'Trade fundamentalists' and 'institutionalists' disagree about whether openness or institutions are more important for economic growth. This paper would like to propose a new perspective: openness and institutional development interact with each other. The materialization of the effects of...

This research develops a multilevel and multifaceted perspective on art consumption behavior by separating consumption modes from the consumption products (artworks), by comparing possession (collection) with access (exhibit visits), and by distinguishing desire from value. The findings...

This paper measures the evolution of total factor productivity (TFP) and its components in Chinese provinces for the period of 1992-99. It shows that during this period, TFP, efficiency and technology have progressed on average 3.9%, 1.6% and 2.3% annually, respectively. Then it evaluates the...

This paper studies the probability of ruin within a finite time for a discrete-time model, in which the insurance risk is assumed to be heavy tailed. A precise asymptotic estimate for the finite-time ruin probability is established as the initial capital increases, extending the corresponding...

We present a new method for solving asset pricing models, which yields an analytic price-dividend function of one state variable. To illustrate our method we give a detailed analysis of Abel's asset pricing model. A function is analytic in an open interval if it can be represented as a...

This paper analyses the determinants of wage differentials among different ownership enterprises in urban China in 1955,using an extended version of Oaxaca-Blinder decomposition methods. We find higher wages in state-owned and foreign-invested enterprises compared to urban collectives, but no...

Trade has been shown by many authors to have strong positive impact on productivity. However, we also see some others being more reserved about such an impact. This study intends to investigate whether trade is enough for better economic performance, or rather, whether the impact of trade...

Analytic methods for solving asset pricing models are developed to solve asset pricing models. Campbell and Cochrane's [1999. By force of habit, a consumption-based explanation of aggregate stock market behavior. Journal of Political Economy 107, 205-251] habit persistence model provides a...

Let {Xk,k=1,2,...} be a sequence of negatively dependent random variables with common distribution F and finite expectation [mu]. Under the assumption that the tail probability is consistently varying as x tends to infinity, this paper investigates precise large deviations for the random sum ,...