Time is Money: Improved Valuation of Time and Transportation Costs

The proper valuation of time isimportant for estimating the demand for severaleconomic goods. This paper explores the propervaluation of time when estimating recreationaldemand, where time costs represent asubstantial portion of the ``purchase price'. Toestimate demand, this paper uses a travel costframework to analyze actual behavior (``revealedpreference data') and hypothetical behavior(``stated preference data'), which is induced byhypothetical increases in access fees, traveltime, and travel distance. By comparing theresponses to these three contingencies, theanalysis adjusts and improves the valuation oftime costs. As evidence of this improvement,this analysis demonstrates a great increase inthe consistency between the revealed and stateddata. Similarly, this paper improves thevaluation of transportation-related costs.     

Anomalies and Stated Preference Techniques: A Framework for a Discussion of Coping Strategies

This paper introduces a symposium on the issue of how stated preference (SP) research can best cope with ‘anomalies’ (i.e. systematic deviations from the predictions of standard economic theory) in survey responses. It proposes a framework for constructive debate, recognising (i) the legitimate aspirations of SP research, (ii) the relevance of evidence from sources other than best-practice SP, and (iii) the precautionary value of investigating strategies for coping with suspected anomalies, even if questions about the robustness of anomalies have not been finally resolved. Five alternative coping strategies, discussed in more detail in the symposium, are briefly introduced. JEL classifications: D61, D63, Q51     

Context-Sensitive Benefit Transfer Using Stated Choice Models: Specification and Convergent Validity for Policy Analysis

Benefit transfer has been an important, practical policy tool appealing to government agencies, especially when time or budget is constrained. However, the literature fails to support convergent validity of benefit transfer using the stated-preference method. This empirical study conducts four convergent validity assessments of benefit transfer using the choice modeling method and data from Rhode Island and Massachusetts, regarding coastal land management. The comparisons evaluate how individual characteristics improve benefit transfer and yield insights relevant to research specifications to produce studies adaptable for transfer applications. Empirical tests show benefit transfer using choice modeling may be acceptable, and even empirically valid, depending on the policy objectives and the context.     

Demand Aggregation and the Weak Axiom of Stochastic Revealed Preference

We address the problem of aggregating demand across a group of consumers, who are identical in terms of wealth and face identical price vectors, but vary in their chosen consumption bundles. We show that, when a stochastic demand function is constructed to aggregate a number of deterministic demand functions, satisfaction of the weak axiom of stochastic revealed preference by this stochastic demand function is weaker than the restriction that every underlying deterministic demand function satisfy Samuelson's weak axiom of revealed preference. Journal of Economic Literature Classification Number: D11.     

Convergent Validity of Revealed and Stated Recreation Behavior with Quality Change: A Comparison of Multiple and Single Site Demands

We consider the convergent validity of several demand models using beach recreation data. Two models employ multiple site data: a count data demand system model and the Kuhn–Tucker demand system model. We explore the role of existing variation in beach width in explaining trip choices, and analyze a hypothetical 100 foot increase in beach width. We compare these models to a single equation model where we jointly estimate revealed and stated preference trip data, and focus on a hypothetical scenario considering a 100 foot increase in beach width. In each case we develop estimates of the change in beach visits and the welfare impacts from the increase in width. The trip change estimates from two of the three models are similar and convergent valid, though the willingness to pay estimates differ in magnitude.     

Towards a Theory of Revealed Economic Behavior: The Economic-Neurosciences Interface

Based on recent findings from economics and the neurosciences, we present a conceptual decision-making model that provides insight into human decision-making and illustrates how behavioral outcomes are transformed into phenomena. The model may be viewed as a bridge between the seemingly disparate disciplines of neuroscience and economics that may facilitate more integrative research efforts and provide a framework for developing research agendas for scientists interested in human behavior and economic phenomena.     

Comment on “Revealing Differences in Willingness to Pay Due to the Dimensionality of Stated Choice Designs: An Initial Assessment”

There are very few studies that quantify the interactions and tradeoffs between statistical and cognitive efficiency in designing stated-choice studies. While a conceptual framework for evaluating cognitive strategies would be desirable, Hensher adopts a strictly empirical approach in this experiment. The success of the study must be evaluated in light of his aggregating attributes rather than controlling the number of attributes, asymmetry in the narrow-range and wide-range attributes, and lack of orthogonality between the number of attributes and number of alternatives. Nevertheless, Hensher challenges uncritical acceptance of any given set of design features and correctly insists that we confirm our experience with rigorous, quantitative experiments.     

The Validity of Environmental Benefits Transfer: Further Empirical Testing

This paper provides further empirical evidence of the validity of environmental benefits transfer based on CV studies by expanding the analysis to include control factors which have not been accounted for in previous studies. These factors refer to differences in respondent attitudes. Traditional population characteristics were taken into account, but these variables do not explain why respondents from the same socio-economic group may still hold different beliefs, norms or values and hence have different attitudes and consequently state different WTP amounts. The test results are mixed. The function transfer approach is valid in one case, but is rejected in the 3 other cases investigated in this paper. We provide further evidence that in the case of statistically valid benefits transfer, the function approach results in a more robust benefits transfer than the unit value approach. We also show that the equality of coefficient estimates is a necessary, but insufficient condition for valid benefit function transfer and discuss the implications for previous and future validity testing.     

A cost-benefit analysis of restoring the Em River in Sweden: valuation of angling site characteristics and visitation frequency

This article uses Cost-Benefit Analysis (CBA) to evaluate restoration scenarios aimed at improving angling on the Em River in Sweden. We find that none of the proposed projects are socially profitable when considering only values associated with angling. We rely on a Choice Experiment (CE) to derive utilities and estimate the monetary value of angling site characteristics and then also use the utilities derived in a visitation frequency using a two-stage budgeting approach. The visitation frequency is then used to extract values for fishing license sales and business-related income. The case study illustrates how CBA can provide useful insights into the potential economic returns of environmental restoration projects. Our case study also indicates that the results in terms of Willingness-To-Pay (WTP) and visitation frequency are general findings – i.e. they appear similar across angling sites – which is particularly useful from a policy point of view because it supports the use of benefit transfer for more cost-effective river management.     

Eliciting Stock Market Expectations: The Effects of Question Wording on Survey Experience and Response Validity

Expectations about stock market movements are an important factor in models of investments and savings. To better understand consumers' financial behavior, economic surveys such as the Health and Retirement Study (HRS) ask participants to report expectations about the stock market. However, readability statistics suggest that the HRS' stock market expectations questions use relatively complex wording, which may contribute to their relatively high rates of missing responses. Here, the authors build on survey design research to improve the readability of these questions. In 2 experiments using national online panels, they test whether revising stock market expectation questions to reduce their difficulty affects respondents' (1) survey experience, as measured by percent of missing answers and ratings of question clarity and difficulty, and (2) response validity, as assessed by respondents' confidence in their answer and comparisons between expectations and stock market outcomes. In both studies, the authors' revisions improved survey experience. Unfortunately, revisions also decreased the perceived (Study 1) and actual (Study 2) validity of responses. The authors discuss implications of question revisions for the design of economic surveys.     

The Effect of Respondent Experience/Knowledge in the Elicitation of Contingent Values: An Investigation of Convergent Validity,Procedural Invariance and Reliability

Tests of convergent validity and procedural invariance were used to investigate whether individuals lacking direct experience with a commodity can provide valid responses to contingent-valuation questions eliciting ex post use values. Convergent validity between samples with and without experience was shown to hold for dichotomous-choice responses, but not for open-ended responses.     

利益与风险偏好差异:上市公司委托理财行为及对策的经济学分析

通过对上市公司决策主体分企业和个人两个层次的分析发现由于企业的内部控制者在委托理财行为中可以获得较大收益却无需承担失败的损失,加上长期的执法不力,他们与企业存在利益与风险偏好上的差异,从而解释了那么多的上市公司对风险很大的委托理财趋之若鹜的原因.要重构上市公司委托理财行为中的"共有信念",需要加大执法力度,且实现一定约束下的法律成本在用于制定新的法规和执行已有法规之间的优化配置;此外,通过提高企业控制人的分成比例,设立企业控制人的个人保证账户也可以减少企业控制人在委托理财中的违法违规行为.     

环保产业发展与区域环境质量改善——来自省级面板数据的证据

环保产业能够通过技术效应、替代效应、直接效应、环保意识和环境管制标准提升等途径来改善环境质量。对我国30个省份的面板数据进行的实证研究发现,环保产业发展确实能够改善区域环境质量,但是目前其对不同污染物排放有着不同的影响力度,其对整体环境质量和工业废水排放的改善作用较为明显,但对固体废物和废气排放的影响并不显著。环保产业改善环境质量的力度和广度都还没有充分展示出来,这与其目前的总体规模和水平相称。     

网络搜索对股票市场的预测能力:理论分析与实证检验

网络搜索数据记录了数以亿计的搜索关注与需求,为研究市场交易行为提供了必要数据基础。本文以股票市场为例,首先从微观的投资者行为视角建立一个理论框架,揭示了网络搜索与股票市场之间存在一定的先行——滞后关系。然后,在时差相关分析的基础上,根据经济含义将搜索数据合成为三类搜索指数:股民行动指数、市场行情指数、宏观形势指数。实证检验得出,搜索指数与上证指数年收益率正相关且存在协整关系。在长期趋势中,三类搜索指数分别每增加1个百分点,年收益率将增加0.22、0.56、0.83个百分点。进一步的Granger因果关系检验表明,搜索指数对上证指数年收益率具有显著的预测能力。     

企业家风险偏好对 R & D 投入与绩效关系的调节效应--基于中小企业板上市公司的实证研究

以2012年中小企业板的517家上市公司为研究样本,依据高层梯队理论,实证研究了企业家风险偏好对R&D投入和公司绩效之间关系的调节作用。研究发现：R&D投入对公司绩效有显著的影响,而企业家风险偏好对这一结果具有调节作用。企业家越偏好承担风险,则R&D投入与公司绩效之间的正相关关系越强。本研究对进一步明确R&D投入与企业绩效关系异质性的作用机理具有重要的理论意义,对企业管理层的任命决策提供重要的启示。     

经济结构、技术进步与环境污染——基于中国工业行业数据的分析

文章将环境污染的影响分解为规模效应、结构效应、纯生产技术效应、纯污染治理技术效应、混合技术效应、结构生产技术效应、结构治理技术效应和综合效应,并运用37个工业行业2001-2009年三种主要废气排放数据实证分析了工业经济结构和技术进步对工业废气减排的贡献,得到如下结论:纯生产技术效应、纯污染治理技术效应在减排过程中占据了主导地位;工业经济结构的变化对工业废气减排的作用效果不明显,相对2001年甚至还加剧了环境污染;结构生产技术效应和结构治理技术效应都对废气减排起到了促进作用,环境技术进步在一定程度上弥补了工业结构的不合理。     

产业集聚、技术创新与环境污染——基于中国工业行业面板数据的实证分析

利用1999—2013年中国21个两位数工业行业的面板数据,利用面板数据向量自回归模型,实证分析了产业集聚、技术创新与环境污染的动态关系。结果表明:工业集聚程度的提高能够显著减少工业污染排放、促进技术创新;技术创新对环境污染排放具有显著的正向影响;环境污染排放具有循环累计因果效应;随着时间的推移,产业集聚对环境污染排放的抑制作用越来越明显,但长期内技术创新对环境污染波动的解释力将超越产业集聚。     

技术管理能力对突破性技术创新行为的影响：环境动荡性与竞争敌对性的联合调节效应

利用突破性技术创新实现“弯道超车,后发制人”是我国经济高质量发展的必由之路。突破性技术创新的成功离不开创新行为的实施,如何促进突破性技术创新行为成为理论和实践上亟待解决的问题。探索技术管理能力对突破性技术创新行为的影响,分析环境动荡性对技术管理能力与突破性技术创新行为间关系的调节作用,以及竞争敌对性对环境动荡性调节作用的调节效应。研究表明,技术管理能力对突破性技术创新行为具有显著正向影响,环境动荡性在技术管理能力与突破性技术创新行为的关系中起正向调节作用;竞争敌对性能够强化环境动荡性的正向调节作用。     

A Discussion of “Using Angler Characteristics and Attitudinal Data to Identify Environmental Preference Classes: A Latent-Class Model”

In the current issue of Environmental and Resource Economics, Morey et al. (2006) discuss a new approach to using attitudinal data in latent class modeling. We compare this approach with the one taken in Boxall and Adamowicz (2002), in the context of a discrete choice, random utility framework with heterogeneous preferences. We derive the respective likelihood functions of the two approaches to show that they are structurally similar, and discuss their implications for the use of attitudinal data. We conclude with a discussion comparing the relative merits of latent class and random parameters (mixed logit) modeling, offering the view that as a practical matter, choosing between them depends on the analyst’s judgment about the correlation of preference parameters.     

经济分权模式下地方政府赶超与劳动收入占比——基于中国省级面板数据的实证分析

文章首先分析了地方政府由竞争而采取的赶超行为对劳动收入占比的影响。在中国特殊的经济分权模式下,这种赶超行为一方面加深了产品市场和要素市场的不完全竞争程度;另一方面由于地方政府没有充分利用资源禀赋的比较优势,而是优先发展重化工等资本密集型产业,从而导致了过快的资本深化。文章然后提出了理论假说,最后运用省际面板数据实证分析了地方政府赶超行为对劳动收入占比的影响。结果表明,地方政府的赶超行为显著降低了劳动报酬份额;另外,文章还发现人力资本存量也与劳动收入占比显著负相关。