The arithmetic of outcome editing in financial and social domains

Outcome editing refers to a set of mental rules that people apply when deciding whether to evaluate multiple outcomes jointly or separately, which subsequently affects choice. In a large-scale online survey (n = 2062) we investigate whether individuals use the same outcome editing rules for financial outcomes (e.g., a lottery win) and social outcomes (e.g., a party with friends). We also test the role of numeric ability in explaining outcome editing. Our results show that people’s preferences for combining or separating events depend on whether those events are in the financial or the social domain. Specifically, individuals were more likely to segregate social outcomes than monetary outcomes, except for when all outcomes were negative. Moreover, numeric ability was associated with preferences for outcome editing in the financial domain but not in the social domain. Our findings extend the understanding of the arithmetic operations underlying outcome editing and suggest that people rely more on calculations when making choices involving multiple financial outcomes and more on feelings when making choices involving social outcomes.     

Majority size and conformity behavior in charitable giving: Field evidence from a donation-based crowdfunding platform in Japan

A charitable donor typically imitates the majority contribution of other donors. This study examines the relationships between majority size and this so-called donor’s conformity behavior, by empirically investigating the impacts of multiple earlier donations on the donation of a subsequent donor to JapanGiving, a donation-based crowdfunding platform in Japan. This analysis is possible because the platform’s webpage displays the previous donation amounts in chronological order, thus allowing us to examine the modal amount of more recent donations. By using data on 9989 actual donations, our dynamic panel analysis suggests that when the number of most recent continuous modal donations increases, the likelihood that a subsequent donor matches the modal amount increases. This result supports the notion that a donor’s conformity behavior is more likely to occur when a greater proportion of other donors give a similar amount. Furthermore, the effects of continuous modal donations are strongly observed for low monetary ranges. We interpret that initiating further cooperation among a large number of less cooperative other donors would become harder, or individuals would obtain an excuse for less cooperation due to the others’ behaviors. Finally, we discuss how our findings connect economic studies of charity and social psychology studies of conformity and could help improve the effectiveness of fundraising by charities.     

Business reform outcomes: Why so different?

Post-crisis policy making increasingly focuses on doing business reforms. We argue that the effects of those reforms will be different across countries. To understand the reasons for the reform outcome divergence, we advance a novel firm-size distribution (FSDs) argument. At the center of the argument is the fact that FSDs are different across countries and stable over time. Then, if a given doing business reform induces firms of different size to grow differently, this will produce a variety of reform outcomes across countries. To advance the argument, we set up a tractable general equilibrium (GE) model and study how firms of different size grow after a doing business reform. The model predicts that larger firms will grow faster than smaller firms after the reform. The model predictions are tested on the Enterprise Surveys (ES) data, merged with the Doing Business indicators. We confirm that firms of different size grow differently after a Doing Business reform. Thus, based on the notable differences of firm size distributions across countries, identical reforms to start, operate and close a business will produce a variety of reform outcomes across countries.     

Financial liberalization and long-run stability of money demand in Nigeria

A stable money demand function is essential when using monetary aggregate as a monetary policy. Thus, there is need to examine the stability of the money demand function in Nigeria after the deregulation of the financial sector. To achieve this, the study employed CUSUM (cumulative sum) and CUSUMSQ (CUSUM of square) tests after using autoregressive distributive lag bounds test to determine the existence of a long run relationship between monetary aggregates and their determinants. Results of the study show that a long-run relationship holds and that the demand for money is stable in Nigeria. In addition, the inflation rate is found to be a better proxy for an opportunity variable when compared to interest rate. The main implication of the study is that interest rate is ineffective as a monetary policy instrument in Nigeria.     

3-6岁学前儿童情绪与行为问题的调查与分析——以惠州市为例

摘 要：应用儿童长处与困难（SDQ）问卷（父母版），采用分层随机抽样方法，对惠州市1528名3-6岁儿童的情绪与行为问题进行调查。研究发现：惠州市3-6岁儿童情绪与行为问题异常情况比较严峻，儿童心理健康状况值得重视；不同地域、年龄学前儿童存在不同的情绪与行为问题，需要分类干预。其中农村儿童的情绪与行为问题异常情况尤为严重，需要得到广泛的关注和解决。     

延安时期党内政治生态建设理论创新及其时代价值

延安时期,中国共产党的领袖们在党内政治生态建设方面进行了大量卓有成效的理论创新,阐明了党内政治生态建设的内在动力、基本规范、重要途径和根本保障。当前,我们党在全面从严治党过程中,严肃党内政治生活,净化党内政治生态,仍需要从延安时期党内政治生态建设历史经验中汲取营养。     

知识产权“十二五”发展规划实施的关键难题与机遇研究

知识产权＂十二五＂发展规划具有多重属性与复杂性、制定组织结构多元化、地区发展不平衡及其与环境匹配较难等特点,较薄弱的知识产权基础因素与国际发展动态影响下,使得我国知识产权＂十二五＂发展规划实施挑战与机遇并存。     

Market economies and pro-social behavior: Experimental evidence from Central Asia

This study seeks to extend the body of knowledge of pro-social behavior in comparative market settings by reporting on a high-stakes ultimatum game and revelation game experiments in two transition economies: Kazakhstan and Uzbekistan. While controlling for cultural differences and framing effects, we find statistically significant differences in fairness and honesty behavior between the two countries. Specifically, subjects in Uzbekistan (in an earlier stage of transition to a market economy) are fairer and more honest than their later-stage Kazakh counterparts. Our experimental findings have implications for the literature on pro-social behavior and market economies, and more generally, on the transmission process between formal and informal institutions.     

论20世纪70年代初国际石油权力结构的变迁——对“德黑兰协定”和“的黎波里协定”的考察

20世纪70年代的国际石油危机有着深厚的历史根源,它源于国际石油权力结构的急剧变革。60年代后期开始,随着国际石油市场日趋紧张,产油国的地位日益改善,它们从石油公司获得越来越多的石油权力,其中国际石油公司与产油国签订的"德黑兰协定"和"的黎波里协定"发挥了至关重要的作用,是产油国能够针对西方国家使用减产、禁运和提价等石油武器的前提条件。     

India's demand for international reserve and monetary disequilibrium: Reserve adequacy under floating regime

The main aim of this study is to investigate India's demand for international reserve by focusing on the role of national monetary disequilibrium and to present new benchmarks for assessing the adequacy of international reserves. We assessed India's position in terms of reserve adequacy and found that India is well placed and has sufficient stock of international reserves to meet the minimum adequacy requirements. Also, the results reveal that the central bank is holding substantial excess reserves and the related opportunity cost (1.5% of GDP) appears to be quite considerable. Further, the estimates of reserve demand function suggest that scale of foreign trade, uncertainty and profitability considerations play significant role in determining India's long-term reserve demand policies. More importantly, validating the monetary approach to balance of payment, our results show that national monetary disequilibrium does play a crucial role in short-run reserve movements. An excess of money demand (supply) induces an inflow (outflow) of international reserves with an elasticity of 0.56 which also implies that Reserve Bank of India responds to correct the domestic money market disequilibrium; and did not just leave it completely on the mercy of reserve inflows.