Modelling the Stochastic Component of Behaviour in Experiments: Some Issues for the Interpretation of Data

This paper considers some of the questions raised by the fact that people's behaviour—including their behaviour in experimental environments—has a stochastic component. The nature of this component may be crucial to the interpretation of the patterns of data we observe and the choice of statistical criteria for favouring one hypothesis at the expense of others. However, it is arguable that insufficient consideration has been given to the way(s) in which the stochastic element is modelled. The paper aims to explore some of the issues involved. JEL Classification: C12, C73, C91     

The Willingness to Accept Value of Statistical Life Relative to the Willingness to Pay Value: Evidence and Policy Implications

Large disparities between willingness to accept (WTA) and willingness to pay (WTP) based values of statistical life are commonly encountered in empirical studies. Standard economic theory suggests that if a public good is easily substitutable there should be no marked disparity between WTA and WTP values for the good, though the disparity increases with reduced substitutability. However, psychologists have shown that people often treat gains and losses asymmetrically and tend to require a substantially larger increase in wealth to compensate for a loss than the amount they would be willing to pay for an equivalent gain. Although most transport projects may aim to improve safety, situations arise when a relaxation of an existing regulation saves resources but increases the risk of death and injuries. A survey was recently carried out in New Zealand to determine people’s willingness to pay to reduce road risks and their willingness to accept compensation for an increase in risk. This paper reports the disparity observed between the two measures and considers some of the problems posed for policymakers.     

军队采购中的信息不对称问题及对策分析

军队采购作为一种微观经济行为，其中．必然存在信息不对称现象。本文运用信息不对称理论对军队采购中的信息不对称现象进行分析，并提出解决军队采购中信息不对称问题的几点建议和对策。     

Product Differentiation with Credence Attributes and Private Labels: The Case of Whitefish in UK Supermarkets

The retail market for seafood is dynamic with substantial competition both amongst retailers and between private labels and national brands. New product attributes are added in attempts to differentiate products and to attract consumers. Credence attributes, in particular those related to eco‐labels and fishing method, have become more common. But little is known about how these and other credence attributes are valued in the retail market. In addition, little is known about price differences between private labels. To estimate the value of these attributes, weekly in‐store observations of selected frozen whitefish products were conducted in seven UK retail chains in the city of Glasgow. An estimated hedonic model shows a substantial price premium for fishing method (line‐caught), a premium for both home (Scottish) and non‐home country of origin (Icelandic) and a premium for the Marine Stewardship Council eco‐label. An uncertified eco‐label owned by a large seafood manufacturer leads to reduced price. The study also reveals substantial price differences between private labels for whitefish. The results contribute new insights regarding opportunities for differentiation by credence attributes which may lead to more sustainable and effective resource use along the value chain for frozen whitefish.     

深圳与上海金融机构的竞争力分析

通过比较,上海的核心优势是金融市场的容量,而深圳的核心优势是拥有有竞争力、本土成长起来的一批金融机构(包括银行、保险、证券、基金)。还发现:良好的股权结构和企业领袖魅力对深圳的银行和保险业影响很大,而证券业和基金业的业绩更多取决于管理层的风格。以后深圳应携手香港,在保持机构竞争力的同时,扩大金融市场的容量和辐射影响力。     

Save the Children: The Protection of Minors in the Information Society and the Audiovisual Media Services Directive

The protection of underage viewers against programmes harmful to their development has been a long-standing concern in national broadcasting systems and was recognized by the Television Without Frontiers (TWF) Directive as a fundamental issue in European audiovisual regulation. Policy discussions accompanying the most recent reform of the Directive confirmed the need to ensure adequate protection also in the context of on-demand services, while disagreeing over the method by which this should achieved. This article outlines the evolving regulatory regime for the protection of minors against unsuitable programming and presents the legislative proposals drafted by the institutions in the course of the ongoing reform process. The analysis demonstrates that while the concern for protecting minors perseveres in the face of the new Directive’s response to audiovisual convergence, the envisaged rules for on-demand services lead to a noticeable differentiation of the basic regulatory tier, and a concomitant concern for the effectiveness of protection. gt; gt; gt;

Communication versus Information Transparency in One‐Shot Interactions: A Labor Market Experiment

This is an experimental study of communication and information transparency in one‐shot labor market relations with incomplete contracts. We find that communication in the form of non‐binding broadcast chat messages increases wages, effort levels, and overall efficiency regardless of the information regime. It serves as a negotiation platform and helps workers and firms learn how to cooperate. Communication outperforms information transparency in motivating trust and cooperative behavior in one‐shot interactions. Although transparency might be important in the long term, it does not improve any of the market outcomes in short‐term relations unless it is combined with communication. Copyright © 2017 John Wiley & Sons, Ltd.     

Integrated foreign exchange risk management: The role of import in medium-sized manufacturing firms

Empirical research has focused on export as a proxy for exchange rate exposure and the use of foreign exchange derivatives as an instrument to deal with this exposure. This empirical study applies an integrated foreign exchange risk management approach with a particular focus on the role of import in medium-sized manufacturing firms in Denmark (a small, open economy). We find a strong, negative relation between import and the use of foreign exchange derivatives on the aggregate level. Our findings are consistent with the notion that firms use import to match the foreign exchange exposure created by foreign sales activities.