Robust equilibria under non-common priors

This paper considers the robustness of equilibria to a small amount of incomplete information, where players are allowed to have heterogeneous priors. An equilibrium of a complete information game is robust to incomplete information under non-common priors if for every incomplete information game where each player's prior assigns high probability on the event that the players know at arbitrarily high order that the payoffs are given by the complete information game, there exists a Bayesian Nash equilibrium that generates behavior close to the equilibrium in consideration. It is shown that for generic games, an equilibrium is robust under non-common priors if and only if it is the unique rationalizable action profile. Set-valued concepts are also introduced, and for generic games, a smallest robust set is shown to exist and coincide with the set of a posteriori equilibria.     

Productivity enhancement at home via cross‐border acquisitions: The roles of learning and contemporaneous domestic investments

We examine whether ex post domestic productivity gains accrue to firms making cross‐border acquisitions. We argue that cross‐border acquisitions can enhance the acquirers' productivity at home, and we posit that these domestic productivity gains will be greater when there are learning opportunities in the target's host country and when contemporaneous domestic productivity‐enhancing investments are made by the acquirer in conjunction with the acquisition. These predictions are supported by data drawn from a sample of French acquiring and nonacquiring firms. Our results indicate that cross‐border acquisitions and investing in productivity at home are complementary: each makes the other more beneficial to firm productivity. Copyright © 2014 John Wiley & Sons, Ltd.     

OVERLAPPING SETS OF PRIORS AND THE EXISTENCE OF EFFICIENT ALLOCATIONS AND EQUILIBRIA FOR RISK MEASURES

The overlapping expectations and the collective absence of arbitrage conditions introduced in the economic literature to insure existence of Pareto optima and equilibria with short‐selling when investors have a single belief about future returns, is reconsidered. Investors use measures of risk. The overlapping sets of priors and the Pareto equilibrium conditions introduced by Heath and Ku for coherent risk measures are respectively reinterpreted as a weak no‐arbitrage and a weak collective absence of arbitrage conditions and shown to imply existence of Pareto optima and Arrow–Debreu equilibria.     

Endogenous Fertility, Income Distribution, and Growth

This article analyzes the interaction between growth and fertility via income distribution in a model in which fertility decisions are motivated by old-age support. It provides an explanation of the demographic transition of an economy from a stage of increasing fertility and low growth to a stage of low fertility, high human capital investments, and high growth.     

Social Organization in an Endogenous Growth Model

We develop an endogenous growth model in which individuals form matches in order to consume goods that are not explicitly traded. The matching process endogenously generates a concern for relative wealth and is thereby beneficial for capital accumulation and economic growth. We then study how social segmentation in the matching process affects economic growth. Under strong segmentation, social competition over mates occurs inside homogeneous groups. This homogeneity increases the severity of the "rat race" of wealth accumulation and fosters economic growth.     

问题意识：高校哲学教学改革与创新的契机——兼论高校哲学教育改革的新途径

文章分析了高校哲学教学的理念与方法困境,指出基于概念教学法的传统教学方法与实践环节是教学效果不佳的根本原因;进而指出以问题意识、课题意识为指导进行教学改革与创新,并以案例教学法作为问题意识的具体体现;最后提出以问题意识为指导的案例教学法引入哲学教学体系,将开辟高校哲学教学改革与理论创新的新境界。     

谈谈如何提高公司采购产品质量合格率

采购产品的质量直接影响到公司钻井试修生产工程质量和经营业绩结果。分析了中国石油川庆钻探工程有限公司川东钻探公司目前的采购产品质量抽检状况及原因,指出了存在的主要问题,提出了严把采购关和严把验收关的质量控制措施。     

Hedging under counterparty credit uncertainty

This study investigates optimal production and hedging decisions for firms facing price risk that can be hedged with vulnerable contracts, i.e., exposed to nonhedgeable endogenous counterparty credit risk. When vulnerable forward contracts are the only hedging instruments available, the firm's optimal level of production is lower than without credit risk. Under plausible conditions on the stochastic dependence between the commodity price and the counterparty's assets, the firm does not sell its entire production on the vulnerable forward market. When options on forward contracts are also available, the optimal hedging strategy requires a long put position. This provides a new rationale for the hedging role of options in the over‐the‐counter markets exposed to counterparty credit risk. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28: 248–263, 2008     

伦敦金门西湖企业有限公司实施供应链管理研究

致力于研究更为科学、合理的企业管理方法。文章首先分析了金门西湖公司现行的物流系统,包括公司外部物流系统和内部物流系统,找出了公司在运营过程中存在的主要问题,即市场需求预测问题、库存管理问题、运输、配送方面问题、采购方面存在的问题和信息系统方面存在的问题。之后,对金门西湖公司变革面临的经营环境进行了详细的分析;对现代供应链管理理论进行了系统的学习研究。在此基础上,运用现代供应链管理理论,对金门西湖公司实施供应链管理进行了研究与探讨,具体包括实施供应链管理要达到的目标、金门西湖公司供应链结构、供应链特征、供应链类型和实施供应链路径。最后,结合金门西湖企业的实际,提出了比较可行的金门西湖的供应链管理的实施方案。