In less developed countries where an industrial licensing policy governs the entry of new firms, and when government officials awarding these licenses are corrupt, an incumbent firm may deter entry by bribing the official to deny the license. The paper demonstrates that such bribery can lead to the exclusion of more efficient firms from the market. This contradicts the established result that bribery does not affect allocation efficiency. 相似文献
This article is the second part of a review of recent empirical and theoretical developments usually grouped under the heading Econophysics. In the first part, we reviewed the statistical properties of financial time series, the statistics exhibited in order books and discussed some studies of correlations of asset prices and returns. This second part deals with models in Econophysics from the point of view of agent-based modeling. Of the large number of multi-agent-based models, we have identified three representative areas. First, using previous work originally presented in the fields of behavioral finance and market microstructure theory, econophysicists have developed agent-based models of order-driven markets that we discuss extensively here. Second, kinetic theory models designed to explain certain empirical facts concerning wealth distribution are reviewed. Third, we briefly summarize game theory models by reviewing the now classic minority game and related problems. 相似文献
Abstract. In the context of a two–sample problem, a confidence interval for the difference of appropriate quantiles of the two survival distributions is described. This method is especially useful when the data include some right–censored observations. A relevant mathematical result is proved. 相似文献
The adoption of Customer Relationship Management (CRM) has witnessed tremendous growth across sectors, geographies, and management cultures in the last several decades. The perception of CRM as an IT-based tool has undergone a paradigm shift and is now treated as a strategic indulgence by modern-day businesses where IT is an indispensable enabler. CRM has garnered the interest of both academicians and practitioners over the years. In this article, the authors establish the value of sustainability in CRM and make an attempt at proposing a conceptual framework for modern businesses through its integration with various social networking sites that produces volumes of real-time data. The article also explores the importance of Customer Experience Management (CEM). The authors provide a thorough investigation of CRM models in the period of 1990 to 2016 through a survey of the literature explaining the need for managing experiences and engagement around existing CRM processes. In addition to exploring the intricate relationship between CRM and CEM, the authors also provide an interactive ecosystem-based framework for the creation of a sustainable CRM framework. 相似文献
Studies of government size usually try to identify the factors that explain what parts of economic activity are brought within the public sector and what parts are left strictly in private hands. Modern governments are now so large that the question of what determines the private/public composition, or privateness, of public expenditure is of comparable importance for understanding the role of government in society. In this paper, we use a model of the composition of public budgets to uncover the importance of electoral competitiveness and other factors in the evolution of the privateness of public expenditure across the Indian states. These states vary widely in their socioeconomic characteristics while sharing a common political heritage based on parliamentary government. New measures of public expenditure on private targetable goods and of electoral competitiveness at the Indian state level accompany the paper along with a primer on Indian public finance accounting practices in an Online Appendix. The empirical analysis shows that the degree of privateness in India’s more developed states falls substantially with greater political competition and with rising incomes, while in the less developed states it responds more weakly to these key factors and in some cases even inversely.
We analyse the optimality of information revelation of hidden attributes of “credence goods” via alternative labelling procedures.
When consumers are heterogeneous in their willingness to pay for the hidden attribute, producers can either self-label their
products, or have them certified by a third party. The government can impose self or third party labelling requirements on
either the “green” or the “brown” producers. Our benchmark model develops a condition that links the optimal imposition of
third party labelling to the relative market share of each type of the good under complete information. We extend our analysis
to incorporate asymmetric information and cheating by the producers. When corrupt producers can affix spurious labels, the
government needs to supplement the labelling policy with costly monitoring activities. We find that mandatory self-labelling
schemes generally dominate mandatory third party labelling, unless the “market share effect” greatly exceeds the “incentive-to-cheat
effect”.
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This article and the companion paper aim at reviewing recent empirical and theoretical developments usually grouped under the term Econophysics. Since the name was coined in 1995 by merging the words ‘Economics’ and ‘Physics’, this new interdisciplinary field has grown in various directions: theoretical macroeconomics (wealth distribution), microstructure of financial markets (order book modeling), econometrics of financial bubbles and crashes, etc. We discuss the interactions between Physics, Mathematics, Economics and Finance that led to the emergence of Econophysics. We then present empirical studies revealing the statistical properties of financial time series. We begin the presentation with the widely acknowledged ‘stylized facts’, which describe the returns of financial assets—fat tails, volatility clustering, autocorrelation, etc.—and recall that some of these properties are directly linked to the way ‘time’ is taken into account. We continue with the statistical properties observed on order books in financial markets. For the sake of illustrating this review, (nearly) all the stated facts are reproduced using our own high-frequency financial database. Finally, contributions to the study of correlations of assets such as random matrix theory and graph theory are presented. The companion paper will review models in Econophysics from the point of view of agent-based modeling. 相似文献