EMPIRICAL SUPPORT FOR AND THE EVALUATION OF AN INTERVENTION MODEL FOR ELDERLY CONSUMERS*

This paper reports the development and evaluation of a consumer education intervention model for elderly consumers. Data on the consumer decision making patterns of married elderly were analysed to ascertain the correlates of a specialized or syncratic decision pattern. No differences were found relative to the type or intensity of consumer problems. Additionally, no support was observed for a resource theory of consumer decision-making power. T-test and analysis of covariance suggested that the educational model was effective. Suggestions for future research are offered.     

A STEINDLIAN MODEL OF CONCENTRATION,DEBT AND GROWTH

Income distribution plays a crucial role in the Kaleckian models of growth. The recent US experience has seemingly turned the Kaleckian argument on stagnationism on its head. Does it, therefore, render the Kaleckian growth framework redundant? We argue that while there is a tendency towards underconsumption, there could be other counteracting tendencies like the wealth effect of the capitalists or the possibility of debt for the workers. But such a growth process, which is primarily driven by the asset price markets, is, by its very nature, iniquitous and extremely volatile and the downturn is far more severe than the normal business cycles.     

ECONOMIC GROWTH AND THE EFFECTS OF FISCAL POLICY

The macroeconomic effects of fiscal policy are analyzed using a Keynesian growth model. Comparative static analysis shows that the long‐run effects of an increase in public spending and a decrease in taxation on economic growth and government budget balance depend on the relative size of marginal propensity to consume and invest and could be positive under certain conditions. Empirical estimates show that consumption and production structure have changed significantly from 1930s to 2007; both positive and negative effects on growth and budget balance of the same fiscal policy are found in different time periods.     

ECONOMIC POLICY IN A GROWTH CONTEXT: A CLASSICAL SYNTHESIS OF KEYNES AND HARROD

This paper clarifies key differences between Harrodian and Keynesian theories and policies, and develops a classical alternative to both. The stability of the Harrodian warranted path is proved, and the Keynesian paradox of thrift is shown to be transient. Distinct Harrodian fiscal policies are derived, and Post‐Keynesian debates about Harrodian dynamics are addressed. Finally, it is argued that business and household savings are fundamentally different, and it is shown that if the business savings rate responds at all to the investment–savings gap, it becomes possible to have both profit‐driven accumulation as in Keynes and normal capacity growth as in Harrod.     

中西法律起源的经济分析

资源的稀缺性和人的有限理性是对中西法律起源进行经济分析的前提 ,经济学中的成本理论和马克思主义政治经济学的观点是对中西法律的起源进行比较分析的工具。在此基础上 ,法律被论证为在资源稀缺的前提下基于降低社会成本的作用而产生 ,中西法律起源的不同是由其经济基础、征战成本和社会成本不同决定的。     

FAMILY LIFESTYLE AND ENERGY CONSUMPTION: AN ENERGY ADAPTATION MODEL*

The premise of the paper is that family energy consumption is a consequence of family lifestyle. To facilitate the development of policies that allow families to make satisfactory lifestyle choices as energy resources decline, we explore in detail the relationship between family lifestyle and energy consumption. A model is developed to illustrate the decision making processes that link individual and family behaviour patterns with energy consumption. A series of propositions is derived from the model that relates family values, family effectiveness and family decision making to energy prices, energy conservation adoption, attitude formation and family lifestyle changes. The model can be used by public and private decision makers to identify research and consumer information programs that will facilitate adoption of more energy efficient lifestyles.     

A CONVENIENT MULTISECTORAL POLICY CONTROL FOR ICT IN THE US ECONOMY

Through the application of the Macro Multiplier (MM) approach on an Input–Output matrix for US economy in year 2005, the paper identifies the ‘convenient’ structure of a policy control on final demand, oriented to a particular policy objective. The approach quantifies a set of aggregated scale effects, called MM, and the associated structures of both policy and objective variables. In this way the policy maker can both get a complete picture of the patterns of the objective that can be attained and determine a ‘convenient’ structure of the policy variable that compels the model towards those patterns.     

A COMPARISON OF THE ECONOMIC ORDER QUANTITY AND QUICK RESPONSE INVENTORY REPLENISHMENT METHODS

When determining order quantity, logistics managers can choose between ordering the Economic Order quantity (EOQ) or a Quick Response (QR) quantity. QR is a general term that collectively describes several rapid‐replenishment inventory methods such as Just‐In‐Time or Continuous Replenishment. The QR order quantity is defined as the minimum inventory needed to support operations until the next delivery. The EOQ and the QR methods are substantially different because the EOQ minimizes the joint cost of ordering and holding inventory whereas the QR method minimizes only the cost of holding inventory. The goals of this research are to compare the costs of the two methods and to propose rules that help managers select the more appropriate method to use in specific situations.     

A MODEL OF INTERACTION BETWEEN THE VIRTUAL AND THE REAL ECONOMY

This paper demonstrates through a formal model how the wealth effect created by a stock market boom leads to the expansion of demand and output mostly through debt‐financed private consumption. However, inherent in this expansion is the threat of a subsequent contraction caused by the rising burden of servicing debt and falling creditworthiness. The formal analysis captures more precisely these conditions; it shows that, even in the medium run, the growth rates of the wealth in the stock market and of the real economy may move in opposite directions.     

SIZE AND COMPOSITION OF PUBLIC SPENDING IN A NEOCLASSICAL GROWTH MODEL

This paper analyses the effect of public expenditures in a modified Solow model of capital accumulation with optimizing agents. The model identifies optimal government size and composition of public expenditures which maximize the rate of growth in the dynamics to the steady state and the long‐run level of per capita income. Different allocations of public resources lead to different growth rates in the transitional dynamics depending on their elasticities. However effects from fiscal policy are only temporary. Finally we argue that neglecting the non‐linear nature of the relationship between government spending and growth may lead empirical studies to biased results.     

INCORPORATING RISK AND AMBIGUITY AVERSION INTO A HYBRID MODEL OF DEFAULT

It is well known that purely structural models of default cannot explain short‐term credit spreads, while purely intensity‐based models lead to completely unpredictable default events. Here we introduce a hybrid model of default, in which a firm enters a “distressed” state once its nontradable credit worthiness index hits a critical level. The distressed firm then defaults upon the next arrival of a Poisson process. To value defaultable bonds and credit default swaps (CDSs), we introduce the concept of robust indifference pricing. This paradigm incorporates both risk aversion and model uncertainty. In robust indifference pricing, the optimization problem is modified to include optimizing over a set of candidate measures, in addition to optimizing over trading strategies, subject to a measure dependent penalty. Using our model and valuation framework, we derive analytical solutions for bond yields and CDS spreads, and find that while ambiguity aversion plays a similar role to risk aversion, it also has distinct effects. In particular, ambiguity aversion allows for significant short‐term spreads.