The Limits to Wage‐Led Growth in A Low‐Income Economy

Neo‐Kaleckian literature has actively debated whether growth is wage‐ or profit‐led in capitalist economies. However, existing studies tend to ignore the non‐tradable sector and heterogeneity within the tradable sector. This article shows that incorporating these features renders wage‐led growth in an open developing economy unfeasible in the traditional (Kaleckian) sense of the term. This result—which follows even if one sets aside the competitiveness considerations generally seen as impeding such growth—occurs due to the presence of a homogeneous goods‐producing tradable sector that sets the ceiling to steady‐state growth. A corollary, in light of findings from the ‘new new trade theory’ literature, is that increasing South‐South trade may tend to narrow room for wage‐led growth regardless of the other desirable effects of higher wages.     

Predator–Prey Model Estimates of the Cyclical Profit Squeeze

This paper extends the empirical literature on the cyclical profit squeeze (CPS) theory of crisis by developing a multivariate model with superior decomposition methods. A structural time series (unobserved components) model with trend and structural VAR components is employed. The VAR captures the dynamic cyclical interaction between unemployment and profit's share of income and is interpreted as a linear version of Goodwin's (1967) predator-prey model. Model extensions incorporate the accumulation process and structural shifts. Estimation results for the US economy are used to sort out the controversial relevance of the CPS in the post-1970 period. It is concluded that the CPS is relevant during the period from 1949 to 1985, but is moderately weakened in the post-1970 period. Inconclusive statistical support for the CPS is found for the post-1985 era.     

Effort Elicitation,Wage Differentials and Income Distribution in A Wage‐Led Growth Regime

Motivated by the empirical evidence on endogenous labor effort and wage differentials, this paper explores implications for distribution and growth of firms using different strategies to elicit effort from workers. The frequency distribution of effort‐elicitation strategies across firms is governed by a replicator dynamic that generates wage differential as a long‐run equilibrium. Although firms willing to elicit more effort have to compensate workers with a higher wage rate, a larger proportion of firms adopting such strategy will not necessarily produce a higher wage share and thereby a higher growth rate. The intuition is that, depending on the accompanying rise in labor productivity, the wage share may not vary positively with the proportion of firms paying higher wages.     

A Kaldor–Hicks–Goodwin–Tobin–Kalecki model of growth and distribution

This paper presents a Kaldorian model of growth that incorporates both Kaldor's theory of income distribution and his endogenous technical progress function. Growth is driven by demand‐side forces that induce supply‐side accommodation. The model incorporates Hicksian induced innovation; Goodwin Marxist style labor conflict that affects wage bill division between workers and managers; Tobin inflation effects; and Kalecki monopoly power effects. Unlike the neo‐Kaleckian model, a Kaldorian economy operates at normal capacity utilization. Monopoly power plays a role as a barrier to entry rather than determining the functional distribution of income.     

A Leibenstein–Hobbes–Walras Model of Sharecropping

Circumstances under which share tenancy may emerge as a socially viable and incentive-compatible system of land-labor exchange are explored in a model incorporating Leibenstein’s nutrition-effort hypothesis, limited substitution possibilities and endogenous distribution. The model provides a Walrasian resolution of the traditional conundrum of production control under sharecropping. It is shown that a pure sharecropp ing equilibrium with tenant control exists when land is relatively abundant though land rent is zero under either a fixed-rent or wage system. With land relatively scarce, a nearly-symmetric equilibrium with landlord control also exists provided workers share income in the presence of unemployment.     

合同治理、信任与经销商角色外利他行为：渠道关系柔性与团结性规范的调节作用

根据复合治理理论,文章分别探讨关系型治理中的柔性规范和团结性规范作为调节因素在合同治理和信任对企业角色外利他行为影响中的调节作用以及角色外利他行为对企业自身绩效的影响。文章通过调查获得了158份来自经销商的有效问卷,应用SPSS17.0和AMOS18.0对数据进行分析并对假设进行了检验。结果表明：合同治理促进经销商角色外利他行为,柔性规范对其有正向调节作用;信任对经销商角色外利他行为有正向影响,团结性规范对其有正向调节作用;经销商的角色外利他行为对企业自身的绩效有显著促进作用。文章最后为企业的渠道管理提出了相关建议,并指出未来可能的研究方向。     

A Statistical Equilibrium Approach to the Distribution of Profit Rates

Motivated by classical political economy we detail a probabilistic, ‘statistical equilibrium’ approach to explaining why even in equilibrium, the equalization of profit rates leads to a non‐degenerate distribution. Based on this approach we investigate the empirical content of the profit rate distribution for previously unexamined annual firm level data comprising over 24,000 publicly listed North American firms for the period 1962–2014. We find strong evidence for a structural organization and equalization of profit rates on a relatively short time scale both at the economy wide and one‐ and two‐digit SIC industry levels into a Laplace or double exponential distribution. We show that the statistical equilibrium approach is consistent with economic theorizing about profit rates and discuss research questions emerging from this novel look at profit rate distributions. We also highlight the applicability of the underlying principle of maximum entropy for inference in a wide range of economic topics.     

Customer Referral Reward–Brand–Fit: A Schema Congruity Perspective

Customer referral programs (CRPs) are widely applied as an effective means to stimulate word‐of‐mouth. While previous research mainly focuses on CRPs’ impact of acquiring new customers, this study introduces referral programs as a strategic brand management tool. In doing so, this article emphasizes what has been largely neglected by scholars: A “recommenders‐perspective.” Guided by two competing theoretical perspectives, this article proposes that the perceived congruity between a reward and the recommended brand is an essential driver of referral program performance outcomes. The results show that rewards that conform to the image of the recommended brand yield more favorable reward attractiveness perceptions. Furthermore, the authors show that reward attractiveness perceptions inevitably affect the brand customers are asked to recommend in exchange for receiving this reward. The research reported here extends the literature on judgmental evaluations resulting from schema‐based processing and provides novel insights into the design of CRPs.     

高阶QAM调制MIMO系统高斯逼近简化算法

针对多输入多输出(MIMO)高阶正交幅度调制(QAM)系统检测算法使用传统的高斯逼近算法检测复杂度高的问题,研究了其简化算法.MIMO系统高斯逼近算法通过采用树形搜索的办法,对符号后验概率影响大的符号序列加以保留,其算法复杂度与保留符号序列数目成线性,且与调制阶数成指数关系.针对高阶调制QAM符号的特点,用多级映射的方法来进行高斯逼近,新方法结合树形搜索算法的思想,通过将高阶调制QAM符号拆分成多个4-QAM符号,从而可以每次两个比特的计算序列权重,其算法复杂度与调制阶数成线性关系,从而使得高阶调制系统的检测复杂度大大降低.仿真结果表明,多级映射高斯逼近算法能取得接近传统高斯逼近算法的性能.     

棕地再开发的风险、收益及财务措施研究

在城市迅速发展的背景下,如何有效利用棕地,是城市管理者在构建城市发展战略时必须考虑的重要内容之一.棕地再开发能减轻绿地开发的压力,同时有利于改善已开发土地的环境并促进其发展.然而,棕地由于其可能存在额外的开发费用、潜在的污染风险等因素,投资者往往不愿对其投资.本文拟在分析棕地再开发中存在的风险及所对应的收益基础上,对各种财务措施,如税务、补助、政策支持等对棕地再开发可能产生的影响进行分析,从而为促进棕地再开发提出有效的政策建议.     

Optimal No‐Arbitrage Bounds on S&P 500 Index Options and the Volatility Smile

This article shows that the volatility smile is not necessarily inconsistent with the Black–Scholes analysis. Specifically, when transaction costs are present, the absence of arbitrage opportunities does not dictate that there exists a unique price for an option. Rather, there exists a range of prices within which the option's price may fall and still be consistent with the Black–Scholes arbitrage pricing argument. This article uses a linear program (LP) cast in a binomial framework to determine the smallest possible range of prices for Standard & Poor's 500 Index options that are consistent with no arbitrage in the presence of transaction costs. The LP method employs dynamic trading in the underlying and risk‐free assets as well as fixed positions in other options that trade on the same underlying security. One‐way transaction‐cost levels on the index, inclusive of the bid–ask spread, would have to be below six basis points for deviations from Black–Scholes pricing to present an arbitrage opportunity. Monte Carlo simulations are employed to assess the hedging error induced with a 12‐period binomial model to approximate a continuous‐time geometric Brownian motion. Once the risk caused by the hedging error is accounted for, transaction costs have to be well below three basis points for the arbitrage opportunity to be profitable two times out of five. This analysis indicates that market prices that deviate from those given by a constant‐volatility option model, such as the Black–Scholes model, can be consistent with the absence of arbitrage in the presence of transaction costs. © 2001 John Wiley & Sons, Inc. Jrl Fut Mark 21:1151–1179, 2001     

Cultural differences in consumer socialization: A comparison of Chinese–Canadian and Caucasian–Canadian children

Based on the extant literature on the cultural/subcultural differences in socialization goals and parental practices in the childrearing process, this study compares Chinese–Canadian and Caucasian–Canadian families with respect to three issues central to consumer socialization – family communication patterns, children's consumer decision-making styles, and children's influence in family purchase decisions. Some significant results include: (1) Chinese–Canadian children perceived both of their parents as more socio-oriented than Caucasian–Canadian children perceived theirs whereas no significant between-group difference was found on the perceived level of concept-orientation for either parent; (2) Chinese–Canadian children, relative to their Caucasian–Canadian counterparts, exhibited more utilitarian and confused-by-overchoice consumer decision-making orientations but less social/conspicuous and impulsive orientations; and (3) Chinese–Canadian children exercised greater purchase influence than their Caucasian–Canadian counterparts for the adolescent ‘convenience’ product category but no difference was found for the adolescent ‘durable’ product category.     

A PRIMAL–DUAL ALGORITHM FOR BSDES

We generalize the primal–dual methodology, which is popular in the pricing of early‐exercise options, to a backward dynamic programming equation associated with time discretization schemes of (reflected) backward stochastic differential equations (BSDEs). Taking as an input some approximate solution of the backward dynamic program, which was precomputed, e.g., by least‐squares Monte Carlo, this methodology enables us to construct a confidence interval for the unknown true solution of the time‐discretized (reflected) BSDE at time 0. We numerically demonstrate the practical applicability of our method in two 5‐dimensional nonlinear pricing problems where tight price bounds were previously unavailable.     

A strategic groups approach to the franchising–performance relationship

Although franchising is a pervasive organizational form, little is known about its performance consequences. Prior studies have not found a direct performance effect, suggesting a need for alternative approaches. Drawing upon agency and resource scarcity theories, we develop the idea that strategic groups exist among franchisors and that performance differs among the groups. Using a sample of 65 restaurant chains, three strategic groups were found. The strategic group most influenced to franchise out of resource scarcity exhibited poorer performance than the other two groups. Results indicate that important, but nonlinear, relationships exist among franchising, its antecedents, and performance.     

我国油菜籽生产成本与收益分析

我国是世界菜籽和菜油第一大生产国和消费国,菜油消费总量占世界的1/4,占我国植物油消费量近20%,菜籽和菜油的生产与消费在国际、国内市场地位都非常突出.本文通过对我国油菜籽的生产成本分析和收益分析,提出了我国油菜籽生产健康发展对策,即推进规模化种植,提高机械化水平,加大扶持和投入力度,完善投资机制,强化成本收益核算.