Buying while expecting to sell: The economic psychology of online resale

Consumer online resale is becoming increasingly common for transactions of secondhand goods. However, when accompanied by a preconceived intention to resell a product after using it, the initial consumer purchasing decision for self-use is complicated by the estimated resale value of that good. We applied the principles of mental accounting to develop and evaluate a new concept that may influence consumer resale and purchase intention: external resale reference price (ERRP). The study examines how online consumer sellers' economic psychology of buying affected their expectation of future online resale outcome. The results indicate that (1) consumers' awareness of future online resale potential can influence their purchasing decisions; (2) ERRP, which is mediated by the estimated resale return, can increase purchase intention; and (3) the effects of ERRP on purchase intention are moderated by online resale likelihood, but are minimal when consumers are aware that resale possibility is extremely low.     

中央投资项目地方配套资金问题研究——以福建省新增投资项目为例

受地方财力困难等因素影响,中央投资项目地方资金配套压力进一步加大。针对地方财政收支矛盾加剧情况,本文从加强管理、拓宽融资渠道等方面提出了解决地方配套资金困难的建议。     

理性经济人批判与国家理性行为体假说

该文基于理性经济人批判,提出符合时代要求与社会进步的"国家理性行为体"假说,即假设国家作为一个整体,国家行为必须要从事物发展的客观规律出发,综合权衡全体国民短、中、长期的利益需求及其可获得性,以均衡、稳定与可持续地增进全体国民福利最大化为目的。     

收获信任与温暖的新潮旅游群体——对沙发客的初步研究

源于欧美的沙发冲浪是一种新颖时尚的互助旅游方式。相比于传统的旅游模式,基于网络信任的沙发冲浪具有情感投入、体验充分、成本低廉等特点。借助ROST WordParser词频分析软件,通过对相关沙发客网站的文本内容进行分析,总结出沙发客旅游行为的50个高频词汇,并归纳为动机、感知、活动、交通方式、沙发城市、游玩地点等六大类目。研究发现,＂朋友＂和＂温暖＂在文本词汇中出现频率最高,结交朋友、扩展人脉是沙发客的主要旅游动机之一,受到热情接待、体会家庭温暖是沙发客的共同感知;＂联系＂、＂聊天＂、＂游览＂构成沙发客的基本活动;＂火车＂、＂搭车＂与＂公交＂组成交通方式的关键词汇;国际大都市＂上海＂、＂北京＂及风景如画的＂厦门＂、＂杭州＂成为热门目的地;＂景点＂、＂大学＂与＂公园＂是沙发客关注的游玩地点。     

Information,hedging demand,and institutional investors: Evidence from the Taiwan Futures Exchange

This paper examines the effect of hedging demand by various types of institutional investor on subsequent returns and volatility. Using data from the Taiwan Futures Exchange, empirical results indicate that the hedging demand of foreign investors has a significant negative impact on subsequent returns and volatility. In addition, trading strategies based on the extreme hedging demand of foreigners are positively correlated with trading performance. Furthermore, there is evidence to show that returns (volatility) also affect the subsequent hedging demand of foreign investors, suggesting a feedback relation. Finally, the hedging demand of foreign investors has a greater impact on subsequent returns and volatility after global financial turmoil. Accordingly, this paper concludes that foreign investors are informed hedgers in the Taiwan futures market, especially after global financial turmoil.     

R&D投入、技术创新能力与企业经济绩效间关系的实证分析

以浙江省312家制造企业为研究对象,采用回归分析方法,对企业R&D投入、技术创新能力与经济绩效之间的关系进行了研究。结果表明:R&D投入与企业经济绩效显著正相关;新产品产出能力和发明专利申请量在R&D投入与企业经济绩效之间起部分中介作用,其中新产品产出能力的中介效应明显高于发明专利;尽管R&D投入对实用新型专利和外观设计专利的申请量有显著的促进作用,但这两类专利申请量并不是R&D投入与企业经济绩效间关系的中介变量。     

Mean-variance hedging with oil futures

We analyze mean-variance-optimal dynamic hedging strategies in oil futures for oil producers and consumers. In a model for the oil spot and futures market with Gaussian convenience yield curves and a stochastic market price of risk, we find analytical solutions for the optimal trading strategies. An implementation of our strategies in an out-of-sample test on market data shows that the hedging strategies improve long-term return-risk profiles of both the producer and the consumer.     

Guilt, Shame, and Reparative Behavior: The Effect of Psychological Proximity

Research has paid scant attention to reparative behavior to compensate for unintended wrongdoing or to the role of emotions in doing the right thing. We propose a new approach to investigating reparative behavior by looking at moral emotions and psychological proximity. In this study, we compare the effects of moral emotions (guilt and shame) on the level of compensation for financial harm. We also investigate the role of transgressors’ perceived psychological proximity to the victims of wrongdoing. Our hypotheses were tested through a scenario based questionnaire on a sample of 261 participants. Analyses indicate that (1) guilt has a stronger effect on the level of compensation than shame; (2) psychological proximity influences the level of guilt, shame, and compensation; and (3) shame interacts with psychological proximity to predict compensation, whereas guilt mediates the relationship between psychological proximity and compensation.     

More than just a utensil: The influence of drinking straw size on perceived consumption

This research replicates and extends Wansink and colleagues' research on the effect of container size on actual consumption by examining the influence of medium size of consumption (straw size) on perceived consumption. Results from two studies show that participants who used a thin straw perceived their consumption as greater than those who used a thick straw, because straw size can lead to different perceptions of consumption time. Furthermore, sip size does not moderate the effect of straw size on perceived consumption.     

捷克、波兰银行业免疫于欧债危机原因浅析

欧债危机中,捷克、波兰银行业保持平稳较快增长,文章将其原因归纳为：国内政治稳定,政府债务水平较低,劳动力具有竞争优势,与德国的经贸联系紧密,拥有独立的货币政策,未出现严重的资本外逃。文章认为两国银行业未来仍将保持增长潜力,并总结了两国银行业发展经验带来的启示。