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.     

市场经济运行中的利益分配矛盾解析──以旧城改造为例

市场经济体制下的旧城改造是一项牵扯矛盾多而又复杂的社会工程,其中拆迁阶段的利益冲突尤为激烈.旧城改造意味着利益关系的重构,阐明了利益分配矛盾的成因,从制度、技术和实施三个层面提出了改良措施.     

Beauty is the promise of happiness?

We measure the impact of individuals' looks on life satisfaction and happiness. Using six data sets, from Canada, Germany, the United Kingdom, and the United States, we construct beauty measures in a number of different ways. Beauty raises happiness: A one standard-deviation change in beauty generates about 0.08 standard deviations of additional satisfaction/happiness among men, 0.07 among women. The finding is robust to a rare opportunity to measure it using an instrumental variables approach. Accounting for a wide variety of covariates, particularly educational, marital, and labor-market outcomes that might be affected by beauty, the gross effects are roughly halved, with small reductions arising from the impact of beauty on monetary outcomes.     

Urban Development Revisited: The Role of Neighborhood Needs and Local Participation in Urban Revitalization

Traditional models of economic development such as economic base and urban revitalization models have been found wanting. Both models rely on expert-based assessments of local development needs. More recent approaches call for a stronger focus on local development needs and resident skills as the basis for designing development strategies. One such neighborhood-based approach to development is presented in this paper. Its initial step was a survey of 444 households representing 1398 residents conducted in the Hamilton Hill and Vale neighborhoods of Schenectady, New York a 'downsized' community of about 65,000 residents in the Capital District of New York State. Survey results show a strong need for recreation, childcare, a grocery store, care for the elderly and home repairs. Residents' self-assessed job skills and interests appear to be well suited to meet these needs. Yet despite these promising results, barriers to neighborhood-based development persist. These barriers reiterate the long history of isolation prevalent in US inner city neighborhoods. Two issues are particularly characteristic of the barriers that continue to keep urban neighborhoods isolated from their larger context. They are: (1) a lack of effective communication between local residents and decision makers; and (2) a lack of valuation systems that properly assess the value of social and environmental context and their contributions to local development.     

城市土地整理的长效运作制度创新

市地整理是对城市原有的土地利用方式的一种改变与提高,从而有助于提升市地的经济自然环境以及景观美感的多目标体系的综合效益.以科学发展观为指导,建立健全科学的市地整理长效运作制度,有利于处理好城市发展与城市用地总量与结构平衡,实现城市土地整理区城内的社会经济协调发展.     

城市群协调发展评价理论与方法研究

论文在梳理文献的基础上建立了城市群协调发展的PREES系统模型,并构建城市群人口、资源、经济、环境、社会系统发展水平的综合评价指标体系,借助于主成分分析法构建了城市群协调发展程度的评价模型,然后针对陕西关中城市群发展现状进行案例研究,在测度关中城市群内部各子系统发展水平的基础上评价关中城市群1990年至2005年的协调发展程度,并就关中城市群的未来协调发展提出若干政策建议.     

持久收入假说与我国城镇居民消费——基于省级面板数据的实证分析

运用基于持久收入和暂时收入的两种分解方法的省际面板模型检验持久收入假说的三个假设.结果发现,我国城镇居民消费与持久收入和暂时收入均存在显著的相关关系,暂时收入的边际消费倾向不为零;就诸省份而言,暂时收入的边际消费倾向不同.进一步探讨了持久收入假说不能完全解释我国城镇居民消费行为的原因."λ假说"检验表明,城镇居民消费对当期收入过度敏感,其呈现理性化趋势.     

天津市城市基础设施需求弹性测度研究

通过对相关文献和城市基础设施投资决策的政绩、寻租、效率以及需求导向进行分析,并利用修正的鲍莫尔模型,可为分析居民需求弹性对基础设施投资倾向的影响提供了一个微观的理论框架。结合天津市基础设施建设的实证分析,从经济性基础设施和社会性基础设施两方面,探讨基础设施需求弹性反映出的结构差异。     

资源枯竭型城市发展服务业问题研究

加快发展服务业有利于转变经济发展方式;有利于扩大内需拉动经济增长;是广开城乡就业渠道、促进社会和谐的内在要求;是转变经济增长方式、调整产业结构、促进资源枯竭型城市经济转型的必然选择.本文探讨了资源枯竭型城市服务业发展存在的问题和不足,阐述了资源枯竭型城市发展服务业的必要性和紧迫性,在吸收借鉴国内外资源枯竭型城市发展服务业做法的基础上,指出服务业发展的生产性、消费性和农村服务业等重点领域,提出了服务业发展的主要措施:深化体制改革,激活服务业企业发展活力;进一步放宽市场准入,不断提高服务业对外开放水平;规范监督管理,优化服务业发展环境;创新机制,努力构筑现代服务业人才高地;加大投融资支持力度,扶持中小企业发展.     

城市可持续发展能力成长过程理论解析

城市可持续发展是国家和地区可持续发展的核心和关键，城市可持续发展能力则是城市可持续发展的基础依托和潜在支撑。促进城市可持续发展能力的持续、快速、健康成长是实现国家和地区可持续发展以及构建和谐社会的必由之路。城市可持续发展能力相关课题的理论与实证研究必须着眼于城市可持续发展能力成长的时空过程周此，对城市可持续发展能力成长过程进行理论分析和探讨就显得尤为必要。