Do Formula or Competitive Grant Funds Have Greater Impacts on State Agricultural Productivity?

This article examines the impact of public agricultural research and extension on agricultural total factor productivity at the state level. The objective is to establish whether federal formula or competitive grant funding of agricultural research has a greater impact on state agricultural productivity. A pooled cross-section time-series model of agricultural productivity is fitted to annual data for forty-eight contiguous states over 1970–1999. Our results show that public agricultural research and agricultural extension have statistically significant positive impacts on state agricultural productivity. In addition, Hatch formula funding has a larger impact on agricultural productivity than federal competitive grant funding, and a reallocation of Hatch formula funds to competitive grant funding would lower agricultural productivity. This seems unlikely to be a socially optimal policy. Furthermore, from a cost–benefit perspective, our study shows that the social marginal annualized real rate of return to public resources invested in agricultural research is 49–62%, and to public agricultural extension, the rate is even larger.     

积分第一中值定理的证明与推广

本文根据积分上限函数的性质利用微分中值定理证明了积分第一中值定理,用改进的介值定理证明了ξ∈(a,b),并推广了积分第一中值定理。     

基于经费限额的备件订货方法研究

由于受国家经济体制和经济条件等因素的影响,器材备件的供应主要采取＂实物限额与经费限额相结合,以经费限额为主＂模式,要求器材管理部门,根据经费限额量,制定科学合理的器材订货计划,使有限的资源得到更充分的利用,以达到更好的军事经济效益。     

移动式皮带在双岭电站施工中的应用

应用皮带系统浇筑混凝土,极大的缓解了门机的工作压力,为仓面准备工作提供了充分的机械保证,提高了混凝土浇筑速度。移动式皮带在双岭汛前施工中的应用,彻底改变了施工单位在工期上被动局面,为年底厂房封顶的实现奠定了坚实的基础。     

关于完善我国审前拘押体制之探析

我国在审前拘押环节上还存在许多不够完善的地方。为使之与国际标准接轨,应改变现行侦押合一的 拘押管理模式,尽快完善司法审查体制、诉讼迅速等相关制度和原则,以遏制超期羁押、刑讯逼供等现象的发生。     

The size and development of the shadow economy: An empirical investigation from states of India

Using the state level data from India, this paper investigates the size of the hidden economy in Indian states over the period 1974/75 to 1995/96. Our analysis has shown that after liberalization of the Indian economy in 1991/92, the growth in the size of the hidden economy has decreased on an average. Our results show that the growth in the size of the hidden economy is approximately 4% less in scheduled election years than in all other years. We also demonstrate that the growth is significantly lower in those states where the coalition government is in power. An increased growth of newspapers and the literacy rates translate to cleaner governance, e.g. to fewer amounts of shadow economy activities in the economy.     

工程项目T、Q、C决策优化方法研究

工期(T)、质量(Q)和成本(C)是项目建设中,决策者最为关注的三个目标,它们在不同的工程项目中表现出不同的决策要求。本文研究了T、Q、C三者发生不同变化时的决策情形,并给出了相应的决策优化思路和方法,为项目决策人提供了一定的决策参考依据。     

关于加强施工成本控制的探讨

成本控制是企业取得经济效益的核心。提出了加强施工企业成本管理的几点建议,利用财务现金流量表、价值工程、赢亏平衡分析等工具及手段,通过全员管理,建设期管理,综合考虑质量、工期与成本关系,以及责、权、利并举,以期有助于施工企业改善成本管理,获得更大的经济效益和社会效益。     

Limits to Investment Exhilarationism

The aim of the paper is to understand the limits of an exhilarationist regime from a theoretical point of view. We propose a model where distributive shares are endogenously determined by assuming labor productivity to vary with the level of output/capacity utilization due to economies of scale. With an additional assumption of investment being determined by profit share we have a self-reinforcing interaction between the level of output and distribution of income in this model. Is there a limit to such a cumulative process? Here we analyze this question without relying on exogenous mechanisms such as ``ceiling/floor'' concepts.     

Determinants of stock market volatility and risk premia

Summary. We show the dynamics of diverse beliefs is the primary propagation mechanism of volatility in asset markets. Hence, we treat the characteristics of the market beliefs as a primary, primitive, explanation of market volatility. We study an economy with stock and riskless bond markets and formulate a financial equilibrium model with diverse and time varying beliefs. Agents states of belief play a key role in the market, requiring an endogenous expansion of the state space. To forecast prices agents must forecast market states of belief which are beliefs of others hence our equilibrium embodies the Keynes Beauty Contest. A market state of belief is a vector which uniquely identifies the distribution of conditional probabilities of agents. Restricting beliefs to satisfy the rationality principle of Rational Belief (see Kurz, 1994, 1997) our economy replicates well the empirical record of the (i) moments of the price/dividend ratio, risky stock return, riskless interest rate and the equity premium; (ii) Sharpe ratio and the correlation between risky returns and consumption growth; (iii) predictability of stock returns and price/dividend ratio as expressed by: (I) Variance Ratio statistic for long lags, (II) autocorrelation of these variables, and (III) mean reversion of the risky returns and the predictive power of the price/dividend ratio. Also, our model explains the presence of stochastic volatility in asset prices and returns. Two properties of beliefs drive market volatility: (i) rationalizable over confidence implying belief densities with fat tails, and (ii) rationalizable asymmetry in frequencies of bull or bear states.This research was supported by a grant of the Smith Richardson Foundation to the Stanford Institute for Economic Policy Research (SIEPR). We thank Kenneth Judd for constant advice which was crucial at several points in the development of this work. We also thank Kenneth Arrow, Min Fan, Michael Magill, Carsten Nielsen, Manuel Santos, Nicholas Yannelis, Ho-Mou Wu and Woody Brock for comments on earlier drafts. The RBE model developed in this paper and the associated programs used to compute it are available to the public on Mordecai Kurzs web page at http://www.stanford.edu/ mordecai.This revised version was published online in January 2005 with corrections to the Cover date.