Green Consumption under Misperceived Prices: An Application to Active Transportation

We propose a consumption model that captures the impact that perceived price ambiguities may have upon decision‐making in green markets in general and in active transportation markets in particular. The basic intuition for the model is that a consumer who may be misperceiving the price of the green good (the active transportation mode) would be willing to pay a positive amount from her income in the current period to resolve the misperception going forward. We posit that the basis for the price misperception in the active transportation context is misperception of the relative risks involved in taking that mode. The compensating variation that aligns perceived and objective risk is derived. We show how raising green consumption via price misperception correction can be superior to traditional economic policy instruments. The results shed light on the more general family of situations in which agents may consistently misperceive aspects of the decision environment.     

4RCP综合营销模型研究

本文在对4P、4C、4R相关研究成果进行述评和对供应链管理模式下4R营销理论进行深入探讨的基础上,对4P和4C理论的具体内容进行了修改以符合未来供应链的管理模式。以输入输出方法分析了三个理论具体内容之间的关系并提出了4RCP综合营销模型。该模型中4R是营销战略,4C和4P分别是顾客的需求分析和营销行动方案制定的战术模型,三者是互相融合的综合关系。4RCP综合营销模型在应用中是循环递进的,包括RCP的大循环和CP小循环,一次RCP大循环包括数个CP小循环。该模型适用于从营销战略到战术规划的转换,贯通营销活动从市场分析到具体营销行动的全过程。     

Negative equity and wages

We examine the relationship between housing equity and wage earnings using nine waves of the national American Housing Survey from 1985 to 2003. Employing a rich set of time and place controls, a synthetic mortgage instrumental variable strategy, and a first difference estimator we find that people underwater on their mortgage command a significantly lower wage than other homeowners. The finding survives a number of robustness checks for reverse causality and unobserved heterogeneity. We also explore other determinants of “house lock” including loss aversion, a low existing mortgage interest rate and property tax assessment caps, but do not find these factors mitigate the effect of negative equity on wages.     

Buying a Home with a Resale Value: Location,Location, Location*

We develop a dynamic multiregion model, where a household's choice of housing location depends on its current wealth and its current type, and involves both consumption and investment considerations. The relative strength of the consumption motive and the investment motive determines the equilibrium pattern of residential sorting. A strong investment (consumption) motive implies sorting according to household type (wealth). The model predicts that large house‐price fluctuations are associated with a low degree of sorting by type. This prediction is consistent with evidence from US metropolitan areas when income, education, and age are used as proxies for household type.     

The Innovative Performance Of The World'S Largest Firms: Some New Evidence ‡

Data on R & D expenditures and US patenting in the world's 660 largest, technologically active firms both show a linear relation between firm size and the volume of innovative activities, despite some inconsistencies between the two measures. Technological diversity increases with firm size, but relatively weakly, especially in R & D-intensive sectors. Sectoral variations in the comparative technological advantage of large firms based in Japan, the USA and W. Europe are better explained by variations in rivalry in their home market than by variations in their size.     

Effects of Transport Regulation on the Oil Market: Does Market Power Matter?

Instruments used to regulate the consumption of oil in the transport sector include fuel taxes, biofuel requirements, and fuel‐efficiency standards. However, the effects that these have on oil consumption and price vary. If market power is present in the oil market, the directions of change in consumption and price might contrast with those in a competitive market. As a result, the market structure affects not only the effectiveness of the policy instruments used to reduce oil consumption, but also the terms of trade and carbon leakage. In particular, reduced oil consumption, as a result of increased fuel‐efficiency standards, will unambiguously increase the price of oil under a monopoly.     

The Diaries of a Cabinet Minister,Volume One,Minister of Housing 1964–66

While John R. Commons often referred to third sector organizations, such as associations, cooperatives, and trade unions, it is unclear how these organizations can be fitted into his transactional typology. This paper clarifies this problem by identifying two dimensions of bargaining, managerial, and rationing transactions: 1) the extent of legal equality of transactional participants, and 2) the extent of commonness of these participants' transactional interests. These dimensions enable defining the identity of the third sector in terms of a distinct variety of rationing transactions combining legal equality of transactional participants with significant commonness of their interests. The paper further explores several implications of this argument for new institutional economics, concerning the citizenship aspect of markets and hierarchies and the possibility of viewing third sector organizations as hybrids between markets and hierarchies. The paper concludes with a discussion of the implications for further research.     

高新技术企业内部治理与研发支出相关性实证研究

研发是高新技术企业生存和发展的重要推动力,探讨研发支出与公司内部治理之间的关系对于推动企业的研发创新和公司治理均有着重要的意义。本文研究了可能影响研发支出的公司内部治理因素,并对其进行了实证检验。研究发现,信息披露透明度、独立董事比重和机构投资者持股比例对研发支出均具有较显著的影响。