THE JOB CREATION EFFECT OF R&D EXPENDITURES*

In this study we use a unique database covering 25 manufacturing and service sectors for 15 European countries over the period 1996–2005, for a total of 2,295 observations, and apply GMM‐SYS panel estimations of a demand‐for‐labour equation augmented with technology. We find that R&D expenditure – fostering product innovation – have a job‐creating effect, in accordance with the previous theoretical and empirical literature discussed in the paper. Interestingly enough, the labour‐friendly nature of R&D emerges in both the flow and the stock specifications. These findings provide further justification for the European Lisbon targets.     

THE CREATION OF A MICRODATA FILE FOR ESTIMATING THE SIZE DISTRIBUTION OF INCOME*

This paper describes the methods used by the Office of Business Economics, U.S. Department of Commerce, in creating a microdata file for use in estimating the size distribution of income. It explains the techniques of statistical matching involved in merging microdata files from various sources to correct and supplement income estimates in the original field survey (The Current Population Survey) and to incorporate additional information that can be used to estimate items and types of income not contained in the original file.     

A THEORY OF MAN AS A CREATOR OF THE WORLD*

The present paper proposes a theory of man, wherein man constructs models of the world based on past experiences in social situations. The present theory considers experiences, or chunks of impressions, as primitives instead of an objective game, which is assumed to be given in the standard game theory. Agents construct models of the world based on direct and indirect experiences. Each model comprises a structural part and a factual part. The structural part is represented as a game, while the factual part is represented as a strategy profile of this game. In constructing a model, an agent might use certain axioms—for example coherence, according to which the model should be able to explain his or her own experiences; conformity to a solution concept; and minimality with respect to some simplicity measure. A few applications are presented to demonstrate how this theory works.     

企业价值创造的期权博弈分析

期权博弈理论将战略管理领域企业价值创造的内源观和外源观进行了有机结合,由此可以对企业价值创造的来源做一全面综合的定性与定量分析。企业价值的实现主要是实现即时现金流价值与期权灵活性价值之间的均衡以及期权灵活性价值与战略占先价值之间的均衡。“西红柿花园”提供了一个进行投资时机决策的平台,有利于更好地分析在不确定和竞争环境中投资期权价值的实现。     

ON THE EMERGENCE OF NON‐PROFIT FIRMS AS ALTERNATIVES TO THE GOVERNMENT*

It is well known that many non‐profit firms coexist with government firms in industries that provide collectively consumed goods and services, such as education, healthcare, social services, and art and culture. This paper explores the specific circumstances under which non‐profit firms can emerge as alternatives to the government. We show that a non‐profit firm emerges only when the residents’ median preference for a collective good is significantly low. This finding implies that, somewhat paradoxically, a non‐profit firm emerges to replace the government and provide a collective good only when the majority of residents consider the good non‐essential.     

WEALTH AS A SIGNAL IN THE SEARCH MODEL OF MONEY*

This article investigates the possibility that wealth (holdings of money) serves as a signal of the ability to produce high‐quality products for agents who cannot directly observe the quality of the products. A producer's wealth may advertise past success in selling products to agents who knew the producer's ability and thus signal its ability. This analysis shows that such signaling effects may arise in equilibrium and may lead to more unequal distributions of wealth and lower welfare than would otherwise arise.     

知识经济影响下城市创新问题的若干理论思考

文章在探讨知识经济影响下城市创新意义的基础上，对城市创新的影响因素与基本特征进行了深入研究，并指出了城市创新的基本途径。     

PHILANTHROPY AS A CORPORATE STRATEGY*

An attempt to formulate the implications of corporate “philanthropy” by private firms is made in this paper. By philanthropy we mean the public activities of private agents, which are not carried out through the ordinary price mechanism. From the point of view of social roles, corporate philanthropy complements the price mechanism as do the government sector, non-profit organizations and individuals. Here we formulate corporate philanthropy as the product of two possible motivations: either as a means of long-term profit maximization, or as a direct element in an objective function of a firm.     

LIQUIDITY,MONEY CREATION AND DESTRUCTION,AND THE RETURNS TO BANKING*

We build on our earlier model of money in which bank liabilities circulate as a medium of exchange. We investigate optimal bank behavior and the resulting provision of liquidity under a range of central bank regulations. In our model, banks issue inside money under fractional reserves, facing the possibility of excess redemptions. Banks consider the float resulting from money creation and make reserve‐management decisions that affect aggregate liquidity conditions. Numerical examples demonstrate positive bank failure rates when returns to banking are low. Central bank interventions may improve banks' returns and welfare through a reduction in bank failure.     

SUBSTITUTION AND COMPLEMENTARITY IN THE CREATION AND COMMUNICATION OF AUSTRALIAN UNIVERSITY RESEARCH*

The generation of research is one of the major functions of the university sector. In most disciplines, journal articles continue to be the main outlet for the communication of research findings. However, in Australia, government induced distortions have rewarded refereed conference papers an equal status to refereed journal papers. The aim of this paper is to explore the association between research published in journals and research published in conference proceedings. We use a panel dataset of the research output of 36 Australian universities, for the period 1995–2004. Cobb‐Douglas research production functions are estimated, as well as a system of research production functions that allows for simultaneity. The results indicate that journals and conferences are contemporaneous substitutes – an expansion in conference publications displaces journal publications. There is also a ‘DEST effect’. On average, conference papers are not converted into subsequent journal papers. The DEST effect is found also through analysis of the publication histories of 152 business and law academics. Postgraduate enrolments are shown to contribute only to conferences and have no effect on journal publications. Research income has a positive effect on both conferences and journal publications.     

RETIREMENT INCOME RIGHTS AS A COMPONENT OF WEALTH IN THE UNITED STATES*

Americans have accumulated a considerable amount of future purchasing power in the form of Social Security and employer pension rights. These rights are a form of wealth. In this paper, we ask how their inclusion alters the wealth portfolios of a sample of Americans at or nearing normal retirement age. Data from the 1973 wave of the longitudinal Retirement History Study suggest that, for many Americans, retirement income rights are the dominant component of wealth, and are often more important than all other entries combined, including home equity. We also find that this wealth can be seriously eroded during times of high inflation. Because of differences in marketability, pension and Social Security rights are not perfect substitutes for more liquid assets. Nonetheless, since they are so large in magnitude, and have been shown to be key determinants of the behavior of older workers, they should not be ignored.     

THE CASE AGAINST DIVISIA INDEX NUMBERS AS A BASIS IN A SOCIAL ACCOUNTING SYSTEM*

The purpose of this paper is to explore the question of at what stage should Divisia index numbers be introduced–within the social accounting schema proper or in the explanatory stage following? Three major reasons are given to support the case that Divisia index numbers have no role to play in measurement, but should and do provide a powerful tool in the explanation of productivity change.     

MONEY AS A MECHANISM IN A BEWLEY ECONOMY*

We investigate the efficiency property of a monetary economy with spot trade. We prove a conjecture that is essentially due to Bewley (Models of Monetary Economics (1980); Econometrica 51 (1983), 1485–504). The gist is that monetary spot trading is nearly efficient ex ante in an environment where very patient agents can accumulate large enough money stocks to be completely self‐insured. We also study examples where a nonmonetary mechanism is preferred ex ante to any monetary mechanism in a stationary environment, and where an inflationary monetary mechanism is preferred ex ante to a laissez‐faire or deflationary monetary mechanism in an environment with impatient agents.