VIP-room Contractual System of Macau’s Traditional Casino Industry

This study provides a systematic analysis of the VIP-room contractual system of Macau’s traditional casino industry. It examines the system’s historical background, its organizational structure, its operational mechanisms, and its role in Macau’s casino industry. This analysis examines the evolving and likely future changes in the VIP-room sector—as well as the mass market sector—caused by the liberalization of Macau’s gaming laws in 2001 and the Free Individual Travelers Scheme, introduced by the Chinese government in 2003. This study develops a framework to explain how the two sectors’ market shares are determined by examining the economic and cultural forces at work. The existing structure of the VIP-room contractual system in Macau’s casino industry will not likely continue in its traditional way, and will be replaced by newly evolving systems consistent with the new competitive realities. However, the VIP business will likely continue in one form or another.Regulation, gambling, casinos, Macau, baccarat

Identifying latent group structures in nonlinear panels

Ministry of Education, Singapore under its Academic Research Funding Tier

A Novel Adaptive Search Range Algorithm for Motion Estimation Based on H.264

Motion estimation (ME) is very vital to video compression. Due to the adoption of the high precision of motion vector (MV) in H.264 encoder, the computational cost increases rapidly, and ME takes about 60% of the whole encoding time. In order to accommodate the new variable block size motion estimation strategy adopted in H.264, this paper proposes a novel adaptive search range(ASR) algorithm as a optimized part based on UMHexagonS. Not only we utilize the median_MVP and interframe information in our ASR algorithm but also a penalty function is included. Experimental results indicate that our proposed method reduces the computational complexity in a certain degree and enhances encoding efficiency but has few changes in the reconstructed image quality and bit rate

Homogeneity Pursuit in Panel Data Models: Theory and Applications

This paper studies estimation of a panel data model with latent structures where individuals can be classified into different groups where slope parameters are homogeneous within the same group but heterogeneous across groups. To identify the unknown group structure of vector parameters, we design an algorithm called Panel-CARDS which is a systematic extension of the CARDS procedure proposed by Ke, Fan, and Wu (2015) in a cross section framework. The extension addresses the problem of comparing vector coefficients in a panel model for homogeneity and introduces a new concept of controlled classification of multidimensional quantities called the segmentation net. We show that the Panel-CARDS method identifies group structure asymptotically and consistently estimates model parameters at the same time. External information on the minimum number of elements within each group is not required but can be used to improve the accuracy of classification and estimation in finite samples. Simulations evaluate performance and corroborate the asymptotic theory in several practical design settings. Two empirical economic applications are considered: one explores the effect of income on democracy by using cross-country data over the period 1961-2000; the other examines the effect of minimum wage legislation on unemployment in 50 states of the United States over the period 1988-2014. Both applications reveal the presence of latent groupings in these panel data

Identifying latent group structures in nonlinear panels

Ministry of Education, Singapore under its Academic Research Funding Tier 2Published in Journal of Econometrics, 2020, https://doi.org/10.1016/j.jeconom.2020.04.003</p

Strong consistency of spectral clustering for stochastic block models

PDF includes supplement with proofs, lemmas and additional simulation results.</p

Quality improvement policies in a supply chain with Stackelberg games,”

We first analyze quality and price decisions in a supply chain with two Stackelberg games: Manufacturer&apos;s Stackelberg (MS) and Supplier&apos;s Stackelberg (SS). Then, we investigate how equilibrium solutions are influenced by proposed quality improvement policies: coordination and manufacturer&apos;s involvement. Also, we derive the conditions under which the policies can be implemented in both MS and SS strategies. Numerical experiments illustrate the problems and several related issues are discussed. The results suggest that proposed quality improvement policies can realize Pareto improvement for the supply chain performance

Spatiotemporal patterns of particulate matter (PM) and associations between PM and mortality in Shenzhen, China

DOI: 10.1186/s12889-016-2725-6Background: Most studies on air pollution exposure and its associations with human health in China have focused on the heavily polluted industrial areas and/or mega-cities, and studies on cities with comparatively low air pollutant concentrations are still rare. Only a few studies have attempted to analyse particulate matter (PM) for the vibrant economic centre Shenzhen in the Pearl River Delta. So far no systematic investigation of PM spatiotemporal patterns in Shenzhen has been undertaken and the understanding of pollution exposure in urban agglomerations with comparatively low pollution is still limited. Methods: We analyze daily and hourly particulate matter concentrations and all-cause mortality during 2013 in Shenzhen, China. Temporal patterns of PM (PM2.5 and PM10) with aerodynamic diameters of 2.5 (10) μm or less (or less (including particles with a diameter that equals to 2.5 (10) μm) are studied, along with the ratio of PM2.5 to PM10. Spatial distributions of PM10 and PM2.5 are addressed and associations of PM10 or PM2.5 and all-cause mortality are analyzed. Results: Annual average PM10 and PM2.5 concentrations were 61.3 and 39.6 μg/m3 in 2013. PM2.5 failed to meet the Class 2 annual limit of the National Ambient Air Quality Standard. PM2.5 was the primary air pollutant, with 8.8 % of days having heavy PM2.5 pollution. The daily PM2.5/PM10 ratios were high. Hourly PM2.5 concentrations in the tourist area were lower than downtown throughout the day. PM10 and PM2.5 concentrations were higher in western parts of Shenzhen than in eastern parts. Excess risks in the number of all-cause mortality with a 10 μg/m3 increase of PM were 0.61 % (95 % confidence interval [CI]: 0.50–0.72) for PM10, and 0.69 % (95 % CI: 0.55–0.83) for PM2.5, respectively. The greatest ERs of PM10 and PM2.5 were in 2-day cumulative measures for the all-cause mortality, 2-day lag for females and the young (0–65 years), and L02 for males and the elder (>65 years). PM2.5 had higher risks on all-cause mortality than PM10. Effects of high PM pollution on mortality were stronger in the elder and male. Conclusions: Our findings provide additional relevant information on air quality monitoring and associations of PM and human health, valuable data for further scientific research in Shenzhen and for the on-going discourse on improving environmental policie

The heterogeneous effects of the minimum wage on employment across states

This paper studies the relationship between the minimum wage and the employment rate in the US using the framework of a panel structure model. The approach allows the minimum wage, along with some other controls, to have heterogeneous effects on employment across states which are classified into a group structure. The effects on employment are the same within each group but differ across different groups. The number of groups and the group membership of each state are both unknown a priori. The approach employs the C-Lasso technique, a recently developed classification method that consistently estimates group structure and leads to oracle-efficient estimation of the coefficients. Empirical application of C-Lasso to a US restaurant industry panel over the period 1990 - 2006 leads to the identification of four separate groups at the state level. The findings reveal substantial heterogeneity in the impact of the minimum wage on employment across groups, with both positive and negative effects and geographical patterns manifesting in the data. The results provide some new perspectives on the prolonged debate on the impact of minimum wage on employment