Schooling has been shown to provide substantial externality benefits by increasing farm output and shifting the production frontier outwards. This paper investigates the role of schooling at the household- and site-levels in the adoption and diffusion of agricultural innovations in rural...

Broadly and narrowly measured unemployment rates differ very markedly in certain countries, and the measure chosen to be the ‘official’ unemployment rate affects perceptions about the extent of the problem. The appropriate measure of the unemployment rate depends on...

This is a pioneering study of the determinants of the subjective well-being of ethnic minority people in rural China, using a specially designed sample survey relating to 2011.  The underlying hypothesis is that the lifestyle and attitudes of ethnic minorities contribute to their happiness. ...

The empirical literature on the economics of happiness has grown rapidly, and much has been learned about the determinants of subjective well-being.  Less attention has been paid to its normative implications.  Taking China as a case study, this paper first summarises empirical results on the...

The thrust of this paper is to develop a new theoretical framework, based on large deviations theory, for the problem of optimal asset allocation in large portfolios. This problem is, apart from being theoretically interesting, also of practical relevance; examples include, inter alia, hedge funds...

This book describes and explains the remarkably large rural-urban divide in economic well-being that exists in China. How did it come about? How is it maintained, in the face of equilibrating market forces? What are the implications for future efficiency and equity in the Chinese economy? The...

China's remarkable economic transition and capacity for dynamic growth has stunned the world. Throughout the period of economic reform, China has been moving towards the creation of a labour market. The scale of this transformation is unprecedented. New economic incentives, vast labour...

This paper applies LINEX loss functions to forecasting nonlinear functions of variance. We derive the optimal one-step-ahead LINEX forecast for various volatility models using data transformations such as ln(y2t) where yt is the return of the asset. Our results suggest that the LINEX loss...

In recent years China has experienced two forms of extreme macroeconomic imbalance: an expenditure imbalance in the sense of very high investment and very low consumption, giving rise to rapid capital accumulation; and an imbalance between expenditure and production, producing external...