The lottery as an alternative source of state revenue

Conclusion In this paper the authors have developed an economic model of state lotteries that determines the probability of whether a given state will adopt a lottery or not, determines the probability of whether a given state is likely to adopt a lottery sooner rather than later, and determines the state's expected net spendable revenues generated by adopting and operating a lottery. The authors found that a given state will tend to adopt a lottery and will tend to adopt the lottery sooner, the higher the relative tax effort of the state, the higher the mean personal income of the state's residents (or the lower the fraction of the state's residents that are in poverty), the greater the restrictions on raising other taxes in the state, the greater the state's spendable revenue generated from parimutuel betting in the state, the larger the fraction of the state's border that is contiguous with other states with lotteries, and since 1980, the greater the annual number of tourists or visitors in the state.A state's expected net spendable revenue from adopting and operating a lottery is greater the higher the mean personal income of residents in the state, the greater the annual number of tourists or visitors in the state, the smaller the fraction of the state's border that is contiguous with other states with lotteries, and the smaller the parimutuel industry in the state. The ability of a given state's residents to cross the border to purchase lottery tickets in contiguous states, and the ability to engage in parimutuel betting in a state are substitutes for the purchase of lottery tickets in the given state and significantly reduce the expected net spendable revenue from adopting and operating a lottery in that state.From a policy making standpoint, legislators often appear to support the adoption of a lottery for their state without fully considering a realistic expected level of net spendable revenue that the proposed lottery is likely to generate for that particular state.⁸ Often these legislators apparently do not consider important determinants of expected lottery profits such as the level of personal income of state residents, the annual number of tourists in the state, and the presence or absence of adjacent states with lotteries. Also, legislators do not consider fully the impact that adopting a lottery will have on existing parimutuel betting industries in the state. Likewise, legislators apparently do not consider the negative impact of parimutuel betting on the expected net spendable revenue generated by the proposed lottery. Legislative decisions made in the absence of full information often tend to be inefficient decisions. The present study may encourage policy makers to become better informed on the issue of lottery adoption for their state.     

Trade‐offs between Tax and Financial Reporting Benefits: Evidence from Purchase Price Allocations in Taxable Acquisitions

Under U.S. GAAP, firms recognize assets acquired in business combinations at fair value. Similarly, in taxable asset acquisitions firms adjust the tax basis of assets to fair value. Managers can increase the present value of future tax savings by allocating a greater portion of the purchase price to shorter‐lived assets than to goodwill or indefinite‐lived intangibles. However, this tax planning strategy imposes a financial reporting cost because it reduces book income following the acquisition; all else equal, allocations to shorter‐lived depreciable assets increase book depreciation expense, whereas allocations to goodwill and indefinite‐lived intangibles do not increase book amortization expense. We exploit the features of taxable asset acquisitions to investigate trade‐offs between tax and financial reporting incentives. We predict and find greater allocations to depreciable versus intangible assets when managers have strong tax incentives and weak financial reporting incentives. However, we also find that strong financial reporting incentives moderate the effects of strong tax incentives. These findings contribute new evidence to the literature on the importance of nontax costs in tax planning decisions     

Estimating net lottery revenues for states

Based on 1980–95 data, this paper estimates and forecasts net lottery revenues for states with and without lotteries. This study indicates that a multi-state estimation is improved when a time-series and cross-section technique is used. Forecasting results are also improved when unequal time series in the data and less-than-full first years of operating lottery are controlled. For states without lotteries, the time-series and cross-section estimation indicates that only two of 14 states without a lottery would have generated net lottery revenue of more than $100 million. The number increases to five of 14 in the cross-section estimation.     

Assortative matching and commercial insurance participation: Evidence from the China Household Finance Survey

We investigated three assortative matching forms, positive assortative matching, women marrying up and men marrying up, and their effects on household commercial insurance participation, the number of family members with commercial insurance and household premium expenditures. Men marrying up has a significantly positive effect on the possibility of household commercial insurance participation and the number of family members having commercial insurance. The effect of men marrying up is larger in health insurance than in life insurance and annuity due to the salience of health risks. Finally, men marrying up interacts with the gender and risk attitude of the household financial decision-maker and may jointly affect household commercial insurance participation. Female decision-makers in marriages are more likely to purchase commercial insurance.     

Pray,vote, and money: The double-edged sword effect of religions on rural political participation in China

This paper studies the impacts of religions on political participation in rural China. Using a representative national survey data, we show that an increase in the share of religion believers in a village significantly raises the voting participation of individual believers but reduces the voting participation of individual nonbelievers. Instrumental variable estimation and robustness checks support our main empirical results. Consistent with the theory, we show that religion believers groups affect voter turnout decisions through expected pivotality, informational transmission, and increased private benefits from being religious. In particular, an individual believer is significantly more likely to receive poverty-targeting subsidies if there are more believers in the village, indicating the local capture by religion believers groups.     

定价方式影响消费者购买临期食品意愿研究

临期食品是在保质期范围内,临近保质期限定日期的食品。消费者对于临期食品的过度丢弃是造成食物浪费的重要原因之一,合理促进临期食品消费能够在很大程度上缓解食物浪费问题。价格作为消费者购买临期食品过程中主要关注的外部线索之一,对消费者购买临期食品起决定性作用。本研究基于语义启动理论,探讨了不同的定价方式对消费者临期食品购买意愿的影响及其作用机制。研究结果表明,与精确数价格相比,整数价格更能增加消费者的临期食品购买意愿。其中,对食品口味的稳定性感知在定价方式对临期食品购买意愿的影响中发挥中介作用;同时,消费者知识在其中起到调节作用。本文的研究结论有助于扩展整数-精确数价格和临期食品相关领域的理论框架,同时为商家经营和销售临期食品提供实践指导。     

The over‐weighting of unfair tie in all‐pay contest: An experimental study

This paper examines experimentally a contest in which the organizer takes a share of the prize if there is a tie. Our hypothesis is that contestants perceive this as unfair and that this perception has a non‐proportional effect on the bids. The results indicate that despite the very low probability of a tie, contestants over‐weight its importance and sharply decrease their bids if the organizer takes a share. We show that a fair contest is the optimal strategy for the organizer since the increase in the average bid in a “fair” contest is higher than the organizer's decrease in expected value from losing his share in a tie.     

国有企业与民营企业公平竞争指标体系的构建与评价

为多种所有制经济创造公平竞争的市场环境,既是坚持"两个毫不动摇"的需要,也是新时代完善社会主义市场经济体制的需要.针对国有企业与民营企业之间存在不公平竞争的争论,本文以2013-2019年A股上市公司为样本,从要素获得、竞争参与两个维度构建了企业公平竞争指标体系以分析竞争环境状况.实证研究表明,无论从单个指标还是综合水...     

风险规避零售商基于双向期权的采购管理

以前景理论的效用函数为基础构建零售商的风险规避决策模型，研究双向期权下风险规避零售商的采购管理决策问题，比较风险中性与风险规避决策者的最优决策以及最优期望效用，分析风险厌恶水平以及相关契约参数对零售商的影响。研究结果以及数值仿真实验表明：风险厌恶水平的增加会改变零售商的订购组合，从而降低其期望效用；除此之外，期权购买价格以及看涨期权执行价格的增加都会降低零售商的期望效用，看跌期权执行价格的增加会增加零售商的期望效用。     

我国政府采购存在的问题及建议

政府采购对于节约财政资金,提高资金使用效益,规范政府采购行为起到了积极的促进作用.但经过几年的实践,采购工作中存在一些问题制约了我国政府采购的进一步发展.为更好更快地推进政府采购工作,本文从理解政府采购的理论内涵、分析存在的问题入手,提出了扩大政府采购规模、规范采购程序、加强法制化建设监督管理等政策建议.     

Are “Education Lotteries” Less Regressive? Evidence from Texas

With little exception, research has shown that state-sponsored lotteries are regressive in the aggregate, in that lottery sales do not increase proportionately with area income. We test whether the purpose of lottery revenues mitigates this spatial regressivity. In August of 1997, the statutory earmark for Texas Lottery proceeds moved from the General Fund to the Foundation School Fund, which supports K-12 education. Beginning in 2000, the lottery was increasingly marketed as a funding stream for public schools. Drawing on a content analysis of lottery commission press releases from 1993 to 2006, we find that Instant game sales were modestly responsive to education messaging, in that sales became noticeably less regressive in the wake of more intense reminders of the education component of the state lottery. It is likely that unobserved heterogeneity in local sales factors played a much bigger role than education marketing.     

The Impact of Health on Labour Force Participation in South Africa

This paper estimates the effect of self‐assessed health (SAH) on labour force participation (LFP) in South Africa. This is motivated by a high disease burden and declining LFP in South Africa during the study period. Data is sourced from the four waves of the National Income Dynamics Study. The results indicate a positive and significant effect of self‐reporting excellent, very good or good health on LFP (relative to fair or poor health). The effect is more pronounced for men relative to women. The result indicates that health policy can be a tool for significantly improving LFP in South Africa.     

对我国企业进入全球采购系统的探究

随着新经济的到来,采购的重要性从企业经营的众环节中凸显出来。面对日趋频繁的全球采购,我国企业要更好地发展,要增强自身竞争力,就需要顺应形势,变革传统的采购管理模式,努力在全球采购系统中扮演供应商或采购商的角色,利用全球采购系统的优势实现降低采购成本,减少库存,减少采购人员,优化合作伙伴,加快资金流转的目的,从而推动企业稳健发展。     

企业并购重组过程中文化的冲突与融合——荣事达集团企业文化案例研究

目前,我国企业通过并购重组来实现企业的快速扩展已经越来越常见,在企业并购重组的过程中,如何化解两个企业文化的冲突,成为并购能否成功和实现资源整合的关键。因此,并购重组中企业文化融合就成为一个不容忽视的问题。文章试图通过分析荣事达集团三次重大并购重组案例,对跨国企业间重组中的文化问题进行初步研究,探索总结重组并购中影响文化融合的关键因素及其应对策略。     

Risk attitude in lotteries offering real products and monetary outcomes

Using two auction mechanisms, the second price auction and the Becker, DeGroot, and Marschak mechanism, we examined individuals’ buying and selling bidding patterns in three types of binary lotteries: a lottery offering only real products, a lottery offering only monetary outcomes and mixed lotteries offering both real products and monetary value outcomes. Participants’ willingness to pay and willingness to accept for the product lottery suggest risk neutrality. In contrast, participants’ bidding prices for the monetary and mixed lotteries suggest risk aversion. These findings suggest that an individual's risk attitude depends upon the type of lottery, perhaps indicating a “product illusion.”     

Strategic interaction between inter vivos gifts and housing acquisition

This paper models the interdependence of parental inter vivos gifts and children’s home purchases when informal care affects decision making. We use data from Japanese households who purchased a detached house in an urban area to test this strategic interaction. Considering both censoring and endogeneity of inter vivos gifts, which are identified by information on formal care, our preferred results demonstrate that inter vivos gifts do not significantly increase the purchase price of housing. Theory suggests that this occurs when informal care tends to be a heavy burden for children. However, subsample analysis of young home buyers indicates that the empirical results are consistent with the literature: children who receive parental gifts tend to purchase a higher-priced dwelling. One potential explanation is that relatively young adult children are less likely to take charge of care obligations, and accordingly, parental gifts are only expected to relax their liquidity constraints. Subsample analysis appears to indicate that the underlying motivation of parental gifts is influenced by the timing of children’s home purchase decisions.     

Global value chains,firms, and wage inequality: Evidence from China

How does participating or moving to more upstream in the global value chains (GVCs) affect the premium paid to skilled compared to unskilled labor within firms? In this paper, we develop a model of heterogeneous firms with intermediate trade and two skill inputs, in which we apply the fair wage hypothesis to predict the wage premium changes according to firms' GVCs activities. The model predicts that firms' backward GVC participation, as measured by the share of foreign value-added content in exports (FVAR), has an ambiguous impact on wage inequality of skills, which depends on the relative importance of “FVAR-labor substitution effect” and “FVAR-profit effect.” However, moving to upstream sectors in GVCs, as measured by the export varieties' upstreamness (or average distance from final use), raises a firm's wage premium. Using detailed Chinese firm-level data from 2000 to 2006, we develop a Mincer-type empirical model to study the wage premium changes associated with FVAR and upstreamness. We find robust empirical evidence that the rise of wage inequality in China mainly arises from moving to more upstream sectors rather than changing GVC participation.     

线上临场感对民宿购买意愿的影响研究

随着旅游电子商务模式出现,线上临场感成为在线服务渠道给消费者留下的第一印象,对旅游产品的营销产生重要影响。以OTA（Online Travel Agent）为研究对象,通过实验研究法,研究了线上临场感对消费者购买旅游产品意愿的影响。实验结果表明：OTA形式越生动,线上临场感强度也越高,购买意愿也随之增强。对于民宿这一项旅游产品来说,图文描述带来的空间临场感对购买意愿的效果并不显著,有效的交流使社会临场感提高后,可显著提升人们的购买意愿。     

Why married women's labor supply in the Netherlands has increased

Summary On the basis of cross-section data sets for 1979 and 1987 we determine: 1) the relative contribution of changes in participation and in hours of work to the increase in married women's labor supply; 2) how much of the change in participation and hours of work is determined by changes in preferences and in budget constraints; and 3) the causes of changes in market wages and reservation wages. The increase in the average unconditional hours of work is much more due to the rise in the participation rate than to the increase in conditional hours of work. Preference changes have contributed positively to the increase in married women's labor force participation over the period 1979–1987, whereas changes in market opportunities have contributed negatively. The change in the market wage and the reservation wage can be attributed mainly to changes in the population structure of married women. Changes in the model structure contributed negatively to the change in the real market and the reservation wage. The positive effect of the change in the population structure dominates the negative effect of the model structure. Finally, participants in the labor market have a comparative wage advantage over non-participants. Non-participants are a self-selecting group with a relatively high reservation wage.We like to thank Joop Hartog, Jules Theeuwes, Isolde Woittiez and two anonymous referees for their comments on a previous draft of this paper.     

An investigation into food-away-from-home consumption in South Africa

Food policy that ignores food-away-from-home (FAFH) in a developing country like South Africa will be misleading given changes in demand for food over time. This study contributes to our understanding of the factors that influence the demand for FAFH in South Africa. Using panel data from the Income and Expenditure Survey, this study analyses the effects of income and socio-demographic variables on FAFH expenditure using a double-hurdle model. The results show that small-sized households headed by younger white females/males and living in an urban settlement are most likely to purchase FAFH while male-headed households spend more than female-headed households. Furthermore, income of the household head is an important determinant of household FAFH expenditures. The income elasticity of expenditure on FAFH is inelastic and a normal good. The small size of the participation elasticities means that growth in the FAFH sector will be driven by households with existing expenditure.