Productivity Growth in the Chinese Economy by Industry and the Role of Foreign Capital

I. IntroductionIt is well known that China’s reform and open-up policy initiated in 1978 had an extremelylarge impact on the Chinese economy. This policy represented an about-face against thetraditional self-reconstruction strategy that China had maintained since the founding ofthe people’s Republic in 1949. Although China’s economy temporarily fell into confusionfor a few years after the Tian-an-men incident in 1989, China continued to record high GDPgrowth. Moreover, after Deng Xiao…     

RULE CHANGES AND UNCERTAINTY IN DISCRIMINATORY AND UNIFORM PRICE AUCTIONS

The auction literature indicates that uncertainty about the value of auctioned goods increases underpricing in discriminatory price auctions. Such uncertainty has a smaller effect on uniform price auctions because the pricing rule aggregates bidders' information. We find that uncertainty resulting from inexperience with an auction mechanism has similar effects. Using initial public offering (IPO) data from Japan and Israel, we find that average underpricing increases temporarily in Japan's discriminatory price auctions after changes in the auction rules, which suggests that bidders reduce their bids in response to uncertainty. Underpricing in Israel's uniform price auctions is not affected by rule changes.     

Multilateral Comparison of Cost Structures in the Input–Output Tables of Japan,the US and West Germany

This paper presents a multilateral comparison of relative levels and structures of costs of production in Japan, the US and West Germany. The analysis is carried out by using harmonized input–output tables, which are converted at US prices by using adjusted sectoral purchasing power parities. A new accounting methodology is derived from recent developments of index number theory, whereas the chosen multilateral comparison procedure gives results that are invariant with respect to the order of the pairs of countries examined.     

Optimal pair-trading strategy over long/short/square positions—empirical study

Suzuki [Automatica, 2016, 67, 33–45] solves the optimal, finitely iterative, three-regime switching problem for investing in a mean-reverting asset that follows an Ornstein–Uhlenbeck price process and find explicit solutions. The remarkable feature of this model is that the investor can explicitly take either a long, short or square position and can switch the position, with transaction costs, during the investment period. We run empirical simulations of such multiple-regime switching models. There are very few such attempts in the existing literature because it is difficult to find, first, an explicit solution to the problem and second, appropriate financial assets that follow the artificial stochastic process required by the mathematical model. According to the Monte Carlo simulations of the optimal pair-trading strategy, the mean daily Sharp ratio is more than 2.3, whereas the mean Sharp ratio for the historical simulation of the ‘stub’ pairs (combinations of parent/subsidiary companies) is 0.6886. We believe that the results obtained from performing the empirical simulations are remarkable and consider that the optimal switching strategy of the rigorous mathematical model is applicable to businesses in the real world. For the reference many pseudo-program codes are added, which can help to replicate the optimal trading strategies.     

Measuring US sectoral shocks in the world input–output network

I measure the importance of sectoral shocks in US aggregate output by using the World Input–Output Table (WIOT). The WIOT allows me to correct potential sub-graph bias in previous literature, caused by using only the US industrial production input–output table. I report results from three closely related models to show how sensitive the analyses are to different specifications. The estimates vary from 10% to 45%.     

The proposal and validity of the Customer Science Dual System--The key to corporate management innovation

A future successful global marketer must develop an excellent quality marketing system that impresses users and continuously provides excellent, quality products in a timely manner through corporate management. In this study, the authors proposed the Customer Science Dual System, CS-TMNS ＆ CS-SDSM. For the purpose of innovating strategic product development systems so called Customer Value Creative System, the Total Marketing Network System, CS-TMNS is established. In addition, for intelligent utilization of the established CS-TMNS, statistical science is incorporated so as to create the Strategic Designing Support Methods, CS-SDSM, as a new approach to the creation of wants that are vital to product planning and designing. Concretely, the author will also introduce the effectiveness of this system that reflects latent customer needs through scientific marketing application examples via Automobile Design Profile for the Younger Generation.     

Optimal tracking for asset allocation with fixed and proportional transaction costs

This paper studies the asset allocation problem of optimally tracking a target mix of asset categories when there are transaction costs. We consider the trading strategy for an investor who is trying to minimize both fixed and proportional transaction costs while simultaneously minimizing the tracking error with respect to a specified, target asset mix. We use imupulse control theory in a continuous-time, dynamic setting to deal with this problem in a general and analytical way, showing that the optimal trading strategy can be characterized in terms of a quasi-variational inequality. We derive an explicit solution for the two-asset case, and we use this to provide a sensitivity analysis, showing how the optimal strategy depends upon individual input parameters. We also use some theory for one-dimensional diffusion processes to derive analytical expressions for various measures of performance such as the average time between transactions.     

以人才和管理为本是物流一体化和合同制物流的精髓

“物流一体化”就是利用物流管理使产品迅速流动发展，“合同制物流”其实质是供应商和生产商之间的亲密合作关系。在教育方面，我国应尽快介入“物流一体化”和“合同制物流”现代化理论与技术。     

Patterns of multi-agent land conservation: Crowding in/out,agglomeration, and policy

Private agents make large contributions to networks of conserved land, but little is known about how private agents’ decisions might be altered by government actions. This paper explores the impact of public conservation and public policy on the quantity and configuration of private land conservation and the extent to which the social optimum is reached. Because land conservation benefits often have thresholds and spatial characteristics, we consider the impact of different land conservation benefit functions on the patterns of conservation created by the interaction of private and public agents. We find that public conservation crowds private conservation in or out depending on whether marginal conservation benefits increase or decrease with total acreage, and crowding out is mitigated by the presence of budget constraints. We show how land conservation agents might interact strategically in space depending on preferences over fragmentation, and we explore that spatial strategic interaction in a case with a regional land trust and a case with hot-spot parcels. We identify when government policies, such as agglomeration bonuses and mitigating coordination costs, are most likely to increase the social benefits provided by private land conservation agents.     

Life cycle and bequest savings A study of Japanese and U.S. households based on data from the 1984 NSFIE and the 1983 survey of consumer finances

This paper investigates whether the elderly save or dissave in light of two newly available sets of cross-section micro data, the 1983 “Survey of Consumer Finance” for the United States and the 1984 “National Survey of Family Income and Expenditure” for Japan. Contrary to dominant earlier findings we find for the United States that families after retirement dissave on average about a third of their peak wealth by the time of death, leaving the rest (mostly their homes) as bequests. For Japan, special handling is made to eliminate possible sample selection bias due to the different economic characteristics of the elderly forming independent households and those living with children. We find that the elderly belonging to both groups continue to save, and moreover, there appear to be significant signs of ongoing wealth transfer between the generations. The data in both countries also show that the elasticity of saving with respect to a life time income measure is significantly greater than unity, and more strongly so within higher age groups. J. Japan. Int. Econ., December 1988, 2(4), pp. 450–491. Department of Economics, University of Pennsylvania, Philadelphia, PA 19104-6297, and National Bureau of Economic Research.