This paper investigates testable restrictions on the time-series behavior of consumption and asset returns implied by a representative agent model with the spirit of capitalism in which intertemporal preference is rep...This paper investigates testable restrictions on the time-series behavior of consumption and asset returns implied by a representative agent model with the spirit of capitalism in which intertemporal preference is represented by a utility function that generalizes conventional, time-additive, expected utility. In the recursive structure of preference, the author examines the implication for cosumptions, portfolio holdings, and stock-market prices when investors accumulate wealth not only for the sake of consumption but also for wealth-induced social status. When investors care about relative social status, the propensity to consume and risk-taking behavior will depend on social standards, and stock prices will be volatible. Hence, the spirit of capitalism seems to be a driving force behind stock-market volatility and economic growth. Because the elasticity df substitution and the coefficient of relative risk aversion are independent and the spirit of capitalism is introduced, the equity premium puzzle can be partially explained in the model.展开更多
This paper classifies total fixed capital into three categories,namely,economic infrastructure capital,social infrastructure capital and non-infrastructure capital,and then offers complete and detailed estimates of th...This paper classifies total fixed capital into three categories,namely,economic infrastructure capital,social infrastructure capital and non-infrastructure capital,and then offers complete and detailed estimates of the national time series data(1981-2012) and the provincial panel data of 31 administrative regions(1997-2012).On this basis,this paper estimates the output elasticities of the three categories of capital and then tests whether or not the production function of China shows constant returns to scale.展开更多
Chinese society in rural areas is typically a geographically and genetically related society.Scattered farmers can be connected to form small groups through their social capital,which can affect farmers' agricultu...Chinese society in rural areas is typically a geographically and genetically related society.Scattered farmers can be connected to form small groups through their social capital,which can affect farmers' agricultural activities in the process of controlling agricultural Non-point Source pollution.An ordered Logit model can be built to analyze the effects of social capital to farmers' responsive willingness to different measurements of controlling agricultural NPS pollution by using survey data in Shaanxi Province.This paper characterizes farmers' social capital in three dimensions:social trust,social participation and social network.The results indicated that farmers' social capital significantly affects farmers' response to different policies.When governments construct and implement policies to control agricultural NPS pollution,the effects of social capital need to be considered at same time with the effects of governmental supervision,market and education measurements.展开更多
文摘This paper investigates testable restrictions on the time-series behavior of consumption and asset returns implied by a representative agent model with the spirit of capitalism in which intertemporal preference is represented by a utility function that generalizes conventional, time-additive, expected utility. In the recursive structure of preference, the author examines the implication for cosumptions, portfolio holdings, and stock-market prices when investors accumulate wealth not only for the sake of consumption but also for wealth-induced social status. When investors care about relative social status, the propensity to consume and risk-taking behavior will depend on social standards, and stock prices will be volatible. Hence, the spirit of capitalism seems to be a driving force behind stock-market volatility and economic growth. Because the elasticity df substitution and the coefficient of relative risk aversion are independent and the spirit of capitalism is introduced, the equity premium puzzle can be partially explained in the model.
基金the financial supports of the Natural Science Foundation for Distinguished Young Scholars of Zhejiang Province(Grant No.LR14G03001)the National Natural Science Foundation of China(Grant No.71673237)
文摘This paper classifies total fixed capital into three categories,namely,economic infrastructure capital,social infrastructure capital and non-infrastructure capital,and then offers complete and detailed estimates of the national time series data(1981-2012) and the provincial panel data of 31 administrative regions(1997-2012).On this basis,this paper estimates the output elasticities of the three categories of capital and then tests whether or not the production function of China shows constant returns to scale.
基金supported by the National Social Sciences Foundation of China(14CJY046)Circular Economics Research Center of Sichuan Province(14SD0105)
文摘Chinese society in rural areas is typically a geographically and genetically related society.Scattered farmers can be connected to form small groups through their social capital,which can affect farmers' agricultural activities in the process of controlling agricultural Non-point Source pollution.An ordered Logit model can be built to analyze the effects of social capital to farmers' responsive willingness to different measurements of controlling agricultural NPS pollution by using survey data in Shaanxi Province.This paper characterizes farmers' social capital in three dimensions:social trust,social participation and social network.The results indicated that farmers' social capital significantly affects farmers' response to different policies.When governments construct and implement policies to control agricultural NPS pollution,the effects of social capital need to be considered at same time with the effects of governmental supervision,market and education measurements.
