The consumption–investment decision of a prospect theory household: A two-period model

This study extends the literature on portfolio choice under prospect theory preferences by introducing a two-period life cycle model, where the sufficiently loss averse household decides on optimal consumption and investment in a portfolio with one risk-free and one risky asset. The optimal solution depends primarily on whether the household’s present value of the consumption reference levels is below, equal to, or above the present value of its endowment income. Reference levels below the endowment income are associated with the self-enhancement motive. In this case, the household avoids relative losses in consumption in any present or future state of nature (good or bad). As a result the degree of loss aversion does not directly affect optimal consumption and risk taking activity. Reference levels equal to the endowment income are associated with the belonging motive. An example would be a household comparing to others that belong to the same social class. In this case the household’s optimal consumption is the reference consumption and the household will not invest in the risky asset. Finally, reference levels above the endowment income are associated with the self-improvement motive (or high aspirations). For such high reference levels, households cannot avoid experiencing a relative loss in consumption, either now or in the future. As a result, loss aversion directly affects consumption and risky investment.     

Free-play impact by customer segment

Little is known about the effectiveness of casino free-play campaigns, despite hundreds of millions of dollars in annual redemptions. These costly play incentives are awarded to individual players, based largely on management’s evaluation of their historical play. Extant campaign-level research suggests these incentives may not be effective in driving spend per visit, but there has been no attempt to examine efficacy across player tiers (e.g., light, medium, and heavy users). Analysis of 365 days of performance data from a Las Vegas Strip casino produced varied results across tiers, but all tier-level findings indicated a failure to recover the face value of the free-play incentives. While no support was garnered for the house money effect, the results were consistent with the notion of loss aversion. The methodological approach outlined herein provides the means to critically evaluate free-play offers at the tier level, fast-tracking campaign optimization via more targeted revisions.     

场外衍生交易主协议提前终止金额计算问题研究

本文以ISDA主协议中的提前终止金额计算条款为主要分析对象,结合2008年发生的雷曼系公司破产事件及其他典型案例,论证了1992年版ISDA协议项下市场报价法(国内银行所签ISDA协议基本都约定以该方法计算提前终止金额)和损失法存在的重大缺陷,以及向2002年版ISDA协议项下终止款项法过渡的必然性,并对国内银行今后应如何处理ISDA协议和NAFMII协议项下的提前终止金额计算问题提出了政策建议。     

New standard regulations regarding allocation to the safety reserve in Sweden

Abstract

This paper describes a statistical investigation of observed loss ratios and run-offs for a number of Swedish insurance companies within different lines of business. The main aim of the investigation was to revise existing upper limits for allocation to the so-called safety reserve, which is an untaxed contingency reserve. The effort was successful in that new rules were established by the Swedish Supervisory Authority in accordance with the results of the investigation. This paper also contains an exposition of the general principles underlying the Swedish safety reserve.     

晋陕豫黄河金三角地区区域旅游合作研究

晋陕豫黄河金三角地区，旅游资源丰富，区域文化内涵深厚，发展旅游业的区位条件优越。然而，由于“政区分割”，导致共享旅游资源开发纷争不断，区域旅游业发展极不平衡。加强晋陕豫黄河金三角地区区域旅游合作，通过多层次、多渠道、多方位的点、线、面合作模式，充分发挥区位、资源等优势，进一步提升区域旅游业竞争力，以促进该地区旅游经济的协调发展。     

快速全站仪三角高程测量方法及应用

传统三角高程测量由于受仪器高和棱镜高量取误差的影响,精度较低。文章介绍了两种较传统三角高程测量更为简易且高精度的方法,分别是中间法和设定参数法。这两种方法无需量取仪器高和棱镜高,减少了三角高程测量的误差来源,提高了观测的精度。     

山区超短波无线电通信链路的设计

叙述了山区超短波无线电通信电路设计的有关技术问题,给出了山峰绕射模式的传输损耗计算方法、绕射位置判断的方法及计算程序流程图,最后通过实例说明此方法的计算精度。     

“新三角贸易”模式下的贸易、投资与创新绩效——基于知识溢出与吸收能力视角的研究

本文采用地区细分的贸易和投资数据,从技术引进、吸引外商直接投资(FDI)两大路径研究"新三角贸易"模式下知识外溢对本土创新绩效的影响。研究表明:吸收能力是影响本土创新的关键因素;产业关联度低是制约高技术领域FDI知识溢出的重要原因。     

汇市干预的理论与实证分析——来自日本的经验

本文以颇具代表性的日本货币当局外汇干预的模式为参照系,对当今世界资金规模最大、金融领域最前沿的外汇市场从理论和实践的角度进行论证,旨在为未来我国人民币国际化后所必将产生的外汇干预等相关问题提供具有实际意义的建议与理念。     

Spam mails impede economic growth

We estimate labor losses caused by spam mails and input these estimated values into a production function, while also estimating damage to the Gross Domestic Product (GDP) in Japan. As a result, we have found that spam mails decreased the Japanese GDP by about 500 billion yen in 2004. This marginal negative effect of spam mail to the GDP increased with the progress of broadband in 2000. Moreover, from the result of a social simulation conducted by the authors, the amount of damage is projected to reach 1% of the Japanese GDP by 2010, unless adequate countermeasures are taken against spam mails. This projection provides a statistical fundamental to several theoretical analyses of spam mails.