Measuring the role of liquid assets in consumption: A cross country view of the world economic periphery

A new non‐traditional identity for the role of liquid assets in consumption in terms of income distribution effect is developed and analyzed. It is contended that in the case of developing countries with increasing monetization of the economy, the rapidly accumulating liquid assets relative to income indicate a highly skewed distribution of income which in turn is conducive to their saving behaviour. The argument is theoretically presented and statistically tested for two major developing regions of the world, Asia and Latin America. By using cross country data, their regional consumption functions are constructed, the long term elasticities are estimated and the aggregate consumption expenditures for three years are generated.     

Offsetting Uncertainty: Reassurance with Two-Sided Incomplete Information

Conventional models of bargaining and reassurance under incomplete information assume that actors' behavioral signals are objectively cooperative or noncooperative. Even if actors are uncertain of each other's preferences, they know what types of actions the other will view as cooperative. Yet on many real-world issues, cooperation is subjective, and what constitutes a cooperative action is conditional on the receiver's preferences. We present a formal model showing that in these cases, two-sided incomplete information actually incentivizes honest behavior and facilitates credible signaling. Because uncertain senders do not know whether a particular action will be interpreted as cooperative, they have little incentive to misrepresent, and instead honestly pursue their true goals. Thus, where cooperation is subjective, mutual uncertainty is “offsetting,” such that credible signals allow actors to quickly and accurately update their beliefs. We illustrate this logic through a case study of the Sino–Soviet split, and highlight the model's implications for contemporary U.S.–China relations.     

Planfeststellung und Plangenehmigung im Wasserhaushaltsrecht

Natur und Recht - Nachdem in NuR (2022, Heft 2, S. 77ff.) die Reichweite des wasserhaushaltsrechtlichen Planfeststellungsvorbehalts sowie Fragen der Verfahrenswahl erörtert wurden, behandeln...