Tradable travel credits for congestion management with heterogeneous users

This paper carries on the recent work of Yang and Wang (2011) on tradable credit schemes by considering heterogeneous users with different value of time (VOT). Given a tradable credit scheme, the user equilibrium (UE) and market equilibrium (ME) conditions with heterogeneous users are formulated into a variational inequalities (VI) problem. Sufficient conditions for uniqueness of the aggregate UE link flows and then the ME credit price are established. Appropriate tradable credit schemes are developed to decentralize system optimal and Pareto-improving network flow patterns. Extension is made to the elastic demand case.     

Heterogeneity effects from market interventions

The aim of this paper is to test whether the European Commission activities generate a heterogeneity effect on the merging parties. A sample of 74 firms involved in 45 contested merger and acquisition operations during the years 1990 to 1999 is used. The methodology is based on the GARCH framework. The main result is that, globally, the DGC interventions seem not to reduce significantly the heterogeneity among investors, except for the operations where it takes strong decisions like prohibition. In these last cases, the signal coming from the DGC encompasses valuable information and is well understood by market participants.     

Personalist Economics: Moral Convictions,Economic Realities,And Social Action

We examine the relationship between the administrative enforcement of environmental regulation, ethnic heterogeneity, and other community characteristics in New Jersey and New York. We find that the percentage of non-white population in a community is positively related with administrative penalties imposed on violators. However, penalties are lower in more ethnically diverse communities. This result may be due to the fact that these communities are less likely to coordinate to create solidarity across ethnic groups and demand stronger enforcement.     

Leaving EMU: a real options perspective

The real option implicit in a country's decision of whether to leave an existing monetary union when there is uncertainty over the future benefits of this move is examined. The theoretical model used is calibrated for the current Euro-12 area by proxying policymakers’ inflation preferences with unemployment rates and debt-to-GDP ratios. A robust group of countries is observed that would choose to remain within EMU consisting of Belgium, Finland, Greece and Italy; France and Spain loosely also belong to this core. Only Luxembourg would robustly want to leave EMU; Ireland and The Netherlands, however, complement that core closely.     

U.S. Virgin Islands National Park:

No abstract available for this article.     

TPS系统参数组态应用示例

分散控制系统DCS在石油和化工生产中应用十分广泛。通过对系统组态使得系统功能得以实现。本文针对TPS系统控制站的常规控制点参数组态进行示例分析,有效解决生产中的实际问题,提高系统实用性。     

Choice modelling with search and sort data from an interactive choice experiment

We present a highly structured, online, interactive choice environment containing a large number of alternatives, a search tool that eliminates alternatives that fail specified criteria, and a sort tool. A conceptual framework is developed that links tool usage and preference heterogeneity, and tested in the context of long-haul flight choice. Individuals who sort on price are more price sensitive; individuals who search on certain attributes have a greater marginal (dis)utility for that attribute; and individuals who perform certain non-price searches have a lesser price disutility. The method shows promise as a means for providing a richer picture of preference heterogeneity.     

Neglected dynamics in panel data models; consequences and detection in finite samples*

The bias of various estimators for static cross-section and panel data models is assessed in a simulation study, where the actual data generating process is a dynamic adjustment mechanism with random individual effects. It is concluded that the consequences of incorrectly estimating a static model can be rather serious. Therefore, it is important to have an accurate technique available for the detection of dynamics. Two exact similar tests for the presence of a lagged dependent variable in panel data models are developed; in some simulation experiments these tests outperform standard asymptotic test procedures. Empirical results on Engle curves for food illustrate the above issues.     

高业绩企业群体中的弱企业效应研究——以2002—2006中国500强企业为样本的分析

企业绩效差异的主要影响因素来自产业层面还是企业层面一直是企业战略理论关注的基本问题。自从Schmalensee(1985)应用方差分析技术得出其效应分布结论以来,对此问题的研究一直延续至今。战略管理学者较一致的结论是企业层面因素即企业效应是影响企业业务绩效差异的主要因素。然而,本文所作的数据分析表明,在我国高业绩企业群中,企业因素并不是绩效总差的主要解释因素,其解释能力弱于产业因素,即使是在充分竞争领域也是如此。通过对一组反馈回路的考察,本文分析了在我国弱企业效应产生和持续的原因、条件,并据此提出了一种新的关于企业经营策略性质的分类方法。     

投资者异质性与证券市场定价——理论模型与中国的经验证据

本文从投资者异质性的客观现实出发,通过对投资者二维视角的交叉分类与相关行为的探讨,提出了一种按交易特点与行为依据的新的分类方案,即将投资者分为套利交易者、价格预期交易者和量能变动交易者三类。在此基础上分别建立了各类投资者的需求函数,通过对证券市场供求函数的讨论,利用均衡分析方法构建了基于投资者异质性的证券市场定价模型,并以我国证券市场1999-2011年的月度数据为样本进行了实证分析。实证结果表明:我国证券市场价格主要由价格预期交易者的诱导性策略行为与量能变动交易者的羊群行为决定,套利交易者的套利行为对市场价格没有显著的影响,证券市场扩容也未对市场价格的形成产生系统性冲击。