Introducing Time‐to‐Educate in a Job‐Search Model

Transition patterns from school to work differ considerably across OECD countries. Some countries exhibit high youth unemployment rates, which can be considered an indicator of the difficulty facing young people trying to integrate into the labour market. At the same time, education is a time‐consuming process, and enrolment and dropout decisions depend on expected duration of studies as well as on job prospects with and without completed degrees. One way to model entry into the labour market is by means of job‐search models, where the job arrival hazard is a key parameter in capturing the ease or difficulty in finding a job. Standard models of job search and education assume that skills can be upgraded instantaneously (and mostly in the form of on‐the‐job training) at a fixed cost. This paper models education as a time‐consuming process, a concept which we call time‐to‐educate, during which an individual faces the trade‐off between continuing education and taking up a job.     

Drug testing and the law

This article examines judicial and administrative rulings and legislation involving or related to the issue of drug testing in the workplace. It discusses the rights of employees in the public and private sector: constitutional rights; federal, state, and local statutory rights; rights of unionized employees; and common law rights. It analyzes both the current state of the law and future directions the law may take, as courts and administrative agencies decide more cases and governmental bodies continue to pass drug testing legislation.     

有关国家不发达地区开发的财政制度安排与借鉴

本选择美国、印度尼西亚等典型国家，就其不发达地区开发的财政制度安排问题，进行比较与分析，概括其异同，总结规律，为我国西部大开发提供借鉴。     

Managing and financing metropolitan public services in China: experience of the Pearl River Delta region

Under China’s current fiscal policies and inter-governmental relations, it is a significant challenge to finance and deliver public services across jurisdictions. This challenge was met in the Pearl River Delta region in southern China with a collaborative governance approach. Directives from higher-level governments and horizontal inter-city fiscal arrangements were successfully combined to deliver public services. Effective networks should be developed to improve co-ordination and collaboration in delivering cross-jurisdictional public services.     

长江三角洲经济区发展战略探究——借鉴欧洲莱茵河流域经济发展的经验

长江三角洲地区是我国经济发展的先导区域,其发展成功与否决定着能否实现中华民族的复兴。本文通过对欧洲莱茵河流域和长江三角洲地区经济发展的对比分析,提出了若干长江三角洲经济区的发展战略。     

区域经济一体化进程剖析:长三角、珠三角与环渤海

在全球化迅速发展的今天,区域经济一体化已是大势所趋。长三角一体化进程可分为四个阶段,珠三角可分为三个阶段,环渤海可分为四个阶段;区域一体化不可逆转并正在加速;长三角的一体化进程最快,然后是珠三角和环渤海;要推动区域一体化,适应市场要求、正确理论指导和政府宏观引导三者不可或缺;一体化进程由多种因素共同决定;基础设施一体化最易实施也进展最快,产业结构一体化最难以协调;一体化还处于探索阶段,其目标模式还没有出现。     

On the Welfare Gains of Price Dispersion

Can price dispersion be associated with higher levels of welfare? To answer we compare two economies that differ only in the way prices are formed. In the first, sellers post a unique price–quantity pair, with no price dispersion. In the second, sellers post a quantity only and let prices be determined ex post by realized demand, resulting in price dispersion. We show that while agents trade lower quantities when prices are dispersed (an intensive margin effect), they also trade more often (an extensive margin effect). At low inflation, the extensive margin dominates making agents better off with price dispersion.     

Asymptotic subadditivity/superadditivity of Value-at-Risk under tail dependence

This paper presents a new method for discussing the asymptotic subadditivity/superadditivity of Value-at-Risk (VaR) for multiple risks. We consider the asymptotic subadditivity and superadditivity properties of VaR for multiple risks whose copula admits a stable tail dependence function (STDF). For the purpose, a marginal region is defined by the marginal distributions of the multiple risks, and a stochastic order named tail concave order is presented for comparing individual tail risks. We prove that asymptotic subadditivity of VaR holds when individual risks are smaller than regularly varying (RV) random variables with index −1 under the tail concave order. We also provide sufficient conditions for VaR being asymptotically superadditive. For two multiple risks sharing the same copula function and satisfying the tail concave order, a comparison result on the asymptotic subadditivity/superadditivity of VaR is given. Asymptotic diversification ratios for RV and log regularly varying (LRV) margins with specific copula structures are obtained. Empirical analysis on financial data is provided for highlighting our results.     

建设抚—哈合作开发区的设想

抚远县和一江之隔的哈巴罗夫斯克市及其周围地区,以其优越的地缘优势、资源优势和互补性,具有发展双边(多边)经济技术合作的广阔前景。建设抚哈合作开发区,不仅有利于振兴当地经济,而且可作为参与东北亚国际分工与合作的窗口,通过外参内联,实现由边疆到内地,由双边到多边的多种形式的经贸合作,带动和促进两国内地经济的发展。     

More on Middlemen: Equilibrium Entry and Efficiency in Intermediated Markets

This paper generalizes Rubinstein and Wolinsky's (1987) model of middlemen (intermediation) by incorporating production and search costs, plus more general matching and bargaining. This allows us to study many new issues, including entry, efficiency, and dynamics. In the benchmark model, equilibrium exists uniquely and involves production and intermediation for some parameters but not others. Sometimes intermediation is essential: the market operates if and only if middlemen are active. If bargaining powers are set correctly equilibrium is efficient; if not there can be too much or too little economic activity. This is novel, compared to the original Rubinstein–Wolinsky model, where equilibrium is always efficient.