Arrow–Debreu equilibria for rank‐dependent utilities with heterogeneous probability weighting

We study Arrow–Debreu equilibria for a one‐period‐two‐date pure exchange economy with rank‐dependent utility agents having heterogeneous probability weighting and outcome utility functions. In particular, we allow the economy to have a mix of expected utility agents and rank‐dependent utility ones, with nonconvex probability weighting functions. The standard approach for convex economy equilibria fails due to the incompatibility with second‐order stochastic dominance. The representative agent approach devised in Xia and Zhou (2016) does not work either due to the heterogeneity of the weighting functions. We overcome these difficulties by considering the comonotone allocations, on which the rank‐dependent utilities become concave. Accordingly, we introduce the notion of comonotone Pareto optima, and derive their characterizing conditions. With the aid of the auxiliary problem of price equilibria with transfers, we provide a sufficient condition in terms of the model primitives under which an Arrow–Debreu equilibrium exists, along with the explicit expression of the state‐price density in equilibrium. This new, general sufficient condition distinguishes the paper from previous related studies with homogeneous and/or convex probability weightings.     

Positive and normative judgments implicit in U.S. tax policy,and the costs of unequal growth and recessions

Calculating the welfare implications of changes to economic policy or shocks requires economists to decide on a normative criterion. One approach is to elicit the relevant moral criteria from real-world policy choices, converting a normative decision into a positive inference, as in the recent surge of “inverse-optimum” research. We find that capitalizing on the potential of this approach is not as straightforward as we might hope. We perform the inverse-optimum inference on U.S. tax policy from 1979 through 2010 and argue that the results either undermine the normative relevance of the approach or challenge conventional assumptions upon which economists routinely rely when performing welfare evaluations.     

Real exchange rates: are they dominated by fundamental factors?

Using Bayesian model averaging, we determine which fundamental pair-wise differences suggested by the literature on optimum currency areas give the best explanation of medium-term variability of bilateral real exchange rates. The intercept in the best specification is statistically insignificant, implying that for a hypothetical pair of economies for which the differences were zero, the bilateral real exchange rate would not move. Thus, the ‘non-fundamental’ element of the medium-term real exchange rate variability is, in our sample at least, negligible on average. In other words, floating exchange rate does not in itself imply, on average, more real exchange rate variability in the medium term than an exchange rate peg.     

Innovation and antibiotic use within antibiotic classes: Market incentives and economic instruments

We analyze a monopolist's incentive to innovate a new antibiotic which is connected to the same pool of antibiotic treatment efficacy as is another drug produced by a generic industry. We outline the differences of antibiotic use under market conditions and in the social optimum. A time- and state-dependent tax-subsidy mechanism is proposed to induce the monopolist and generic industry to exploit antibiotic efficacy optimally.     

Is it one break or ongoing permanent shocks that explains U.S. real GDP?

The relative importance of permanent versus cyclical shocks to GDP has been found to depend on the presence or absence of a single break in mean growth. We estimate unobserved components models conditional on a trend break having occurred in any specified quarter and use the Bayesian model averaging to combine the conditional estimates. We estimate a break occurred around 2006:1. Allowing for a break significantly reduces estimates of trend variance. However, enough spread remains in the posterior distribution to indicate that available data does not definitively settle the question of the relative importance of trend versus cycle.     

郑州地铁盾构选型及刀盘设计研究

文章紧密结合郑州地铁二号线的地质和线路情况,阐述了盾构选型的原则及郑州地铁选型建议,对区间的施工盾构选型作了优化设计研究,阐述了盾构刀盘的形式,并提出了适合郑州地区盾构刀盘的形式。     

A股股指期货投资者非理性行为研究

本文主要对沪深300期货和新华富时A50期货投资者行为进行检验。收益率与成交量的Granger检验表明,两期货的成交量变动领先于收益率的变动,说明两期货出现投资者非理性行为。而交割日效应的检验进一步说明A股股指期货存在一定的交割日效应,同时沪深300期货投资者的噪声交易较为明显。因此,可以认为,沪深300期货投资者存在较为明显非理性行为,而新华富时A50期货投资者行为相对理性。     

Scheduling deteriorating jobs with CON/SLK due date assignment on a single machine

This paper considers the problem of scheduling deteriorating jobs and due date assignment on a single machine. The actual processing time of a job is a linear increasing function of its starting time. The problem is to determine the optimal due dates and the processing sequence simultaneously to minimize costs for earliness, due date assignment and weighted number of tardy jobs. We present polynomial-time algorithms to solve the problem in the case of two popular due date assignment methods: CON and SLK.     

三级生物质供应链的奖惩与回馈契约协调研究

为了优化生物质能供应链,降低成本,在无扰动因素情况,需求不确定且与价格有关的条件下,研究了由能源公司、基地和农户组成的三级生物质供应链中,奖惩与回馈契约对供应链的协调问题,建立了满足渠道协调的条件和供应链内各级参与者实现互赢的数学模型,最后将其用于数值算例中验证。结果证明契约参数的合理选择可以实现供应链各方利益最大。