33 research outputs found
Services Liberalization and Export Diversity: Theory and Evidence from Chinese Firms
During the last decades, we observe a liberalization trend in the services sector globally. Using the Chinese exporting firm data, this paper studies how multi-product firms adjust their export strategies in response to the services trade liberalization across export destination countries. Our study finds a highly significant positive relation between the services trade liberalization in the destination countries and each firm's export diversify, which is measured as the product scope, the Herfindahl-Hirschman style index, or the value skewness across varieties,export product switch. Our empirical analysis further finds that firms increase the relatedness of their exporting varieties towards the OECD countries, but reduce it towards the non-OECD countries. With a conventional multi-product firm model, we explore the mechanisms behind all our empirical findings
Services Liberalization and Export Diversity: Theory and Evidence from Chinese Firms
During the last decades, we observe a liberalization trend in the services sector globally. Using the Chinese exporting firm data, this paper studies how multi-product firms adjust their export strategies in response to the services trade liberalization across export destination countries. Our study finds a highly significant positive relation between the services trade liberalization in the destination countries and each firm's export diversify, which is measured as the product scope, the Herfindahl-Hirschman style index, or the value skewness across varieties,export product switch. Our empirical analysis further finds that firms increase the relatedness of their exporting varieties towards the OECD countries, but reduce it towards the non-OECD countries. With a conventional multi-product firm model, we explore the mechanisms behind all our empirical findings
Services Liberalization and Export Diversity: Theory and Evidence from Chinese Firms
During the last decades, we observe a liberalization trend in the services sector globally. Using the Chinese exporting firm data, this paper studies how multi-product firms adjust their export strategies in response to the services trade liberalization across export destination countries. Our study finds a highly significant positive relation between the services trade liberalization in the destination countries and each firm's export diversify, which is measured as the product scope, the Herfindahl-Hirschman style index, or the value skewness across varieties,export product switch. Our empirical analysis further finds that firms increase the relatedness of their exporting varieties towards the OECD countries, but reduce it towards the non-OECD countries. With a conventional multi-product firm model, we explore the mechanisms behind all our empirical findings
One Objective to Rule Them All: A Maximization Objective Fusing Estimation and Planning for Exploration
In online reinforcement learning (online RL), balancing exploration and
exploitation is crucial for finding an optimal policy in a sample-efficient
way. To achieve this, existing sample-efficient online RL algorithms typically
consist of three components: estimation, planning, and exploration. However, in
order to cope with general function approximators, most of them involve
impractical algorithmic components to incentivize exploration, such as
optimization within data-dependent level-sets or complicated sampling
procedures. To address this challenge, we propose an easy-to-implement RL
framework called \textit{Maximize to Explore} (\texttt{MEX}), which only needs
to optimize \emph{unconstrainedly} a single objective that integrates the
estimation and planning components while balancing exploration and exploitation
automatically. Theoretically, we prove that \texttt{MEX} achieves a sublinear
regret with general function approximations for Markov decision processes (MDP)
and is further extendable to two-player zero-sum Markov games (MG). Meanwhile,
we adapt deep RL baselines to design practical versions of \texttt{MEX}, in
both model-free and model-based manners, which can outperform baselines by a
stable margin in various MuJoCo environments with sparse rewards. Compared with
existing sample-efficient online RL algorithms with general function
approximations, \texttt{MEX} achieves similar sample efficiency while enjoying
a lower computational cost and is more compatible with modern deep RL methods