2,432 research outputs found

    The Life-Cycle Permanent-Income Model and Consumer Durables

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    This paper presents an extension of the life-cycle permanent-income model of consumption to the case of a durable good whose purchase involves lumpy trans- actions costs. Where individual behavior is concerned, the implications of the model are different in some respects from those of standard consumption theory. Specifically, rather than choose an optimal path for the service flow from durables, the optimizing consumer will choose an optimal range and try to keep his service flow inside that range. The dynamics implied by this behavior is different from that of the stock adjustment model. Properties of aggregate durables consumption are derived by explicit aggregation. In particular, it is shown that expenditures on durables display very large short-run elasticity to changes in permanent income. Empirical tests of the sort suggested by Hall (1978) generally produce results that are in line with the predictions of the theory.

    Measuring impact of academic research in computer and information science on society

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    Academic research in computer & information science (CIS) has contributed immensely to all aspects of society. As academic research today is substantially supported by various government sources, recent political changes have created ambivalence amongst academics about the future of research funding. With uncertainty looming, it is important to develop a framework to extract and measure the information relating to impact of CIS research on society to justify public funding, and demonstrate the actual contribution and impact of CIS research outside academia. A new method combining discourse analysis and text mining of a collection of over 1000 pages of impact case study documents written in free-text format for the Research Excellence Framework (REF) 2014 was developed in order to identify the most commonly used categories or headings for reporting impact of CIS research by UK Universities (UKU). According to the research reported in REF2014, UKU acquired 83 patents in various areas of CIS, created 64 spin-offs, generated £857.5 million in different financial forms, created substantial employment, reached over 6 billion users worldwide and has helped save over £1 billion Pounds due to improved processes etc. to various sectors internationally, between 2008 and 2013

    Is Hong Kong Democratizing

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    We argue that the transition to Chinese authority has not undermined democratic governance in Hong Kong and that voice and accountability have improved since the handover. We seek to explain this surprising result and conclude with a discussion of the implications of our findings for China, Taiwan, and cross-strait relations

    Electronic energy spectra and wave functions on the square Fibonacci tiling

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    We study the electronic energy spectra and wave functions on the square Fibonacci tiling, using an off-diagonal tight-binding model, in order to determine the exact nature of the transitions between different spectral behaviors, as well as the scaling of the total bandwidth as it becomes finite. The macroscopic degeneracy of certain energy values in the spectrum is invoked as a possible mechanism for the emergence of extended electronic Bloch wave functions as the dimension changes from one to two

    Formulary Apportionment: Myths and Prospects - Promoting Better International Policy and Utilizing the Misunderstood and Under-Theorized Formulary Alternative

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    This article seeks to re-examine the formulary alternative to transfer pricing by inquiring whether partial integration of formulary concepts into current practices would offer a reasonable alternative to transfer pricing rules. We believe that the key to achieving an equitable and efficient allocation of MNE income is to solve the problem of the residual, i.e., how to allocate income generated from mobile assets and activities whose risks are borne collectively by the entire MNE group. These assets and activities generate most of the current transfer pricing compliance and administrative costs, as well as tax avoidance opportunities. A limited formulary tax regime that allocates only the residual portion of MNE income may therefore offer significant advantages. Furthermore, such a regime would not require significant deviations from current practices, or substantial modifications of the international tax regime

    Formulary Apportionment: Myths and Prospects - Promoting Better International Policy and Utilizing the Misunderstood and Under-Theorized Formulary Alternative

    Get PDF
    This article seeks to re-examine the formulary alternative to transfer pricing by inquiring whether partial integration of formulary concepts into current practices would offer a reasonable alternative to transfer pricing rules. We believe that the key to achieving an equitable and efficient allocation of MNE income is to solve the problem of the residual, i.e., how to allocate income generated from mobile assets and activities whose risks are borne collectively by the entire MNE group. These assets and activities generate most of the current transfer pricing compliance and administrative costs, as well as tax avoidance opportunities. A limited formulary tax regime that allocates only the residual portion of MNE income may therefore offer significant advantages. Furthermore, such a regime would not require significant deviations from current practices, or substantial modifications of the international tax regime
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