This paper develops a model of speculative trading in a large economy with a continuum of investors. In our model the investors are assumed to have diverse beliefs which are rational in the sense of being compatible with observed data.We demonstrate the existence of price amplification effects...

The study was carried out to accomplish three goals : (1) Propose graphical displays of IRT model fit at the item level and suggest fit procedures at the test level that are not impacted by large sample size, (2) examine the impact of IRT model misfit on proficiency classifications, and (3)...

In this paper, the data envelopment analysis (DEA) method is introduced to analyze the input–output efficiency of energy consumption and economic indicators in Beijing city under the influence of short-term climatic factors. Total energy consumption, fixed asset investment, average...

We establish the two-sector economy model including the urban sector and the rural sector, derive the labor demand curve of the urban sector and rural sector under the condition of balanced production decisions with benefit maximization, and analyze the labor flow when in the short-term or...

In the past three decades, Chinese electricity industry has experienced a series of regulatory reforms serving different purposes at different stages. In 2002, the former vertically integrated electricity utility - the State Power Corporation (SPC) – was divested and the generation sector was...

In this paper, we introduce the gray correlation method of risk evaluation in meteorological disaster losses based on historical disaster data in China (mainland) and apply the improved gray relational analysis model (the triangular gray relational model) to the risk evaluation of rainstorm and...

Following Jermann and Quadrini (2012), we apply the dynamic stochastic general equilib- rium modeling method (DSGE) to assess whether nancial shocks matter for the Japanese economy. We construct time series of nancial shocks and productivity shocks using Japan's quarterly data since 2001 and...