Announcements

Announcements in this article:
International Association for Research in Income and Wealth: Twenty-Eighth General Conference, 2004, Cork, Ireland, 22–28 August
Travel Grant for the IARIW 28th General Conference in Cork, Ireland 22–28 August, 2004
Notice of Availability of Back Stock
Information for Contributors     

Announcements

International Association for Research in Income and Wealth
Travel Grant for the Iariw 28th General Conference in Cork, Ireland 22–28 August, 2004
Call for Papers
Notice of Availability of Back Stock     

我国农村公共服务效率评价：基于DEA方法

运用数据包络分析法对2006年全国28个省（自治区、直辖市）的农村公共服务效率进行了实证分析,测算了各地农村公共服务综合技术效率、纯技术效率和规模效率。研究结果表明：河北、辽宁、上海、福建、山东、广东、山西、湖南、内蒙古、四川、西藏等11个省（自治区、直辖市）的农村公共服务属于DEA有效;农村公共服务纯技术效率水平和规模效率水平在全国均呈梯度变化特征,即东、西、中部地区的农村公共服务纯技术效率依次递减,东、中、西部地区的农村公共服务规模效率依次递减。     

“母市场效应”:来自中国制造业对外贸易面板数据的证据

文章通过模型的建构证明了母市场效应的存在性。文章采用Bergstrand(1989)的引力模型,考察了中国制造业中出口额较大、出口国较多的HS码共28章产品。通过对各章产品面板数据的回归分析发现,除了陶瓷品外,其余27章产品均存在显著的母市场效应。其中钢铁、无机化学和车辆等产品呈现较强的母市场效应,而纺织品、精密仪器等产品则呈现较弱的母市场效应。28章产品中除了陶瓷外其余均为劳动密集型产品,而且绝大部分产品对伙伴国来说为奢侈品。距离、是否接壤和是否有共同语言等变量对中国制造业产品的出口影响并不太显著,对各章产品影响方向也不一致。自由贸易协定对中国制造业产品出口具有显著的促进作用。     

Giffen goods and market making

Summary. This paper shows that information effects per se are not responsible for the Giffen goods anomaly affecting traders demands in multi asset noisy, rational expectations equilibrium markets. The role that information plays in traders strategies also matters. In a market with risk averse, uninformed traders, informed agents have a dual trading motive: speculation and market making. The former entails using prices to assess the effect of error terms; the latter requires employing them to disentangle noise traders demands within aggregate orders. In a correlated environment this complicates the signal extraction problem and may generate upward sloping demand curves. Assuming (i) that competitive, risk neutral market makers price the assets or that (ii) uninformed traders risk tolerance coefficient grows unboundedly, removes the market making component from informed traders demands rendering them well behaved in prices.Received: 30 April 2002, Revised: 3 December 2003, JEL Classification Numbers: G100, G120, G140.Support from the Barcelona Economics Program of CREA and the Ente per gli Studi Monetari e Finanziari Luigi Einaudi, are gratefully acknowledged. I thank Anat Admati, Jordi Caballé, Giacinta Cestone, and Xavier Vives for useful suggestions. The comments provided by the Associate Editor and an anonymous referee greatly improved the papers exposition.     

Gleichgewichte bei vollständiger Konkurrenz

Ohne ZusammenfassungVortrag T. H. Karlsruhe, 28. Juni 1962.     

A public contracting evolutionary game with corruption

In this paper, firms are randomly matched from a continuous population to play a public contracting game (say, building a bridge). Price is given, so firms compete in quality; the higher the quality offer, the less the profit. According to the official rules of the contest, the firm bidding the highest quality wins; however, we consider the possibility that firms attempt to corrupt the public officer in charge in order to be sure to win even if bidding a lower quality (quality bids are not publicly observable). Whether or not firms attempt to corrupt depends on how rewarding corruption is w. r. t. being honest. Within a dynamic evolutionary framewark, we investigate how social conventions with or without corruption are established under various assumptions concerning the corruptability of the public officer and the possibility of an external monitoring of the officer's decisions by a super partes authority.     

人民币汇率与股票价格关系的实证研究

本文以我国2005年7月21日汇率形成机制改革为界,分别分析了我国2001年1月2日～2005年7月20日(Ⅰ段)和2005年7月21日～2007年12月28日(Ⅱ段)人民币兑美元汇率中间价与上证综指收盘价之间的关系。结果表明:实行有管理的浮动汇率制后,人民币兑美元汇率对上证综指有着显著的短期动态影响,且两变量序列之间存在协整关系;人民币兑美元汇率与上证综指间存在显著的双向波动溢出,且波动溢出均存在不对称性。实行有管理的浮动汇率制后,两市场间的波动溢出效应更为显著。     

农业上市公司股权结构对技术效率的作用机理

以我国28家农业上市公司为研究样本,运用数据包络分析方法测度技术效率,选取Tobit模型分析上市公司的股权结构对其技术效率的作用机理。研究结果表明:2008—2010年期间我国农业上市公司的技术效率年均值为0.83,仅14%的样本达到技术有效;国有股比例对公司的技术效率有负面影响,法人股比例与技术效率存在U型关系,股权集中度与技术效率存在倒U型关系,管理层持股对技术效率有正面影响。     

Should Bangladesh Export to Countries with Better Institutional or Comparatively Similar Institutional Form?

Using panel data for the years 2006–2015, this study empirically investigates the effect of rule of law as an institution on Bangladesh's exports to 28 European Union countries (EU28) based on gravity model analysis. Two-step econometric results suggest that institutional rule of law is strongly associated with Bangladesh's exports, and institutional quality provides evidence of this significant effect. Furthermore, exports of Bangladesh are driven by economic size, market size, and the real exchange rate as well as rule of law. These results are suggestive of an important joint role for both trade and institutions in the long run.     

Consumer choice and television

A consumer choice model which described 48 television programmes in terms of 48 specially constructed orthogonal characteristics was employed to predict how frequently adult US males would watch each of eight shows chosen for testing purposes. The first half of the random sample of 789 was used to construct estimates of the relevant structures and parameters including parameters of viewer utility functions. The second half was used for testing purposes. The predictive error was significantly less - 28 per cent less- than a naive alternative. This 28 per cent was apparently a significantly greater reduction than a comparable percentage found by BOWMAN and FARLEY (1972) using other techniques and the same data.     

Sustainability-oriented future EU funding: a financial transaction tax

Although responsibility for realizing the Europe 2020 strategy is shared between the EU and its 28 member states, the main criticism of the current EU budget relates to the lack of a link between the budget and the Europe 2020 strategy. Therefore the paper focuses on a new budget design as well as alternative revenue sources. One of the possible candidates is a financial transaction tax (FTT). To research FTT revenue potential, a model based on a remittance system was designed. We analyse full or partial replacement of VAT- and GNI-based own resources by the transfer of tax revenues from a FTT raised on the national level to the EU budget. The research reveals that FTT-based own resource would be able to fully replace GNI-based own resource only for some EU member states; however, VAT-based own resource can be fully replaced by a FTT-based own resource for the entire EU. Further, results also show that from the EU11 (28) perspective, the tax is sufficient to fully replace VAT- or GNI-contributions if levied on the EU11 (28) level (not on the national level) as a direct payment to the EU budget without tracking the source member State.     

Author Index Volume 28 2004

Authors Index

Author Index Volume 28 2004     

知识资本与行业利润关系研究

随着知识成为企业越来越重要的资源,知识资本是否造成行业利润差异就成为学术界和实业界共同关心的焦点。将行业利润差异分为行业内利润差异和行业间利润差异两个维度,以2010年10月测得的工程建筑等28个行业上市公司的知识资本和利润水平数据为分析对象,采用线性回归模型检验知识资本分别对行业内利润差异和行业间利润差异的影响程度,验证了知识资本对行业利润差异具有影响的命题,但回归模型显著性水平都较低,由此得出结论：知识资本会带来行业利润差异,但并不是行业利润差异的唯一来源。     

Payday-loan bans: evidence of indirect effects on supply

In November 2008, Ohio enacted the Short-Term Loan Law which imposed a 28% APR on payday loans, effectively banning the industry. Using licensing records f     

Ability to consume versus willingness to consume: the role of nonlinearities

Empirica - Following the tradition of George Katona, this study utilizes consumer surveys to extract indicators of ability to consume and willingness to consume for 28 European economies. A...     

The robustness of the independent private value model in Bayesian mechanism design

Summary. In a Bayesian model of group decision-making, dependence among the agents' types has been shown to have a beneficial effect on the design of incentive compatible mechanisms that achieve the efficient choice associated with complete information. This effect is shown here to depend as much upon the use of large monetary transfers among the agents as it does upon dependence: if the transfers are bounded in magnitude, then nonexistence in the case of independence of an efficient, incentive compatible, ex ante budget-balanced and interim individually rational mechanism is robust to the introduction of a small amount of dependence among types. This robustness result supports the use of the simplifying assumption of independence in mechanism design. Received: October 28, 1996; revised version: May 28, 1997     

Evaluation of the green technology innovation efficiency of China's manufacturing industries: DEA window analysis with ideal window width

Data Envelopment Analysis (DEA) window analysis with ideal window width is applied to evaluate the green technology innovation efficiency of 28 manufacturing industries in China during 2006–2014. The obtained results are compared with those calculated using the traditional DEA model, and convergence analysis of the efficiency is conducted. Five years is the obtained ideal window width and DEA window analysis with ideal window produces results closer to reality for China's manufacturing industry. The overall efficiency of the green technology innovation in the manufacturing sector is low following a wave-shaped curve – first decreasing, then increasing and decreasing again, with large inter-industrial differences. There are 8 high-, 14 medium- and 6 low-efficiency industries. A convergence trend in the green technology innovation efficiency within the 28 manufacturing industries exists, implying a catch-up effect between them.     

What happens during recessions, crunches and busts?

We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles, for 21 OECD countries over the period 1960–2007. In particular, we analyse the implications of 122 recessions, 113 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 245 (61) episodes of equity price declines (busts), and their various overlaps in these countries, over the sample period. Our results indicate that the interactions between macroeconomic and financial variables can play a major role in determining the severity and duration of a recession. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions.
— Stijn Claessens, M. Ayhan Kose and Marco E. Terrones     

Axiomatic characterizations of the Choquet integral

Summary. The Choquet integral is an integral part of recent advances in decision theory involving non-additive measures. In this article we present two new axiomatic characterizations of this functional. Received: January 27, 1997; revised version: April 28, 1997