利率下降对我国居民跨期消费选择的影响分析

利率下降对居民跨期消费选择影响存在收入效应和替代效应.由于这两种效应对居民当期消费的作用方向完全相反,因而总效应要取决于这两种效应的强弱.对于我国中低收入居民来说,利率下降对其跨期消费选择的收入效应特别明显,替代效应则趋于零,因而降患反而会减少其当期消费数量.对于我国中高收入居民来说,利率下降对其跨期消费选择的替代效应在很大程度上被收入效应所抵消了,因而降息拉动其当期消费也不明显.为了刺激居民消费,除了实施降息政策以外,还必须采取其他政策与之配合.     

Stochastic Bounds with a Low Rank Decomposition

We investigate how we can bound a discrete time Markov chain (DTMC) by a stochastic matrix with a low rank decomposition. In the first part of the article, we show the links with previous results for matrices with a decomposition of size 1 or 2. Then we show how the complexity of the analysis for steady-state and transient distributions can be simplified when we take into account the decomposition. Finally, we show how we can obtain a monotone stochastic upper bound with a low rank decomposition.     

传统官僚制现代流弊与行政管理体制改革的路向选择

中国传统官僚制,是家国同构、高度集权的家产官僚制。它不具备现代官僚制的科学精神、理性精神和法制精神,其浓重的人治传统对当代中国人的观念影响十分深刻。由于中国的市场经济基础、法治环境、非政府组织和公民社会的发展现状与现代官僚制的产生条件有一定距离,因此,当务之急不是模仿新公共管理模式,而是立足中国实际情况,坚决摈弃传统官僚制,学习和借鉴现代官僚制的合理成分。     

Weighted Stochastic Restricted Estimation in Linear Measurement Error Models

This article discusses the consistent estimation of the parameters in a linear measurement error model when stochastic linear restrictions on regression coefficients are available. We propose some methodologies to obtain the consistent estimation when either the covariance matrix of the measurement errors or the reliability matrix of independent variables is known. Their finite- and large-sample properties are derived with not necessarily normal errors. A Monte Carlo simulation is carried out to study the the finite properties of the estimators.     

‘We’re Civil Servants’: The Status of Trauma-Informed Care in the Community

ABSTRACT

Trauma-informed care (TIC) in social service organizations means that the organizations operate with the understanding that everyone involved has possibly experienced trauma in their lifetime. This qualitative study examined local service organizations’ usage of the 5 main principles of TIC: safety, trustworthiness, collaboration, empowerment, and choice (as developed by Fallot & Harris, 2006). Ten focus groups (n = 69) and 6 individual interviews (n = 6) with employees from administration through management were interviewed such that almost all facets of each agency were represented. The participants were asked about their agencies’ policies and practices for utilizing the 5 principles of TIC. The results suggest that the vast majority of organizations in this study implemented many of the principles of TIC with clients, though they had not labeled their practices as “trauma-informed.” However, although clients were receiving TIC, some of the principles were neglected as they pertain to staff, such as choice and empowerment. The findings of this study suggest that agencies are unaware of the relevance of TIC as it relates to staff. It is recommended that future research examine whether the use of TIC in agencies prevents “burnout,” high turnover rates, and vicarious traumatization of staff.     

Lottomania and other anomalies in the market for lotto

This research is concerned with the determination of the demand for “lotto” in Israel. While an important focus of our research is upon the effects on the demand for lotto of ticket pricing and jackpot announcements, we also investigate several empirical phenomena that are apparently inconsistent with expected utility theory. These include an effect we call “lottomania” which is induced by rollover, and “prize fatigue” when the jackpot does not increase. Another aberration from expected utility theory is that the underlying odds of winning have no measurable effect on sales.     

LOG-PERIODOGRAM ESTIMATION OF LONG MEMORY VOLATILITY DEPENDENCIES WITH CONDITIONALLY HEAVY TAILED RETURNS

ABSTRACT

Many recent papers have used semiparametric methods, especially the log-periodogram regression, to detect and estimate long memory in the volatility of asset returns. In these papers, the volatility is proxied by measures such as squared, log-squared, and absolute returns. While the evidence for the existence of long memory is strong using any of these measures, the actual long memory parameter estimates can be sensitive to which measure is used. In Monte-Carlo simulations, I find that if the data is conditionally leptokurtic, the log-periodogram regression estimator using squared returns has a large downward bias, which is avoided by using other volatility measures. In United States stock return data, I find that squared returns give much lower estimates of the long memory parameter than the alternative volatility measures, which is consistent with the simulation results. I conclude that researchers should avoid using the squared returns in the semiparametric estimation of long memory volatility dependencies.     

The Collapsing Choice Theory: Dissociating Choice and Judgment in Decision Making

Decision making theory in general, and mental models in particular, associate judgment and choice. Decision choice follows probability estimates and errors in choice derive mainly from errors in judgment. In the studies reported here we use the Monty Hall dilemma to illustrate that judgment and choice do not always go together, and that such a dissociation can lead to better decision-making. Specifically, we demonstrate that in certain decision problems, exceeding working memory limitations can actually improve decision choice. We show across four experiments that increasing the number of choice alternatives forces people to collapse choices together, resulting in better decision-making. While choice performance improves, probability judgments do not change, thus demonstrating an important dissociation between choice and probability judgments. We propose the Collapsing Choice Theory (CCT) which explains how working memory capacity, probability estimation, choice alternatives, judgment, and regret all interact and effect decision quality.      

A Framework for Time Varying Parameter Regression Modeling

A framework for time varying parameter regression models is developed and employed in modeling and forecasting price expectations, using the Livingston data. Alternative model formulations, which include various choices for both the stochastic processes generating the varying parameters and the sets of explanatory variables, are examined and compared by using this framework. These models, some of which have appeared elsewhere and some of which are new, are estimated and used to assess the expectations formation process.     

The Joint Distribution of the Sum and the Maximum of IID Exponential Random Variables

The authors establish the joint distribution of the sum X and the maximum Y of IID exponential random variables. They derive exact formuli describing the random vector (X, Y), including its joint PDF, CDF, and other characteristics; marginal and conditional distributions; moments and related parameters; and stochastic representations leading to further properties of infinite divisibility and self-decomposability. The authors also discuss parameter estimation and include an example from climatology that illustrates the modeling potential of this new bivariate model.