Waiting for News in the Market for Lemons

We study a dynamic setting in which stochastic information (news) about the value of a privately informed seller's asset is gradually revealed to a market of buyers. We construct an equilibrium that involves periods of no trade or market failure. The no‐trade period ends in one of two ways: either enough good news arrives, restoring confidence and markets reopen, or bad news arrives, making buyers more pessimistic and forcing capitulation that is, a partial sell‐off of low‐value assets. Conditions under which the equilibrium is unique are provided. We analyze welfare and efficiency as they depend on the quality of the news. Higher quality news can lead to more inefficient outcomes. Our model encompasses settings with or without a standard static adverse selection problem—in a dynamic setting with sufficiently informative news, reservation values arise endogenously from the option to sell in the future and the two environments have the same equilibrium structure.     

A Critical Evaluation of Acupuncture Research

As Chinese medicine is going global, it is simultaneously adapting swiftly to local patterns of perception and interpretation, thereby being shaped into hitherto unknown forms. The globalization of Chinese medicine produces multiple localized visions of a healing system whose trademark is an “innate heterodoxy”. Barnes described the “psychologizing” of Chinese medicine in the USA (Barnes Cult Med Psychiatry 22(4):413–443, 1998). In Germany, however, biomedical instead of “holistic” patterns of perception and interpretation and a tendency to “physiologize” prevail among patients and Chinese Medical therapists. Here the recent German Acupuncture trials, and Acupuncture Randomized Trials (ART) and Cochrane data base metaanalysis (Linde et al., 2009a) shall serve as a prominent example of how German research centers around physiological phenomena and how these studies have triggered an international debate concerning the point-specific nature of acupuncture interventions. In order to evaluate the specific effect of acupuncture in randomized controlled trials, verum acupuncture, defined as acupuncture at “classical” acupuncture points, and sham acupuncture, defined as acupuncture at “non-acupuncture points”, are frequently compared. The anatomically exact location and specificity of acupuncture points are basic assumptions underlying this concept. But how clearly divisible are verum and sham acupuncture points if acupuncture physiology itself is a historical construct? To more adequately evaluate acupuncture’s effectiveness future clinical studies will have to tailor their methodology to the reality of the acupuncture encounter.     

Addressing disproportionality through undoing racism, leadership development, and community engagement

In 2005 the Texas 79th legislature passed Senate Bill 6, which included mandates to address disproportionality. This article will describe how the Texas Department of Family Protective Services in collaboration with Casey Family Programs' Texas State Strategy systems improvement initiative is addressing disproportionality statewide through promising practices and innovations in undoing racism trainings, values-based leadership development, and community engagement strategies.     

Do Transformational Leaders Affect Employee Performance and Normative Commitment Through General Self-Efficacy? Analysis in Ghanaian Public Sector Organizations

Public Organization Review - The study sought to evaluate whether transformational leaders affect employee performance and normative commitment through general self-efficacy in the public sector...     

Relationship Formation on the Internet: What's the Big Attraction?

We hypothesized that people who can better disclose their "true" or inner self to others on the Internet than in face-to-face settings will be more likely to form close relationships on-line and will tend to bring those virtual relationships into their "real" lives. Study 1, a survey of randomly selected Internet newsgroup posters, showed that those who better express their true self over the Internet were more likely than others to have formed close on-line relationships and moved these friendships to a face-to-face basis. Study 2 revealed that the majority of these close Internet relationships were still intact 2 years later. Finally, a laboratory experiment found that undergraduates liked each other more following an Internet compared to a face-to-face initial meeting.     

Dread risks

It is a well-established fact that many people view the prospect of premature death by some causes with considerably more disquiet or “dread” than death by other causes. It is equally clear that for most people their personal risk of death by a given cause is also a matter of serious concern. This article reports the findings of a study aimed at estimating the effects of dread and personal risk of death by a specific cause on the willingness-to-pay based Value of Statistical Life (VSL) for that cause. JEL Classification J17     

Limousine Liberals and Corporate Conservatives: The Financial Constituencies of the Democratic and Republican Parties*

Objective. This study examines the backgrounds, political attitudes, issue preferences, and political participation of congressional donors who contribute $200 or more to congressional campaigns. Methods. We use a nationwide survey of more than 1,000 donors and analyze differences among these individuals using cluster analysis. Results. Although these significant donors are economic elites, we find they are not monolithic in their political views and attitudes. There are significant cleavages in the donor pool across and within the two major parties on various political issues and involvement in different political organizations. Perhaps most important, we find that the most active donors hold the most ideologically extreme political views. Conclusions. The results suggest that the sharp cross‐party differences and the meaningful variations within party coalitions, combined with the greater activity of more ideologically extreme donors, contribute to and reflect party polarization.     

论声调语言的节奏与重音模式

声调语言的重音及其实现方式一直存在广泛争议,节奏角度可以为此问题带来新的研究思路。nPVI节奏模型主要反映相邻音节时长变化,作为声调语言,成都话的nPVI明显高于普通话,接近被视为重音计时型语言的英语,这与其重音凸显方式密切相关。成都话双音词和三音词的首音节大都具有时长重音,信息焦点也主要依靠时长凸显,有时还辅以焦点前压缩和助词延展。重音可以和声调共存,变调规律有时与重音实现直接相关,声调语言的节奏特征可以反映该语言中重音的作用大小和凸显度差异。