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1.
Programs to improve water quality do not improve all water bodies equally. Evaluation of the benefits of such programs must account for where improvements occur and the relative magnitude of improvements that occur in different places. This study uses a choice experiment survey to explore how the value to a household of a surface water quality improvement varies as a function of (i) the distance between the household and the affected streams and rivers, (ii) the degree to which the quality of the water has been improved, (iii) how many stream and river miles have been improved, and (iv) the sizes of the affected streams and rivers. Results show evidence that value declines with distance in an approximately linear way, weak evidence that large rivers are worth more than small rivers, and no evidence that willingness-to-pay is nonlinear in either the degree of water quality improvement or the number of stream miles improved. These results indicate that it may be defensible in applied work to value small, spatially-explicit water quality improvement projects independently and then sum over projects.  相似文献   
2.
人工收集和整理2012—2018年在中国市场上映的首轮院线电影信息数据,构建电影需求的嵌套logit回归模型,以新冠肺炎疫情为准自然实验,来量化突发公共事件对电影行业复产复工的影响。结果显示:第一,关于上映时间选择,在恢复营业后,如果所有因为疫情尚未上映的电影选择顺延上映能有效避免过度竞争的局面。第二,关于上映节奏控制,控制好未定档电影的上映节奏,保持适当的竞争能促进经济效益提升。其中,从11月份开始以每周两部的频率上映未定档电影的经济效益最佳。第三,关于上映方式选择,与线下播放相比,疫情期间选择线上播放能及时收回成本并有利于经济收益最大化的实现。研究结论为电影行业制定复产复工策略提供依据,为未来应对突发公共卫生事件提供参考。  相似文献   
3.
The Prebisch–Singer hypothesis in economics asserts that over time the relative price of primary goods relative to manufactured goods should experience a downward trend. To test the hypothesis, we must first establish the unit root properties of the relative price term and then regress the stationary series on a trend term. We use the quantile unit root test which allows for both smooth unknown numbers and the form of breaks in the trend function through a Fourier function to show that the relative price of 23 out of 24 primary goods is stationary. However, the Prebisch–Singer hypothesis is supported only in half of the primary commodities.  相似文献   
4.
This paper endogenizes the number of firms in an industry with positive network effects, complete incompatibility, and firms that compete in quantity. To this end, we compare two possibilities: free entry and second‐best number of firms (the one that maximizes social welfare). We show that with business‐stealing competition, free entry yields, in general, more firms than the socially optimal solution. In addition, we find that by the nature of the industry with firm‐specific networks, total production may be greater or lower under free entry than with a regulator; moreover, some industries attain their maximum social welfare with a monopoly.  相似文献   
5.
基于汇率传递的风险溢价渠道,本文将我国利率调控通胀、外汇储备对冲干预汇率纳入新凯恩斯政策模型,构建双目标双工具政策分析框架,比较泰勒规则与双目标双工具规则下通胀目标与汇率目标共存的经济机制与效应。本文模拟显示:(1)双目标双工具政策框架下通胀目标与汇率目标能够共存,此时通过影响汇率风险溢价来盯住汇率不影响通胀;而单工具政策下两目标无法共存,此时降低国内资产的收益率盯住汇率会刺激居民的消费行为引起通胀。(2)国际资本冲击下,双目标双工具政策在固定汇率的同时能保证经济稳定;而当贸易条件恶化时,选择完全浮动汇率制度最优。央行政策损失分析进一步验证了以上结论。(3)随着金融市场化改革深入,外汇储备稳定汇率的有效性将下降,冲销成本会大幅提升。资本账户开放下,双目标双工具政策仍是央行抵御外部资本冲击的首选政策;但是汇率市场化后,通胀目标制与双目标双工具政策效果基本无差异。本文结论的启示是:面对国际资本,需必要的汇率管制;但是面对贸易冲击,可适度提升汇率弹性来减少冲击对产出和通胀的影响。  相似文献   
6.
We revisit hysteresis effect in the unemployment rate of each of the 52 states of the United States using nonlinear quantile unit root test over the period 1976M1–2016M7. Our results indicate that unemployment rate of the U.S. economy as a whole displays hysteresis effect over recessionary periods. Nineteen out of 52 states display hysteresis behaviour over the period 1976–2016. For the remaining 33 states, we find four types of behaviours. Some states display stationarity behaviour almost in all quantiles. Some display hysteresis over recessionary periods and in contrast some display hysteresis over expansion period.  相似文献   
7.
This paper considers a Lagrange multiplier (LM) based panel unit root test that allows for heterogeneous structural breaks in both the intercepts and slopes of a series. We note that many popular time series variables are likely to exhibit changing means and/or trends over time. Given that the usual tests will depend on the nuisance parameters indicating the locations of the trend breaks, we adopt a transformation procedure that makes our new panel unit root tests invariant to the nuisance parameters. To illustrate the importance of the power gain provided by our test, we examine the convergence hypothesis using relative ratios of per capita health care expenditures in 20 OECD countries. Our results provide evidence that the convergence hypothesis is supported.  相似文献   
8.
The Färe‐Primont index is used to evaluate total factor productivity (TFP) change and its components for a sample of French suckler cow farms in grassland areas in 1985–2014. The results reveal an increase in TFP of 6.6 per cent over the whole observation period, with technological progress being the major source of productivity growth. Meanwhile, efficiency decreased. Farms experienced great technological progress from 1991 to 2000. From a methodological point of view, the comparison with results obtained with Malmquist indexes shows similar trends but different magnitudes, with the Malmquist index overestimating the TFP and technological changes compared to the Färe‐Primont index. In addition, the use of a sequential approach that restricts technological change to being positive or null allows for the precise calculation of technology changes, disregarding the effects of external conditions that are captured in efficiency changes. Finally, the estimation of full dimensional efficient facets (FDEFs) that guarantees the positivity of all shadow prices used to assess the mix efficiency component of TFP change is promising.  相似文献   
9.
李春涛  薛原  惠丽丽 《金融研究》2018,457(7):124-142
本文利用中国A股上市公司2006-2015年的数据,研究社保基金持股对上市公司盈余质量的影响。我们用上市公司财务重述作为测度盈余质量的指标,发现社保基金持股能够显著降低企业发布财务重述的概率,这表明社保基金对上市公司盈余质量的提高具有促进作用。并且,社保基金的这一治理作用在国有企业、内部治理水平较差以及市场化程度较低地区的上市公司中更加显著。通过双重差分模型和安慰剂检验等方法弱化了内生性问题之后,以上结论依然成立,说明社保基金持股和盈余质量提升之间存在因果关系,我们称之为社保基金的公司治理作用。进一步研究发现,社保基金可以通过抑制控股股东资金占用、增加机构调研次数等途径提升被持股公司的盈余质量。本文有助于认识和评估社保基金持股对于上市公司的监督与治理作用。  相似文献   
10.
This letter shows that the ‘Whatever it takes’ speech by ECB President Draghi on 26 July 2012 and the ensuing installation of the Outright Monetary Transactions’ framework are associated with a reduction in the domestic and cross-border effect of Eurozone news on absolute yield changes in Eurozone sovereign debt. These results are consistent with the popular view that these actions helped to avoid a collapse of the Eurozone.  相似文献   
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