Social Status, the Spirit of Capitalism, and the Term Structure of Interest Rates in Stochastic Production Economies

This paper studies capital accumulation and equilibrium interest rates in stochastic production economies with the concern of social status. Given a specific utility function and production function, explicit solutions for capital accumulation and equilibrium interest rates have been derived. With the aid of steady-state distributions for capital stock, the effects of fiscal policies, social-status concern, and stochastic shocks on capital accumulation and equilibrium interest rates have been investigated. A significant finding of this paper is the demonstration of multiple stationary distributions for capital stocks and interest rates with the concern of social status.Stochastic growth, Social status, Fiscal policies, Interest rates

A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity

Empirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rates than workers, and face substantial uninsurable entrepreneurial and investment risks. This paper constructs a heterogeneous-agent general equilibrium model with uninsurable entrepreneurial risk and capital market imperfections to explore the implications of uninsurable entrepreneurial risk for wealth distribution and aggregate activity in an incomplete market economy. It is shown that entrepreurial risk can substantially affect both the wealth distribution and the macroeconomy.Wealth Distribution, Idiosyncratic Entrepreneurial Risk, Incomplete Capital Markets

The Spirit of Capitalism and Excess Smoothness

In a recent paper [Luo, Smith, and Zou (2009)] we showed that the spirit of capitalism could in theory resolve the two fundamental anomalies of modern consumption theory, excess sensitivity and excess smoothness. However, that basic model could not plausibly explain the empirical magnitude of excess smoothness. In this paper we develop two extensions of the model ¡ª one with transitory and permanent shocks to income, the other with a stochastic interest rate ¡ª that where the spirit of capitalism can explain excess smoothness.The spirit of capitalism, Consumption smoothing, Interest rate risk

Multi-Modal Multi-Scale Deep Learning for Large-Scale Image Annotation

Image annotation aims to annotate a given image with a variable number of class labels corresponding to diverse visual concepts. In this paper, we address two main issues in large-scale image annotation: 1) how to learn a rich feature representation suitable for predicting a diverse set of visual concepts ranging from object, scene to abstract concept; 2) how to annotate an image with the optimal number of class labels. To address the first issue, we propose a novel multi-scale deep model for extracting rich and discriminative features capable of representing a wide range of visual concepts. Specifically, a novel two-branch deep neural network architecture is proposed which comprises a very deep main network branch and a companion feature fusion network branch designed for fusing the multi-scale features computed from the main branch. The deep model is also made multi-modal by taking noisy user-provided tags as model input to complement the image input. For tackling the second issue, we introduce a label quantity prediction auxiliary task to the main label prediction task to explicitly estimate the optimal label number for a given image. Extensive experiments are carried out on two large-scale image annotation benchmark datasets and the results show that our method significantly outperforms the state-of-the-art.Comment: Submited to IEEE TI

Effects of the van der Waals Force on the Dynamics Performance for a Micro Resonant Pressure Sensor

The micro resonant pressure sensor outputs the frequency signals where the distortion does not take place in a long distance transmission. As the dimensions of the sensor decrease, the effects of the van der Waals forces should be considered. Here, a coupled dynamic model of the micro resonant pressure sensor is proposed and its coupled dynamic equation is given in which the van der Waals force is considered. By the equation, the effects of the van der Waals force on the natural frequencies and vibration amplitudes of the micro resonant pressure sensor are investigated. Results show that the natural frequency and the vibrating amplitudes of the micro resonant pressure sensor are affected significantly by van der Waals force for a small clearance between the film and the base plate, a small initial tension stress of the film, and some other conditions

Uninsurable Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity in the Macroeconomy

Empirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rates than workers, and face substantial uninsurable entrepreneurial and investment risks. This paper constructs a heterogeneous-agent general equilibrium model with uninsurable entrepreneurial risk and capital market imperfections to explore the implications of uninsurable entrepreneurial risk for wealth distribution and aggregate activity in an incomplete market economy. It is shown that entrepreurial risk can substantially affect both the wealth distribution and the macroeconomy

Sparse Prior Is Not All You Need: When Differential Directionality Meets Saliency Coherence for Infrared Small Target Detection

Infrared small target detection is crucial for the efficacy of infrared search and tracking systems. Current tensor decomposition methods emphasize representing small targets with sparsity but struggle to separate targets from complex backgrounds due to insufficient use of intrinsic directional information and reduced target visibility during decomposition. To address these challenges, this study introduces a Sparse Differential Directionality prior (SDD) framework. SDD leverages the distinct directional characteristics of targets to differentiate them from the background, applying mixed sparse constraints on the differential directional images and continuity difference matrix of the temporal component, both derived from Tucker decomposition. We further enhance target detectability with a saliency coherence strategy that intensifies target contrast against the background during hierarchical decomposition. A Proximal Alternating Minimization-based (PAM) algorithm efficiently solves our proposed model. Experimental results on several real-world datasets validate our method's effectiveness, outperforming ten state-of-the-art methods in target detection and clutter suppression. Our code is available at https://github.com/GrokCV/SDD.Comment: Submitted to IEEE TIM, Minor Revisio

WIDIn: Wording Image for Domain-Invariant Representation in Single-Source Domain Generalization

Language has been useful in extending the vision encoder to data from diverse distributions without empirical discovery in training domains. However, as the image description is mostly at coarse-grained level and ignores visual details, the resulted embeddings are still ineffective in overcoming complexity of domains at inference time. We present a self-supervision framework WIDIn, Wording Images for Domain-Invariant representation, to disentangle discriminative visual representation, by only leveraging data in a single domain and without any test prior. Specifically, for each image, we first estimate the language embedding with fine-grained alignment, which can be consequently used to adaptively identify and then remove domain-specific counterpart from the raw visual embedding. WIDIn can be applied to both pretrained vision-language models like CLIP, and separately trained uni-modal models like MoCo and BERT. Experimental studies on three domain generalization datasets demonstrate the effectiveness of our approach

Novel HfxTa1−xC solid solution nanowire toughened HfC coating: An effective strategy for synchronous enhanced mechanical and anti-ablation performance

Ultra-high-temperature ceramic nanowires have shown increasing potential for use as thermal structural components. Herein, novel single-crystal Hf0.5Ta0.5C solid solution nanowires were synthesized and incorporated with a HfC coating to construct a robust structure with Hf0.5Ta0.5C solid solution nanowires uniformly distributed and interconnected within the coating. The novel Hf0.5Ta0.5C solid solution nanowires could effectively hinder crack propagation through crack tip pinning and crack deflection. This mechanism substantially enhanced the elastic modulus and fracture toughness of the HfC coating by 53.29% and 59.67%, respectively. The toughened HfC coating displayed superior fracture toughness and good interfacial binding strength with the substrate to resist severe oxidation and scouring. Additionally, the high thermal conductivity of the toughened HfC coating promoted heat transmission. Thus, in comparison to the pure HfC coating, the toughened HfC coating displayed smaller mass and linear ablation rates of −0.35 mg·s−1 and −0.46 μm·s−1, which decreased by 39.66% and 36.98%, respectively. Our work not only simultaneously enhances the mechanical properties and ablation resistance of HfC-coated carbon/carbon (C/C) composites but also provides novel prospects for advanced ultrahigh-temperature ceramic nanowires under extreme conditions