A credit mechanism is considered that selects a unique competitive equilibrium (CE) of an exchange economy. It is shown that a price normalization calling for a fixed monetary value for the total wealth in the economy and the addition of appropriate default penalties together result in a...

We show by an iterated process of price normalization that there generically exists a price-normalizing bundle that determines a credit money, such that the enlargement of the general-equilibrium structure to allow for default subject to an appropriate credit limit and default penalty for each...

This paper considers a credit mechanism for selecting a unique competitive equilibrium (CE). It is shown that in general there exists a quot;price-normalizingquot; bundle, with which the enlargement of the general-equilibrium structure to allow for default subject to appropriate penalties...

A credit mechanism is considered that selects a unique competitive equilibrium (CE) of an exchange economy. It is shown that a price normalization calling for a fixed monetary value for the total wealth in the economy and the addition of appropriate default penalties together result in a...

SinaWeibo is a Twitter-like social network service emerging in China recently. We analyzed the hot weibos (tweets), which exceed threshold of being reposted for 1000 times, from a data set of 650 million weibos during August 2009 and January 2012. We classified the hot weibos into eight...

The spread and resonance of users’ opinions on Sina Weibo, the most popular micro-blogging website in China, are tremendously influential, having significantly affected the processes of many real-world hot social events. We select 21 hot events that were widely discussed on Sina Weibo in 2011,...

A vast amount of empirical and theoretical research on public good games indicates that the threat of punishment can curb free-riding in human groups engaged in joint enterprises. Since punishment is often costly, however, this raises an issue of second-order free-riding: indeed, the sanctioning...

A large body of literature finds that the unexpected trading volume, which is obtained by filtering out time trend, autocorrelation, can be used as a proxy of the information flow and can explain the heteroskedasticity of stock return in some degrees. In this paper, we find that the...