Consistent estimation in the bilinear multivariate errors-in-variables model

A bilinear multivariate errors-in-variables model is considered. It corresponds to an overdetermined set of linear equations AXB=C, A∈ℝ^m×n, B∈ℝ^p×q, in which the data A, B, C are perturbed by errors. The total least squares estimator is inconsistent in this case.  An adjusted least squares estimator is constructed, which converges to the true value X, as m →∞, q →∞. A small sample modification of the estimator is presented, which is more stable for small m and q and is asymptotically equivalent to the adjusted least squares estimator. The theoretical results are confirmed by a simulation study. Acknowledgements. We thank two anonymous reviewers for their suggestions and corrections.? A. Kukush is supported by a postdoctoral research fellowship of the Belgian office for Scientific, Technical and Cultural Affairs, promoting Scientific and Technical Collaboration with Central and Eastern Europe.? S. Van Huffel is a full professor with the Katholieke Universiteit Leuven.? I. Markovsky is a research assistant with the Katholieke Universiteit Leuven.? This paper presents research results of the Belgian Programme on Interuniversity Poles of Attraction (IUAP V-22), initiated by the Belgian State, Prime Minister's Office – Federal Office for Scientific, Technical and Cultural Affairs of the Concerted Research Action (GOA) projects of the Flemish Government MEFISTO-666 (Mathematical Engineering for Information and Communication Systems Technology), of the IDO/99/03 project (K.U. Leuven) “Predictive computer models for medical classification problems using patient data and expert knowledge”, of the FWO projects G.0078.01, G.0200.00, and G0.0270.02.? The scientific responsibility is assumed by its authors.     

There's something about saving …

The paper considers how people should plan their saving, given certain assumptions about inheritance and changes in household circumstances. The results are produced by a model that takes into account tax and state benefits as well as various private savings vehicles. It concludes that, for many households, saving for retirement through a ‘pension’ might not be optimum and that the best strategy is to vary the incidence and allocation of saving in response to changes in household circumstances.     

Satisfaction drivers for Internet service technology among stock brokerage customers in Thailand

Many financial services firms are offering the Internet as a self-service technology (SST), for online stock trading, in an effort to increase effciency and give customers greater access. It is important to understand how this technology will influence customer satisfaction. This paper reports results of exploratory research to identify sources of customer satisfaction and dissatisfaction with the service encounter in Thai stockbrokerage firms. Results show that customers and service providers determine sources of customer dis/satisfaction differently, depending on whether the service encounter is technology-based or interpersonal. Different customer profiles give rise to segmentation in response to the use of Internet technology in this industry.     

Optimality conditions¶and bubbles in sequential economies¶and bounded relative risk-aversion

We provide specific qualifications in order that Kuhn–Tucker type Euler equations and transversality conditions at infinity hold in stochastic equilibrium models with heterogeneous agents and where assets are traded in sequential markets. It is not assumed that uncertainty is modeled as an event-tree structure or that preferences are necessarily bounded. We also describe an important class of preferences based on bounded relative risk aversion which yields relevant simplifications. Our results are used to establish conditions that rule out asset pricing bubbles. Specific examples of economies with bubbles are also discussed. Received: 28 January 2002 / Accepted: 19 July 2002 We are grateful to the editor and an anonymous referee for their valuable comments. This research was partially supported by MURST (Italy), National Group on “Nonlinear Dynamics and Stochastic Models in Economics and Finance”.     

工作任务分解（WBS）在企业成本过程控制管理中的作用

长庆采油二处通过对企业水电燃料网络的系统研究，在继承传统的水电燃料管理方式和方法的基础上．引入现代企业质量过程控制的方式方法，按照“四新一效”的管理指导思想，提出了“五确定”的过程控制政策和具体要求，将工作任务层层分解（即WBS），落实了“启动、计划、执行、控制、结束”五个阶段的成本过程控制，实现了“监管一体化、管理过程化、业务流程精简效能化、资源共享化”四大效用，并取得了显著的经济效益。     

Fixed Exchange Rates and Disinflation in Emerging Markets: How Large Is the Effect?

We examine developing countries which have institutional quality ratings for the effects of exchange rate rigidity on inflation. The level of institutional development exerts no effect on the impact of currency regimes. However, the interaction of institutional quality and exchange rates has, in the most plausible specifications, a negative impact on inflation. This suggests that fixed exchange rates exert at most a contingent effect on inflation, and indicates that countries in Eastern Europe and Latin America contemplating currency pegs would be better off improving institutional quality prior to adopting the euro or dollar and expecting a large subsequent disinflationary effect. JEL no.  F31, O11     

论企业的品牌战略——以商标法为视角

在世界经济一体化进程中,我国企业知名品牌数量少、档次低,影响其发展壮大,促使其树立品牌战略。从商标法的角度看,品牌设计要符合法律的规定,考虑到不同地区的风俗习惯,尽量使用强商标。商标要及时注册和续展,使用联合商标和防御商标,以防止商标被境外抢注;同时,也要注重商标管理和保护,保证企业的品牌战略顺利实施。