Hierarchical clustering analysis framework of mutually exclusive crash causation parameters for regional road safety strategies

Hierarchical clustering analysis framework is developed to identify benchmark and critical regions for effective road safety strategies. The regions are grouped based on agglomeration coefficient of mutually exclusive crash causation parameters. Subsequently, regions from groups with lower than a threshold index value are selected as benchmark for the poorly performing critical counterparts. Euclidean distance-based Ward's, median and centroid clustering techniques are explored through a case study of Indian states and Union Territories. As per data between 2006 and 2015, fatal crash percentages of driving under influence of drug and alcohol, excessive speeding, vehicle malfunction and road conditions related crash causation parameters, severity index and its growth rate are assessed based on respective threshold values of 6.35%, 43.28%, 2.42%, 1.79%, 26.7 and 3.1%. These are the national average of respective indices. It demonstrated the unique application of hierarchical clustering analysis in benchmark and critical region identification.     

Rethinking John R. Commons’s Theory of Collective Action: The Viewpoint of Regulation and Convention

This article examines the theoretical connection between John R. Commons, régulation theory, and convention theory. In institutional economics (Commons 1934), by applying the idea of “multiple causation,” Commons approached macro-dynamics based on the expansion of some key concepts and studies on income distribution and demand growth. It is a prototype of the growth analysis based on the cumulative causation model, with the various forms of coordination later formulated by régulation theory. The two-layered coordination in convention theory attempted to explicitly explain the individuals’ reflexive capacities to change preference endogenously and to evaluate collective and social value, which were implicitly assumed in Commons’s term “intellect.”     

上海加强对东盟投资的动因探析

在CAFTA的建设进程中,上海对东盟的投资项目近年来迅速增加,投资规模、投资领域扩大,投资方式日益多样化。探析上海加强对东盟投资的动因,可得出结论：东盟的区位优势吸引了寻求对外投资机会的上海企业;通过对东盟的投资,可实现优化上海产业结构以及提升上海竞争力的战略。     

Market sentiment to COVID-19 and the Chinese stock market

We classify the market sentiment to COVID-19 into expected and unexpected components and then examine their particular impacts on the stock market. We find that unexpected sentiment causes fluctuations in the stock market more than expected sentiment does. However, unexpected sentiment cannot affect stock market informativeness despite the remarkable informational effect of expected sentiment. Moreover, the relation between expected sentiment and stock market fluctuation or informativeness is one-way, whereas there exists a two-way interaction between unexpected sentiment and stock market fluctuation. This further confirms that expected sentiment is informational, whereas unexpected sentiment is quite noisy and informationally harmful.