Median‐voter Equilibria in the Neoclassical Growth Model under Aggregation*

We study a dynamic version of Meltzer and Richard's median‐voter model where agents differ in wealth. Taxes are proportional to income and are redistributed as equal lump‐sum transfers. Voting occurs every period and each consumer votes for the tax that maximizes his welfare. We characterize time‐consistent Markov‐perfect equilibria twofold. First, restricting utility classes, we show that the economy's aggregate state is mean and median wealth. Second, we derive the median‐voter's first‐order condition interpreting it as a tradeoff between distortions and net wealth transfers. Our method for solving the steady state relies on a polynomial expansion around the steady state.     

ON THE CONSISTENCY OF REGRESSION‐BASED MONTE CARLO METHODS FOR PRICING BERMUDAN OPTIONS IN CASE OF ESTIMATED FINANCIAL MODELS

In many applications of regression‐based Monte Carlo methods for pricing, American options in discrete time parameters of the underlying financial model have to be estimated from observed data. In this paper suitably defined nonparametric regression‐based Monte Carlo methods are applied to paths of financial models where the parameters converge toward true values of the parameters. For various Black–Scholes, GARCH, and Levy models it is shown that in this case the price estimated from the approximate model converges to the true price.     

How do Scores of DIT and MJT Differ? A Critical Assessment of the Use of Alternative Moral Development Scales in Studies of Business Ethics

The construct of Cognitive Moral Development (CMD) has drawn much attention in the study of business ethics for over two decades. The Defining Issues Test (DIT) has made a significant contribution to the literature as an easy-to-administer CMD instrument, and the Moral Judgment Test (MJT), an alternative scale, has also been used widely especially in Europe. The two scales differ in their approaches to measuring CMD, focusing on stage preference (DIT) and stage consistency (MJT), yet empirical comparisons have been scarce. The present research empirically compares the two scales in terms of their correspondence with ethical ideology as a reference scale, and it demonstrates a clear distinction between the DIT and the MJT. Although they both aim to measure CMD, their dissimilar approaches lead to distinctly different implications.     

Statistical manipulability of social choice functions

We consider the proportion of profiles at which an anonymous neutral social choice function cannot be manipulated to any coalition's advantage. We fix the number of alternatives and consider the limit as the number of individuals goes to infinity, and assume that the limit of the fraction of all profiles in the domain is 1. We show that there is a continuous function on “profile vectors’ which gives the maximum probability of strategy-proofness, and that this is strictly between 0 and 1 for three alternatives. We also analyze a number of common social choice functions along these lines.     

经济学的理性假设辨析

理性历来是经济学研究秉持的最基本的行为假设,然而自从其概念诞生以来,经济学家们对它的理解与解释却众说纷纭。理性的框架应界定为:利己性、最优化与偏好一致性。对理性假设应该采取秉持实证主义思想,维持理性假设的态度与措施;当理论与现实矛盾时,谨慎地适当地扩展理论模型或环境假设,扩展的底限是维持理性的内在一致性,上限则取决于理论的一般性与现实性的权衡。     

共识、合作、自我和谐：构建和谐单位的三重奏

和谐社会是一种理念,是我们社会的追求、目标和共识,包含了团结、公平、共识、理解、包容等观念。单位是社会的细胞,本文从事业、团队和个人三个层面论述了构建和谐单位的着眼点,即事业要发展,团队要合作,心态要阳光,并以激励措施为例,提出了构建和谐单位的一些做法设想。     

Using Signals to Initiate Importer-Exporter Relationships: Evidence from Vietnamese Importers

ABSTRACT

Purpose: Realizing the existence of information asymmetry in export markets and the use of signals to distinguish high-qualified sellers from low-qualified sellers, this study investigates the effects of signal consistency and signal clarity on exporter credibility, and subsequently, importer relationship intention.

Methodology: Using a survey data set collected from a systematic sample of 418 Vietnamese importers, the authors tested a model hypothesizing the impact of signal consistency and signal clarity on exporter credibility, and subsequently, on importer relationship intention.

Findings: The authors found that signal consistency and clarity have a positive impact on exporter credibility. Signal consistency also enhances the level of signal clarity. They also found that exporter credibility underlies importer relationship intension.

Research Implications: Under the condition of information asymmetry, importers face difficulties in identifying and evaluating the best supplier among available suppliers in order to make the most appropriate selection decision. The findings confirm that signal clarity and consistency can help exporters to overcome such problems. Exporters should ensure that all signals sent to importers are clear and consistent over time to encourage importers to build long-term business relationships with them.

Contributions: The findings of this study add to the literature on signaling in exporter–importer relationships and can serve as an initiation for further research in the area in transitioning economies.     

Consistency in Mixed Demand Systems: Contingent Valuation and Travel Cost Data

In contrast to previous literature, we propose a consistency test that does not impose any particular common functional form for the preference structure underlying the travel cost (TC) and contingent valuation (CV) models. We derive testable consistency conditions between TC and CV data in the context of mixed demand systems when valuing changes in environmental quality. These conditions are a subset of the rationality conditions. The proposed consistency tests are implemented combining TC and CV data. The empirical results show that it is possible to combine stated TC and CV, but not revealed TC and CV data.     

基金投资风格的持续性研究:原因与结果

本文以2006至2010年期间所有开放式股票型非指数型基金为样本,实证研究基金投资风格的持续性以及基金转变投资风格的原因和结果。研究发现:(1)基金的大盘/小盘风格具有一定的持续性,但是价值/成长风格不具有持续性;(2)基金总体上并没有表现出明显的风格择时能力,而过去的业绩是影响基金投资风格发现转变的一个重要原因;(3)适当地改变大盘/小盘风格、适当地保持价值/成长风格有利于提高未来的业绩。