The Implications for Health,Depression, and Life Satisfaction from a Permanent Increase in Income for the Disadvantaged Elderly: Evidence from Taiwan

This paper uses an exogenous increase in income for a specific subgroup to explore the extent to which higher income leads to higher levels of health and well-being. In 1995, the Taiwanese government implemented the Senior Farmer Welfare Benefit Interim Regulation (SFWBIR) that was a pure cash injection to senior farmers. A difference-in-differences (DiD) approach is used on survey data from the Taiwanese Health and Living Status of Elderly in 1989 and 1996 to evaluate the short-term effect of the SFWBIR on self-assessed health, depression, and life satisfaction (LS). Senior manufacturing workers are employed as a comparison group for senior farmers in the natural experiment. This paper provides evidence that the increase in income caused by this pension reform significantly improved the mental health of senior farmers by reducing 1.697 points of the depression scale in DiD and 2.178 points in the robust estimation; however, it had no significant short-term impact on self-assessed health or LS.     

Applying quality function deployment in industrial design curriculum planning

Industrial design is a discipline that combines multiple professional fields. Enterprise demands for industrial design competencies also change over time; thus, the curriculum of industrial design education should be compatible with the current demands of the industry. However, scientific approaches have not been previously employed to plan industrial design curriculums. Therefore, a gap exists between the expectations of enterprises and the professional competencies of numerous graduates in the industrial design discipline. To solve this problem, we first identified the professional competencies required of industrial design professionals in industry and academia, and then ranked these competencies based on their degree of importance using the analytic hierarchy process (AHP). Subsequently, we planned an industrial design curriculum that meets practical workplace needs by applying quality function deployment (QFD), and proposed items that require special attention for the industrial design curriculum. The results of this study are as follows (1) we obtained a ranking of various items of the professional competencies in industrial design based on their degree of importance to determine which professional competencies should be specifically cultivated; (2) we planned an industrial design curriculum that addresses the needs of enterprises according to industrial design ability index (IDAI); and (3) we recommend the courses and subjects that should be emphasized and enhanced in the existing industrial design curriculum.     

Environmental regulations,induced R&D,and productivity: Evidence from Taiwan's manufacturing industries

This paper examines whether stringent environmental regulations induce more R&D and promote further productivity in Taiwan. Using an industry-level panel dataset for the 1997–2003 period, empirical results show that pollution abatement fees, a proxy for environmental regulations, is positively related to R&D expenditure, implying that stronger environment protection induces more R&D. On the other hand, pollution abatement capital expenditures do not have a statistically significant influence on R&D. Further evaluation of the influence of induced R&D by environment regulations on industrial productivity shows a significant positive association between them. This finding supports the Porter hypothesis that more stringent environmental regulations may enhance rather than lower industrial competitiveness.     

Stock price synchronicities and speculative trading in emerging markets

The literature suggests that the strong price synchronicity observed in emerging markets is driven by the lack of firm-specific information acquisition. This paper extends previous studies by focusing on the question of whether investors’ speculative trading behavior or market conditions make the synchronicity in emerging markets more pronounced. Our results indicate that the propensity to engage in speculative trades and a low level of linkage with the world market lead to greater stock price synchronicity. These results are consistent with the hypotheses that it is difficult to price firm-level fundamentals in a speculative market where noise trades prevail, and that less weight is attached to firm-specific fundamentals in pricing stocks in a more segmented market. The price synchronicities are largely found to be stronger in bearish markets, a finding consistent with the hypothesis that investors have increased loss aversion during bear markets, which further limits informed arbitrage.     

A scenario planning approach for the flood emergency logistics preparation problem under uncertainty

This paper aims to develop a decision-making tool that can be used by government agencies in planning for flood emergency logistics. In this article, the flood emergency logistics problem with uncertainty is formulated as two stochastic programming models that allow for the determination of a rescue resource distribution system for urban flood disasters. The decision variables include the structure of rescue organizations, locations of rescue resource storehouses, allocations of rescue resources under capacity restrictions, and distributions of rescue resources. By applying the data processing and network analysis functions of the geographic information system, flooding potential maps can estimate the possible locations of rescue demand points and the required amount of rescue equipment. The proposed models are solved using a sample average approximation scheme. Finally, a real example of planning for flood emergency logistics is presented to highlight the significance of the proposed model as well as the efficacy of the proposed solution strategy.     

Dynamic hedging with futures: A copula‐based GARCH model

In a number of earlier studies it has been demonstrated that the traditional regression‐based static approach is inappropriate for hedging with futures, with the result that a variety of alternative dynamic hedging strategies have emerged. In this study the authors propose a class of new copula‐based GARCH models for the estimation of the optimal hedge ratio and compare their effectiveness with that of other hedging models, including the conventional static, the constant conditional correlation (CCC) GARCH, and the dynamic conditional correlation (DCC) GARCH models. With regard to the reduction of variance in the returns of hedged portfolios, the empirical results show that in both the in‐sample and out‐of‐sample tests, with full flexibility in the distribution specifications, the copula‐based GARCH models perform more effectively than other dynamic hedging models. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:1095–1116, 2008     

Managerial Incentives and Heterogeneous Firms

An industry where managerial firms and entrepreneurial firms coexist is considered. We analyze the effects of increasing competitiveness, defined by the increase in the number of managerial firms, on the equilibrium managerial incentive scheme. Our analysis shows that an increase in the number of managerial firms would induce a managerial firm to tie the incentives more closely to profits. We also compare the equilibrium with the regular Cournot model.     

Attitudes towards science, technology, engineering and mathematics (STEM) in a project-based learning (PjBL) environment

Many scholars claimed the integration of science, technology, engineering and mathematics (STEM) education is beneficial to the national economy and teachers and institutes have been working to develop integrated education programs. This study examined a project-based learning (PjBL) activity that integrated STEM using survey and interview methods. The participants were 30 freshmen with engineering related backgrounds from five institutes of technology in Taiwan. Questionnaires and semi-structured interviews were used to examine student attitudes towards STEM before and after the PjBL activity. The results of the survey showed that students’ attitudes to the subject of engineering changed significantly. Most of the students recognized the importance of STEM in the science and engineering disciplines; they mentioned in interview that the possession of professional science knowledge is useful to their future career and that technology may improve our lives and society, making the world a more convenient and efficient place. In conclusion, combining PjBL with STEM can increase effectiveness, generate meaningful learning and influence student attitudes in future career pursuit. Students are positive towards combining PjBL with STEM.     

The nested collective lottery that maximizes welfare under consumption interdependence

We develop a generalized lottery mechanism in this article that allows people to choose to succeed separately while retaining both merits (fairness and options to succeed jointly) of the collective lottery developed by Chen et al. (2010). We use the rationing of hunting permits in the US and Canada as examples to show the applicability of this generalized lottery mechanism.