Symmetry and order in the portfolio allocation problem

Summary. This research studies the role of multivariate distribution structures on random asset returns in determining the optimal allocation vector for an expected utility maximizer. All our conclusions pertain for the set of risk averters. By carefully disturbing symmetry in the distribution of the, possibly covarying, returns, we ascertain the ordinal structure of the optimized allocation vector. Rank order of allocations is also established when a permutation symmetric random vector is mapped into the returns vector through location and scale shifts. It is shown that increased dispersion in the vectors of location and scale parameters benefit, ex-ante, investors as does a decrease in the rank correlation coefficient between the location and scale parameter vectors. Revealed preference comparative static results are identified for the location and scale vectors of asset returns. For most issues addressed, we arrive at much stronger inferences when a safe asset is available. Received: August 8, 2000; revised version: January 8, 2001     

Advertising, Its Determinants, and Market Structure

This study derives a formal model of firm advertising behavior and applies it to the industry level to figure out the relationship between advertising and market structure. The firm advertising model shows that both consumer preference andfirm-specific advertising competence jointly determineprofit-maximizing advertising intensity. At the industry level, advertising intensity is represented multiplicatively by consumer preference and a measure of market structure, which reflects the joint distribution of the levels of advertising competence and market shares among firms. The new market structure measure suggests that those single-dimensional measures of market structure such as seller concentration and the Herfindahl index are inadequate in explaining interindustry differences in advertising intensity, and that the long-debated advertising-concentration relationship differs depending primarily on the appropriability of advertising. An empirical analysis of 426 five-digit Korean manufacturing industries shows that an inverted U-shaped relationship between the Herfindahl index and industry advertising intensity is observed for consumer goods industries but a lazy J-shaped relationship for producer goods industries.     

贴现因子、偏好和行为经济学

本文讨论了影响人们跨时选择的重要因素--贴现因子的最新进展以及他们在经济学和金融中的重要应用,给出了目前关于改变贴现因子的模型.     

Did households’ time preference change due to the Great Recession?

Household time preference for US households, as measured by the planning horizon, was fairly stable for many years, but sharply changed with the onset of the Great Recession. Based on an analysis of a combination of the 1992–2013 Survey of Consumer Finances (SCF) datasets, time preference increased in 2010 and remained high in 2013, indicating households were less patient after the onset of the recession. This pattern held up even after controlling for household characteristics.     

The Economic Value of Water Quality

Stated preference values for water quality ratings based on the US Environmental Protection Agency National Water Quality Inventory ratings provide an operational basis for benefit assessment. Iterative choice survey results for a very large, nationally representative, Web-based panel imply an average valuation of $32 for each percent increase in lakes and rivers in the region for which water quality is rated “Good.” Valuations are skewed, with the mean value more than double the median. Sources of heterogeneity in benefit values include differences in responses to average water quality information and the base level of water quality. Conjoint estimates are somewhat lower than the iterative choice values. The annual economic value of the decline in inland US water quality from 1994 to 2000 is over $20 billion.      

促进中部地区发展的财税政策

由于种种原因,中部地区经济发展相对缓慢。而中部地区经济的崛起对于我国国民缉济协调、可持续发展来说,有着重要的战略意义。文章分析了中部六省资源优势和经济发展现状及当前财税政策对中部地区的制约因素,提出发展中部经济发展的路径,建议采取政策倾斜、改革现行增值税、资源税等政策手段刺激中部地区的发展。     

意图和逻辑及理性选择

经济生活中的主体在执行行动之前,总是先有一个意图,然后再制定规划,最后逐步实现该规划。在这个过程中,主体要进行实用推理,要和其他主体进行交互作用,同时其意图也会受到信息和信息变化的影响,这是一个动态的过程。在大量的现代分析理论中,知识、信念和偏好,都发挥着巨大的作用,现在的某些决策和博弈论者都坚持认为对决策环境的恰当的描述内容中都应该包括主体的信息模型。这些模型的发展,很大程度上归功于对现代动态认知逻辑的研究。决策论和博弈论都是工具理性论。     

Consumer benefits and demand impacts of regular train timetables

This paper reports novel research into the benefits that rail travellers receive from more regular features of timetables over and above any benefits of improved frequency. A stated preference (SP) exercise amongst rail travellers was conducted to estimate these benefits and the generally plausible results have been used to enhance a rail demand model which in turn has been used to forecast the effect on demand of more regular timetables for a range of situations. Not surprisingly, the demand impacts are generally relatively small, although they would be welcome additional benefits in the evaluation of a regular timetable.     

农民的土地产权偏好及其影响因素研究

利用2005年全国城乡居民生活综合研究中的农村数据,分析了农民的土地产权偏好及其影响因素。从偏好的分布来看,有37.2%的农民偏好土地调整,而62.8%的农民偏好稳定的土地产权,但他们对永久土地使用权的偏好(23.9%)并不太强烈。农民的土地产权偏好主要受个体、家庭和社区三类解释变量的影响,从研究结果来看,土地情结说难以成立,而政策变量的影响不确定;理性小农的特点虽然明显,但不能解释全部;村庄社区变量对农民的偏好有重要影响,但呈减弱的趋势;区域因素也会影响农民的偏好。因此,在较长时期内,土地调整的压力依然很大,但在农民认同、规则明确的条件下,村组内部的土地调整与产权稳定可以相容。