Robust consumption‐investment problem under CRRA and CARA utilities with time‐varying confidence sets

We consider a robust consumption‐investment problem under constant relative risk aversion and constant absolute risk aversion utilities. The time‐varying confidence sets are specified by Θ, a correspondence from [0, T] to the space of the Lévy triplets, and describe a priori drift, volatility, and jump information. For each possible measure, the log‐price processes of stocks are semimartingales, and the triplet of their differential characteristics is almost surely a measurable selector from the correspondence Θ. By proposing and investigating the global kernel, an optimal policy and a worst‐case measure are generated from a saddle point of the global kernel, and they constitute a saddle point of the objective function.     

Understanding the drivers of organic foods purchasing of millennials: Evidence from Brazil and Spain

This paper examines the antecedents of millennials' organic food purchasing. A conceptual framework, based on product characteristics, and consumers' concerns and consciousness, is proposed. Data collection was conducted through a survey in two culturally and socioeconomically distinct countries (Brazil vs. Spain) to increase the robustness and generalizability of the results. The results show that product characteristics and consumer concerns improve millennials’ health consciousness and increase their social consciousness, which, in turn, increase their willingness to pay a price premium and their purchase frequency of organic foods. The findings show that the proposed model has high validity, with only one significant difference between the two countries. Theoretical contributions and managerial implications are discussed.     

土地流转：弱转入土地意愿的博弈分析

[目的]我国土地制度的施行使得农户拥有较多小块土地,家庭农场实现连片规模经营的前提是获得规模连片土地,家庭农场与农户进行土地流转协商时,农户将土地流转给家庭农场的意愿如何值得探讨。因此本文研究目的是对家庭农场实现规模连片生产提出建议,期望家庭农场实现规模化经营。[方法]博弈分析法。[结果]家庭农场存在从农户手中转入土地困难,转入土地意愿不强的现象,家庭农场弱转入土地意愿的根源在于土地租金过低、农户转出土地净利润过低、实际转入土地意愿过低。[结论]由此文章提出了3点建议:(1)尝试"确权不确地,确地不确人"的确权政策(2)创建农村土地经营权流转信息平台,建立农村土地流转交易所(3)工商资本下乡租田的做法需谨慎。     

基于计划行为理论的农户耕地转入和转出意愿对比研究

［目的］农民耕地原子化程度不断加深，现行的家庭联产承包责任制已不能适应农村商品化和市场化的进程，严重制约了农村地区的经济发展。对山东部分农村地区农户进行耕地转入和转出意愿对比分析，以促进农村地区耕地流转提出可行性的建议，以期加速农村地区市场化进程，实现经济快速发展。［方法］以计划行为理论为基础，文章以行为态度、主观规范、感知行为控制3个潜在变量， 11个可测变量构建农户耕地转出和转入意愿模型，以山东省6个地区549户农户的实地调查数据为样本，利用结构方程模型对农户耕地流转意愿进行实证分析。［结果］行为态度和知觉行为控制对农户耕地转入和转出意愿都具有显著影响，且标准化路径系数都为正； 主观态度对耕地转入意愿具有显著性影响，其标准化路径系数为负，对转出意愿的标准化系数为正； 11个可测变量分别对相应的潜在变量都有显著性影响。［结论］行为态度对农户耕地转入和转出的影响效果不同，转入耕地的农户主要从耕地固有价值出发，而转出耕地的农户主要从经济理性考虑； 主观规范中4个可观测变量对农户耕地转出和转入的影响具有一致性； 知觉行为控制中农户的契约意识对耕地转出重要性大于耕地转入。     

The Neutrality Illusion: Biased Economics,Biased Training,and Biased Monetary Policy. Testing the Role of Ideology on FOMC Voting Behaviour

This research is trying to shed light on two myths that are usually widespread: the first one being the idea of the academic economist as a neutral scientist finding uncontestable consensual truths, thanks to uncontestable empirical methods, the second, the idea of the central banker as a Weberian neutral bureaucrat setting aside personal beliefs to act mechanically for the common good. Deconstructing this ‘neutrality illusion’, this work argues that economics is actually a divided and ideologically marked discipline despite its aim at natural-science-type-legitimacy. It argues in a related discussion that such ideological bias also impedes a purely neutral conduct of monetary policy, undermining the very idea of central bank independence. Linking these two arguments, it argues that graduate training in economics is the first place for the formation of biased preferences, because of the substantial ideological sorting that exists across universities. Using a unique database on FOMC members’ votes and ideology, the paper tests this idea empirically and despite unavoidable caveats, finds robust evidence of a systematic impact of the ideological features of their alma mater on FOMC members’ voting behaviour – impact that we found more important than the other traditional determinants of central bankers’ actions.     

风险传染的信息识别——基于网络借贷市场的实证

基于清华大学金融科技研究院互联网金融研究中心网络借贷平台数据库与网贷之家相关平台统计数据,通过构建Logit模型与Cox比例风险回归模型来研究2015年12月e租宝事件和2018年6月备案延期后的“爆雷”现象,本文着重考察投资者是否具备根据信息披露程度识别问题平台和正常平台的能力。本文发现,第一,信息披露程度是影响平台风险的重要因素:信息披露程度越高的平台,其运营时间越长,出现问题的可能性越低。第二,信息披露程度越高的平台对抗风险的能力越强。风险传染期内,信息披露程度较高的平台,其成交量受市场负面情绪的影响较小。上述两点表明,总体而言,投资者重视平台披露的信息,并具备一定的信息识别能力。最后本研究也发现,上述两次风险事件期出现的问题平台是市场出清所需,它们和正常运营平台存在较大差异,尚无证据表明大量正常平台被拖累成问题平台。     

Tourism as a discipline in light of the non-classical sociology of science

Embedding the issue of the recognition of tourism by the academia in the context of the scientific identity of the researchers of tourism can bring valuable insights into the debate. Moreover, such an approach is aligned with the main assumptions of social constructionism and the non-classical sociology of science (knowledge) stemming from the paradigm theory of science formulated by Kuhn. These concepts served as the foundations for the present research, allowing for the formulation of its main hypothesis: that every academic community has the right to decide whether it accepts tourism as a separate academic discipline or not, and that there is no reason why any opinion on this matter should be imposed on everyone. Another useful piece of information can be gained by adopting an epistemological perspective in the form of the questions: will separating tourism from other disciplines make it possible for us to learn more about it? Or should we continue considering it through the prisms of other disciplines? These were the premises which drove both parts of the present research: literature query and empirical study (which featured results from researchers from all around the world), and were addressed in the conclusion.     

STOCK‐BOND CO‐MOVEMENTS AND FLIGHT‐TO‐QUALITY IN G7 COUNTRIES: A TIME‐FREQUENCY ANALYSIS

This paper examines co‐movement between stock returns and changes in 10‐year government bond yields as well as flight‐to‐quality behaviour in G7 countries. We conduct the wavelet squared coherence analysis to explore the dynamics in both time and frequency domain. Our results provide evidence of positive co‐movements, which vary over time and across investment horizon. The higher co‐movement is found to be more concentrated in the lower frequency bands. We further analyse the dynamic nature of the scale‐dependent wavelet correlations and find that the correlations are highly volatile and significantly increase across different time scales during the episodes of equity market turbulence. The increase in correlations reflects flights from stocks to safer bond investments as a result of dramatic changes in investor sentiment and risk aversion at times of market stress.     

Welfare Policy and Precarious Lives: “Welfare Reform” Revisited

Abstract:

Although welfare reform has not been one of the most highly visible policy agendas for the Trump administration, restricting access to public assistance programs has been a part of proposals and actions in a number of areas. The Trump administration’s overall approach to welfare reform was articulated formally in 2018 in an Executive Order and a Council of Economic Advisers Report. To provide some context for a discussion of these two documents, the article begins with a discussion of the different meanings of “welfare reform” identified in institutionalist literature, and a brief overview of some important findings on the impacts of the 1996 welfare reform. It then highlights some key aspects of the Trump administration’s approach to welfare reform and responses from the poverty research and advocacy community.     

John R. Commons and Government as Employer of Last Resort: Three Paths to a Progressive Right to Work

Abstract:

Today in the United States, a number of congressional Democrats endorse proposals that would establish a job guarantee for all Americans seeking work. Arguments for such a policy can be traced back at least to the work of John R. Commons, one of the first institutional economists. This article demonstrates that there are actually three arguments in Commons’s scholarship that provide a case for government to hire the unemployed by serving as employer of last resort. These arguments, each highlighted at a different point in Commons’s career, can be viewed in turn as legal, financial, and historical paths to public provision of work for the jobless—government employment that Commons considered part of “the right to work.” The article traces each path, highlighting insight that remains relevant and calling for greater attention to Common’s writings as a way to reclaim the right to work as a progressive cause.