There are few papers in the literature focusing on the issue of the optimal depletion of exhaustible resources in the framework of variable time preference. This paper attempts to analyze the pure consumption of exhau...There are few papers in the literature focusing on the issue of the optimal depletion of exhaustible resources in the framework of variable time preference. This paper attempts to analyze the pure consumption of exhaustible resource under hy- perbolic time preference, and to discuss the optimal depletion rate and the effect of the protection of the exhaustible resource under different commitment abilities. The results of model show that the case of the hyperbolic discount with the full commitment of the govemment is equivalent to the case of constant discount of the social planner problem. In that case, the optimal depletion rate and the initial consumption of exhaustible resource are the slowest. On the contrary, they are the highest and the myopic behaviors lead to excessive consumption of exhaustible resources inevitably without commitment. Otherwise, in the case of partial commit- ment, the results are between the cases of full commitment and of no commitment. Therefore, with the hyperbolic time preference, the optimal depletion rate of resource depends on the commitment ability. Higher commitment ability leads to lower effective rate of time preference, and consequently, lower depletion rate and lower initial depletion value. The improvement of commitment ability can decrease the impatience and myopia behaviors, and contribute to the protection of the exhaustible resources.展开更多
Overeducation is widespread across the countries in the world.However,not much is known about the patterns of overeducation in China.This paper examines levels,trends and patterns of overeducation in China over the la...Overeducation is widespread across the countries in the world.However,not much is known about the patterns of overeducation in China.This paper examines levels,trends and patterns of overeducation in China over the last 20 years.Overeducation rate in China increased from 7.24%in 1990to 12.26%in 2000,and further to28.16%in 2010.The pace was much more rapid in the second decade than in the first decade.Overeducation is substantial across all the population subgroups.with widening differentials.Overeducation rates in the big cities like Beijing and Shanghai are much higher than elsewhere in China.China’s rapidly increasing overeducation is largely a result of the implementation of college expansion policy started in the late 1990s.展开更多
The paper estimates the returns to overeducation by the Over-Required and Undereducation(ORU)model.The estimated results indicate that the returns to overeducation are positive,but lower than the returns to required e...The paper estimates the returns to overeducation by the Over-Required and Undereducation(ORU)model.The estimated results indicate that the returns to overeducation are positive,but lower than the returns to required education,which suggests that while overeducated employees’earnings are diminished,they still can benefit from it.The paper also attempts to estimate the returns to overeducation by occupations,industries and regions.The result shows that in the field where educational level has much to do with the skills required by employers,education-job match has a greater effect on one’s earnings,such as professionals and skilled persons.On the contrary,education-job mismatch has little effect on one’s earnings,such as non-skilled employees,administrative and clerical employees.In addition,the returns to overeducation are lower or insignificant for those working in competitive but lower paid industries and areas.Conversely,the returns to overeducation are higher for those working in the highly monopolized and highly paid industry and area.It can be argued that regardless of the incidence of overeducation,those with higher level of education prefer to choose the lower level of job in these industries and areas.展开更多
基金Funding of Humanities and Social Science Fundation of Education Ministry (Grant No.11YJC790308)
文摘There are few papers in the literature focusing on the issue of the optimal depletion of exhaustible resources in the framework of variable time preference. This paper attempts to analyze the pure consumption of exhaustible resource under hy- perbolic time preference, and to discuss the optimal depletion rate and the effect of the protection of the exhaustible resource under different commitment abilities. The results of model show that the case of the hyperbolic discount with the full commitment of the govemment is equivalent to the case of constant discount of the social planner problem. In that case, the optimal depletion rate and the initial consumption of exhaustible resource are the slowest. On the contrary, they are the highest and the myopic behaviors lead to excessive consumption of exhaustible resources inevitably without commitment. Otherwise, in the case of partial commit- ment, the results are between the cases of full commitment and of no commitment. Therefore, with the hyperbolic time preference, the optimal depletion rate of resource depends on the commitment ability. Higher commitment ability leads to lower effective rate of time preference, and consequently, lower depletion rate and lower initial depletion value. The improvement of commitment ability can decrease the impatience and myopia behaviors, and contribute to the protection of the exhaustible resources.
文摘Overeducation is widespread across the countries in the world.However,not much is known about the patterns of overeducation in China.This paper examines levels,trends and patterns of overeducation in China over the last 20 years.Overeducation rate in China increased from 7.24%in 1990to 12.26%in 2000,and further to28.16%in 2010.The pace was much more rapid in the second decade than in the first decade.Overeducation is substantial across all the population subgroups.with widening differentials.Overeducation rates in the big cities like Beijing and Shanghai are much higher than elsewhere in China.China’s rapidly increasing overeducation is largely a result of the implementation of college expansion policy started in the late 1990s.
文摘The paper estimates the returns to overeducation by the Over-Required and Undereducation(ORU)model.The estimated results indicate that the returns to overeducation are positive,but lower than the returns to required education,which suggests that while overeducated employees’earnings are diminished,they still can benefit from it.The paper also attempts to estimate the returns to overeducation by occupations,industries and regions.The result shows that in the field where educational level has much to do with the skills required by employers,education-job match has a greater effect on one’s earnings,such as professionals and skilled persons.On the contrary,education-job mismatch has little effect on one’s earnings,such as non-skilled employees,administrative and clerical employees.In addition,the returns to overeducation are lower or insignificant for those working in competitive but lower paid industries and areas.Conversely,the returns to overeducation are higher for those working in the highly monopolized and highly paid industry and area.It can be argued that regardless of the incidence of overeducation,those with higher level of education prefer to choose the lower level of job in these industries and areas.
