资源限制条件下的商业银行多点布局优选的遗传算法

文章针对资源限制条件下的商业银行多点布局优选的0-1整数规划数学模型,提出基于遗传算法的求解方法。利用遗传算法中随机搜索优化机制,能较快和准确地获得最优解。实例计算证明,与现有的求解方法相比,遗传算法具有较好的寻优效果,可以作为求解商业银行多点布局优选问题的一种新方法,同时对于其他项目群决策问题具有借鉴作用。     

Symmetry-based inference in an instrumental variable setting

We describe exact inference based on group-invariance assumptions that specify various forms of symmetry in the distribution of a disturbance vector in a general nonlinear model. It is shown that such mild assumptions can be equivalently formulated in terms of exact confidence sets for the parameters of the functional form. When applied to the linear model, this exact inference provides a unified approach to a variety of parametric and distribution-free tests. In particular, we consider exact instrumental variable inference, based on symmetry assumptions. The unboundedness of exact confidence sets is related to the power to reject a hypothesis of underidentification. In a multivariate instrumental variables context, generalizations of Anderson–Rubin confidence sets are considered.     

The 'Peter Pan' of Australian Economic Policy Research

The classic book by J.M. Barrie finishes with Peter Pan inviting the audience to believe in fairies lest more fairies die. Bob Gregory almost invariably invites his audience to believe in economic research – his infectious enthusiasm for ideas is part of it, but he also invites the audience/reader to suspend disbelief, and to accompany him on a journey in hyper-reality of economic research. The analogy of Bob to Peter Pan is developed by reference to my collaborations with Bob during and after my doctoral thesis. Unless social science research creatively explores possibilities with imagination, the overall quality of research dies.     

Experience Rating versus Employment Protection Laws in a Model where Firms Monitor Workers*

While layoff costs in the U.S. are mostly due to experience‐rated unemployment insurance, layoff costs in European labour markets are primarily a consequence of employment protection laws. In this paper we compare the effects of experience rating and employment protection laws on employment and welfare in a model where unemployment arises due to efficiency wage setting and where labour turnover is inefficiently high. We show that a revenue‐neutral introduction of experience rating reduces labour turnover and increases employment and welfare. The introduction of employment protection laws may also reduce labour turnover but employment declines.     

Bivariate semi-Pareto minification processes

Marshall-Olkin bivariate semi-Pareto distribution (MO-BSP) and Marshall-Olkin bivariate Pareto distribution (MO-BP) are introduced and studied. AR(1) and AR(k) time series models are developed with minification structure having MO-BSP stationary marginal distribution. Various characterizations are investigated.Acknowledgements. The authors thank the Editor and the referee for their valuable suggestions which led to an improved version of the original paper. The first author is grateful to the University Grants Commission of India for the support under Teacher Fellowship Scheme.     

FOSTERING OR STRIPPING RURAL CHINA: MODERNIZING AGRICULTURE AND RURAL TO URBAN CAPITAL FLOWS

The present study focuses on the flow of fiscal and financial resources in China's rural economy during the first two decades of reform. Specifically, we seek to quantify the nature and direction of the capital flows between agriculture and the non‐agricultural sectors and between the rural and non‐rural sectors. We track identify the flows of three main sources of capital: fiscal flows, financial shifts through the formal banking system, and the implicit taxes that are moving through the grain system as a result of payment of in‐kind (e.g., delivery quotas by farmers). Through this analysis, we provide policy makers with a set of measures showing that although in recent years the agriculture‐to‐industry and rural‐to‐urban flows have appeared to reverse themselves, as late as 2000 it does not appear as if the government is not directing enough resources into the rural economy. Greater flows, however, are needed if rural China is to modernize.     

日本资产证券化的发展状况

资产证券是一种新的金融工具,对金融危机后日本金融体系的改革有着十分重要的推动作用。本文介绍了近年来资产证券化在日本取得迅速发展的背景,着重从资产证券化的种类,立法与监管,发展中存在的障碍等方面分析了日本资产证券化的发展状况。本文还总结了日本发展资产证券化的经验对我国的借鉴意义。     

Cost-effectiveness of DTG + ABC/3TC versus EFV/TDF/FTC for first-line treatment of HIV-1 in the United States

Abstract

Objective:

Data from the SINGLE trial demonstrated that 88% of treatment-naïve HIV-1 patients treated with dolutegravir and abacavir/lamivudine (DTG?+?ABC/3TC) achieved viral suppression at 48 weeks compared with 81% of patients treated with efavirenz/tenofovir disoproxil fumarate/emtricitabine (EFV/TDF/FTC). It is unclear how this difference in short-term efficacy impacts long-term cost-effectiveness of these regimens. This study sought to evaluate long-term cost-effectiveness of DTG?+?ABC/3TC vs EFV/TDF/FTC from a US payer perspective.     

The Role of Agriculture on the Recent Brazilian Economic Growth: How Agriculture Competes for Resources

Drawing upon the Global Trade Analysis Project (GTAP) database, and other time series data, we construct a multi‐sector Ramsey model that shows the transition growth of the Brazilian agricultural sector and its effects on growth of the industrial and service sector of the economy, with particular emphasis given to the years 1994–2010. Our results capture the importance of the agriculture's capital intensity and the sector's factor productivity on the sector's growth, the substitution of capital for labor in agriculture, and the sustaining of agriculture's share in Brazilian GDP. These features are rather unique among emerging economies, most of which have experienced a transition out of agriculture and growth in nonfarm production relative to agriculture.     

Growth Patterns and Inequality in the Presence of Costly Technology Adoption

The stylized facts that motivate this article include the diversity in growth patterns that are observed across countries during the process of economic development and the divergence over time in income distributions both within and across countries. We construct a dynamic general equilibrium model in which technology adoption is costly and agents are heterogeneous in their initial holdings of resources. We interpret the adoption cost as the resources expended in acquiring skills associated with new technologies. Endogenous growth occurs in our model largely as a result of human capital deepening. The analytical results of the model characterize three growth outcomes associated with the technology adoption process depending on productivity differences between the technologies. These outcomes are labeled ‘poverty trap,’ ‘dual economy,’ and ‘balanced growth.’ The model is then capable of explaining the observed diversity in growth patterns in addition to the divergence of incomes over time and across countries.