Both the theory of top-down penetration of fashion consumption (Veblen - Simmel model) and the theory of bottom-up fashion consumption have been found consistent with the consumer behavior in the China¡¯s fashion consumer market and the trend of such behavior keeps growing. Therefore, it is...

In this research, two risk hedging strategies, the option contract and the advance purchase discount contract, are investigated within a manufacturer–retailer two-echelon supply chain context. This study offers three contributions. First, the optimal decisions under the two contracts from the...

This paper presents ideas for a course in the undergraduate economics curriculum designed to de-mystify mathematics and empower students to respond creatively and ethically when they encounter situations that involve mathematics. We build on the strengths of courses that already exist in many...

This paper provides the first evidence about pure exporters (i.e., firms exporting all of their output to the foreign market) -- a phenomenon overlooked and cannot be explained in the existing literature. It then offers a generalized model of Melitz (2003) for examining the existence and...

Family control of business is prevalent in developing economies, and one of the leading theories suggests that it is a response to weak contract enforcement in such economies. In this paper, we investigate the impacts of contract enforcement on the degree of family control of business using a...

Aggressive legalism, a trade policy-making strategy targeted at actively utilizing WTO rules to defend trade interests, has greatly benefited major Eastern Asian countries in past years. This paper examines whether this strategy should be promoted around greater Asia in this era. First, this...

This article argues that a natural implication of an innovation-based theory of growth is that slow development facilitates the formation of special interest groups. We demonstrate this in a growth model where innovations take the form of new goods and new production processes, and where factor...

We explore the relationship between capital accumulation, trade, and the development of property rights. In our analysis, the development of property rights is an endogenous process, driven by capital accumulation. Property rights are defined as institutions that internalize the portion of the...