中国城市宏观级差地租的形成机制

城市宏观级差地租是我国特殊国情下的创新理论。先梳理了城市宏观级差地租理论的发展和最新成果,在前人研究的基础上,提出一些新的理论观点。之后对城市宏观级差地租的概念进行了新的诠释,然后重点论述了城市宏观级差地租的形成机制,并结合我国实际情况,分别从城市区位级差地租、城市规模级差地租和城市功能级差地租三方面进行深入分析和论述,阐明了城市宏观级差地租形成的原因。最后总结了我国城市宏观级差地租理论创新的意义,指出中央政府对宏观级差地租理论的运用是缩小我国区域经济差距一个新的政策思路。     

Endogenous ranking and equilibrium Lorenz curve across (ex-ante) identical countries: A generalization

This paper proposes a symmetry-breaking model of trade with a finite number of identical countries and a continuum of tradeable consumption goods, which differ in their dependence on nontradeable intermediate inputs, “producer services”. Productivity of each country is endogenous due to country-specific external economies of scale in its service sector. It is shown that, in any stable equilibrium, the countries sort themselves into specializing in different sets of tradeable goods and that a strict ranking of countries in per capita income, TFP, the service sector share, and the capital–labor ratio emerge endogenously. Furthermore, the distribution of country shares, the Lorenz curve, is unique and analytically solvable in the limit, as the number of countries grows unbounded. Using this limit as an approximation allows us to study what determines the shape of distribution, perform various comparative statics and to evaluate the welfare effects of trade. In doing so, this paper extends the analysis of Matsuyama (Econometrica, 81:5 (September 2013), 2009–2031) for more general and flexible forms of scale economies. It turns out that the technique introduced in Matsuyama (Econometrica, 81:5 (September 2013), 2009–2031) is useful for the equilibrium characterization in this general case as well. Although some results of comparative statics and on welfare inevitably need to be modified, they change in ways that illuminate the underlying mechanism of symmetry-breaking.     

Customer engagement with tourism social media brands

In tourism, customer engagement has been found to boost loyalty, trust and brand evaluations. Customer engagement is facilitated by social media, but neither of these phenomena is well-researched in tourism. This research contributes in two ways. First, we validate the Customer Engagement with Tourism Brands (CETB) 25-item scale proposed by So, King & Sparks (2014) in a social media context, and offer an alternative three-factor 11-item version of the scale. Second, we replicate their proposed structural model, and test our alternative model, to predict the behavioural intention of loyalty from engagement, and to test customer involvement as an antecedent to engagement. Ultimately, we propose a customer engagement scale and a nomological framework for customer engagement, both of which can be applied in both tourism and non-tourism contexts. Managers of tourism brands on social to better assess the nature of customer engagement with the parsimonious 11-item scale.     

Socio-economic and biophysical determinants of land degradation in Vietnam: An integrated causal analysis at the national level

Recognizing the socio-economic and biophysical causes of land degradation at the national level is important for cause-targeted strategies when designing policies for combating land degradation. This study aims to identify the biophysical and socio-economic factors that significantly affect land degradation across Vietnam and to interpret the causalities underlying the effects. The dependent variables considered in the study are spatial, the extent and intensity of degradation in three land-use zones (agriculture, forest and severely degraded abandonment). The hypothesized explanatory variables are common economic and demographic drivers and bio-physical factors such as soil, terrain constraints, and neighborhood land-use structures that are often neglected in many large-scale land degradation assessments. Instead of using a single inferential statistic technique, we used multi-linear regression and binary logistic regression in a complementary manner to increase the detectability and credibility of the degradation cause analyses. The results showed agricultural production growth had strong and consistent effects on land degradation extent and intensity. Population growth, especially in rural areas, had a strong effect on the extent of overall land degradation. The importance of a neighboring forest was revealed for its ability to reduce land degradation intensity in abandoned, unproductive lands. The concrete faceting of the causal analysis for each land-use zone as social–ecological stratum allowed us to combine the defined social–ecological contexts, contemporary theories, and hypotheses in the field to clarify the causal factors of a complex phenomenon like land degradation. The study demonstrates these contemporary inferential statistics can be complementarily used to sufficiently detect and understand land degradation causes at the national level. The results suggest implications for national land management policy: internalizing land degradation costs in the farming system evaluation for payment for ecosystem services policy, restricting forest conversion, and improving extension services and education in agrarian communities.     

Optimal Social Insurance with Endogenous Health*

In this paper, I analyze optimal insurance against unemployment and disability in a private information economy with endogenous health and search effort. Individuals can reduce the probability of becoming disabled by exerting prevention effort. I show that the optimal sequence of consumption is increasing for a working individual and constant for a disabled individual. During unemployment, decreasing benefits are not necessarily optimal. The prevention constraint implies increasing benefits while the search constraint demands decreasing benefits while being unemployed. However, if individuals respond sufficiently to search incentives, the latter effect dominates the former and the optimal consumption sequence is decreasing during unemployment.     

Double continuation regions for American and Swing options with negative discount rate in Lévy models

In this paper, we study perpetual American call and put options in an exponential Lévy model. We consider a negative effective discount rate that arises in a number of financial applications including stock loans and real options, where the strike price can potentially grow at a higher rate than the original discount factor. We show that in this case a double continuation region arises and we identify the two critical prices. We also generalize this result to multiple stopping problems of Swing type, that is, when successive exercise opportunities are separated by i.i.d. random refraction times. We conduct an extensive numerical analysis for the Black–Scholes model and the jump‐diffusion model with exponentially distributed jumps.     

Organisational regulatory legitimacy,entrepreneurial orientation,and SME innovation: an optimal distinctiveness perspective

The optimal distinctiveness perspective argues that firms face competing pressures to be both ‘like’ and ‘different from’ their peers. On the one hand, institutional scholars assert that firms need to be similar to peers in order to gain legitimacy. On the other hand, strategy scholars insist that firms need to strive to be different to gain competitive advantage. In order to enrich the optimal distinctiveness perspective, the present study builds a conceptual model that addresses the relationships among organisational regulatory legitimacy, entrepreneurial orientation, and SME innovation under the context of China’s transition economy. Our empirical results show that organisational regulatory legitimacy has an inverted-U relationship with SME innovation. Further, entrepreneurial orientation strengthens this inverse-U shaped relationship. That is, entrepreneurial orientation magnifies both the positive and the negative effect of organisational regulatory legitimacy on SME innovation. This study echoes to the call to conduct broader optimal distinctiveness research by integrating institutional theory and strategic management. Furthermore, our findings provide new evidence for the strategic balance perspective of optimal distinctiveness.     

On Targeting Frameworks And Optimal Monetary Policy

We show that speed limit policy, a monetary policy strategy that focuses on stabilizing inflation and the change in the output gap, consistently outperforms flexible inflation targeting and flexible price level targeting in empirical medium‐scale DSGE models under discretionary policymaking. In contrast to small‐scale New Keynesian models, this welfare ranking of the targeting frameworks is not overturned when inflation dynamics are mostly backward‐looking. Importantly, the performance of the speed limit policy shows less sensitivity to its parameterization than other frameworks that target the inflation rate or the price level.