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1.
This paper analyzes the effects of consumption and leisure externalities on growth and welfare in a two‐sector endogenous growth model with human capital accumulation. Both types of externalities are shown to affect the long‐run equilibrium and optimal growth rates in a rather different way. The relationship between the steady state of the market and the centrally planned economy is also analyzed. The optimal growth path can be decentralized by resorting to consumption or labor income taxation, whereas capital income should be untaxed. Numerical simulations suggest that growth and welfare effects of mild consumption and leisure externalities may be quantitatively important.  相似文献   

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The present article extends the Arrow–Debreu portfolio model to consumption externalities. It is assumed that each investor has a von Neumann–Morgenstern utility that is a function of her own consumption and of the average consumption in the group to which she belongs. Individual degrees of risk aversion and conformism are heterogeneous within each group and between the different groups in the economy. We show that, under some conditions on the degree of conformism in the economy, the optimal portfolio and consumption choices observed at equilibrium in each group with consumption externalities are equivalent to those that are optimal without any externality, but with an adjusted degree of risk aversion. If these conditions are not fulfilled, groups have no representative agent and the demand for pure zero‐mean lotteries may be positive, thereby showing that not all diversifiable risks are washed away at equilibrium. We characterize the relationship between the distribution of conformism in the economy to the competitive allocation of risk and to the equity premium. We provide conditions for the two‐fund separation property to hold.  相似文献   

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I examine how an inventor's ability to learn affects the bargaining outcome when she attempts to sell a discovery to one of two oligopolistically competitive firms with correlated and private valuations. It is shown that learning gives the inventor an incentive to lower her proposed price to the first firm approached since being rejected would cause her to be pessimistic when dealing with the second firm. At the same time, however, the inventor would like to raise her proposed price since this pessimism is weaker if she is rejected upon making a high proposal. Another incentive to raise the proposal comes from the fact that learning increases the first firm's willingness to pay for the invention. Computational results suggest that the first effect dominates and thus the inventor lowers her proposal in the first round. When dealing with the second firm, it is shown that learning results in a lower equilibrium proposal and contracting with more types. Moreover, it is shown that the cost of lowering the proposed price outweighs the benefit of contracting with more types so that learning in general reduces the continuation value associated with contracting in the second round.  相似文献   

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It is shown that the horizontal post-Keynesian view of credit-money endogeneity is reasonable rather than extreme. One can argue in favour of a horizontal credit-money supply curve while still taking into account the non-accommodating behaviour of the central bank, financial innovations, protfolio adjustments, liquidity perference theory, and the principle of increasing risk. The differences between horizontalists and other post-Keynesian monetary theorists are matters of emphasis rather than substantial differences of opinion. The only real topic of contention is the ultimate determinant of the base rate of interest.  相似文献   

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This paper uses Canadian cross-sectional income and expenditure data to examine changes in the distribution of family income and family consumption during the period 1978 to 1992. Family consumption data are analyzed because in the presence of intertemporal consumption smoothing, the cross-sectional distribution of consumption may characterize the distribution of lifetime wealth. I find that both Canadian family income inequality and Canadian family consumption inequality moved countercyclically. In addition, both Canadian family income inequality and Canadian family consumption inequality trended upward over the period; however, the change in family consumption inequality was much smaller than the change in family income inequality, suggesting that inequality in the distribution of lifetime wealth may have changed much less than is suggested by changes in the distribution of income.  相似文献   

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The adoption of binary code as the universal standard for globalized communications generates highly positive externalities of the kind often referred to as “network effects.” But what about meaning? What are the externalities associated with the formatting and circulation of meaning, and are they all positive? Within the digital paradigm, is it really possible to separate the notion of expression—covered by copyright—from the meanings conveyed? Isn't meaning closely related to the concept of brand? And on that assumption, how do copyright and trademark institutions work together to stimulate and promote the generation of meaningful information? To answer these questions, we will look at how the meaningful forms of expression—the “works”—that have historically been covered by copyright generate specific types of externality, both positive and negative, giving rise to both incentive and censorship mechanisms. We will then show how the institutions of copyright and author's rights that allow the appropriation of a meaning‐dependent good also confer a brand on it by identifying its sources. This leads to cross‐externalities between works of expression and publishing brands, with the result that copyright and trademark institutions cannot be completely separated from each other. (JEL K11, L5, L82, B25)  相似文献   

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In this article, I examine how the network externalities of communications activities and trading opportunities interact to determine the structure of comparative advantage. These interactions are examined by constructing a two‐country, three‐sector model of trade involving a country‐specific communications network sector. The role of the connectivity of network providers, which allows users of a network to communicate with users of another network, is also explored.  相似文献   

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This note presents a simple model that nests the 'excess liquidity' and 'savings glut' hypotheses of the debate on the recent asset price boom. It clarifies the notion of investors' 'search for yield' and shows how financial frictions influence asset price dynamics.  相似文献   

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西安城镇居民旅游消费行为调查分析   总被引:1,自引:0,他引:1  
在旅游界,对国内游客的消费行为研究还很少。根据一手的调查资料,分析了西安市城镇居民的旅游消费行为的一些基本特征。在此基础上,为西安市旅游企业如何抓住国内旅游迅速发展的机遇指明了方向。  相似文献   

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This paper shows that introducing preferences for social status based on human capital holdings modifies the finding of Gómez (2004 ) that sector‐specific externalities associated with human capital in the goods sector do not violate the optimality of the competitive economy in the Uzawa–Lucas model. The effect of an increase in the degree of sector‐specific externalities is qualitatively the same as that of an increase in the strength of the desire for status. Hence, paradoxically, a greater degree of sector‐specific externalities makes human capital accumulation more excessive from the social point of view.  相似文献   

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艾建玲 《经济地理》2008,28(4):696-699
旅游区具有多重属性,消费特征是特别重要的属性之一.通过长沙市居民旅游消费的调查获得基础数据,从消费地、消费人群、消费能力、消费水平、消费结构和消费愿望对湖南省主要旅游区进行多重考察.归纳出六大旅游消费区类型:旅游热区、旅游次热区、待发展区、文化旅游区、近距离休闲区Ⅰ和休闲区Ⅱ,总结出各类消费区消费主控因子并对比分析了各区消费结构,为深入研究旅游区消费问题提供了思路,为湖南省旅游业发展提出了建议.  相似文献   

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中国居民物质性消费与收入关系及其空间特征   总被引:3,自引:0,他引:3  
罗志辉  琳琳 《经济地理》2002,22(2):192-195
对1993年起中国开始步入过剩经济时代进行了实证分析,给出了沿海与内地城镇及农村居民物质性消费与收入的恩格尔函数及其特征;在收入-消费关系空间特征分析的基础上,指出居民消费倾向内地高于沿海,内地城镇高于农村。最后从居民物质性消费与收入关系及空间特征角度讨论了现阶段加速中西部地区发展的必要性与合理性。  相似文献   

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互惠性偏好近年来引起了国内外经济学理论界的广泛关注,并在管理学界成为企业文化培育的一项重要内容,显著地提高了企业的可持续竞争优势.互惠性文化战略通过对内部营销的促进和员工忠诚度的培育,最终,增强了旅游企业的核心能力.借助于结构方程模型,经验性的研究验证了我国旅游企业互惠性文化战略的经济效应,揭示了互惠性管理策略的微观传导机理,从而为我国旅游企业进一步实施和改进互惠性管理策略、进而提高我国旅游企业的市场竞争能力提供了现实性的理论借鉴.  相似文献   

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The United States uses competitive need limits to deny Generalized System of Preferences (GSP) treatment of imports from developing countries. The analysis here estimates in two ways the effect of competitive need limits on GSP imports. First, it uses ex post trade data to determine the effect on import values and shares. Second, it combines an ex ante model with trade and elasticity data to estimate the effect of competitive need limits. Results indicate that competitive need limits reduce affected imports by 10 to 17%. Benefits from this import reduction accrue almost exclusively to U.S. import competing firms.  相似文献   

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