisms such as bird flocking and fish schooling. PSO algorithm is not only a tool for optimization, but also a tool for representing socio-cognition of human and artificial agents, based on principles of social behaviour. Some scientists suggest that knowledge is optimized by social interaction and thinking is not only private but also interpersonal. PSO as an optimization tool, provides a population-based search procedure in which individuals called particles change their position (state) with time. In a PSO system, particles fly in a multidimensional search space. During flight, each particle adjusts its position according to its own experience, and according to the experience of neighbours, making use of the best position encountered by itself and its neighbours. In this paper, we propose firstly, an extension of the PSO system that integrates a new displacement of the particles (the balance between the intensification process and the diversification process) and we highlight a relation between the coefficients of update of each dimension velocity between the classical PSO algorithm and the extension. Secondly, we propose an adaptation of this extension of PSO algorithm to solve combinatorial optimization problem with precedence constraints in general and resource-constrained project scheduling problem in particular. The numerical experiments are done on the main continuous functions and on the resource-constrained project scheduling problem (RCPSP) instances provided by the psplib. The results obtained are encouraging and push us into accepting than both PSO algorithm and extensions proposed based on the new particles displacement are a promising direction for research.     

Non-convex aggregate technology and optimal economic growth

This paper examines a model of optimal growth where the aggregation of two separate well behaved and concave production technologies exhibits a basic non-convexity. First, we consider the case of strictly concave utility function: when the discount rate is either low enough or high enough, there will be one steady state toward which the convergence of the optimal path is monotone and asymptotic. When the discount rate is in some intermediate range, we will find sufficient conditions for having either one equilibrium or multiple equilibria steady state. Depending to whether the initial capital per capita is located with respect to a critical value, we show that the optimal paths monotonically converge to one single appropriate equilibrium steady state. Second, we consider the case of linear utility and provide sufficient conditions to have either unique or two steady states when the discount rate is in some intermediate range. In this range, we give conditions under which the above critical value might not exist, and the economy attains one steady state in finite time, then stays at the other steady state afterward. P. Michel passed away when this research was completed. This paper is dedicated to his memory as a friend and colleague. N. M. Hung and C. Le Van thank the referee for vey helpful remarks and criticisms. They are grateful to Takashi Kamihigashi for very fruitful discussions. They also thank J.-F. Leclerc for editing the final version of this paper.     

The Brand Personality of Nonprofit Organizations and the Influence of Monetary Incentives

This article contributes to the limited literatures on small- and medium-size enterprises (SMEs) and corporate social responsibility (CSR). Using an institutional theoretical framework, we analyzed fieldwork interviews with twenty SMEs and perspectives of 165 SME managers and workers in textiles, garment, and footwear industries, the most important wage-earning sector in Vietnam. Having understood in the context of a developing “market economy with socialist orientation” (thus a “Southern perspective”), we find that socially responsible practices and expectations developed long before the arrival of CSR as a western concept and an MNC agenda. While identifying and contributing ideas concerning forms of “informal” CSR practices—influenced by social and cultural expectations—to the CSR/SME literature, we are conscious of the mixed effects of these practices and the ongoing nuanced negotiations between workers and managers in these SMEs. In our research, we found that it takes both domestic and international stakeholders to improve labor conditions in Vietnam under the banner of CSR.     

Asymmetric responses of money demand to oil price shocks in Saudi Arabia: a non-linear ARDL approach

Saudi Arabia is an open oil-based economy with fixed exchange rates; therefore, it has limited monetary policy autonomy. Using non-linear autoregressive distributed lag approach, this article investigates the asymmetric effects of oil price shocks on the demand of money in Saudi Arabia over the period 1990:Q1–2014:Q4. The empirical results show evidence of positive long run but asymmetric effects of oil price shocks on the money demand. In particular, we find that the positive oil price shocks are more important than negative shocks. Therefore, two policy responses can be considered: either sustaining the fixed exchange rate regime and following an economic diversification policy or switching towards a flexible exchange rate regime to achieve price stability. In that case, the existence of a stable money demand function in Saudi Arabia is a necessary precondition for adopting a monetary policy strategy targeted to price stability using instruments like money targeting.     

'Shopping Around' for Accounting Practices: The Financial Statement Presentation of French Groups

This article illustrates the progressive move away from traditional accounting practices through a study of the presentation of financial statements. Based on a sample of one hundred large French industrial and commercial groups over a ten-year period, and applying a logistic regression method, our survey confirms a trend among French companies, which are increasingly turning their backs on traditional national practices as regards the balance sheet format, the income statement format, the voluntary disclosure of a statement of changes in shareholders' equity and the cash flow statement format. This move towards 'alternative' practices is made possible by the flexibility of French regulation, and can probably be explained by the desire of French firms to attract more investment on international capital markets. However, this trend shows no signs of a clear orientation towards any particular accounting model (IAS, U.S. or U.K.). The behaviour of the French firms observed in our study can be considered as a kind of 'shopping around' for accounting practices.     

Fiscal Policy in an Overlapping Generations Model with Bequest-as-Consumption

This paper analyzes an overlapping generation (OLG) growth model wherein saving finances second period consumption and bequest‐as‐consumption. First, it looks at the market equilibrium and at the optimal solution; then it turns to the issue of decentralizing the optimal solution with various taxes and transfers. Depending on the available instruments, either a first‐best or a second‐best optimum can be achieved. Throughout the paper, the results are contrasted with those obtained in the standard OLG model without intergenerational transfers.