Special issue on advanced methods to measure tourism impacts. Editors’ introduction

Portuguese Economic Journal -     

灌区工程建设及建后管护

文章就北海市合浦水库灌区节水改造项目建设,探讨怎样搞好和加快灌区项目建设及加强建后管护工作的紧迫性,使之尽快和持续发挥应有效益。     

Optimal selling mechanisms for multiproduct monopolists: incentive compatibility in the presence of budget constraints

We analyze the nonlinear pricing problem faced by an incomplete information monopolist operating in a market populated by agents with budget constraints. We show that if other goods are available and if the monopolist's goods are nonessential relative to other goods, then there exists an optimal, individually rational, and incentive compatible selling mechanism for the monopolist (Theorem 1). Moreover, we show that a solution to all such nonlinear pricing problems exists if and only if the monopolist's goods are nonessential (Theorem 2). In the absence of nonessentiality, we show that if the monopolist's profit function is independent of quantity (e.g., if all costs are fixed), then an optimal selling mechanism exists (Theorem 3). Finally, we show that if there is reporting (of types by agents) and partial recognition of types (by the monopolist), then an optimal selling mechanism exists, even in the absence of nonessentiality, provided agents' utility functions are affine and continuous in goods (Theorem 4).     

A Text Mining-Based Review of Cause-Related Marketing Literature

Social networking sites (SNS) have challenged ethical issues about users’ information security and privacy. SNS users are concerned about their privacy and need to control the information they share and its use. This paper examines the security of SNS by taking a look at the influence of users’ perceived control of information over their information-sharing behaviors. Employing an empirical study, this paper demonstrates the importance of perceived control in SNS users’ information-sharing behaviors. Specifically, perceived control has been found to be negatively related to perceived privacy risk and attitude toward information sharing, which in turn has an impact on their information-sharing behaviors. In addition, gender has been shown to be an important factor that moderates the influences of both perceived control and perceived privacy risk on SNS users’ attitudes toward information sharing. Theoretical and practical implications are discussed.     

Strategic decisions on bilateral bidding behavior: evidence from a wholesale electricity market

This article analyzes the strategic bilateral bidding behavior in the Spanish electricity wholesale market (OMEL). The collection of data includes information regarding weekly averages of spot prices, the quantity bid in the wholesale market, the quantities purchased in the wholesale market and sold in the open market, and the behavior of conduct parameters for the period from January 2002 to April 2007 for the four largest firms of the Spanish electricity market: Endesa, Iberdrola, Unión Fenosa and Hidrocantábrico. This article employs the New Empirical Industrial Organization approach. The empirical analysis was based on the autoregressive distributed lag approach to cointegration and on the Toda–Yamamoto Granger causality tests to validate the standard version of the theoretical formulation of the standard Cournot model, and its theoretical extension, to encompass the hypothesis of the presence of bid interdependence for electricity quantities sold and bought in the Spanish electricity wholesale market. The results of cointegration and causality analysis reinforce the empirical results of the extended Cournot model with the inclusion of the two main bidding variables that solved the optimization problem of profit maximization for each of the four firms analyzed.     

Global and Extreme Dependence Between Investor Sentiment and Stock Returns in European Markets

The authors investigate the global and extreme dependence structure between investor sentiment and stock returns in 7 European stock markets (Belgium, France, Germany, Greece, the Netherlands, Portugal, and the UK), over the period 1985–2015. Global dependence refers to the correlation of changes in sentiment and stock returns over the whole range of these 2 variables, and extreme dependence refers to the local correlation of high (i.e. asymptotic) changes in sentiment and high stock returns. Using copula models and a bootstrap procedure, 6 statistical tests are performed for this purpose. Among the results of the tests, the authors highlight those that provide evidence of contemporaneous lower extreme dependence and contemporaneous upper extreme independence between sentiment and returns. As policy implications, these results suggest that financial stability can be promoted if regulators consider the impact of their decisions on investor sentiment. Also, the results seem to support the arguments in favor of short selling ban during turmoil periods. Finally, overall, the results are relevant for both investors and regulators and reinforce the importance of considering investor sentiment to better understand the behavior of financial markets.     

Open‐shop unions and product market competition

Abstract Evidence on the effect of product market competition on unionized wages is mixed. In this paper we show theoretically that the result may reflect genuine heterogeneity in the response of union wages to product market conditions. For low levels of unionization, union bargaining power may actually be enhanced by market competition, as firms have more to lose when there is a strike. Using recent data from the UK, we explore interactions between the level of industry competition and unionization, and find supporting evidence for this hypothesis.     

Inequality and criminality revisited: further evidence from Brazil

The objective of this study is to shed light on the determinants of criminality rates in Brazil. A panel data model was estimated using Brazilian states’ data. Our main result suggests that income inequality plays an important role in the determination of the crime rate. Furthermore, there are evidence suggesting that both unemployment and urbanization rates are positively related to crime. Based on a GMM approach we find the existence of an “inertial effect” on criminality. Besides that, the GMM results show that public security spending is effective in reducing criminality rates. Contrary to the common wisdom, we could not find evidence that poverty increases violent crimes. Finally, we have evidence that income inequality Granger causes crime, but not the reverse.     

血栓通治疗冠心病有效性和安全性的Meta分析

目的综合评价血栓通治疗冠心病的有效性和安全性,为临床治疗决策提供科学依据。方法利用计算机检索文献,并进行筛选,在对纳入文献进行方法学质量评价后,应用RevMan5.0软件,采用固定效应模型或随机效应模型对纳入文献进行Meta分析。结果本研究共纳入31篇文献,质量评级均为C级。在心电图总有效方面,血栓通单用VS复方丹参单用、血栓通联用其它药物VS复方丹参联用其它药物、血栓通联用硝酸甘油VS硝酸甘油、血栓通联用其它药物VS其它药物比较,RR及95%CI分别为1.45（1.29～1.62）、1.19（1.01～1.41）、1.22（1.10～1.34）、1.28（1.19～1.38）,差异具有统计学意义。在心绞痛总有效方面,血栓通联用其它药物VS其它药物、血栓通联用硝酸甘油VS硝酸甘油比较,RR及95%CI分别为1.28（1.19～1.38）、1.30（1.15～1.48）,差异具有统计学意义。敏感性分析验证了结果的稳定性。结论血栓通不论是单用还是与其它药物联合应用,在心绞痛和心电图总有效方面均较其它药物优秀。