Stability in the patent race contest of Lee and Wilde

Summary. To determine how expenditure and profits vary with the number of firms in the patent race contest of Lee and Wilde, it is traditional to impose an ad-hoc stability condition on the best response function. This paper relates the stability condition to the standard myopic adjustment mechanism and shows that a concave hazard rate function with non- increasing hazard rate elasticity is sufficient for the analysis. We provide examples and reveal additional qualitative properties of the Lee and Wilde model. Received: November 15, 1996; revised version: March 25, 1998     

Random coefficient and errors-in-variables models for beta estimates: Methods and applications

Based upon both theoretical and empirical arguments, the market model has been specified as a random coefficient and errors-in-variables (RCEV) rates of return generating process. The impacts of measurement errors associated with market rates of return and the risk-free on the estimated beta coefficient and estimated random coefficient parameters are analyzed in detail. It is shown that the beta coefficient obtained from RCEV can be decomposed into a) true component, b) bias due to measurement errors, c) bias due to specification error, and d) interaction bias.     

Use of time as a determinant of family market behavior

An attempt is made to represent the concept of life style in terms of the use of time. The variables obtained are used to test their effectiveness, in conjunction with socioeconomic and attitudinal variables, for explaining certain types of consumer financial behavior, using data from two panels of young married couples, one of 130 couples in Decatur-Peoria, Illinois, and the other of 185 couples in Chicago. The results indicate that use-of-time variables are significant in helping to explain purchase of durables, ownership of credit cards, and amount of insurance.     

天然甜茶保健饮料加工技术的研究

研究了天然甜茶保健饮料的生产工艺,并着重研究了最佳浸提条件及如何解决天然甜茶保健饮料产生混浊沉淀、色泽褐变、风味改变等问题。研制出色泽清亮、香气宜人、甘甜清凉可口的天然无糖保健饮料。