Globalization and Income Gap from the Perspective of Developing Countries

Using political economic theory, this paper analyzes the impact of economic globalization on international income distribution, including the income gap between developed countries and developing ones, the income gap among the developing countries. The paper states that because the economic globalization is the globalization of capitalism manufacture style and developed countries dominates the process, the income gap between developing countries and developed one is difficult to be narrowed, and the income gap in developing countries will enlarge.     

Probabilistic sophistication without completeness

This is a study of probabilistically sophisticated choice behavior when the preference relation is incomplete. Invoking the analytical framework of Anscombe and Aumann (1963) and building on the work of Machina and Schmeidler (1995), the paper provides an axiomatic characterization of the general multi-prior multi-utility probabilistically sophisticated representation. In addition, the paper examines the axiomatic foundations for two special cases: complete beliefs and complete tastes. In the former case, the incompleteness is due to ambiguous tastes and in latter case it is due to ambiguous beliefs.     

Share the Gaze: representation of destination image on the Chinese social platform WeChat Moments

ABSTRACT

This paper explores photos and texts posted by tourists on the Chinese social media networking site WeChat Moments, which is an important complementary data source when examining the representation of the destination image. The research applies Aggregated Maps and Social Semantic Networks to analyze the graphic and textual image of the tourist destination Zhangjiajie on WeChat Moments, as well as the relationship between the two forms. The findings are: (1) photos construct an image of the destination as a mountain area with natural scenery and artificial landscapes; (2) texts reflected a multilayer image with a core and subset; (3) photos and texts echoed each other and their differences contributed to an interactive interpretation. The similarities and differences between photos and texts stimulate a discussion about the internal logic of representation.     

概念图知识表示方法及其应用

知识表示是人工智能领域研究的中心课题之一,概念结构是一种新的、有效的知识表示方法,概念图是支持概念结构思想的一个具体的语义模型。本文论述了概念结构与概念图的关系,概念图的表示方法和特点,最后阐述了概念图在中文信息处理中的应用。     

'On the side of the Angels': community involvement in the governance of neighbourhood renewal

Community involvement in regeneration is far from easy, and is difficult to define. The New Deal for Communities programme has directly involved residents in the governance of neighbourhood renewal with some success. However, community capacity has proved to be limited, adequate representation is difficult to achieve and there has been friction with local government. Community empowerment has to be enabled and supported by getting the structures and processes right, and supporting community representatives.     

THE TWO FUNDAMENTAL THEOREMS OF ASSET PRICING FOR A CLASS OF CONTINUOUS‐TIME FINANCIAL MARKETS

The paper is concerned with the first and the second fundamental theorems of asset pricing in the case of nonexploding financial markets, in which the excess‐returns from risky securities represent continuous semimartingales with absolutely continuous predictable characteristics. For such markets, the notions of “arbitrage” and “completeness” are characterized as properties of the distribution law of the excess‐returns. It is shown that any form of arbitrage is tantamount to guaranteed arbitrage, which leads to a somewhat stronger version of the first fundamental theorem. New proofs of the first and the second fundamental theorems, which rely exclusively on methods from stochastic analysis, are established.     

Limits to Knowledge Transfer

Abstract

Discussion of the transfer of market-economic principles and practices into the post-command economies of central and eastern Europe is often couched in terms which assert the undoubted inadequacies of the pre-1989 management practices, but which pay insufficient regard to those practices which reflected an adaptive adjustment to the old ways of doing things and which, when carefully examined, testify to the existence of well-developed skills which could be drawn on in developing managers for effective performance in the new market economy. This paper argues that ignorance of these skills leads to misunderstanding of reactions to the change process, and that this misunderstanding may lead to ineffective change interventions. Some suggestions for practice are outlined in the light of different interpretations of the process and consequences of globalisation.     

A representation of consistent binary relations

We give sufficient conditions for the existence of a numerical representation which is equivalent to consistency as defined by Suzumura (Economica 43:381–390).      

大学生择业观念抽样调查的方案设计

系统地介绍了大学生择业观念抽样调查的抽样组织形式,并给出了分层两阶段不等概率抽样组织形式下的目标估计量的估计方法和估计公式。     

Prediction of Individual Bond Prices via a Dynamic Bond Pricing Model: Application to Japanese Government Bond Price Data

In this paper, we propose a dynamic bond pricing model and report the usefulness of our bond pricing model based on analysis of Japanese Government bond price data. We extend the concept of the time dependent Markov (TDM) model proposed by Kariya and Tsuda (Financial Engineering and the Japanese Markets, Kluwer Academic Publishers, Dordrecht, The Netherlands, Vol. 1, pp. 1–20) to a dynamic model, which can obtain information for future bond prices. A main feature of the extended model is that the whole stochastic process of the random cash-flow discount functions of each individual bond has a time series structure. We express the dynamic structure for the models by using a Bayesian state space representation. The state space approach integrates cross-sectional and time series aspects of individual bond prices. From the empirical results, we find useful evidence that our model performs well for the prediction of the patterns of the term structure of the individual bond returns.