Zhengyu Zhang, School of Economics, Shanghai University of Finance and Economics. Zhang’s research is
supported by National Social Science Foundation (Grant No. 11CJY011) from the National Planning Office of
Philosophy and Social Science of China. Financial support from Chen Guang project (Grant No. 10CG66)
sponsored by Shanghai Municipal Education Commission and Shanghai Education Development Foundation is
also acknowledged. Zhengyu Zhang would also like to acknowledge the work of Min Yan in the research for this
article. Min Yan assisted the research programme as research assistant and was responsible for collecting data used
for empirical examples and conducting simulations. Yan’s research is supported by Humanities and Social Sciences
project (Grant No. 12YJC790223) from the Ministry of Education of China. Min Yan, School of Mathematics and
Quantitative Economics, Dongbei University of Finance and Economics, 217, Jianshan Street, 116025, Dalian,
China. Email: yanmin@dufe.edu.cn. Financial support from Chen Guang project (Grant No. 10CG66) sponsored
by Shanghai Municipal Education Commission and Shanghai Education Development Foundation is also
acknowledged
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