jimmy teng - Academia.edu (original) (raw)
Papers by jimmy teng
De Gruyter Open Poland, Jan 31, 2014
Theoretical Economics Letters
Anta is a world leading sports footwear maker located in the Jinjiang sports footwear industrial ... more Anta is a world leading sports footwear maker located in the Jinjiang sports footwear industrial cluster. This case study tackles the success story of Anta, which went through three decades. Anta is able to rise above its competitors through a two-pronged approach to its corporate strategy, brand internalization, and technological innovation. The development of its corporate strategy, in turn, hinges critically on its proximity to an industrial cluster. With the support of industrial policy tailored by the local government, Anta is able to enjoy three benefits altogether within an ever-agglomerating industrial cluster. Taken together, these are exclusive advantages: internal economies of scale, external economies of scale, and economies of scope. The anatomy of this case study serves to illustrate how all such advantages can be put together.
Musket, Map and Money: How Military Technology Shaped Geopolitics and Economics
lambert publishing, 2015
This book illustrates how to use self reflections to improve teaching of economics. It differenti... more This book illustrates how to use self reflections to improve teaching of economics. It differentiates between two kinds of self reflections. One kind is long tern reflections upon one’s life long experience of learning, research and teaching. These reflections help to shape one’s long term career path and long term strategy in teaching. The other kind is short term reflections upon one’s current teaching. These help to improve one’s current teaching in and out of the classroom immediately. The book presents the author's long term reflections upon his over three decades of learning, research and teaching in Singapore, Canada, America, Taiwan and Malaysia. The book also presents the author's short term reflections upon his three years teaching experience at the University of Nottingham Malaysia Campus from 2011 to 2014. Among the short term strategies proposed are interactions between instructor and students, integration of multimedia technology into teaching, write to learn a...
Musket, Map and Money: How Military Technology Shaped Geopolitics and Economics
International Journal of Trade and Policy, 2018
This paper uses a signaling game model to address the debate between limited liability rule and u... more This paper uses a signaling game model to address the debate between limited liability rule and unlimited liability rule in the context of the case of Hadley v Baxendale (1854). This paper compares the levels of net social surplus obtained by the two legal rules under different sets of parameter values. The parameters investigated are the level of transaction cost in communicating the private information regarding the valuation of the contract, the proportion of low valuation versus high valuation promisees, the extra cost of achieving a high performance of contract relative to a low performance by promisors and, the gap between high valuation and low valuation of contract performance. The paper finds that the optimal liability rule depends on the parameter values. When there are many low valuation promisees and transaction cost is low, limited liability rule is better. When there are many low valuation promisees and transaction cost is high, both rules perform equally well. When there are many high valuation promisees, unlimited rule is better irrespective of the level of transaction cost. Finally, when there is high valuation differential relative to performance cost differential, the set of parameter values under which the unlimited rule performs better becomes larger.
Journal of Global Economics, 2013
Musket, Map and Money: How Military Technology Shaped Geopolitics and Economics
This article was originally published in a journal published by OMICS Publishing Group, and the a... more This article was originally published in a journal published by OMICS Publishing Group, and the attached copy is provided by OMICS Publishing Group for the author’s benefit and for the benefit of the author’s institution, for commercial/research/educational use including without limitation use in instruction at your institution, sending it to specific colleagues that you know, and providing a copy to your institution’s administrator. All other uses, reproduction and distribution, including without limitation commercial reprints, selling or licensing copies or access, or posting on open internet sites, your personal or institution’s website or repository, are requested to cite properly.
The Fable of the Bees argues that private vices like human wants, vanity and extravagant consumpt... more The Fable of the Bees argues that private vices like human wants, vanity and extravagant consumption bring forth public benefits like charity, division of labor, hard work, innovation, social progress and prosperity. The chapter of Chi-mi in Guan Zi advocates extravagant consumption by the rich and powerful to stimulate economic prosperity and employment especially in times of natural disaster and economic downturn. The Fable of the Bees and Chi-mi share many similarities in their economic reasoning. However, their fates, political backgrounds and objectives are quite different. The Fable of the Bees was written in England a few decades after the Glorious Revolution. It opposes putting religious and moral restraints on consumption. It acknowledges the following preconditions for turning private vices into public benefits: security of private property, political equality, the rule of law and freedom of thoughts. These preconditions were largely satisfied in post Glorious Revolution E...
The book studies the question of how to make statistical analysis in games. It introduces a new e... more The book studies the question of how to make statistical analysis in games. It introduces a new equilibrium concept for games with incomplete information and noisy inaccurate observation of action: Bayesian rational prior equilibrium. A rational prior belief correctly predicts the strategy of a player given his type. The rational prior Bayesian decision rule is an un-dominated decision rule for its makes efficient use of all available information, including the information on the type and the information on the action of the other players. When all players use the rational prior Bayesian decision rule, the game is in its Bayesian rational prior equilibrium and achieves rationality in action/strategy, beliefs (both prior and posterior) and decision rule as well as consistency between beliefs and equilibrium strategies/actions. Four applications illustrate the properties of the Bayesian rational prior equilibrium and the method of solving games and doing formal analysis: a market lead...
In Contributions to game theory and management, vol. XI. Collected papers presented on the Eleven... more In Contributions to game theory and management, vol. XI. Collected papers presented on the Eleventh International Conference Game Theory and Management / Editors Leon A. Petrosyan, Nikolay A. Zenkevich. - SPb.: Saint Petersburg State University, 2018. - 330 p. The collection contains papers accepted for the Eleventh International Game Theory and Management (June 28-30, 2017, St. Petersburg State University, St. Petersburg, Russia).
J. for Global Business Advancement, 2020
SSRN Electronic Journal, 2018
This paper uses the experience of Kazakhstan, East Asian economies and Southeast Asian countries ... more This paper uses the experience of Kazakhstan, East Asian economies and Southeast Asian countries in economic development to provide suggestions for Oman on her participation in the One Belt One Road project by China. From the experience of Kazakhstan, the paper recommends that Oman actively draw China’s massive resources and knowhow in to help Oman in economic development and diversification led growth. From the examples of South Korea, Taiwan, Hong Kong and Singapore, the paper suggests that Oman encourages economic exchanges with China and transfer of technology and knowhow and flows of foreign investments from China to upgrade the Omani economy. From the experience of Southeast Asia nations, the paper advises that Oman makes good use of its strategic location and membership in the Gulf Cooperation Council in her dealings and bargaining with China to get the best deals.
SSRN Electronic Journal, 2017
This article proposes using Schelling point as a refinement of Nash equilibrium. It also introduc... more This article proposes using Schelling point as a refinement of Nash equilibrium. It also introduces an algorithm way to locate Schelling points in games. The paper shows that in pure coordination games and games with significant proportion of coordination (and certain proportion of conflict), the algorithm proposed could locate the Schelling points. The existence of a Schelling point means that the proportion of common interests versus conflict of interests has crossed a certain threshold and therefore a certain form of cooperation or coexistence is possible. Besides, using Schelling point as a refinement of Nash equilibrium narrows down the set of equilibriums to only stable equilibriums as unstable equilibriums could not be Schelling points. Finally, the paper shows that the proposed approach could solve a larger set of games than the current approach based on Nash equilibrium. For instance, it would be very difficult to solve multiple sided incomplete information games under the current approach based on Nash equilibrium while the proposed approach could readily solve multiple sided incomplete information games.
SSRN Electronic Journal, 2017
J. for Global Business Advancement, 2019
Journal of Computer Science & Computational Mathematics, 2013
Musket, Map and Money: How Military Technology Shaped Geopolitics and Economics
De Gruyter Open Poland, Jan 31, 2014
Theoretical Economics Letters
Anta is a world leading sports footwear maker located in the Jinjiang sports footwear industrial ... more Anta is a world leading sports footwear maker located in the Jinjiang sports footwear industrial cluster. This case study tackles the success story of Anta, which went through three decades. Anta is able to rise above its competitors through a two-pronged approach to its corporate strategy, brand internalization, and technological innovation. The development of its corporate strategy, in turn, hinges critically on its proximity to an industrial cluster. With the support of industrial policy tailored by the local government, Anta is able to enjoy three benefits altogether within an ever-agglomerating industrial cluster. Taken together, these are exclusive advantages: internal economies of scale, external economies of scale, and economies of scope. The anatomy of this case study serves to illustrate how all such advantages can be put together.
Musket, Map and Money: How Military Technology Shaped Geopolitics and Economics
lambert publishing, 2015
This book illustrates how to use self reflections to improve teaching of economics. It differenti... more This book illustrates how to use self reflections to improve teaching of economics. It differentiates between two kinds of self reflections. One kind is long tern reflections upon one’s life long experience of learning, research and teaching. These reflections help to shape one’s long term career path and long term strategy in teaching. The other kind is short term reflections upon one’s current teaching. These help to improve one’s current teaching in and out of the classroom immediately. The book presents the author's long term reflections upon his over three decades of learning, research and teaching in Singapore, Canada, America, Taiwan and Malaysia. The book also presents the author's short term reflections upon his three years teaching experience at the University of Nottingham Malaysia Campus from 2011 to 2014. Among the short term strategies proposed are interactions between instructor and students, integration of multimedia technology into teaching, write to learn a...
Musket, Map and Money: How Military Technology Shaped Geopolitics and Economics
International Journal of Trade and Policy, 2018
This paper uses a signaling game model to address the debate between limited liability rule and u... more This paper uses a signaling game model to address the debate between limited liability rule and unlimited liability rule in the context of the case of Hadley v Baxendale (1854). This paper compares the levels of net social surplus obtained by the two legal rules under different sets of parameter values. The parameters investigated are the level of transaction cost in communicating the private information regarding the valuation of the contract, the proportion of low valuation versus high valuation promisees, the extra cost of achieving a high performance of contract relative to a low performance by promisors and, the gap between high valuation and low valuation of contract performance. The paper finds that the optimal liability rule depends on the parameter values. When there are many low valuation promisees and transaction cost is low, limited liability rule is better. When there are many low valuation promisees and transaction cost is high, both rules perform equally well. When there are many high valuation promisees, unlimited rule is better irrespective of the level of transaction cost. Finally, when there is high valuation differential relative to performance cost differential, the set of parameter values under which the unlimited rule performs better becomes larger.
Journal of Global Economics, 2013
Musket, Map and Money: How Military Technology Shaped Geopolitics and Economics
This article was originally published in a journal published by OMICS Publishing Group, and the a... more This article was originally published in a journal published by OMICS Publishing Group, and the attached copy is provided by OMICS Publishing Group for the author’s benefit and for the benefit of the author’s institution, for commercial/research/educational use including without limitation use in instruction at your institution, sending it to specific colleagues that you know, and providing a copy to your institution’s administrator. All other uses, reproduction and distribution, including without limitation commercial reprints, selling or licensing copies or access, or posting on open internet sites, your personal or institution’s website or repository, are requested to cite properly.
The Fable of the Bees argues that private vices like human wants, vanity and extravagant consumpt... more The Fable of the Bees argues that private vices like human wants, vanity and extravagant consumption bring forth public benefits like charity, division of labor, hard work, innovation, social progress and prosperity. The chapter of Chi-mi in Guan Zi advocates extravagant consumption by the rich and powerful to stimulate economic prosperity and employment especially in times of natural disaster and economic downturn. The Fable of the Bees and Chi-mi share many similarities in their economic reasoning. However, their fates, political backgrounds and objectives are quite different. The Fable of the Bees was written in England a few decades after the Glorious Revolution. It opposes putting religious and moral restraints on consumption. It acknowledges the following preconditions for turning private vices into public benefits: security of private property, political equality, the rule of law and freedom of thoughts. These preconditions were largely satisfied in post Glorious Revolution E...
The book studies the question of how to make statistical analysis in games. It introduces a new e... more The book studies the question of how to make statistical analysis in games. It introduces a new equilibrium concept for games with incomplete information and noisy inaccurate observation of action: Bayesian rational prior equilibrium. A rational prior belief correctly predicts the strategy of a player given his type. The rational prior Bayesian decision rule is an un-dominated decision rule for its makes efficient use of all available information, including the information on the type and the information on the action of the other players. When all players use the rational prior Bayesian decision rule, the game is in its Bayesian rational prior equilibrium and achieves rationality in action/strategy, beliefs (both prior and posterior) and decision rule as well as consistency between beliefs and equilibrium strategies/actions. Four applications illustrate the properties of the Bayesian rational prior equilibrium and the method of solving games and doing formal analysis: a market lead...
In Contributions to game theory and management, vol. XI. Collected papers presented on the Eleven... more In Contributions to game theory and management, vol. XI. Collected papers presented on the Eleventh International Conference Game Theory and Management / Editors Leon A. Petrosyan, Nikolay A. Zenkevich. - SPb.: Saint Petersburg State University, 2018. - 330 p. The collection contains papers accepted for the Eleventh International Game Theory and Management (June 28-30, 2017, St. Petersburg State University, St. Petersburg, Russia).
J. for Global Business Advancement, 2020
SSRN Electronic Journal, 2018
This paper uses the experience of Kazakhstan, East Asian economies and Southeast Asian countries ... more This paper uses the experience of Kazakhstan, East Asian economies and Southeast Asian countries in economic development to provide suggestions for Oman on her participation in the One Belt One Road project by China. From the experience of Kazakhstan, the paper recommends that Oman actively draw China’s massive resources and knowhow in to help Oman in economic development and diversification led growth. From the examples of South Korea, Taiwan, Hong Kong and Singapore, the paper suggests that Oman encourages economic exchanges with China and transfer of technology and knowhow and flows of foreign investments from China to upgrade the Omani economy. From the experience of Southeast Asia nations, the paper advises that Oman makes good use of its strategic location and membership in the Gulf Cooperation Council in her dealings and bargaining with China to get the best deals.
SSRN Electronic Journal, 2017
This article proposes using Schelling point as a refinement of Nash equilibrium. It also introduc... more This article proposes using Schelling point as a refinement of Nash equilibrium. It also introduces an algorithm way to locate Schelling points in games. The paper shows that in pure coordination games and games with significant proportion of coordination (and certain proportion of conflict), the algorithm proposed could locate the Schelling points. The existence of a Schelling point means that the proportion of common interests versus conflict of interests has crossed a certain threshold and therefore a certain form of cooperation or coexistence is possible. Besides, using Schelling point as a refinement of Nash equilibrium narrows down the set of equilibriums to only stable equilibriums as unstable equilibriums could not be Schelling points. Finally, the paper shows that the proposed approach could solve a larger set of games than the current approach based on Nash equilibrium. For instance, it would be very difficult to solve multiple sided incomplete information games under the current approach based on Nash equilibrium while the proposed approach could readily solve multiple sided incomplete information games.
SSRN Electronic Journal, 2017
J. for Global Business Advancement, 2019
Journal of Computer Science & Computational Mathematics, 2013
Musket, Map and Money: How Military Technology Shaped Geopolitics and Economics
Chartridge Books Oxford, 2013
This book introduces a new games theory equilibrium concept and solution algorithm that provide ... more This book introduces a new games theory equilibrium
concept and solution algorithm that provide a unified
treatment for broad categories of games that are presently
solved using the different equilibrium concepts of Nash
equilibrium, sub-game perfect equilibrium, Bayesian Nash
equilibrium and perfect Bayesian equilibrium.
The new method achieves consistency in equilibrium
results that current games theory at times fails to, such as
those between Perfect Bayesian Equilibrium and backward
induction (sub-game Perfect Equilibrium). The new
equilibrium concept is Bayesian equilibrium by iterative
conjectures (BEIC) and its associated algorithm is the
Bayesian iterative conjecture algorithm. BEIC requires
players to make predictions on the strategies of other players
using the Bayesian iterative conjecture algorithm. The
Bayesian iterative conjectures algorithm makes predictions
starting from first order uninformative predictive distribution
functions (or conjectures) and keeps updating with the
Bayesian statistical decision theoretic and game theoretic
reasoning until a convergence of conjectures is achieved.
Information known by the players such as the reaction
functions are thereby incorporated into the higher order
conjectures and help to determine the convergent conjectures
and the associated equilibrium.
In a BEIC, conjectures are consistent with the equilibrium
or equilibriums they support and so rationality is achieved
for actions, strategies and conjectures and (statistical)
decision rule.
The BEIC approach is capable of analyzing a larger set of
games than current games theory, including games with
noisy inaccurate observations and games with multiple-sided
incomplete information games. On the other hand, for the
set of games analyzed by the current games theory, it
generates smaller numbers of equilibriums and normally
achieves uniqueness in equilibrium. It treats games with
complete and perfect information as special cases of games
with incomplete information and noisy observations,
whereby the variance of the prior distribution function on
type and the variance of the observation noise term tend to
zero. Consequently, there is the issue of indeterminacy in
statistical inference and decision-making in these games as
the equilibrium solution depends on which variance tends to
zero first. It therefore identifies equilibriums in these games
that have so far eluded current treatments.