We study an overlapping generations model where the probability that money can lose its value is an endogenous function of the level of aggregate real money balances. The economy can display multiple stationary equilibria where the aggregate bubble on money is stochastic and the level of...

This paper examines the consequences of informational imperfections for economic growth in an overlapping generations model in which agents learn the technological parameters in a Bayesian fashion. Under mild sufficient conditions, beliefs converge to the true value of the technological...

We show that when investors review their consumption and investment plans infrequently at different points in time with interim information flows, the standard consumption-based capital asset pricing model (CCAPM) will continue to hold only at those points in time when all investors review their...

Water has traditionally been considered a physically scarce resource in Northwestern China, and most investigations of water scarcity focus on the finite nature of water supplies. Based on the input–output analysis, this paper establishes a number of indicators of water consumption to analyze...

In this paper, a novel projection-based depth based on the Rayleigh quotient, Rayleigh projection depth (RPD), is proposed. Although, the traditional projection depth (PD) has many good properties, it is indeed not practical due to its difficult computation, especially for the high-dimensional...

In this paper, a new trust region method for the system of nonlinear equations is presented in which the determining of the trust region radius incorporates the information of its natural residual. The global convergence is obtained under mild conditions. Unlike traditional trust region method,...

Social contact networks exhibit overlapping qualities of communities, hierarchical structure and spatial-correlated nature. We propose a mixing pattern of modular and growing hierarchical structures to reconstruct social contact networks by using an individual’s geospatial distribution...

We summarize the main forms of tobacco production organization in Sichuan Province, including traditional peasant households, large scale growers, family farms, tobacco farmers' associations, and specialized tobacco cooperatives. In the process of innovation of production organization mode, some...

Traditionally, manufacturing enterprises pay flat rates for each kiloWatt-hour (kWh) of electricity consumed. Newly available electric tariffs that charge both energy consumption (in kWh) and peak demand (in kiloWatts, i.e., kW) with varying time-of-use (TOU) rates have started to gain...

This paper studies the growth dynamics of a developing country under migration. Assuming that human capital formation is subject to a strong enough, positive intertemporal externality, the prospect of migration will increase growth in the home country in the long run. If the external effect is...