Tests for the Role of Risk Aversion on Input Use

For risk-averting agents, risks alter production decisions while the existence of institutions to insure against adverse states of nature will likely restore decisions toward levels under risk neutrality. In this article, conditions are identified on a stochastic technology to test   H^rn _0,≤  : that risk averters choose smaller input levels than risk neutral agents, and   H^ra _0,≤  : that an increase in risk aversion reduces input use. A robust statistical method to test for dominance is adapted to stochastic production relations. It is found that   H^rn _0,≤  is likely true for nitrogen application on Iowa corn. Weaker evidence is found in favor of   H^ra _0,≤  .     

An improved bootstrap test of stochastic dominance

We propose a new method of testing stochastic dominance that improves on existing tests based on the standard bootstrap or subsampling. The method admits prospects involving infinite as well as finite dimensional unknown parameters, so that the variables are allowed to be residuals from nonparametric and semiparametric models. The proposed bootstrap tests have asymptotic sizes that are less than or equal to the nominal level uniformly over probabilities in the null hypothesis under regularity conditions. This paper also characterizes the set of probabilities so that the asymptotic size is exactly equal to the nominal level uniformly. As our simulation results show, these characteristics of our tests lead to an improved power property in general. The improvement stems from the design of the bootstrap test whose limiting behavior mimics the discontinuity of the original test’s limiting distribution.     

Social Capital and the Linkages of High-Tech Companies to the Military Defense System: Is there a Signaling Mechanism?

This study investigates linkages of new Israeli high-tech companies to the military and defense system. We examine the impact of social capital, signaling, and learning spillovers on resource acquisition in terms of investments and the financial performance of companies with and without linkages. Social capital, signaling, and learning spillovers are examined as they impact individual and organizational resource acquisition and performance of 200 new Israeli high-tech companies. The study contributes to the existing literature of entrepreneurship by suggesting the relevance of knowledge spillovers, signaling theory and social capital to the context of the interface between defense and civilian spheres.     

ON THE “PRO‐POORNESS” OF GROWTH IN A MULTIDIMENSIONAL CONTEXT

This paper represents a first attempt to bring together the issues of multidimensional poverty and growth “pro‐poorness” assessments. More specifically, we suggest the use of sequential dominance procedures to test the “pro‐poorness” of observed growth spells when poverty is measured on the basis of income and another discrete well‐being attribute. Sequential procedures are also used to obtain graphical tools that are consistent with the spirit of Ravallion and Chen's growth incidence curve and Son's poverty growth curve. Contrary to traditional unidimensional tests, our method makes it possible to take into account the importance of deprivation correlations at the individual level and thus may reverse results observed with the traditional tools used to check the “pro‐poorness” of growth. An illustration of our approach is given using Turkish data for the period 2003–05.     

俄罗斯国防工业技术“寓军于民”金融支持实践

俄罗斯大力推行国防科技工业企业一体化,并在许多领域,特别是在电子技术和信息技术领域都采取了许多有效的措施。同时国家政策倾向于对国防工业进行各种形式融资支持,其实践经验对中国有所启示。     

恐惧控制理论综述

本文对恐惧控制理论(Terror Management Theory,TMT)进行系统地述评与展望.论文从恐惧控制理论的溯源,引述到可能采取的三种防御机制--世界观防御、自尊防御与归属感防御,并对这三者之间的逻辑关系进行梳理.接下来解析防御的认知加工过程,即防御的双重加工模型.最后综述了恐惧控制理论在社会各个的各个领域的应用、不足及展望,尤其是基于中国文化的研究基础.     

Testing for infinite order stochastic dominance with applications to finance, risk and income inequality

In this paper we develop a test of infinite order degree stochastic dominance based on the use of the empirical Laplace transform function. Two applications are considered. One uses the income data of Anderson (Econometrica 64:1183–1193, 1996) and derives results consistent with his. In the other application we examine the dominance between the U.S. and U.K. stock markets. Using data on the S&P 500 and the FTALL-Share we show that the U.S. displays infinite order degree stochastic dominance of the U.K.

Efficiency Defense in EU and US Horizontal Merger Control if Costs are Endogenous

If fixed costs are endogenous, following from profit maximization, horizontal mergers are always profitable. They cause the price to rise and consumer surplus to decrease. A case of horizontal merger in which, according to the requirement of US and EU Merger Guidelines for an efficiency defense to be acceptable, the price declines or remains constant does not exist and therefore cannot be expected by profit maximizing partners to arise following a merger. Merger control should be guided by focusing on total welfare. Permitting cooperation in R&D, although profitable, is likely to be detrimental to welfare.     

Bonds versus stocks: Investors’ age and risk taking

It has become increasingly popular to advise investors to relocate their funds from a primarily stock portfolio to a primarily bond portfolio as they get older. However, the well-known decision rules such as mean–variance or stochastic dominance rules are unable to explain this common practice. Almost stochastic dominance (ASD) and almost mean–variance (AMV) approaches are used to examine the dominance of stock and bond portfolios. ASD and AMV rules unambiguously support the popular practice of advising higher stock to bond ratio for long investment horizons. Hence, we provide an explanation to the practitioners’ recommendation within the expected utility paradigm.     

基于等效离子防雷技术的移动通信基站雷电防御方法

传统的防雷方法主要采用避雷针、地网等手段来引导雷电流入大地,然而这种方法在应对电磁脉冲的干扰方面较为薄弱,导致防雷效果并不好。为此提出基于等效离子防雷技术的移动通信基站雷电防御方法。首先,确定等效离子阻雷的安装位置,以便很好地覆盖基站区域;其次,设置大气电场雷电阈值,实时监测雷电活动;第三,实施雷电距离警报,及时发出预警信息;最后,利用等效离子防雷技术改变雷电自然路径,降低雷电对基站的潜在威胁。实验结果表明：与避雷针和接地防雷技术相比,基于等效离子防雷技术的移动通信基站雷电防御方法能有效吸收和中和电磁脉冲,降低雷电对电子设备的干扰和损坏,防雷效果更好,具有实际应用价值。