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1.
This study examines the impact of a stamp tax rate increase on market behavior, using data from two stock exchanges in China. We find that when the tax rate increases from 0.3 to 0.5% (which implies that the transaction cost increases by about 1/3) trading volume decreases by 1/3. This implies an elasticity of turnover with respect to a stamp tax of −50% and an elasticity of turnover with respect to transaction cost of −100%. The markets’ volatility significantly increases after the increase in the tax rate. Furthermore, the change in the volatility structure indicates that the markets become less efficient in the sense that shocks are less quickly assimilated in the markets.
相似文献
Badi H. Baltagi (Corresponding author)Email: |
Dong LiEmail: |
Qi LiEmail: |
2.
This paper delivers a step toward a naturalistic foundation of the social contract. While mainstream social contract theory
is based on an original position model that is defined in an aprioristic way, we endogenize its key elements, i.e., develop
them out of the individuals’ moral common sense. Therefore, the biological and social bases of moral intuitions are explored.
In this context, a key adaptation during evolution was the one that enabled humans to understand conspecifics as intentional
agents. Since these behavioral aspects are considered to be an exaptation, they are not amenable to direct genetic explanations
or to rationality-based approaches.
相似文献
Christian SchubertEmail: |
3.
The application of the rational choice postulate to a political context invariably leads to the conclusion that most voters
are ill informed when making the decision on whom to vote for. In this paper, the authors conduct an empirical evaluation
of the rational ignorance theory, based on the model developed by (Rogoff and Sibert Rev Econ Stud LV:1–16, (1988) and by considering that better informed voters reward political candidates who show better performances. The levels of performance
are established through the construction of an empirical frontier using the Data Envelopment Analysis (DEA) methodology. According
to our results, based on the 1997 Portuguese local elections, even though swing voters do not necessarily behave as rationally
ignorant voters, a large majority of voters are rationally ignorant.
相似文献
José da Silva CostaEmail: |
4.
Gene Callahan 《The Review of Austrian Economics》2009,22(1):43-52
The phenomenon of akrasia, in which an actor makes a choice she regrets even while choosing it, appears problematic for theories
of rational choice, which assume that an agent prefers any chosen course of action. The apparent possibility of akratic action
presents a challenge to rational choice theorists, either to demonstrate that it is illusory or to show that akratic action
does not violate the axioms of rational choice. The problematic status of akrasia is exhibited most sharply when set against
the backdrop of praxeology. Therefore, this paper will explore whether the idea of akratic action can be reconciled with the
fundamental principles of praxeology.
相似文献
Gene CallahanEmail: |
5.
How large is liquidity risk in an automated auction market? 总被引:2,自引:0,他引:2
We introduce a new empirical methodology that models liquidity risk over short time periods for impatient traders who submit market orders. Using Value-at-Risk type measures, we quantify the liquidity risk premia for portfolios and individual stocks traded on the automated auction market Xetra. The specificity of our approach relies on the adequate econometric modelling of the potential price impact incurred by the liquidation of a portfolio. We study the sensitivity of liquidity risk towards portfolio size and traders' time horizon, and interpret its diurnal variation in the light of market microstructure theory.
相似文献
Pierre GiotEmail: Phone: +32-81-724887 |
Joachim Grammig (Corresponding author)Email: Phone: +49-7071-2976009Fax: +49-29-5546 |
6.
Monthly seasonally unadjusted data can exhibit roots with possibly fractional orders of integration, corresponding to the
monthly but also to the quarterly and to the long-run or trending components of the series. In this paper we use a procedure
which is suitable to test simultaneously for the order of integration of each of these components and apply it to several
US monetary aggregates.
相似文献
Guglielmo Maria CaporaleEmail: |
7.
Thierry Aimar 《The Review of Austrian Economics》2009,22(3):199-207
The Austrian School has had a curious destiny: while contributing many concepts to contemporary economic theory, it is either
ignored or criticised by much of modern economic literature. This article discusses possible reasons for this institutional
sidelining and the main futures of a renewal of Austrian thought.
相似文献
Thierry AimarEmail: |
8.
Gregor Zwirn 《The Review of Austrian Economics》2009,22(1):81-107
This paper focuses on Ludwig von Mises’s attempt to establish an epistemological/methodological foundation for the social
sciences (praxeology). I reconstruct Mises’s writings by disentangling the distinct realms of ontology and epistemology in
his arguments. Although Mises’s line of reasoning is squarely based on the distinction between ontology and epistemology,
he nonetheless tends to mix ontological and epistemological viewpoints in his argumentation, thereby clouding the issue involved.
I believe this is one reason why the writings of Mises appear to be so difficult and engendered different as well as competing
readings amongst Austrian economists. Furthermore, this analysis also allows us to assess whether or not Mises offers a sound
theory of knowledge. I conclude that praxeology displays internal tensions and explain the reasons for these tensions.
相似文献
Gregor ZwirnEmail: |
9.
Darwinism in economics: from analogy to continuity 总被引:2,自引:3,他引:2
Christian Cordes 《Journal of Evolutionary Economics》2006,16(5):529-541
Currently there is an ongoing discussion about how Darwinian concepts should be harnessed to further develop economic theory. Two approaches to this question, Universal Darwinism and the continuity hypothesis, are presented in this paper. It is shown whether abstract principles can be derived from Darwin’s explanatory model of biological evolution that can be applied to cultural evolution. Furthermore, the relation of the ontological basis of biological and cultural evolution is clarified. Some examples illustrate the respective potential of the two approaches to serve as a starting-point for theory development.
相似文献
Christian CordesEmail: |
10.
We combine evolutionary theory concepts and multivariate persistence methodology to develop and test expectations about the
adaptiveness of firm decisions and its implications for performance heterogeneity. We focus on the relatively reversible advertising
decisions in an evolving product market, domains typically ignored by evolutionary research. We find that an adaptive decision
routine helps an incumbent firm maintain its advantages and overcome the challenge posed by a major competitive entry.
相似文献
Zhenfeng MaEmail: |
11.
Order aggressiveness and order book dynamics 总被引:2,自引:0,他引:2
In this paper, we study the determinants of order aggressiveness and traders’ order submission strategy in an open limit order book market. Applying an order classification scheme, we model the most aggressive market orders, limit orders as well as cancellations on both sides of the market employing a six-dimensional autoregressive conditional intensity model. Using order book data from the Australian Stock Exchange, we find that market depth, the queued volume, the bid-ask spread, recent volatility, as well as recent changes in both the order flow and the price play an important role in explaining the determinants of order aggressiveness. Overall, our empirical results broadly confirm theoretical predictions on limit order book trading. However, we also find evidence for behavior that can be attributed to particular liquidity and volatility effects.
相似文献
Nikolaus HautschEmail: |
12.
Robert D. Tollison 《The Review of Austrian Economics》2009,22(2):127-130
Besley’s treatment of principled agents is a major contribution to public choice and political economy. By focusing on politics
as an agency problem, he has shown the way to a new generation of research on the interface of politics and economics.
相似文献
Robert D. TollisonEmail: |
13.
Mark Jackson 《Constitutional Political Economy》2008,19(2):148-157
Thomas P. M. Barnett argues that globalization’s spread presents the United States and other liberal democracies with two
unprecedented national-security problems, and proposes an ambitious military strategy for their solution. This work argues
that a successful strategy to solve one of these problems must also include rational policy, public policy that makes Adam
Smith’s simple system of natural liberty a reality. Thus, Barnett’s military strategy and rational policy become complementary
elements of a more comprehensive strategy to solve this national-security problem. Knowledge that Smith’s simple system of
natural liberty moves the world toward peace can create a need for rational policy among voters.
相似文献
Mark JacksonEmail: |
14.
Robert Kemp 《Forum for Social Economics》2007,36(1):43-51
This paper puts the theory of medical dominance, as it understood as a sociological theory of historical change, into a broader
theory of institutional change of the delivery of medical care. The application of medical dominance theory to three institutional
contexts (Australia, USA, and Canada) is reviewed. The possibility of progressive institutional change in the delivery of
medical care is addressed, as well as the type of technological innovation that might accompany such institutional change.
The concept of medical dominance is useful to explain the dominant characteristics supporting the institution of medical practice.
However, an explanatory theory of the evolution of health care delivery should be linked to the instrumentally warranted standards
for medical care. These standards are then discussed.
相似文献
Robert KempEmail: |
15.
Luiz Fernando Cerqueira Adrian Pizzinga Cristiano Fernandes 《International Advances in Economic Research》2009,15(1):102-114
This paper presents a methodology for estimating the Brazilian GDP quarterly series in the period between 1960–1996. Firstly,
an Engle–Granger’s static equation is estimated using GDP yearly data and GDP-related variables. The estimated coefficients
from this regression are then used to obtain a first estimation of the quarterly GDP, with unavoidable measurement errors.
The subsequent step is entirely based on benchmarking models estimated within a state space framework and consists in improving
the preliminary GDP estimation in order to both eliminate as much as possible the measurement error and that the sum of the
quarterly values matches the annual GDP.
相似文献
Luiz Fernando CerqueiraEmail: |
16.
Patrick F. E. Beschorner 《Empirica》2008,35(3):233-240
Patent breadth and length have been discussed extensively in innovation literature. In this article, I analyze the optimal
degree of novelty of patent protection and its tradeoff with patent length. In the context of subsequent innovations each
innovation builds on the previous one. The degree of novelty necessary for a non-infringing patent is crucial for the firms’
incentive to innovate. One of the findings is that a monopolist’s optimal degree of novelty is lesser than would be socially
desirable. Furthermore, there exists a finite optimal patent length. Competitors introducing an improved technology cause
uncertainty which may be compensated by extending patent length.
相似文献
Patrick F. E. BeschornerEmail: |
17.
It is well-known that endogenous cycles can occur in Ramsey models with heterogeneous households and borrowing constraints.
In this note, we address the issue of robustness in the more general case of endogenous labor supply and we explain the occurrence
of local indeterminacy under progressive taxation.
相似文献
Thomas Seegmuller (Corresponding author)Email: |
18.
Stefan Mann 《Forum for Social Economics》2007,36(1):29-42
Social scientists are reluctant to make explicit interpersonal comparisons of well-being. However, implicit comparisons are
made on a surprisingly regular basis. These comparisons are based on the wealth and the Kaldor–Hicks concept in utility theory
and on self-reported well-being in happiness research. Taking a utilitarian stance, this paper tests the ethical foundations
of both principles. While self-reported well-being serves as an acceptable proxy for utilitarian decision-making, the Kaldor–Hicks
concept does not appear so. Implications for evaluating policies are outlined.
相似文献
Stefan MannEmail: |
19.
This paper sets up an efficiency wage model which combines goal-attainment theory and the expectancy-valence approach. Taking
account of the psychological work motivation, we find that the aspiration for goal attainment may be a substitute for unemployment
as an instigator of work motivation in full employment. In addition, since raising the firm’s goal has a diverse impact on
the high and low need-for-achievement workers, a higher goal-setting does not appear capable of increasing worker effort within
firms. This finding reconciles the conflicting experimental results in industrial psychology literature.
相似文献
Chia-Ying LiuEmail: |
20.
Monetary policy as bad medicine: The volatile relationship between business cycles and asset prices 总被引:1,自引:0,他引:1
Philipp Bagus 《The Review of Austrian Economics》2008,21(4):283-300
Austrian business cycle theory has become an important point of focus in controversial mainstream discussions regarding the
role of asset prices in monetary policy. In this article, the relation between asset prices and the Austrian business cycle
theory is examined. The analysis focuses on how central banking supports optimism, resulting in the redirection of entrepreneurial
activity and knowledge via asset price bubbles. The crucial role of credit expansion for asset price booms is also analyzed.
Following this analysis, the implications for monetary policy are deduced.
相似文献
Philipp BagusEmail: |