We reexamine the empirical relevance of habit formation preferences with micro-data on households' portfolio choices. We first derive the analytical solution to the risky asset share in a theoretical model with both habits and time-varying labor income. Our analytical results indicate that (1)...

In this article, we explore whether relative risk aversion varies with wealth. First, we derive theoretical predictions on how risky shares respond to wealth uctuations in a portfolio choice model with both external habits and time-varying labor income. Our analytical results indicate that: (1)...

Studies have shown that the land market is heavily structured by institutions. Real estate individuals and organizations behave and perform within a framework defined by institutions, which are regarded as a matrix of formal and informal rules of the game in a society (North, 1990). In a market...

This paper quantitatively analyzes the impact of money stock on optimal monetary and fiscal policy in a stochastic production economy with sticky prices. The numerical results indicate that a sufficient large quantity of money makes a noticeable difference in many aspects of optimal monetary and...

As the key feature size keeps shrinking down, inductively coupled plasma (ICP) has been widely used for etching. In this study, a commercial ICP etcher filled with Cl2/Ar mixture was simulated. The simulation was based on a commercial software CFD-ACE+, which is a multi-module solver. For the...

In this study, experiments of single-file pedestrian movement were conducted and the movement parameters of pedestrians were extracted with a digital image processing method based on a mean-shift algorithm. The microscopic characteristics of pedestrian dynamics, including velocity, density, and...

Water management is important for improving the performance and stability of proton exchange membrane fuel cells (PEMFCs) for space applications. An in situ visual observation was conducted on the gas–liquid two-phase flow in the cathode channels of a PEMFC in short-term microgravity...

There are diverse mechanisms driving the evolution of social networks. A key open question dealing with understanding their evolution is: How do various preferential linking mechanisms produce networks with different features? In this paper we first empirically study preferential linking...