THE EFFECTS OF ECONOMIC REGULATION IN THE ISTANBUL TAXICAB MARKET

This paper discusses the regulation of the Istanbul taxicab market and its consequences. While price and entry regulations are common to many taxi markets, there are significant differences in their institutional frameworks. We examine the problems of the Istanbul market and offer recommendations to improve its efficiency.     

基于网格划分的城市出租车合乘研究

根据现行出租车运营方式的不足,提出了基于城市网格划分的出租车公交化运营模式。参照城市公交站点的设置方法,提出了网格化出租车站点的设置方法。分析了影响出租车合乘的因素,通过出租车合乘运营目标函数及约束条件的建立,提出了该模式下出租车司机、乘客利益最大化以及行车路线最短的数学模型,为城市新型出租车运营模式的推行提供理论上的参考。     

道路环境对营运出租车与摩托车相撞事故的防范研究

道路原因是造成营运出租车与摩托车相撞的一个重要方面。作为两轮车，摩托车更易受因道路设计、施工、养护和路面情况等道路环境的影响。根据某市的营运出租车与摩托车事故责任认定分析获知，没有对道路环境问题导致事故责任的认定。但这并不能说明该市的道路环境对交通事故无任何影响，只是说明该市交通部门在事故统计中考虑问题的角度不同，所以对于道路的研究也是预防营运出租车与摩托车相撞事故发生的一个重要方面。文中通过某市一路段近年来营运出租车与摩托车发生的交通事故案件，总结和分析研究引起事故的成因，在此基础上研究并构建基于道路环境的营运出租车与摩托车相撞事故的防范体系，由此可有效防范和减少营运出租车与摩托车的相撞事故，降低事故死亡率、减少经济损失，有效遏制重、特大事故。     

The impact of private benefits on institutional ownership change: evidence from markets with different sentiments

This study investigates the relationship between private benefits and institutional ownership change in markets characterized by different investors’ sentiments. High-sentiment markets tend to overvalue a firm and thereby offer institutional investors a chance to sell shares and profit from overvaluation by forgoing the private benefits otherwise obtainable. Empirical analysis of ownership data from 1990 to 2008 reveals that, in high-sentiment markets, institutional investors sell more shares low in private benefits (dual-class firm share) than shares high in private benefits (non-dual-class firm share). In contrast, firm insiders, who consume significant private benefits in both dual-class and non-dual class firms, sell more dual-class firm shares in both high- and low-sentiment markets. Their ownership disposition is more likely driven by the need for diversification. Subsample analyses show that public pension funds drive the market-sentiment-related change of institutional ownership.     

The strength and source of asymmetric international diversification

We find that correlations between international markets continue to increase over time compared to previous research, with only Asian markets providing lower correlations relative to American and European markets. Consistent with previous studies, the benefits from international diversification are asymmetric, with reduced diversification benefits during bear markets. We extend previous results by examining the characteristics and causes of the returns affecting these asymmetric correlations, relating these results to the herding behavior of investors across markets rather than to fundamental economic reasons. Specifically, we determine that the increase in correlations among markets is most closely associated with the larger correlations from the largest positive return time intervals in bear markets rather than the negative returns. Use of stock index futures avoids issues inherent in the use of international cash indexes.     

Training hold up and social labour markets

This paper seeks to analyse the impact on training outcomes of labour markets with a social dimension which enhances workers rights and benefits, including the right to unionise. The ILO in particular champions the cause of such social labour markets both on the grounds that they represent fundamental rights as well as on the grounds that they generate helpful economic outcomes. In the context of on the job training, this paper demonstrates that the benefits of such social labour markets are mixed. In particular, it demonstrates that whilst unionisation can increase productivity and mitigate training hold up, there are also risks to increasing union power.     

机场场面飞机滑行调度优化问题的MILP模型及算法

本文考虑了顺序约束、安全约束、起始与终止时间约束和速度约束四种约束,建立了以总滑行时间最小为目标函数的机场场面飞机滑行调度优化的MILP模型。该模型求解分解为两步,先用遗传算法求解各航班经过交叉点的顺序,然后再求解各航班到达各节点的时间。最后结合国内某枢纽机场的航班信息,对模型进行仿真实验,结果表明本文提出的MILP模型有效解决了滑行冲突。     

出租车特许经营权管制评析

我国政府对出租车行业实行严格的准入管制,但基于自然垄断特性而对出租车行业进行准入管制的理由是不充分的。在特许经营权收益绝大部分分配给了出租车公司的情况下,政府管制使出租车公司获得垄断高价,并侵害到出租车司机与乘客的权益;出租车公司的高额利润导致非法营运增多,显然其收益与贡献是极其不匹配的。深层次原因是市场需求与准入管制的时滞性矛盾、出租车数量在空间分布上的不均衡及政府将新增道路上出租车的特许经营权完全无偿赋予了出租车公司。现阶段,在促进有效竞争的基础上实行管制创新就成为一个必然的选择。     

出租车数量管制对社会福利的影响

运用经济学的研究方法对出租车行业的数量管制问题进行了考查。研究发现,由于出租车行业具有很强的竞争性,单纯依靠市场的自发调节就能够实现该行业的资源优化配置;对出租车行业的数量管制,不但影响了出租车行业的自身发展,而且造成了社会福利损失。事实上,管制的重要原因是为了获得管制租金而不是增进社会福利。因此放宽对出租车行业的数量管制才是增进社会福利的有效选择。     

The behavior of MENA oil and non-oil producing countries in international portfolio optimization

It is well documented in developed economies that portfolio investment across national borders brings benefits of increasing returns and/or reducing risk. Dividing MENA stock markets into two main groups (oil producing and non-oil producing countries), this study examines the potential role of each group in providing diversification benefits for international investors. In addition, the behavior of the long and the short-run Efficient Frontiers (EFs) constructed by each of the sub-groups and the combined MENA markets is explored. Multi-objective international portfolio models are proposed under Mean-Variance and Mean-Lower Partial Moment frameworks, and the Multiple Fitness Function Genetic Algorithm (MFFGA) is used to find the EFs of optimal portfolios. The findings indicate that the stock markets of oil producing countries can be considered as a potential avenue for international portfolio diversification for investors not only from the same countries but also from the other MENA markets. It was also found that international portfolios constructed from the combination of MENA equity markets are more stable compared to the portfolios of sub-group markets. Further, the findings indicate that the behavior of short-term EFs in the MENA region cannot be predicted by the behavior of long-term EFs.     

THE SUSTAINED IMPACTS OF TAXI DEREGULATION

The Irish High Court decision in 2000 to deregulate entry to the taxi sector brought a large increase in taxi numbers and reduced waiting times for customers. These developments were sustained through to 2008 with increased output and reduced waiting times. In view of these lasting successes, arguments that taxi deregulation is unwise and unsustainable are examined.     

出租汽车服务水平及指标标准化研究

出租汽车服务水平是行业发展的关键问题。通过对出租汽车行业巡游服务特点、政府管制、服务质量和水平,以及国内外出租汽车行业标准化现状研究分析,结合国际先进服务理念提出出租汽车服务水平和服务质量概念和关系;在行业发展永恒的主题：服务水平和质量、政府管制要求下提出“以人为本”、服务于政府公共政策的标准化原则。进一步提出了适合我国国情的以服务密度为主要内容和针对我国国情的出租汽车稳定发展指标组成的服务水平指标体系,并给出确定服务水平等级的方法和示例。     

Has recent financial crisis changed permanently the correlations between BRICS and developed stock markets?

The paper finds recent financial crisis has changed permanently the correlations between BRICS and developed U.S. and Europe stock markets. 70% of BRICS stock markets⿿ conditional correlation series demonstrate an upward long-run trend with the developed stock markets. Our results provide convincing evidence that the reducing diversification benefits are a long-run and world-wide phenomenon, especially after recent financial crisis.     

当前影响出租汽车行业稳定与发展的相关问题分析

出租汽车服务行业稳定已经成为各方关注的焦点.影响稳定的原因错综复杂,发展面临挑战.从对巡游服务、服务对象、政府管制、行业定位等分析,提出服务水平和服务质量是行业发展的永恒的主题.通过出租汽车需求分析,认为影响稳定的核心因素是出租汽车经营权.现行对行业的保护使运力供给与服务严重不平衡,并促成出租汽车经营权高价格,出现新的不稳定因素.管制政策需要强化和调整,尽快投放运力、实施运价顺价政策、取消经营权和产权分离的挂靠的公司形式等是当前管制政策的首要任务,及相应的行业稳定与发展的对策建议.     

出租客运的性质、地位及其应有的管理模式

采用经济学和运输经济学的理论与方法,分析了我国出租客运行业的基本属性、定位、资源配置机理、发展动力机制以及高技术风险特征,认为出租客运行业不具备一般市场竞争领域的特征,政府应对该行业实施管制。结合我国城市发展的多层次性,提出了大型中心城市出租客运行业的管制模式:政府监管企业,企业监管车辆及其运营。     

Similarity of emerging market returns under changing market conditions: Markets in the ASEAN-4, Latin America,Middle East,and BRICs

We studied the risk-return distances of 18 emerging stock markets in the period from January 2000 to December 2013. Distances are linked to volatility and time-varying correlations estimated in standard and asymmetric DCC models. Our results revealed a positive relationship between risk-return distances and volatility, which means that during more volatile periods, the risk-return characteristics in emerging markets exhibit lower similarity to the characteristics found in developed markets. This result seems to be in sharp contrast to most empirical studies using correlations. Within the portfolio framework, our results suggest that diversification into emerging stock markets may still provide desirable benefits to international investors.     

a taxi for miss doolittle

Why is it so difficult to get a taxi in London? Robin Jenks is confident that without regulation the service would be greatly improved. Is it really necessary for taxi drivers to have ‘The Knowledge’?     

Branch network structure,authority and lending behaviour

Using a novel dataset of Ukrainian banks, this paper examines the link between the structure of branch network and bank lending. Bank regional branches are categorised into contact points without loan decision-making authority and more independent delegated branches which can make loan decisions. We find that a large and dispersed network of contact points can help increase credit supply and mitigate risks through diversification. Further, banks benefit from the information advantage brought by the presence of delegated branches in local markets. However, the longer distance between headquarters and local delegated branches, the more amplified agency problems become, which outweighs the benefits. Our findings suggest that the optimal structure could be a centralised network of delegated branches combined with a diversified access point network.     

Price Discrimination in Two‐Sided Markets

We examine the profitability and welfare implications of targeted price discrimination (PD) in two‐sided markets. First, we show that equilibrium discriminatory prices exhibit novel features relative to discriminatory prices in one‐sided models and uniform prices in two‐sided models. Second, we compare the profitability of perfect PD, relative to uniform prices in a two‐sided market. The conventional wisdom from one‐sided horizontally differentiated markets is that PD hurts the firms and benefits consumers, prisoners' dilemma. We show that PD, in a two‐sided market, may actually soften the competition. Our results suggest that the conventional advice that PD is good for competition based on one‐sided markets may not carry over to two‐sided markets.     

出租汽车计价器误差校准的测量结果不确定度分析

在出租汽车的经营者以及消费者之间主要通过计价器来进行公平的贸易结算。所以出租汽车的计价器是不是能够非常准确地计量相关数据,对于经营者和消费者的经济利益都具有非常重要的作用。而本文则主要对出租汽车计价器误差校准的测量结果不确定度进行分析。