Characterizing Higher-Order Ross More Risk Aversion by Comparison of Risk Compensation

Abstract: This paper characterizes higher-order Ross more risk aversion by means of risk compensation rather than the traditional risk premium. Our approach extends the willingness-to-accept (WTA) framework of Denuit and Eeckhoudt (2013) to a broader class of risk changes. In addition, we provide a characterization of the strength of precautionary saving based on precautionary compensation, thereby complementing the analysis of Liu (2014), which is based on the precautionary premium.

通过风险补偿的比较刻画高阶Ross更加风险厌恶

摘要：本文采用风险补偿而非传统风险溢价的方式来刻画高阶Ross更加风险厌恶。我们的方法将Denuit和Eeckhoudt（2013）的意愿接受（WTA）框架推广至更广泛的风险变化类别。此外，我们基于预防性补偿刻画了预防性储蓄的强度，从而对Liu（2014）基于预防性溢价的分析形成了补充。

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Land Use Policy and Racial Segregation

Abstract: Land use policies, though seemingly race-neutral, can inadvertently contribute to racial segregation. Our study focuses on examining the impact of minimum lot size regulations on the likelihood of ethnic minorities integrating into a community, which reveals compelling evidence suggesting that black households exhibit a preference for smaller minimum lot sizes compared to white households. Specifically, our findings indicate that black households are willing to pay $934 to $2126 less annually for every additional acre of minimum lot size, accounting for approximately 3.36%–7.65% of the average house value, after controlling for various other factors influencing housing preferences. The result suggests that minimum lot size regulations can contribute to racial segregation not solely through income disparities but also voluntary choices made by different racial groups. With smaller minimum lot size requirements, communities can foster greater inclusivity and reduce the extent of racial segregation from housing policies.

土地利用政策与种族隔离

摘要：土地利用政策虽看似种族中立，却可能在无意中加剧种族隔离。本研究聚焦于检验最低地块面积管制对少数族裔融入社区可能性的影响，揭示了具有说服力的证据，表明相较于白人家庭，黑人家庭倾向于更小的最低地块面积。具体而言，在控制了影响住房偏好的诸多其他因素后，我们发现每增加一英亩最低地块面积，黑人家庭每年的支付意愿比白人家庭少934至2126美元，约占平均房价的3.36%–7.65%。研究结果表明，最低地块面积管制之所以可能导致种族隔离，不仅源于收入差异，还源于不同种族群体所做的自愿选择。通过设定较小的最低地块面积要求，社区能够促进更大的包容性，并从住房政策层面减少种族隔离的程度。

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Gravitational Fields and Local Moran's I in Economics: Analyzing the Spatial Structure of Labor and Capital in the USA

Abstract: In this article, we apply the notion of gravitational fields to commercial attraction, with the aim of providing valuable insights to inform the development of an econophysical methodology. We revisit the traditional notion of gravitational fields, extending it to encompass multiple economic variables and incorporating mobility and production-related factors. Following Isard's approach, we apply the gravitational framework to spatial analysis, mapping the interactions among economic forces generated by the individual fields of different regions. To capture the cumulative intensity of these multi-source interactions, we introduce the Integrated Gravitational Potential Gradient (IPG), a scalar field measure that quantifies systemic macro-regional economic attraction. This provides insights into spatial concentration phenomena, particularly in the American market. Our approach involves a comprehensive cross-analysis that integrates gravitational fields and Moran's I, enabling the identification and analysis of patterns of spatial concentration and dispersion. By combining gravitational fields and Moran's I Test, we advance the study of trade dynamics beyond traditional economic theories, uncovering new perspectives on the complexity of spatial interactions. This research contributes to a deeper understanding of how economic forces shape spatial patterns and highlights the significance of spatial analysis in understanding trade and market dynamics.

经济学中的引力场与局部莫兰指数：

美国劳动与资本空间结构分析

摘要：本文将引力场概念应用于商业引力分析，旨在为经济物理方法论的构建提供有价值的见解。我们重新审视了传统的引力场概念，将其拓展至涵盖多元经济变量，并纳入了流动性与生产相关要素。遵循Isard的分析路径，我们将引力框架应用于空间分析，刻画不同区域各自场所产生的经济力之间的交互作用。为捕捉这些多源交互作用的累积强度，我们引入了积分引力势梯度（IPG）——一种量化系统性宏观区域经济引力的标量场测度。该指标为理解空间集聚现象（尤其是美国市场）提供了洞见。本文的方法涉及引力场与莫兰指数（Moran's I）的综合交叉分析，能够识别和分析空间集聚与分散模式。通过将引力场与莫兰指数检验相结合，我们将贸易动态的研究推进至超越传统经济理论的范畴，揭示了空间交互复杂性的新视角。本研究有助于深化对经济力如何塑造空间格局的理解，并凸显了空间分析在理解贸易与市场动态中的重要意义。

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Temporary VAT Reduction in Vietnam: Consumer Behavior Analysis

Abstract: This study investigates the impact of temporary VAT rate changes on consumer behavior in Vietnam, particularly concerning the VAT reduction implemented during 2023–2024. The research analyzes annual survey data and household expenditure reports to assess changes in consumer spending on durable goods during the first half of 2024 (2024 H1) following the VAT decrease. The results showed that households who were fully aware of the 2% VAT cut were 8 percentage points more likely to plan higher durable-goods spending in 2024 H1. The spending boost is strongest for low-wealth and income-insecure households, confirming that temporary VAT relief mainly stimulates big-ticket purchases among liquidity-constrained consumers. The focus on durable goods may limit the applicability of the findings to other product categories.

越南临时性增值税下调：消费者行为分析

摘要：本研究考察越南临时性增值税税率变动对消费者行为的影响，重点关注2023–2024年期间实施的增值税下调政策。研究利用年度调查数据及家庭支出报表，评估2024年上半年（2024 H1）增值税下调后消费者耐用品支出的变化。结果表明，充分知悉2%增值税降幅的家庭，在2024年上半年计划增加耐用品支出的可能性高出8个百分点。消费提振效应在低财富和收入无保障家庭中最为显著，证实了临时性增值税减免主要刺激流动性约束消费者的高价大宗采购。本研究聚焦于耐用品，可能限制了研究发现向其他产品类别的推广适用性。

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The Effect of the Interaction Between Price and Time Preference on Cigarette Consumption

Abstract: The primary focus of this essay is to obtain new estimates of the price sensitivity of cigarette consumption and related outcomes using the 1979 cohort of the National Longitudinal Survey of Youth (NLSY79). This work expands on the existing literature on the topic by taking into account measures of time preference in the NLSY79 to examine interactions between these measures and price in the demand function for cigarettes. My specific hypothesis is that those who discount the future consequences of their current actions heavily are likely to be more sensitive to price than those who do not. I find that the people who discount the future heavily are more sensitive to price change.

价格与时间偏好交互作用对卷烟消费的影响

摘要：本文的核心目标是利用美国国家青年纵向调查1979队列（NLSY79）数据，获取卷烟消费价格敏感性及相关结果的新估计。本研究在既有文献基础上进行了拓展，将NLSY79中的时间偏好测度纳入分析框架，考察这些测度与价格在卷烟需求函数中的交互效应。作者提出的具体假说是：相对于较少贴现未来后果的个体，重度贴现未来后果的个体可能对价格更为敏感。实证结果验证了该假说，即重度贴现未来的群体对价格变化具有更高的敏感性。

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On the Evolution of the Stock Market Efficiency: Evidence From Emerging Markets

Abstract: The study of market efficiency is one of the most covered topics in the field of financial markets, with the Efficient Market Hypothesis gathering devotees as well as several critics. The perception of markets as agents with an adaptive nature gave rise to the Adaptive Market Hypothesis (AMH). This paper aims to combine this evolutionary view of market efficiency with the need to assess the behavior of emerging markets over the years. The empirical method selected was the Adjusted Market Inefficiency Magnitude. The sample consists of daily returns between 2005 and 2023 for six stock indices, namely the Indian (BSESN), Brazilian (BVSP), Chinese (CSI300), South African (JALSH), South Korean (KS11), and Taiwanese (TWII), representing the emerging economies bloc. Our findings show greater proximity to the efficiency framework proposed by the AMH, with the emerging markets evidencing an evolutionary behavior, combining a state of generalized efficiency with periods of remarkable inefficiency. Also, the observable synchronization between evolutionary moments and the occurrence of major economic events, both systemic and related to a particular economy, reinforces the need to frame the study of the efficiency of this category of markets within the global economic framework.

股票市场效率的演化：来自新兴市场的证据

摘要：市场效率研究是金融市场领域讨论最为广泛的议题之一，有效市场假说既拥有众多拥护者，也面临诸多批评。将市场视为具有自适应性的主体这一认知，催生了自适应市场假说（AMH）。本文旨在将市场效率的这一演化观与评估新兴市场长期行为的需求相结合。实证方法采用调整后市场非效率程度指标（Adjusted Market Inefficiency Magnitude）。样本涵盖2005年至2023年间六个股票指数的日收益率，分别为印度（BSESN）、巴西（BVSP）、中国大陆（CSI300）、南非（JALSH）、韩国（KS11）和中国台湾（TWII），代表新兴经济体板块。研究结果表明，市场表现更接近于AMH所提出的效率框架，新兴市场呈现出演化性行为特征，即普遍效率状态与显著非效率时期交替并存。此外，演化时点与重大经济事件（包括系统性事件和特定经济体事件）的发生之间存在显著的同步性，这进一步强调了将此类市场效率的研究置于全球经济框架之内进行审视的必要性。

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