Optimal consumption and portfolio selection with negative wealth constraints,subsistence consumption constraints,and CARA utility

We consider the optimal consumption and portfolio selection problem with constant absolute risk aversion (CARA) utility. The economic agent in this model receives constant labor income, and her economic behavior is restricted on consumption and wealth, which are called the subsistence consumption constraint and the negative wealth constraint. We use the convex duality method to derive the value function and the optimal policies in closed-form solutions. Also we illustrate some numerical examples.     

The Beta Product Distribution with Complex Parameters

The family consisting of the distributions of products of two independent beta variables is extended to include cases where some of the parameters are not positive but negative or complex. This “beta product” distribution is expressible as a Meijer G function. An example (from risk theory) where such a distribution arises is given: an infinite sum of products of independent random variables is shown to have a distribution that is the product convolution of a complex-parameter beta product and an independent exponential. The distribution of the infinite sum is a new explicit solution of the stochastic equation X = (in law) B(X + C). Characterizations of some G distributions are also proved.     

George Katona: A founding father of old behavioral economics

Assuming the division of behavioral economics into old and new, the paper begins to argue that old behavioral economics began with the works of two giants – George Katuna and Herbert Simon during the 1950s and early 1960s. The contributors of Herbert Simon are well established, thanks to the popularity of bounded rationality and satisficing, and his being award Noble Prize in economics. However, economists are much less familiar with the contributions of George Katona that can be viewed as the father of behavioral economics. Furthermore, the author argues that Katona was also misunderstood by various economists when he was attempting to create a psychologically based economics that rejected the mechanistic psychology of neoclassical economics and introducing the survey method to economic research that he had been using in his experimental psychology research previously. He also had influenced various economists during their debates in the 1950s without given the credit for. Many historians of behavioral economics limit Katona's contributions to the start of behavioral economics only to his contributions to macroeconomics. However, the paper demonstrates that Katona's behavioral economics included his contributions to macroeconomics (bringing realism to Keynesian consumption function and consumption behavior), micro-economics (business behavior, the rationality assumption, etc.), public finance and economic policy, and his introduction of the survey method. To demonstrate these contributions, the author argues that Katona attempted to bring realism to economic analysis – through psychological concepts – beginning with his early days of research in Germany which coincided with German hyper inflation- and continued whether working at New school for Social Research, Chicago University's Cowles Commission, the U.S. Department of Agriculture, or the University of Michigan's Survey Research Center. The author also argues that Katona's contributions went through stages, depending upon what economic problem persisted at the time, what advertises he was facing, and what institution/organization he was associated with.     

Analysis of child labour in Peru and Pakistan: A comparative study

This paper analyses child labour participation and its key determinants using data sets from Peru and Pakistan. The results include tests of the ‘Luxury’ and ‘Substitution’ hypotheses that play key roles in recent studies on child labour and child schooling. The results reject both hypotheses in the context of child labour in Pakistan and suggest that income and related variables do not have the expected negative effect on children's work input. Rising wages of adult female labour in Pakistan, and falling adult male wage in Peru lead to increased participation of children in the labour market. The results on the combined country data formally establish the presence of strong individual country effects in the estimated regressions. For example, ceteris paribus, a Peruvian child is more likely to experience schooling than a Pakistani child. However, both countries agree on the positive role that adult female education and infrastructure investment in basic amenities can play in discouraging child labour and encouraging child schooling. Received: 24 August 1998/Accepted: 10 March 1999     

The Dutch people and the euro: A structural equations analysis relating national identity and economic expectations to attitude towards the euro

National identity, macro and micro economic expectations affect the attitude toward the euro. In a study in The Netherlands, data were collected and relationships between the latent concepts were modelled with LISREL. In the best fitting model, national identity has a direct and an indirect effect on attitude, respectively, an unstructured and a structured effect. The indirect effect is mediated by macro and micro expectations. Macro expectations also have a direct and an indirect effect. The indirect effect is mediated by micro expectations. On one hand, macro expectations form a strong link between national identity and attitude. On the other hand, macro expectations have a strong direct effect on attitudes. The euro is mainly perceived and evaluated in a macro-economic perspective.PsycINFO classification: 2229; 3920     

无线视频服务器在ADSP-BF5614的研究与实现

通过对视频服务器相关资料的研究,提出了一种基于ADI公司专用DSP芯片ADSP-BF561的无线视频服务器的解决方案。硬件设计采用SAA7113芯片完成输入视频A/D转换,以ADSP-BF561芯片为核心硬件平台实现视频压缩编码,利用相应外围设备实现网络控制和传输。该方案由于使用了H.264视频编码标准、G729音频编码标准和基于CDMA1X无线网络技术的CDMA无线网络作为音视频数据的传输途径,具有良好的稳定性和可实现性。     

局部环上典型群的非双曲型

引入域上典型群的生成问题所得的成果;对局部环R上典型群生成问题研究,构造度量函数及一平延,为局部环R上典型群向域F上的典型群导入,给出典型群的非双曲型．     

黄山绞股兰对赡蜍体心脏的作用

蟾蜍离体心脏灌流实验表明:黄山采集的绞股兰、绞股兰茶剂、生晒参在低浓度时均能增加蟾蜍离体心脏的收缩振幅。其作用为:黄山绞股兰>生晒参>绞股兰茶剂,其后作用也以黄山绞股兰最强。高浓度时均能抑制心脏的搏动,使心脏停止于收缩状态,更换任氏液后心脏的搏动可以恢复。三种药物均对心率无明显的影响。     

G函数引导的新探索

作为对经济理论和理论核心的综合和深化,G函数引导出了一些新的探索。其中主要有初始模型的选取,试验焦点的确定,以及实验领域的搜索等。出于对经济理论核心的精确化需要,超越对数函数成为初始结构模型的可选择形式,由此导致数据试验的焦点内容集中。若其他条件不变,作为边界条件,固定数量向量会成为实验的基本出发点,在其中所进行的搜索会日益成为实际验证所关注的内容。     

Approximation of the distribution of excesses through a generalized probability-weighted moments method

The POT (peaks-over-threshold) approach consists in using the generalized Pareto distribution (GPD) to approximate the distribution of excesses over a threshold. In this paper, we consider this approximation using a generalized probability-weighted moments (GPWM) method. We study the asymptotic behaviour of our new estimators and also the functional bias of the GPD as an estimate of the distribution function of the excesses. A simulation study is provided in order to appreciate the efficiency of our approach.