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51.
Consumers assess the credibility of online product reviews to guide their purchase decisions. However, little is known about how consumers determine the credibility of online product reviews. This article examines the effect of the level of detail in a product review and the level of reviewer agreement with it on the credibility of a review and consumers' purchase intentions for search and experience products. Overall, the results indicate that more credible reviews lead to higher purchase intentions. Interestingly, the findings also demonstrate that consumers determine the credibility of a review differently for search and experience products. For search products, consumers deem online reviews to be more credible when the reviews contain detailed information about the product. However, for experience products, consumers determine the credibility of a review by assessing the level of reviewer agreement with a review. The lack of diagnosticity of detailed information in online reviews of experience products is attributed to the idiosyncratic nature of experiences. Implications for research and practice are discussed. 相似文献
52.
Throughout much of mankind's experience with elections, vote brokers – local elites who direct the voting decisions of a subset of the electorate – have been able to make or break political careers. In various polities, brokers have thrived in spite of the secret ballot, a surprising outcome given that vote secrecy would ostensibly allow citizens to pocket the inducements offered by such individuals and vote their consciences anyway. To address this puzzle, we develop a framework for understanding the persistence and demise of vote brokerage under the secret ballot. In our model, a broker contracts with voters using an outcome contingent contract: some fixed benefit is promised to all voters sharing one of several observable profiles should the broker's candidate win the election. Using this framework, we demonstrate that the existence of brokerage depends on the size of the electorate contained within the jurisdiction controlled by the broker, with large jurisdiction sizes tending to drive brokerage out of existence. Moreover, we detail the manner in which the strategies employed by brokers depend on their economic power, the size of social groups, and ideological polarization. Empirical evidence from Minas Gerais, Brazil is used to evaluate the performance of the model. 相似文献
53.
Fernando Vega-Redondo 《Economic Theory》1999,14(1):203-218
Summary. The paper studies a model of accumulation and growth where a continuum of heterogeneous firms play dynamically optimal strategies along a (rational expectations) equilibrium. The key feature of the model is that
firms' technological decisions are assumed subject to both friction and external effects. This gives rise to a wide multiplicity of equilibrium behavior, any path of sustained growth requiring that the
economy tackle a never-ending chain of fresh coordination problems. This setup is modelled as a (non-atomic) dynamic game,
suitable conditions being provided that partially characterize when sustained growth is a possible (never the unique) equilibrium
outcome.
Received: May 25, 1995; revised version: March 25, 1998 相似文献
54.
This paper investigates three main questions: are affiliates of foreign multinationals more likely to exit than domestic firms? Does the exit probability of multinationals depend on its export orientation?, and Does the presence of multinationals affect the survival of other firms in the economy? Our results show that foreign plants are more likely to exit the economy, controlling for other firm and industry characteristics, only during the late 1990s, a period when the Chilean economy experience a massive slowdown. Our data also suggest that only domestic market oriented multinationals responded to this negative shock by being more “footloose”. We also find that the presence of multinationals has a positive effect on plant survival in the early 1990s. This positive effect, however, is fully captured by productivity, once controlling for TFP in our exit regressions we do not find any further impact of multinational presence on a plant's probability of exit. 相似文献
55.
Fernando Seabra 《Applied economics》2013,45(5):441-450
This paper to obtain an ex ante measure of exchange rate uncertainty in 11 Latin American countries. As a preliminary issue, the purchasing power parity (PPP) condition is tested using Engle and Granger two-step procedure and Johansen method. The argument is that exchange rate uncertainty could be lower if PPP holds in the long run. The expected exchange rate uncertainty is estimated according to an extended version of the autoregressive, conditionally heteroscedastic (ARCH) model. The results show that the ARCH adjusment produces more efficient estimates in seven countries and that the acceptance of PPP has little effect on exchange rate uncertainty. 相似文献
56.
Summary This paper establishes an existence theorem of a non-trivial (positive capital stock) steady-state equilibrium in Diamond's (1965) overlapping-generations model with production by employing the steady-state consumption curve introduced in Ihori (1978). The assumptions on preferences and production technologies that ensure the existence of a nontrivial steadystate equilibrium are separated from each other, unlike in Galor and Ryder (1989). We also provide two simple examples which illustrate the importance of two conditions in the theorem.Detailed comments by Tomoichi Shinotsuka and the referees of the journal were quite helpful. We also thank Marcus Berliant, Mark Bus, John H. Boyd III, Ban Chuan Cheah, Rajat Deb, Jim Dolmas, Oded Galor, Greg Huffman, Toshihiro Ihori, Radhika Lahiri, Lionel McKenzie, Arundhati Sen, and the seminar participants at the Midwest Mathematical Economics Conference in Ann Abor and at University of Rochester. The second author gratefully acknowledges the financial supports from the European Community Human Capital Mobility Program. 相似文献
57.
Juncal Cunado Luis A. Gil-Alana Fernando Pérez de Gracia 《Review of World Economics》2006,142(1):67-91
We examine the real convergence hypothesis for 14 OECD countries looking at the fractional order of integration of the differences
of real GDP per capita in these countries with respect to the United States. Using parametric procedures, the results vary
depending on how we specify the I(0) disturbances. If they are white noise, convergence is achieved for Canada and Australia,
and with autocorrelated disturbances, this hypothesis is satisfied for France and the Netherlands. However, allowing for a
break at World War II, evidence of convergence is obtained for all countries.
JEL no. C32, O41 相似文献
58.
The calculus of VaR involves dealing with the confidence level, the time horizon and the true underlying conditional distribution
function of asset returns. In this paper, we shall examine the effects of using a specific distribution function that fits
well the low-tail data of the observed distribution of asset returns on the accuracy of VaR estimates. In our analysis, we
consider some distributional forms characterized by capturing the excess kurtosis characteristic of stock return distributions
and we compare their performance using some international stock indices.
JEL Classification C15 · G10 相似文献
59.
This paper examines the diffusion pattern of mobile telephony in Colombia. The empirical modelling approach adopted in the paper starts off by choosing between the two functional forms that are most frequently used in the literature, namely the Gompertz and the Logistic models. After applying a formal statistical test to choose the preferred functional form, the evidence suggests that the pattern of diffusion can be best characterised as following a Logistic model. The findings also suggest that despite the fact that in recent years the rate of growth of mobile phone subscribers has started to slow down, there still appears to be room for further expansion as the saturation level is expected to be reached in 2013. The estimated saturation level is consistent with some individuals possessing more than one mobile device. 相似文献
60.
Antonio Alvarez Carlos Arias Luis Orea 《American journal of agricultural economics》2006,88(1):182-193
This article explores the relationship between milk quota values and economic efficiency in order to analyze government interventions in quota allocations among producers. For this purpose, we estimate quota values using a panel of Spanish dairy farms. Quota values are then decomposed into economic efficiency, price, and scale effects in order to assess the relative influence of these factors. We find that efficiency is important in explaining quota values but is uncorrelated with observable farm characteristics. This casts doubts on the government's ability to allocate quotas to efficient farms. 相似文献