Equilibria in large economies with a separable Banach commodity space and non-ordered preferences

The purpose of this paper is to provide an existence result of equilibria for economies with a measure space of agents, a non-trivial production sector and an infinite dimensional commodity space. The commodity space is modeled by an ordered separable Banach space whose positive cone has a non-empty interior. The discretization approach proposed in this paper, allows us to extend the existence results in Khan and Yannelis [Equilibrium in markets with a continuum of agents and commodities. In: Khan, M.A., Yannelis, N.C. (Eds.), Equilibrium Theory in Infinite Dimensional Spaces. Springer, Berlin, 1991] and Podczeck [Economic Theory 9 (1997) 585] to economies with a non-trivial production sector and with possibly non-ordered but convex preferences as well as partially ordered (possibly incomplete) but non-convex preferences.     

Performance of Moving Average Trading Rules in a Volatile Stock Market: The Russian Evidence

This article examines the profitability of dual moving average crossover (DMAC) trading strategies in the Russian stock market over the 2003–12 period. It contributes to the existing technical analysis (TA) literature by testing, for the first time, the applicability of ordered weighted moving averages (OWMA) as an alternative calculation basis for determining DMACs. In addition, this article provides the first comprehensive performance comparison of DMAC trading rules in the stock market that is known as one of the most volatile markets in the world. The results show that the best trading strategies of the in-sample period can also outperform their benchmark portfolio during the subsequent out-of-sample period. Moreover, the outperformance of the best DMAC strategies is mostly attributable to their superior performance during bearish periods and, particularly, during stock market crashes.     

城市家庭住房不平等:户籍、禀赋还是城市特征？——基于广义有序模型与Oaxaca-Blinder分解

基于中国劳动力动态调查（CLDS）数据，运用广义有序Logit模型实证分析户籍、家庭禀赋和城市特征三类因素对城市家庭住房不平等的影响；运用夏普利值分解、Oaxaca-Blinder分解区分"努力"和"环境"因素、户籍歧视和禀赋效应的贡献。研究发现：户籍可解释住房等级不平等的54.2%；"努力"因素对住房水平起正向作用；在户籍间住房等级不平等中户籍歧视效应占主导，在住房面积不平等中禀赋效应占主导，外地户口居民住房水平低源于"环境"因素趋弱，农业户口居民则源于"努力"和"环境"因素叠加趋弱；由于生活成本效应占主导，城市规模和流动人口占比越大，居民住房等级趋低，而城市土地供给增长有助于提升住房水平。     

Examining the relationship between academic performance and workplace position: does the glass ceiling exist among graduates from the same university?

This study examines the relationship between academic performance and workplace position. Academic performance is measured by undergraduate grade point average (GPA). A series of ordered probit regression models are estimated to isolate the impact of undergraduate GPA on the probability that female and male graduates from the same university hold middle or upper management jobs within their companies. After all potential heterogeneity and explanatory variables are controlled for, results of the pooled regression models suggest that women are less likely to hold both middle and upper management positions. Further analysis also suggests that lower GPA significantly decreases the probability that women hold these positions, while GPA seems to have no significant impact on workplace position for men. Moreover, most factors which positively impact the probability that women attain these positions also benefit men more at the highest level.     

Identifying Price Reviews by Firms: An Econometric Approach

Price reviews are a potentially costly activity. A significant fraction of unchanged prices may stem from firms not reviewing prices, rather than from obstacles to changing prices per se, such as menu costs. In this paper, we disentangle these two causes of price stickiness by estimating an inflated ordered probit model on a panel of French manufacturing firms. The results point to a low frequency of price reviews, suggestive of the relevance of information costs as a determinant of the observed price stickiness. In view of the “inattentive producers” literature, pointing that the source of price rigidity matters, this is suggestive of a large real effect of monetary policy.     

Does sport make you happy? An analysis of the well‐being derived from sports participation

This paper examines the impact of sports participation upon the subjective well‐being of individuals. Encouraging participation in sports activity is now an important public policy issue, as it is argued that there are benefits in terms of health and well‐being to individuals as well as to society through externalities. Controlling for personal and socio‐demographic characteristics affecting well‐being, this paper examines if participation in, and the frequency and duration of, 67 sports activities affects well‐being. The form in which sports participation takes place is also investigated by examining if social‐interaction sports produce more well‐being. This paper demonstrates that sports participation has a positive affect upon the subjective well‐being of the population and, moreover, estimates its monetary value. The effects are larger if one allows for social interactions.     

社会交往、旅游情境对旅游需求的影响研究--基于春节“黄金周”的实证分析

以往关于消费者需求行为的研究多基于传统经济学框架的设定展开,认为影响消费者旅游需求的主要因素包含收入、目的地吸引力、交通等,普遍忽视了消费过程中的社会交往和具体情境。文章在理论分析的基础上,提出了若干命题,将消费者收入、社会交往和旅游情境等因素纳入旅游消费者需求的模型中,提出了若干研究命题。依据2014年春节“黄金周”旅游需求调研数据,采用排序选择模型验证了相关命题的正确性。计量结果表明,个人经济因素对我国消费者春节“黄金周”旅游需求影响较小,家庭结构、同伴等社会交往因素是影响其旅游需求的重要因素;我国消费者对于春节“黄金周”出游过程中遭遇的拥堵、旅游市场混乱等旅游情境问题具有一定的容忍度,但是,严重供需失衡导致的旅游情境问题依然对其旅游需求产生了显著的影响。     

农民对农地保障功能的主观认知差异及影响因素分析——基于浙、赣、桂三省506份农户调查

研究目的:实证分析农民对农地保障功能的主观认知及区域差异,应用排序选择模型研究农地保障功能主观认知差异的影响因素,并提出相关政策建议。研究方法:描述统计分析,排序选择模型。研究结果:浙、赣、桂三省506份农户问卷中,64.2%的农户认为承包地对他们生活的总体作用并不大,但94.7%的农户同时认为种田虽然不赚钱,但可以为基本生活提供最后保障;浙、赣、桂三省农民在"承包地对他们生活总体作用"这一问题的主观认知上存在显著区域差异;影响农民对农地保障功能主观认知的因素主要有人均耕地面积、农地收入占家庭总收入比重、村庄离县城(城市)的交通距离以及区域宏观区位特征等。研究结论:要大力提高农户农业收入,切实保障农民土地权益;要推进农地流转与使用制度改革,实现土地要素的有效流转和适度集中;应充分认识农地保障功能存在区域差异这一现实背景,考虑不同农户主体自身禀赋和区域资源、经济和社会发展条件的差异性,因地制宜进行农地产权制度创新。     

社会资本视角下农民用水户满意度研究——基于陕西省宝鸡峡灌区农民用水户的调查

以社会资本为研究视角,对社会资本维度进行划分,并运用有序Logistic模型,基于陕西省宝鸡峡灌区农民用水户的调查,研究农民用水户对农民用水户协会的满意度及影响因素。研究结果表明,结构维度和认知维度社会资本是影响用水户对协会满意度的重要因素,家庭收入水平、农业收入占家庭收入比重、渠系完好率、协会专业化程度以及用水户参与积极性对用水户满意度有显著影响;关系维度社会资本、用水户性别、年龄、文化程度对用水户满意度没有显著影响。这表明农民用水户协会主要承担着灌溉管理和农业发展的职能,而其承担的社会功能相对较弱。     

采用相位判决的低复杂度广义空间调制检测算法

针对广义空间调制（GSM）系统中信号检测复杂度过高的问题,提出了一种基于相位判决的低复杂度检测算法。首先根据一种排序准则对天线组合进行排序,然后将排序后的天线组合中的符号向量依次通过基于相位判决的迫零(ZF)均衡器进行检测,最终得到星座调制符号和激活天线组合。分析和仿真结果表明,该检测算法可以有效缩小接收端的搜索范围,在提供与最大似然（ML）检测算法相近的误比特率（BER）性能的同时,计算复杂度降低了98%。