Poverty alleviation of the rural poor is the most arduous task in building a moderately prosperous society in all respects in China, and agricultural insurance is an important financial tool for this task. Due to diff...Poverty alleviation of the rural poor is the most arduous task in building a moderately prosperous society in all respects in China, and agricultural insurance is an important financial tool for this task. Due to different capital levels, individual farmer will adopt production technology with different efficiency. In the case of uncertain price of agricultural products, this paper establishes a series of multiple equilibrium models based on agricultural risk and agricultural insurance. Under the catastrophe risk, the probability of falling into the poverty trap is calculated, and the effects of agricultural insurance on poverty alleviation are discussed respectively. It is found that agricultural insurance can effectively reduce the probability of falling into the poverty trap for the farmers whose initial capital is greater than a certain critical value. While the government subsidizes the premium of agricultural insurance by a certain proportion, the effect on poverty alleviation will be further improved.展开更多
Henry Hub as an important transaction hub for natural gas sets the gas price standard in the USA. In this paper, the factors influencing Henry Hub natural gas prices are analyzed, and the major factors determining the...Henry Hub as an important transaction hub for natural gas sets the gas price standard in the USA. In this paper, the factors influencing Henry Hub natural gas prices are analyzed, and the major factors determining the price levels in the period between January 1997 and December 2016 are studied. It is found that economic conditions, total energy demand, US dollar exchange rate and gas consumption are the major factors. The mechanism of each factor influencing the Henry Hub natural gas price is also explored in the paper.展开更多
The high-tech industry is highlighted for advanced techniques,substantial capital investment,and smart talents.But their effective combination can not be achieved in the development of high-tech industry,which impedes...The high-tech industry is highlighted for advanced techniques,substantial capital investment,and smart talents.But their effective combination can not be achieved in the development of high-tech industry,which impedes its industrialization.Meanwhile,an effective mechanism is needed to develop the high-tech industry healthily.The aim of this paper is to explore the integration model of base,project,and talent which is presented and served as a new road for high-tech industry development as well as prove this model rational.Some results of the model are appealing.Firstly,start-ups in the park have the higher success probabilities;secondly,higher expected return attracts talents to join into start-ups in park;thirdly,side payment is the inner incentive to initiate this high-tech industry integration model.展开更多
The resistivity of Hg<sub>0.89</sub>Mn<sub>0.11</sub>Te has been measured by the superconducting quantum interference device magnetometer in the temperature range from 5 to 200 K under the appl...The resistivity of Hg<sub>0.89</sub>Mn<sub>0.11</sub>Te has been measured by the superconducting quantum interference device magnetometer in the temperature range from 5 to 200 K under the applied magnetic field of 1, 2, 4 and 6.5 Tesla, respectively, compared with that of no-magnetic field. The results show that the resistivity increases with increase applied magnetic field at higher temperature from 80 to 200 K, but decreases at lower temperature from 5 to 25 K. There exists a transitive range from 25 to 80 K, where the variation of the resistivity shows different tendencies depending on the strength of magnetic field. Maximum difference of resistivity under 6.5 Tesla from that without magnetic field in the temperature range from 30 to 200 K is only about 5 Ω·cm, but it increases up to 3 orders of magnitude at 5 K. The analysis shows that the variation of resistivity of Hg<sub>0.89</sub>Mn<sub>0.11</sub>Te under the magnetic field is the algebraic sum of the transverse direction magnetoresistance effect and the sp-d exchange interaction effect. TDRME plays major role in the high temperature range. However, with the decrease of temperature, the effect of sp-d EI on the resistivity gradually exceeds that of the transverse direction magnetoresistance effect through the transitive range, and becomes the dominant effect in the temperature range from 5 to 25 K, which leads to the dramatic decrease of resistivity.展开更多
This paper examines the impacts of information about COVID-19 on pig farmers'production willingness by using endorsement experiments and follow-up surveys conducted in 2020 and 2021 in China.Our results show that,...This paper examines the impacts of information about COVID-19 on pig farmers'production willingness by using endorsement experiments and follow-up surveys conducted in 2020 and 2021 in China.Our results show that,first,farmers were less willing to scale up production when they received information about COVID-19.The information in 2020 that the second wave of COVID-19 might occur without a vaccine reduced farmers'willingness to scale up by 13.4%,while the information in 2021 that COVID-19 might continue to spread despite the introduction of vaccine reduced farmers'willingness by 4.4%.Second,farmers whose production was affected by COVID-19 were considerably less willing to scale up,given the access to COVID-19 information.Third,farmers'production willingness can predict their actual production behavior.展开更多
Generalized linear mixed models (GLMMs) are typically constructed by incorporating random effects into the linear predictor. The random effects are usually assumed to be normally distributed with mean zero and varianc...Generalized linear mixed models (GLMMs) are typically constructed by incorporating random effects into the linear predictor. The random effects are usually assumed to be normally distributed with mean zero and variance-covariance identity matrix. In this paper, we propose to release random effects to non-normal distributions and discuss how to model the mean and covariance structures in GLMMs simultaneously. Parameter estimation is solved by using Quasi-Monte Carlo (QMC) method through iterative Newton-Raphson (NR) algorithm very well in terms of accuracy and stabilization, which is demonstrated by real binary salamander mating data analysis and simulation studies.展开更多
The magnetization of Hg0.89Mn0.11 Te single crystal grown by vertical Bridgman method was studied by using superconducting quantum interference device magnetometer（SQUID Magnetometer）. First, magnetization measureme...The magnetization of Hg0.89Mn0.11 Te single crystal grown by vertical Bridgman method was studied by using superconducting quantum interference device magnetometer（SQUID Magnetometer）. First, magnetization measurements were done under various magnetic fi eld strengths from-20 kOe to 20 kOe at 5 K, 15 K, and 77 K, respectively. Then, the magnetizations were measured with continuous changes of temperature in the range from 5 K to 300 K under the magnetic field of 0.1 kOe and 10 kOe, respectively. The modifi ed Brillouin function was well fitted with the data of magnetization vs. magnetic field strength. The analysis indicated that there was an antiferromagnetic exchange coupling among Mn^2＋ ions. The results of reciprocal susceptibility vs. temperature fi t Curie-Weiss law very well at the temperatures above 40 K, but deviate from the law from 5 Kto 40 K, which shows that the antiferromagnetic exchange coupling among Mn^2＋ ions increases in the lower temperature range below 40 K. The experimental result was explained by extending higher-order terms in the calculation of susceptibility and fitted by a power law function. The measurements reveal that Hg0.89Mn0.11 Te possesses paramagnetic properties at temperatures from 5 K to 300 K.展开更多
This study analyzes how Foreign Direct Investment affects the rate of economic development among nations in the EAC with the empirical evidence of Burundi.The paper indicates that there is a link between foreign direc...This study analyzes how Foreign Direct Investment affects the rate of economic development among nations in the EAC with the empirical evidence of Burundi.The paper indicates that there is a link between foreign direct investment(FDI),gross domestic product(GDP),human capital,and openness with support of yearly time-series data from 1989 to 2017.The results from the Vector Error Correction Model(VECM)analysis technics discover that all the variables in long-term they move together.The findings also discovered that there is short-term causality running from GDP and human capital to FDI and no short-run causality found from openness to FDI as a result of Burundi’s policies that do not implement market seeker FDI.For VECM validation,the paper went through some post estimation diagnostic tests such as Lagrange multiplier tests and Jarque-Bera test,the results did not indicate any autocorrelation among the variables as the residuals were normally distributed.Openness being an important factor to attracting foreign investors,it is very crucial for Burundi to revise its trade policies and encourage a conducive environment that promotes foreign investment penetration by promoting and encouraging both domestic and foreign investors and keep improving human capital for more FDI attraction as a goal for Burundi economic growth.展开更多
The recent economic and financial hardship has resuscitated controversies over the role of Foreign Capital in economic growth and welfare enhancement in emerging nations,particularly in Guinea.The literature tha...The recent economic and financial hardship has resuscitated controversies over the role of Foreign Capital in economic growth and welfare enhancement in emerging nations,particularly in Guinea.The literature that scrutinizes the causal interaction among FDI and poverty alleviation is relatively abundant,the fundamental statement shared by these empirical studies is that GDP growth is assumed to be relevant proxy of people well-being.However,Guinea and its FDI attraction policies have not been well approached by some of these paper.This empirical study examines the interaction between FDI inflows and poverty alleviation in Guinea from 1990 to 2017.The Human Development Index(HDI)and the per capita FDI net inflows are respectively employed as key welfare and FDI indicators.The findings from the Error Correction Model(ECM)confirm that,in the long term the variables converge in the same direction.The outcomes also exhibit that per capita FDI in the long run,negatively impacts welfare but not significantly,while Inflation’s coefficient remains positive and significant.With trade openness,we still found the same positive interaction but not significant.The results from the Auto Regressive Distributed Lag Model(ARDL)exhibit that per capita FDI flows[current value and L2.]have positive but not significant impact on HDI whereas FDI[L1]has a negative interaction with welfare at 10%significance level.The trade openness variable[current value]is negatively but not significantly associated with HDI,while inflation[L1 and L2]influence on human advancement is positive and significant.Overall,Foreign direct investment in Guinea is still resource seeking investment which impact on the domestic economy is very limited.Hence,government should introduce new policies and incentives in order to attract more market seeking or other types of FDI that may promote inclusive growth and alleviate poverty.展开更多
Applying the slacks-based measure （SBM）-Tobit two-stage model, this paper analyzes energy efficiency in eastern China. First, the SBM model featured in taking non- desired output in calculation was employed to evalu...Applying the slacks-based measure （SBM）-Tobit two-stage model, this paper analyzes energy efficiency in eastern China. First, the SBM model featured in taking non- desired output in calculation was employed to evaluate the energy efficiency in eastern China from 1995 to 2010. The results show that Tianjin, Shanghai and Guangdong have the highest energy efficiency while Hebei has the lowest. Next, we used the panel Tobit model to perform a regression on factors affecting energy efficiency. Our results show that optimizing industrial structure, improving energy structure and enhancing the level of economic reform can contribute to improving energy efficiency. Government influence and technological progress, on the other hand, affect energy efficiency insignificantly. The influence of socio-economic development on the energy efficiency goes from negative to positive, which adheres to the Kuznets curve hypothesis. Our findings are that the socio-economic development in eastern China has not yet passed the ＂turning point of the Kuznets curve ＂.展开更多
We examined changes in personal life insurance purchase decisions after a public health event by incorporating perceived health risk and regret into the expected utility function.The model predicts that the epidemic w...We examined changes in personal life insurance purchase decisions after a public health event by incorporating perceived health risk and regret into the expected utility function.The model predicts that the epidemic will create incremental insurance demand.Based on the 2003 severe acute respiratory syndrome outbreak in China,we used a panel dataset of 30 provinces from 2000 to 2007 and applied the difference-in-differences method to confirm the prediction empirically.The results showed that the epidemic did not significantly impact the demand for life insurance in the short term but played a role in the long term.People increased their health-care expenditure and premiums for new policies after the severe acute respiratory syndrome event,suggesting that the epidemic changed people's perceived risk and triggered anticipated regret,which increased life insurance demand.Some robustness checks also supported our findings.展开更多
Contrary to what is sometimes claimed, the 2008 banking crisis occurred in an ultra-regulated environment. Legislative and regulatory financial-security regimes have in fact multiplied in recent years. The economic cr...Contrary to what is sometimes claimed, the 2008 banking crisis occurred in an ultra-regulated environment. Legislative and regulatory financial-security regimes have in fact multiplied in recent years. The economic crisis is accelerating the transition of the risk society towards the audit society. But the G20 （Group of Twenty） declarations in Washington and London also reveal a managerial utopia： the march towards a society of confidence or harmony that would make controls superfluous. In this context, the article seeks to call upon philosophical, sociological and managerial references to risk, from Foucault to Power by way of Beck, Giddens ＆ Ewald, to shed light on the official declarations of the leaders of the world＇s main economies. The documentary corpus examined includes all the G20 works published between November 8, 2008 （preparation for the Washington Summit） and April 2, 2009 （conclusions of the London Summit）. The political philosophy underlying the G20＇s works remains fundamentally liberal, even though saving the worldwide market economy involves established security systems as well as self-control and control of others. In the end, the leaders do not decide between reinforcing the existing tools and inventing new systems. The updating of security technologies is meant to serve the preservation of the capitalist managerial utopia. This gives rise to a new variant of Beck＇s risk-society paradigm, too often confined to environmental threats alone, in three phases： （1） The crisis is a consequence of financial modernity and in particular of the inefficiency of regulation in the face of growing sophistication in techniques; （2） To restore confidence, the states and international institutions want, paradoxically, both to reinforce regulation and promote flexibility; （3） Thereupon, flexi-security controlled by worldwide economic governance characterizes the second financial modernity.展开更多
The sparse phase retrieval aims to recover the sparse signal from quadratic measurements. However, the measurements are often affected by outliers and asymmetric distribution noise. This paper introduces a novel metho...The sparse phase retrieval aims to recover the sparse signal from quadratic measurements. However, the measurements are often affected by outliers and asymmetric distribution noise. This paper introduces a novel method that combines the quantile regression and the L<sub>1/2</sub>-regularizer. It is a non-convex, non-smooth, non-Lipschitz optimization problem. We propose an efficient algorithm based on the Alternating Direction Methods of Multiplier (ADMM) to solve the corresponding optimization problem. Numerous numerical experiments show that this method can recover sparse signals with fewer measurements and is robust to dense bounded noise and Laplace noise.展开更多
This study examines the relationship between domestic savings,investment,and economic growth in Nepal by using time series data covering from the period 1975 to 2019.The vector error correction model(VECM)has been use...This study examines the relationship between domestic savings,investment,and economic growth in Nepal by using time series data covering from the period 1975 to 2019.The vector error correction model(VECM)has been used to investigate the long-run and short-run causal relationship between the variables.The Johansen cointegration test results confirmed that there is a long-run relationship between savings,investment,and economic growth.Therefore,further analysis has to be set for the VEC model to analyze both long-run and short-run causality.The VECM equation result is-0.1363 which is the adjustment speed of disequilibrium towards the equilibrium in long run.The coeffi cient of savings and investments are positive with economic growth which also indicates that both variables have a positive impact on economic growth in the short run.The results of the Jarque-Bera test show the residual distribution is normally distributed.For the model stability test,the study performed recursive estimation applying CUSUM and CUSUM of square,and both tests move within the 5 percent level of upper and lesser bound significance indicating that the model is stable over the observation period.Overall,the study suggests that in Nepal,domestic savings and investment growth have a positive contribution to economic growth.The central bank,planning commission,and ministry of finance should focus on stimulating the capital formation and productive sector investment for sustainable economic growth in Nepal.展开更多
In this paper,the authors investigate the optimal per-claim reinsurance problem under the continuous-time framework to minimize the insurer's ruin probability based on the Lundberg exponent.Considering reinsurance...In this paper,the authors investigate the optimal per-claim reinsurance problem under the continuous-time framework to minimize the insurer's ruin probability based on the Lundberg exponent.Considering reinsurance participants'diversified risk preferences,the authors assume that the reinsurance premium is calculated by a combined premium principle,including the expected value premium principle and upper moment premium principle.Then,the authors derive the insurer's optimal reinsurance strategy satisfying the principle of indemnity and the incentive compatibility condition in an infinite reinsurance space based on the point-wise optimization approach.Besides,the proposed work emphasizes the optimality and admissibility of the combination of the excess of loss reinsurance and its dual form when a piecewise reinsurance premium principle is considered.As a special case,the optimal reinsurance strategy under the expected value premium principle reduces to the classic result.Furthermore,the numerical analyses are provided to illustrate the effects of the main parameters on the maximal Lundberg exponent and the optimal reinsurance strategy.展开更多
The integration of blockchain technology with energy community trading represents a promising frontier in the energy sector,offering innovative solutions to challenges in energy trading and management.This review cond...The integration of blockchain technology with energy community trading represents a promising frontier in the energy sector,offering innovative solutions to challenges in energy trading and management.This review conducts a systematic investigation of the potential benefits,applications and challenges of blockchain in facilitating multi-level energy trading for energy communities.Firstly,the background information of the blockchain and Internet of Things(IoT)is provided,along with an elucidation of their integration architecture for energy communities.Building on this foundation,the applications of blockchain in transactive energy communities are analyzed from three perspectives:community-level energy trading,regionallevel energy trading,and grid-level energy trading.Following that,the currently known projects and pilots on blockchain-based transactive energy are comprehensively summarized.Finally,key challenges in implementing blockchain-based energy trading for local energy communities are discussed,providing guidance for future research.展开更多
We introduce a weak Galerkin finite element method for the valuation of American options governed by the Black-Scholes equation. In order to implement, we need to solve the optimal exercise boundary and then introduce...We introduce a weak Galerkin finite element method for the valuation of American options governed by the Black-Scholes equation. In order to implement, we need to solve the optimal exercise boundary and then introduce an artificial boundary to make the computational domain bounded. For the optimal exercise boundary, which satisfies a nonlinear Volterra integral equation, it is resolved by a higher-order collocation method based on graded meshes. With the computed optimal exercise boundary, the front-fixing technique is employed to transform the free boundary problem to a one- dimensional parabolic problem in a half infinite area. For the other spatial domain boundary, a perfectly matched layer is used to truncate the unbounded domain and carry out the computation. Finally, the resulting initial-boundary value problems are solved by weak Galerkin finite element method, and numerical examples are provided to illustrate the efficiency of the method.展开更多
In order to respond to the ongoing debate over the Chinese people＇s sense of happiness and to assess the effects of macro-economic and policy changes on the life of ordinary people over the past decade, this study em...In order to respond to the ongoing debate over the Chinese people＇s sense of happiness and to assess the effects of macro-economic and policy changes on the life of ordinary people over the past decade, this study employs data from the Chinese General Social Survey （CGSS） to analyze the development and trends in the happiness （or subjective well-being） of the Chinese people over this period. Based on 5 time points and 44,166 samples, the study finds that the Chinese people＇s sense of happiness has risen steadily over the past decade, and that groups with different political affiliations, household registration, age, income, marital status and ethnicity have all witnessed, to varying degrees, a growing sense of happiness. Economic growth may be the crucial driving force here; if the economy contracts, people＇s sense of happiness may also fall. To maintain the coordinated development of the economy and society, more numerous and more detailed follow-up research on happiness needs to be conducted.展开更多
文摘Poverty alleviation of the rural poor is the most arduous task in building a moderately prosperous society in all respects in China, and agricultural insurance is an important financial tool for this task. Due to different capital levels, individual farmer will adopt production technology with different efficiency. In the case of uncertain price of agricultural products, this paper establishes a series of multiple equilibrium models based on agricultural risk and agricultural insurance. Under the catastrophe risk, the probability of falling into the poverty trap is calculated, and the effects of agricultural insurance on poverty alleviation are discussed respectively. It is found that agricultural insurance can effectively reduce the probability of falling into the poverty trap for the farmers whose initial capital is greater than a certain critical value. While the government subsidizes the premium of agricultural insurance by a certain proportion, the effect on poverty alleviation will be further improved.
基金supported by the National Social Science Foundation of China,2015(Grant No.ZDA059)the National Science Foundation of China,2013(Grant Nos.71373014 and 71303045)+3 种基金the Energy Foundation(USA)Projects,2012(Grant No.12YJAZH056)the special fund of the Research on the Generalized Virtual Economy,2011(Grant No.G-1111-15134)the Philosophy Social Planning project of the Ministry of Education of the People’s Republic of China,2011(Grant No.GX2011-1017Y)‘‘the Fundamental Research Funds for the Central Universities’’in UIBE(No.15YQ09)
文摘Henry Hub as an important transaction hub for natural gas sets the gas price standard in the USA. In this paper, the factors influencing Henry Hub natural gas prices are analyzed, and the major factors determining the price levels in the period between January 1997 and December 2016 are studied. It is found that economic conditions, total energy demand, US dollar exchange rate and gas consumption are the major factors. The mechanism of each factor influencing the Henry Hub natural gas price is also explored in the paper.
基金National Natural Science Foundation of China (No.71173038) Funding Project of Education Ministry for Development of Liberal Arts and Social Sciences,China (No.10YJA790164 )Innovation Foundation of Graduate Research for University of International Business Economics,China (No.A20110109)
文摘The high-tech industry is highlighted for advanced techniques,substantial capital investment,and smart talents.But their effective combination can not be achieved in the development of high-tech industry,which impedes its industrialization.Meanwhile,an effective mechanism is needed to develop the high-tech industry healthily.The aim of this paper is to explore the integration model of base,project,and talent which is presented and served as a new road for high-tech industry development as well as prove this model rational.Some results of the model are appealing.Firstly,start-ups in the park have the higher success probabilities;secondly,higher expected return attracts talents to join into start-ups in park;thirdly,side payment is the inner incentive to initiate this high-tech industry integration model.
基金Supported by the National Natural Science Foundation of China(No.50336040)
文摘The resistivity of Hg<sub>0.89</sub>Mn<sub>0.11</sub>Te has been measured by the superconducting quantum interference device magnetometer in the temperature range from 5 to 200 K under the applied magnetic field of 1, 2, 4 and 6.5 Tesla, respectively, compared with that of no-magnetic field. The results show that the resistivity increases with increase applied magnetic field at higher temperature from 80 to 200 K, but decreases at lower temperature from 5 to 25 K. There exists a transitive range from 25 to 80 K, where the variation of the resistivity shows different tendencies depending on the strength of magnetic field. Maximum difference of resistivity under 6.5 Tesla from that without magnetic field in the temperature range from 30 to 200 K is only about 5 Ω·cm, but it increases up to 3 orders of magnitude at 5 K. The analysis shows that the variation of resistivity of Hg<sub>0.89</sub>Mn<sub>0.11</sub>Te under the magnetic field is the algebraic sum of the transverse direction magnetoresistance effect and the sp-d exchange interaction effect. TDRME plays major role in the high temperature range. However, with the decrease of temperature, the effect of sp-d EI on the resistivity gradually exceeds that of the transverse direction magnetoresistance effect through the transitive range, and becomes the dominant effect in the temperature range from 5 to 25 K, which leads to the dramatic decrease of resistivity.
基金supported by the National Social Science Fund of China(23&ZD045)the Humanities and Social Sciences Youth Foundation of the Ministry of Education of China(21YJC790087)+1 种基金the Center for Social Welfare and Public Governance of Zhejiang University,Chinathe Fundamental Research Funds for the Central Universities,China。
文摘This paper examines the impacts of information about COVID-19 on pig farmers'production willingness by using endorsement experiments and follow-up surveys conducted in 2020 and 2021 in China.Our results show that,first,farmers were less willing to scale up production when they received information about COVID-19.The information in 2020 that the second wave of COVID-19 might occur without a vaccine reduced farmers'willingness to scale up by 13.4%,while the information in 2021 that COVID-19 might continue to spread despite the introduction of vaccine reduced farmers'willingness by 4.4%.Second,farmers whose production was affected by COVID-19 were considerably less willing to scale up,given the access to COVID-19 information.Third,farmers'production willingness can predict their actual production behavior.
文摘Generalized linear mixed models (GLMMs) are typically constructed by incorporating random effects into the linear predictor. The random effects are usually assumed to be normally distributed with mean zero and variance-covariance identity matrix. In this paper, we propose to release random effects to non-normal distributions and discuss how to model the mean and covariance structures in GLMMs simultaneously. Parameter estimation is solved by using Quasi-Monte Carlo (QMC) method through iterative Newton-Raphson (NR) algorithm very well in terms of accuracy and stabilization, which is demonstrated by real binary salamander mating data analysis and simulation studies.
基金Funded by the National Natural Science Foundation of China(50336040)
文摘The magnetization of Hg0.89Mn0.11 Te single crystal grown by vertical Bridgman method was studied by using superconducting quantum interference device magnetometer（SQUID Magnetometer）. First, magnetization measurements were done under various magnetic fi eld strengths from-20 kOe to 20 kOe at 5 K, 15 K, and 77 K, respectively. Then, the magnetizations were measured with continuous changes of temperature in the range from 5 K to 300 K under the magnetic field of 0.1 kOe and 10 kOe, respectively. The modifi ed Brillouin function was well fitted with the data of magnetization vs. magnetic field strength. The analysis indicated that there was an antiferromagnetic exchange coupling among Mn^2＋ ions. The results of reciprocal susceptibility vs. temperature fi t Curie-Weiss law very well at the temperatures above 40 K, but deviate from the law from 5 Kto 40 K, which shows that the antiferromagnetic exchange coupling among Mn^2＋ ions increases in the lower temperature range below 40 K. The experimental result was explained by extending higher-order terms in the calculation of susceptibility and fitted by a power law function. The measurements reveal that Hg0.89Mn0.11 Te possesses paramagnetic properties at temperatures from 5 K to 300 K.
文摘This study analyzes how Foreign Direct Investment affects the rate of economic development among nations in the EAC with the empirical evidence of Burundi.The paper indicates that there is a link between foreign direct investment(FDI),gross domestic product(GDP),human capital,and openness with support of yearly time-series data from 1989 to 2017.The results from the Vector Error Correction Model(VECM)analysis technics discover that all the variables in long-term they move together.The findings also discovered that there is short-term causality running from GDP and human capital to FDI and no short-run causality found from openness to FDI as a result of Burundi’s policies that do not implement market seeker FDI.For VECM validation,the paper went through some post estimation diagnostic tests such as Lagrange multiplier tests and Jarque-Bera test,the results did not indicate any autocorrelation among the variables as the residuals were normally distributed.Openness being an important factor to attracting foreign investors,it is very crucial for Burundi to revise its trade policies and encourage a conducive environment that promotes foreign investment penetration by promoting and encouraging both domestic and foreign investors and keep improving human capital for more FDI attraction as a goal for Burundi economic growth.
文摘The recent economic and financial hardship has resuscitated controversies over the role of Foreign Capital in economic growth and welfare enhancement in emerging nations,particularly in Guinea.The literature that scrutinizes the causal interaction among FDI and poverty alleviation is relatively abundant,the fundamental statement shared by these empirical studies is that GDP growth is assumed to be relevant proxy of people well-being.However,Guinea and its FDI attraction policies have not been well approached by some of these paper.This empirical study examines the interaction between FDI inflows and poverty alleviation in Guinea from 1990 to 2017.The Human Development Index(HDI)and the per capita FDI net inflows are respectively employed as key welfare and FDI indicators.The findings from the Error Correction Model(ECM)confirm that,in the long term the variables converge in the same direction.The outcomes also exhibit that per capita FDI in the long run,negatively impacts welfare but not significantly,while Inflation’s coefficient remains positive and significant.With trade openness,we still found the same positive interaction but not significant.The results from the Auto Regressive Distributed Lag Model(ARDL)exhibit that per capita FDI flows[current value and L2.]have positive but not significant impact on HDI whereas FDI[L1]has a negative interaction with welfare at 10%significance level.The trade openness variable[current value]is negatively but not significantly associated with HDI,while inflation[L1 and L2]influence on human advancement is positive and significant.Overall,Foreign direct investment in Guinea is still resource seeking investment which impact on the domestic economy is very limited.Hence,government should introduce new policies and incentives in order to attract more market seeking or other types of FDI that may promote inclusive growth and alleviate poverty.
文摘Applying the slacks-based measure （SBM）-Tobit two-stage model, this paper analyzes energy efficiency in eastern China. First, the SBM model featured in taking non- desired output in calculation was employed to evaluate the energy efficiency in eastern China from 1995 to 2010. The results show that Tianjin, Shanghai and Guangdong have the highest energy efficiency while Hebei has the lowest. Next, we used the panel Tobit model to perform a regression on factors affecting energy efficiency. Our results show that optimizing industrial structure, improving energy structure and enhancing the level of economic reform can contribute to improving energy efficiency. Government influence and technological progress, on the other hand, affect energy efficiency insignificantly. The influence of socio-economic development on the energy efficiency goes from negative to positive, which adheres to the Kuznets curve hypothesis. Our findings are that the socio-economic development in eastern China has not yet passed the ＂turning point of the Kuznets curve ＂.
文摘We examined changes in personal life insurance purchase decisions after a public health event by incorporating perceived health risk and regret into the expected utility function.The model predicts that the epidemic will create incremental insurance demand.Based on the 2003 severe acute respiratory syndrome outbreak in China,we used a panel dataset of 30 provinces from 2000 to 2007 and applied the difference-in-differences method to confirm the prediction empirically.The results showed that the epidemic did not significantly impact the demand for life insurance in the short term but played a role in the long term.People increased their health-care expenditure and premiums for new policies after the severe acute respiratory syndrome event,suggesting that the epidemic changed people's perceived risk and triggered anticipated regret,which increased life insurance demand.Some robustness checks also supported our findings.
文摘Contrary to what is sometimes claimed, the 2008 banking crisis occurred in an ultra-regulated environment. Legislative and regulatory financial-security regimes have in fact multiplied in recent years. The economic crisis is accelerating the transition of the risk society towards the audit society. But the G20 （Group of Twenty） declarations in Washington and London also reveal a managerial utopia： the march towards a society of confidence or harmony that would make controls superfluous. In this context, the article seeks to call upon philosophical, sociological and managerial references to risk, from Foucault to Power by way of Beck, Giddens ＆ Ewald, to shed light on the official declarations of the leaders of the world＇s main economies. The documentary corpus examined includes all the G20 works published between November 8, 2008 （preparation for the Washington Summit） and April 2, 2009 （conclusions of the London Summit）. The political philosophy underlying the G20＇s works remains fundamentally liberal, even though saving the worldwide market economy involves established security systems as well as self-control and control of others. In the end, the leaders do not decide between reinforcing the existing tools and inventing new systems. The updating of security technologies is meant to serve the preservation of the capitalist managerial utopia. This gives rise to a new variant of Beck＇s risk-society paradigm, too often confined to environmental threats alone, in three phases： （1） The crisis is a consequence of financial modernity and in particular of the inefficiency of regulation in the face of growing sophistication in techniques; （2） To restore confidence, the states and international institutions want, paradoxically, both to reinforce regulation and promote flexibility; （3） Thereupon, flexi-security controlled by worldwide economic governance characterizes the second financial modernity.
文摘The sparse phase retrieval aims to recover the sparse signal from quadratic measurements. However, the measurements are often affected by outliers and asymmetric distribution noise. This paper introduces a novel method that combines the quantile regression and the L<sub>1/2</sub>-regularizer. It is a non-convex, non-smooth, non-Lipschitz optimization problem. We propose an efficient algorithm based on the Alternating Direction Methods of Multiplier (ADMM) to solve the corresponding optimization problem. Numerous numerical experiments show that this method can recover sparse signals with fewer measurements and is robust to dense bounded noise and Laplace noise.
文摘This study examines the relationship between domestic savings,investment,and economic growth in Nepal by using time series data covering from the period 1975 to 2019.The vector error correction model(VECM)has been used to investigate the long-run and short-run causal relationship between the variables.The Johansen cointegration test results confirmed that there is a long-run relationship between savings,investment,and economic growth.Therefore,further analysis has to be set for the VEC model to analyze both long-run and short-run causality.The VECM equation result is-0.1363 which is the adjustment speed of disequilibrium towards the equilibrium in long run.The coeffi cient of savings and investments are positive with economic growth which also indicates that both variables have a positive impact on economic growth in the short run.The results of the Jarque-Bera test show the residual distribution is normally distributed.For the model stability test,the study performed recursive estimation applying CUSUM and CUSUM of square,and both tests move within the 5 percent level of upper and lesser bound significance indicating that the model is stable over the observation period.Overall,the study suggests that in Nepal,domestic savings and investment growth have a positive contribution to economic growth.The central bank,planning commission,and ministry of finance should focus on stimulating the capital formation and productive sector investment for sustainable economic growth in Nepal.
基金supported by the National Natural Science Foundation of China under Grant Nos.12071498 and 12371478the Program for Innovation Research in Central University of Finance and Economics and Innovation Introduction Base for Insurance Risk Analysis and Decision Making Discipline under Grant No.B17050。
文摘In this paper,the authors investigate the optimal per-claim reinsurance problem under the continuous-time framework to minimize the insurer's ruin probability based on the Lundberg exponent.Considering reinsurance participants'diversified risk preferences,the authors assume that the reinsurance premium is calculated by a combined premium principle,including the expected value premium principle and upper moment premium principle.Then,the authors derive the insurer's optimal reinsurance strategy satisfying the principle of indemnity and the incentive compatibility condition in an infinite reinsurance space based on the point-wise optimization approach.Besides,the proposed work emphasizes the optimality and admissibility of the combination of the excess of loss reinsurance and its dual form when a piecewise reinsurance premium principle is considered.As a special case,the optimal reinsurance strategy under the expected value premium principle reduces to the classic result.Furthermore,the numerical analyses are provided to illustrate the effects of the main parameters on the maximal Lundberg exponent and the optimal reinsurance strategy.
基金supported by Key Area Research and Development Program of Guangdong Province(No.2023B0909040003)National Natural Science Foundation of China(No.72201071)State Key Program of National Natural Science Foundation of China(No.72331008)。
文摘The integration of blockchain technology with energy community trading represents a promising frontier in the energy sector,offering innovative solutions to challenges in energy trading and management.This review conducts a systematic investigation of the potential benefits,applications and challenges of blockchain in facilitating multi-level energy trading for energy communities.Firstly,the background information of the blockchain and Internet of Things(IoT)is provided,along with an elucidation of their integration architecture for energy communities.Building on this foundation,the applications of blockchain in transactive energy communities are analyzed from three perspectives:community-level energy trading,regionallevel energy trading,and grid-level energy trading.Following that,the currently known projects and pilots on blockchain-based transactive energy are comprehensively summarized.Finally,key challenges in implementing blockchain-based energy trading for local energy communities are discussed,providing guidance for future research.
基金Acknowledgements The authors would like to thank the anonymous referees for their careflll reading of the manuscript and their valuable comments. The authors also wish to thank the High Performance Computing Center of Jilin University and C, omputing Center of ,lilin Province for essential support. This work was supported by the National Natural Science Foundation of China Grant Nos. 11271157, 11371171）, the Open Project Program of the State Key Lab of CAD＆CG （A1302） of Zhejiang University, the Scientific Research Foundation for bleturned Scholars, Ministry of Education of China. and UIBE （11QD17）.
文摘We introduce a weak Galerkin finite element method for the valuation of American options governed by the Black-Scholes equation. In order to implement, we need to solve the optimal exercise boundary and then introduce an artificial boundary to make the computational domain bounded. For the optimal exercise boundary, which satisfies a nonlinear Volterra integral equation, it is resolved by a higher-order collocation method based on graded meshes. With the computed optimal exercise boundary, the front-fixing technique is employed to transform the free boundary problem to a one- dimensional parabolic problem in a half infinite area. For the other spatial domain boundary, a perfectly matched layer is used to truncate the unbounded domain and carry out the computation. Finally, the resulting initial-boundary value problems are solved by weak Galerkin finite element method, and numerical examples are provided to illustrate the efficiency of the method.
文摘In order to respond to the ongoing debate over the Chinese people＇s sense of happiness and to assess the effects of macro-economic and policy changes on the life of ordinary people over the past decade, this study employs data from the Chinese General Social Survey （CGSS） to analyze the development and trends in the happiness （or subjective well-being） of the Chinese people over this period. Based on 5 time points and 44,166 samples, the study finds that the Chinese people＇s sense of happiness has risen steadily over the past decade, and that groups with different political affiliations, household registration, age, income, marital status and ethnicity have all witnessed, to varying degrees, a growing sense of happiness. Economic growth may be the crucial driving force here; if the economy contracts, people＇s sense of happiness may also fall. To maintain the coordinated development of the economy and society, more numerous and more detailed follow-up research on happiness needs to be conducted.
