目标效应下的劳动供给研究

本文试图重新考察劳动供给问题,认为新古典经济学中的标准劳动供给理论因其"充分理性经济人"假定而无法解释现实中的一些劳动供给问题.针对新古典劳动供给理论的缺陷,本文引入了行为经济学中的"有限理性"理论,并在目标效应假设下分别从短期个体劳动供给和长期个体劳动供给两个方面对新古典劳动供给理论进行了修正,最后指出该修正的理论意义和实际意义.     

微观经济学的新动向——写在《微观经济学:现代观点》(第七版)之后

西方经济学在我国的广泛普及,使得经济学理论在我国的运用越来越重要,然而当代的经济活动也越来越复杂,新古典经济理论是否适用还有待商榷.因此,关注经济学理论的新动向也是对经济学理论的探讨.本文从行为经济学的兴起来探讨了经济理论对现实经济活动的解释.     

国外文化消费研究述评

经济学关于文化消费的研究可以追索到1899年凡勃伦发表的《有闲阶级论》,但文化消费研究的兴起则是在1966年Baumol和Bowen发表著作《表演艺术:经济学的困境》之后。近40多年来,文化消费尤其是表演艺术的消费始终是国外文化消费经济学研究的热点和重点,国外经济学者积累了丰富的文化消费研究文献。就研究内容看,国外文化消费基本上集中于两个方面:一是建立和阐释文化消费行为理论,二是实证分析各因素对文化消费需求的影响。一、文化消费行为理论研究(一)基于新古典消费者行为理论的研究国外经济学者首先把文化产品或服务看做是普通的消费品,认为新古典消费者行为理论可以独立     

对消费者行为理论假设的思考

消费者行为理论是古典经济学中极为重要的基础理论，在经济学的发展过程中起到了不可估量的总要作用。然而随着经济学的进一步发展，人们不再满足于被动接受原有的经济学基础理论，而是站在更高的角度来重新审视以往经济学理论的不足之处。在这种思潮下，消费者行为理论也饱受质疑。本文试图从对消费者行为假设的质疑这一角度来谈谈自己对消费者行为理论的思考。     

从经济学的理论范式谈新制度经济学对新古典经济学的修正

一.新古典经济学的理论范式1.新古典经济学的假设范式(1)经济人假设。经济人假设又叫理性人假设,这里的经济人是指能够独立做出经济决策的个体,它可以是一个人或者一个家庭,也可以是一个企业。新古典经济学将经济人假设具体化为消费者追求效用最大化、     

关于消费者行为的实验综述

本文对中外学者进行的六个典型的、关注消费者行为的实验进行了综述。实验的理论分析不止基于经济学理论,也用到了很多心理学的概念,体现了行为经济学和实验经济学的显著特征:经济学和心理学交叉。这些实验都指出,消费者的行为有别于传统的西方经济学的"理性人"假设;相反地,消费者表现出行为经济学领域中的"有限理性",具体包括"过度自信"或者"自信不足",以及二者之间的相互转换。其中的实验流程、实验规范和仪器设备尤其值得学习和借鉴。     

试论新古典经济学研究纲领的理论硬核

拉卡托斯的科学研究纲领为经济学方法论研究提供了一个理论框架,其中理论硬核构成了经济学方法论研究的关键因素。因此,从纵向的角度考察新古典经济学研究纲领的理论硬核是十分必要的,通过这种对"前理论"的历史性探析可以揭示新古典经济学研究纲领的症结。     

新古典经济学需求理论的合理性与缺陷分析

新古典经济学需求理论的主要目的是解释消费者对商品组合如何实现最优选择的问题,包括单个消费者是如何在不同商品选择中实现最大化满足的,消费者的个体需求是如何形成市场集体需求的等。本文在研读相关原著的基础上认为,新古典经济学需求理论在解决这些理论难题时,必须具体分析该理论的历史功绩和内在逻辑缺陷。     

消费者行为偏误模型与经典模型对比研究

行为经济学假设消费者具有行为偏误,因此其构建的消费者行为模型与新古典经济学的理性模型有很大的不同。本文分别将新古典经济学的预期效用理论、理性偏好模型、理性消费者模型、指数贴现模型和自利行为模式与行为经济学的前景理论、参照依赖偏好模型、参照消费者模型、双曲贴现模型和关心公平行为模式进行对比,总结了消费者行为偏误模型和经典模型在选择偏好,风险偏好,效用函数和行为模式四个方面的不同。     

从对古典经济学的哲学思考到为“李嘉图恶习”正名

古典经济学从威廉·配第对资本主义经济的内部联系的零散认识开始,到亚当·斯密形成了完整的体系,最终由李嘉图实现了古典经济学最高层次的系统化、综合化和抽象化。古典经济学在其发展过程中始终无法割断与近代哲学千丝万缕的联系。本文试图从对古典经济学的哲学思考出发,探讨李嘉图经济学研究方法——抽象法的历史进步性与科学性,从而为"李嘉图恶习"正名并对经济学研究方法做一些初步的思考。     

经典云吞面

“食在广州……杭州……苏州……柳州……”从小听成人说的口头禅。 香港式云吞面相信原来的发源地来自于广州，真相是否如此，有待研究，最近有幸得到羊城传播界地头虫V君及J君的相助，追踪地道广州经典云吞面美食。     

经典·海洋·服装——GANT的品牌故事

辉映着蔚蓝的光影,6米高的巨型船帆,在如水的镜面上,瞬时驶入上海的港湾。日前在中信泰富中厅,全球顶级经典生活方式品牌之一——GANT,与上海的人们分享着海洋般瑰丽的梦想。     

Lalo Classic Opera The King

With the popularization of MTV, performing and dancing skills have become in- creasingly important parts of our pop singers repertoire. Taiwan pop star Jolin Tsai, or Cai Yilin, is a singer with outstanding dancing and singing skills. She breaks out new dance moves with every new release and her ability to move gives her endless charisma on stage.     

Applicability of the Classic WACC Concept in Practice

ABSTRACT

A large percentage of companies use the discounted cash flow (DCF) approach as the primary technique for investment/project evaluation and the capital budgeting process. This approach requires forecasting the detailed cash flow of the project under evaluation and then discounting the resulting cash flow to the present value (Net Present Value–NPV) using an appropriate discount rate.

The discount rate commonly used represents the Weighted Average Cost of Capital (WACC) of the firm. There is no scarcity of literature on this subject as the concept has been around for the last 50 years or so. Although most analysts believe the concept is simple and very well known, the irony is that its misinterpretation and misuse prevails. There are many versions of the WACC equation and each is specific to a certain cash flow. Therefore, using the classic WACC relationship in all cases may result in the calculation of an overly optimistic NPV. Depending on the cash flow pattern, the investment may show a positive NPV at the classic WACC but it will actually be losing equity.

This paper highlights (a) pitfalls and misuses of the WACC, (b) interdependence between types of cash flow and WACC, (c) assumptions behind the WACC and whether these assumptions are realistic, and (d) alternative approaches to arrive at the correct net present value (NPV). Company CEOs, management, analysts, and other investors using the WACC for investment decisions need to be fully aware of its pitfalls and misuses.

RESUMEN. Un gran porcentaje de empresas usan el enfoque del flujo de caja descontado (DCF–discounted cash flow), como la técnica principal para evaluar las inversiones/proyectos y el proceso de elaboración del presupuesto de capital. Este enfoque exige la proyección detallada del flujo de caja del proyecto bajo análisis y, a continuación, el redescuento del flujo de caja resultante al valor actual-Valor Actual Neto (Net Present Value–NPV) utilizando una tasa de redescuento apropiada.

La tasa de descuento comúnmente utilizada representa el Costo de Capital Medio Ponderado (Weighted Average Cost of Capital (WACC) de la empresa. No falta literatura a este respecto, ya que el concepto ha existido ya alrededor de 50 años. Aunque la mayoría de los analistas creen que el mismo es simple y muy conocido, irónicamente, lo que prevalece es su mala interpretación y uso equivocado. Existen muchas versiones sobre la ecuación WACC, y cada una se identifica con un flujo de caja específico. Consecuentemente, el uso de la relación WACC clásica puede resultar, en todos los casos, en un cálculo de NPV exageradamente optimista. Dependiendo del tipo de flujo de caja, la inversión puede mostrar un NPV positivo con un WACC clásico, cuando en realidad estará perdiendo patrimonio.

Este documento coloca en destaque (a) escollos y mal uso del WACC, (b) interdependencia entre el tipo de flujo de caja y el WACC, (c) presunciones por detrás del WACC, y si ellas son realistas, y (d) mostrar enfoques alternativos para llegar al valor actual neto correcto (NPV). El CEO de la empresa, su gerencia, analistas y otros inversores usarán el WACC para tomar decisiones inherentes a la inversión.

RESUMO. Uma grande porcentagem das empresas usa a abordagem do fluxo de caixa descontado (DCF) como técnica básica de avaliação de investimentos/projetos e do processo de orçamentação de capital. Essa abordagem requer que se preveja o fluxo de caixa detalhado do projeto sob avaliação e, depois, desconte o fluxo de caixa resultante para obter o valor presente líquido (NPV) usando uma taxa de desconto apropriada.

A taxa de desconto geralmente usada representa o Custo de Capital Médio Ponderado (WACC–Weighted Average Cost of Capital) da empresa. A literatura sobre este tema é abundante, já que o conceito existe há uns 50 anos. Embora a maioria dos analistas considere o conceito simples e bem conhecido, o fato é que erros de interpretação e utilização predominam. Existem muitas vers$oTes da equação do WACC, cada uma específica a certo fluxo de caixa. Portanto, aplicar a relação WACC clássica a todos os casos pode resultar em cálculos de NPVs otimistas demais. Dependendo do padrão de fluxo de caixa, o investimento pode exibir um NPV positivo no WACC clássico, quando na verdade estará perdendo patrimônio.

Este artigo realça (a) as armadilhas e usos equivocados do WACC, (b) as interdependências entre tipo de fluxo de caixa e WACC, (c) pressupostos por trás do WACC e se esses pressupostos são realistas, e (d) mostra abordagens alternativas para se chegar ao valor presente líquido (NPV) correto. Visa os CEOs das empresas, a gerência, os analistas e utros investidores que usam o WACC nas decisões de investimentos.     

西方古典哲学对绘画的贡献

关于艺术与自然的关系问题，从绘画史的早期阶段（本文中指古希腊古罗马时期）开始，就曾引得众多艺术哲人的争执。这种争论可能永远没有统一的结论，但却能使各自的论点越辩越明。大体可以从以下几方面加以理解。     

Bhagwati and Ramaswami: Why it is a Classic

This paper expounds on a well‐known and widely influential paper ‘Domestic Distortions, Tariffs and the Theory of Optimum Subsidy’ (1963) by Bhagwati in collaboration with V. K. Ramaswami. The message of the paper, which set in trail a number of publications, was that in the case of a small open economy, distortions that steer the economy away from Pareto‐optimal outcomes should be dealt with at their source. The Bhagwati and Ramaswami paper established the case for free trade in the presence of domestic distortions, and proved wrong the received wisdom of the day that in the presence of distortions such as externalities, wage rigidities and distorted factor and product markets, a move from free trade to autarky might improve welfare. The article succinctly demonstrated that the correct policy intervention which avoided welfare losses was one which rectified a distortion at its source and is justly regarded as a classic. But in the profession of economics those who question received wisdom are regarded with scepticism at first and then with the riposte that it is all old wine served in new bottles. The Bhagwati‐Ramaswami breakthrough was met with the remark ‘it is all in Meade’. This paper takes issue with this judgement. The paper not only refutes the suggestion that the Bhagwati‐Ramaswami article has its origins in Meade but also provides a lucid and succinct exposition of Meade's analysis of divergences and shows how Bhagwati and Ramaswami's analysis is vastly different.     

淮海路百年经典30年五大跨越

上海百年看淮海路,淮海路是上海商业的一张名片.~~今日淮海路、昔日的霞飞路,20世纪初辟筑时,道路、建筑、绿化、交通、商铺,都带有浓重法兰西格调的欧陆风情,上世纪20、30年代,作为国际商业街,己远东闻名,营造出海纳百川东西文化交融独具魅力的生活底蕴.     

《孝经》中的孝道思想初探

儒家重要经典《孝经》详尽地记载了关于孝道的思想和言论，内容涉及孝道在道德规范中的重要地位。天子、诸侯、卿大夫、士、庶人的“五等之孝”及孝道的基本原则、孝治思想等。《孝经》中将孝奉为德之本，要求子女诚心诚意孝敬父母，在父母年迈、困难时竭尽孝心，这些合理内核值得我们继承和弘扬，但对于其中存在的“天地神灵”、“因果报应”等唯心主义思想，“三日而食”、“服三年之丧”的陈腐观念，人分五等的等级观念，“事君”、“忠君”的专制主义思想等封建性的糟粕要予以批判和抛弃。