The market as a commons: Is catching customers like catching fish?

Summary This note is a critique of an article by P. Copes published in the February 1984 issue ofDe Economist. Copes argues that an open access market must be regarded as a common property resource. By analogy to the economics of the fishery, he derives the proposition that free access to any market results in excess capacity because competitive entry dissipates what he calls the market rent. Copes claims that his results hold for the limiting case of perfect competition. Our critique explains why the analogy between a perfectly competitive market and a open access fishery is invalid.     

The market as a commons: A further comment

Summary The Copes model, where an open access market is expected to result in nonoptimal levels of capacity and output, is demonstrated to be applicable where there is simultaneity of production and sale of output. Particular reference is made to the service sector, where customers are regarded as necessary inputs into the production activity of a service sector firm and as necessary for sales (output) of the firm to occur. It is further shown that the criticisms of the Copes Model leveled by Gordon and Stegman in terms of market rent, the nature of the free entry supply curve, and the equilibrating role of price do not hold in our analysis of service sector activities.     

The market as an open access commons: A neglected aspect of excess capacity

Summary This paper adapts the common property theory of fisheries economics to the analysis of perfectly competitive markets. It demonstrates that the open access characteristics of markets lead to dissipation of available ‘market rents’ through the costs of excess capacity. The conclusion is that an increase in net economic benefits may be generated by restricting the number (capacity) of units operating in perfectly competitive markets. Professor of Economics, Simon Fraser University. The author gratefully acknowledges research support from the Social Sciences and Humanities Reserch Council of Canada. He recognizes helpful discussions with his colleagues Pao Cheng, Arthur DeVany and Zane Spindler, without implicating them in the analysis or conclusions of this paper. Useful referee comments are also acknowledged.     

中国货运航空公司国际竞争力研究

随着中国航空货运市场的不断开放,中国航空公司的国际货运市场份额大幅下降,已被边缘化,提高中国货运航空公司的国际竞争力已经迫在眉睫。文章以世界航空货运市场发展特点为背景,并着重分析了中国国际航空货运市场的竞争现状及趋势,在借鉴国内外已有国际竞争力评价体系的基础上,建立航空公司国际竞争力的综合评价模型,并以中国某货运航空公司为例进行了实证分析,最后从战略、运营和政策三个层面提出了提高中国货运航空公司的国际竞争力的对策建议。     

The effects of airline deregulation on shareholder wealth: Some additional evidence

This paper extends the prior research on the effects of deregulation on shareholders' wealth by measuring the market reaction to the events (i.e., information announcements) that led to the Airline Deregulation Act of 1978. The research design employs a model similar to that used by Beneish [1991]. This model conditions the return-generating function on the event (i.e., information) announcement and the market index. The empirical results reported in this paper indicate that the market favored airline deregulation. The favorable stock price reaction to airline deregulation could be explained in three ways. First, the market anticipated an increase in managerial efficiency and a reduction in managerial consumption of corporate resources in a competitive market structure. Second, the market did not impound the adverse consequences of deregulation as predicted by management because the market either did not perceive the manager's claim as a credible signal or the market was influenced more by the economic forecasts that predicted increased profitability under deregulation. Finally, there was evidence of increased industry profitability, increased productivity growth, and an expansion of the passenger base during the transition period (1976–78) when the Civil Aeronautics Board voluntarily began to relax regulatory controls. In this case, the paper concludes that the signing of the act merely made legitimate and extended the board's reform that began in 1975. That is, the signing of the deregulation act made these gains certain and permanent and this was received as a positive signal by the market.     

基于附加服务差异化的双寡头航空公司动态竞价演化分析

从航空公司提供附加服务的角度出发,建立基于附加服务差异化的双寡头航空公司动态竞价演化模型,通过数值仿真探讨价格调整和附加服务成本水平对航空公司竞价博弈系统稳定性的影响。研究表明,双寡头航空公司均提供附加服务时的票价比任一方单独提供或均不提供时的票价要高;航空公司较少的附加服务成本投入不利于市场稳定;在博弈系统不稳定的状态下,随着航空公司调价幅度的增大,整个系统会出现分叉与混沌状态,利润会随之降低,严重的会出现亏损,整个航空市场也会陷入动荡状态。     

Market Access,Labor Mobility,and the Wage Skill Premium: New Evidence from Chinese Cities

Open Economies Review - Labor market reforms in developing economies have causes economic regions to open up, providing greater market access to businesses and leading to urban migration. This...     

上海国内航空客运市场特征分析

为深入了解上海航空客运市场特征,在分析上海航空运输市场发展环境的基础上,根据需求规模将上海航空客运市场细分为快线、大客流、中客流和低客流四类,并对每类细分市场分别从总体规模、航线机型匹配以及收益水平进行定量分析。结果表明,快线市场需求巨大供给充足,市场格局已经形成,大客流市场表现不稳定,中客流市场规模小,收益水平一般,而低客流市场收益良好,市场前景广阔。最后,根据市场特征给出航空公司进入上海市场的策略性建议。     

Labour market segmentation: Evidence from Cyprus

Labour market segmentation (LMS) is thought to generate poverty and inequality and its existence has been often documented by estimated earnings functions identified by such endogenous income-determining factors as occupation, firm size and sector. Past research is open to the criticism that it ignores the extent to which workers are able to gain access to the high wage segments of the labour market. The paper investigates various dimensions of LMS in Cyprus and shows that the market is segmented by sex, an exogenous factor, as well as by the endogenous factors of public/private sectors of employment and firm size. Evidence is presented to show how the Cyprus labour market operates to erect barriers which serve to restrict access of workers to the high wage segments.     

美国航空运输业市场结构演变及其政策启示

本文详尽描述了20世纪70年代中期以来美国航空运输业市场结构的演变过程,并运用产业组织中的SCP分析框架,全面分析了美国航空运输业市场结构演变的原因,最后总结出促进我国航空运输业发展的政策启示,如坚持民航产业政策的有效性和灵活性、重视航空运输企业国际竞争力的培育、鼓励低成本航空公司的发展和完善基于市场细分的分工协作体系等。     

‘Eating the bread out of their mouth’: Antwerp's export trade and generalized institutions, 1544–5

This article studies the distribution of exports from mid‐sixteenth‐century Antwerp at the individual and group level (grouped by merchant origin). Recently, scholars have argued that sixteenth‐century Antwerp, and in its wake a series of other cities, hosted an open‐access market as a result of an evolution towards open‐access institutions. However, the direct effect of this institutional change on merchant enterprise is hard to measure. Relying on detailed tax records, preferences at the individual merchant level for particular destinations and commodities are documented, to evaluate whether exporters had equal chances in Antwerp's export market. A few exporters had large export shares next to a multitude of smaller merchants. The exports of these smaller merchants to distant destinations and their participation in the export of important products demonstrate a fairly level commercial playing field with regard to their larger‐scale colleagues. Foreign traders had access to trade in Low Countries products, while local merchants were active in the export of major transit products. The activities of the latter group are particularly important; contrary to previous literature, Low Countries traders did not differ in their preference for home‐grown products.     

Measuring Global and Regional Trade Integration in Terms of Concentration of Access

I apply concentration measures from the inequality literature—the Lorenz curve and Gini coefficient—to the measurement of global and regional integration, and show that these can be derived from the theoretical gravity model in the presence of unequal costs of access for firms from different locations to aparticular market. Overall, comparing nine economies, I find that the United States is the most globalized on these measures, and India and China are the least globalized. The smaller EU economies, which are very open on standard measures, should probably be viewed as regionalized rather than globalized. JEL no. F10, F15, C49     

我国央行公开市场操作策略与流动性效应

本文检验了不同操作策略下中国央行公开市场操作流动性效应。通过构建并计算央行公开市场操作指标值，根据取值区间将公开市场操作定义为五种操作策略。本文采用2006年10月至2012年3月的数据，估算了每月超额准备金，并计算出实际的公开市场操作指标值，利用排序自回归法证实了央行公开市场操作对利率有非线性影响，进一步建立非线性多阈值自回归模型，研究了不同操作策略的公开市场操作对3个月短期市场利率的影响。实证结果表明央行公开市场操作可分为四种策略，主要表现为防御性功能，但不存在周流动性效应。     

外资银行市场准入制度的国际比较及对我国的启示

目前为止,我国加入世贸组织已经6周年,按照我国政府的承诺,要对外资银行全面开放。本文比较了美、英、日及欧盟国家外资银行准入制度的主要内容,并在此基础上针对外资银行在我国的发展现状,对调整外资银行继续进入我国金融业市场的准入制度提出了相关建议。     

基于熵权法的航空公司维修部门安全性能评估

运用MMEM模型和核心风险分析方法构建航空公司维修部门安全性能指标体系,建立维修误差、飞机状况、安全基础和安全管理4类安全性能指标。为了考虑主客观权重的不同影响,建立基于主客观组合权重法的航空公司维修部门安全性能综合评价模型。分别采用层次分析法和熵权法计算指标的主观权重和客观权重,采用优化理论计算指标的组合权重。以九元航空有限公司维修部门2015—2020年的数据为例进行应用,并对评价结果进行分析。结果表明,所提出的安全性能评价模型能够定量反映维修部门的安全状态,评价结果是合理的。     

降价—航空公司市场化取向的策略选择

航空公司价格竞争博弈理论分析和航空市场的实证研究表明,民航客运市场上的价格竞争是市场竞争的内在要求和体现。航空客运市场上的囚徒困境表明,面对不合理的管制模式,航空市场用自己特有的方式,表达了深化和完善中国民航管制体制的强烈要求。打破困境的关键在于政府必须重定     

Specialized markets and Chinese industrial clusters: The experience of Zhejiang Province

Local specialized markets and industrial clusters have been a driving force in China's transition from a rural to a market economy, as they have constituted a means for small local producers to access markets since the reform and the launching of the “open door” policies. In this article the industrial development of local industrial clusters endowed with specialized markets is outlined on the basis of fieldwork case studies in Zhejiang Province. In this area of China, tight linkages between the development of industrial clusters and specialized markets are based on social and economic foundations that have propelled the growth of market relations since the late 1970s. Together with local traditions and skills in both handcraft production and commerce, specialized markets accompanied the take-off of industrial clusters following the so-called “Zhejiang model” of development. The role of specialized markets is still crucial nowadays as a powerful channel for the distribution of consumer goods as well as a means of coordination of fragmented productions in China and abroad.     

Livestock production economics on communal land in Botswana: effects of tenure,scale and subsidies

This study looked at the economic and financial characteristics of three range-based livestock systems on communal land in Botswana. Small-scale traditional livestock keeping is inherently efficient and provides important household income. However, these private returns are attributable to subsidies, and economic efficiency is very low due to open access. Low input, unfenced, cattle post production is economically efficient, but the returns to land are low. Fenced commercial ranching is not privately or economically viable in the more remote communal land. The loss of favoured European market access for beef could make all the systems studied economically unsound. The current subsidies to livestock production might be more economically efficient if they were redirected, from input costs reduction, to directly support initiatives that enhance the average herd productivity.     

开放条件下货币政策的资产价格传导机制研究

本文研究开放经济条件下货币政策在资本市场、汇率市场和商品市场之间的传导过程。文章首先构建了开放条件下货币政策的资产价格传导模型,并与传统货币政策传导模型进行比较分析,认为它更合适地解释了1999年后中国的货币政策传导机制。最后用VAR方法证明开放条件下货币政策的资产价格传导机制具有系统稳定性。