On the welfare cost of consumption fluctuations in the presence of memorable goods : [version october 17, 2013]

We propose a new classification of consumption goods into nondurable goods, durable goods and a new class which we call “memorable” goods. A good is memorable if a consumer can draw current utility from its past consumption experience through memory. We construct a novel consumption-savings model in which a consumer has a well-defined preference ordering over both nondurable goods and memorable goods. Memorable goods consumption differs from nondurable goods consumption in that current memorable goods consumption may also impact future utility through the accumulation process of the stock of memory. In our model, households optimally choose a lumpy profile of memorable goods consumption even in a frictionless world. Using Consumer Expenditure Survey data, we then document levels and volatilities of different groups of consumption goods expenditures, as well as their expenditure patterns, and show that the expenditure patterns on memorable goods indeed differ significantly from those on nondurable and durable goods. Finally, we empirically evaluate our model’s predictions with respect to the welfare cost of consumption fluctuations and conduct an excess-sensitivity test of the consumption response to predictable income changes. We find that (i) the welfare cost of household-level consumption fluctuations may be overstated by 1.7 percentage points (11.9% points as opposed to 13.6% points of permanent consumption) if memorable goods are not appropriately accounted for; (ii) the finding of excess sensitivity of consumption documented in important papers of the literature might be entirely due to the presence of memorable goods

O(αsv2)O(\alpha_s v^2) correction to e+e−→J/ψ+ηce^+e^-\to J/\psi+\eta_c at BB factories

We investigate the ${\mathcal O}(\alpha_s v^2)$ correction to the $e^+e^-\to J/\psi+\eta_c$ process in the nonrelativistic QCD (NRQCD) factorization approach. Within some reasonable choices of the relative order-$v^2$ NRQCD matrix elements, we find that including this new ingredient of correction only mildly enhances the existing NRQCD predictions. We have also deduced the asymptotic expressions for the ${\mathcal O}(\alpha_s v^2)$ short-distance coefficients, and reconfirm the early speculation that at next-to-leading order in $\alpha_s$, the double logarithm of type $\ln^2 (s/m_c^2)$ appearing in various NRQCD short-distance coefficients is always associated with the helicity-suppressed channels.Comment: v3, 6 pages, 2 figures, 1 table; matching the published versio

Some recent progress in understanding exclusive double charmonium production at BB factories

We review some recent progress in understanding various exclusive double charmonium production processes at $B$ factories, within the nonrelativistic QCD factorization framework. First we investigate the impact of the joint perturbative and relativistic correction on the process that has attracted a great amount of attention in the past decade, $e^+e^-\to J/\psi+\eta_c$. We then briefly discuss the phenomenological implication of the next-to-leading order perturbative correction to the processes $e^+e^-\to J/\psi+\chi_{c0,1,2} (\eta_{c2})$. We further emphasize a novel theoretical challenge, which is recently discovered by applying the NRQCD factorization approach to the helicity-suppressed hard exclusive reactions involving heavy quarkonium.Comment: 9 pages, 2 figures, 1 table. Talk given by Y. J. at the Xth Quark Confinement and the Hadron Spectrum, 8-12 October 2012, TUM Campus Garching, Munich, German

The Effects of Knowledge Capital on Enhancing Firms’Productivity in Taiwan : Does R&D or Technology Import Matter?

R&D, technology imports, productivity, spillover