碳市场:原理、实践和前景

全球气温变暖使得减少二氧化碳等温室气体的排放变得十分必要,由《京都议定书》催生出来的以交易温室气体排放权为主的国际碳市场就是解决这一问题的有益尝试.本文从经济理论出发,分析了国际碳市场的形成基础和运行条件,通过对该市场现状的研究,指出了其存在的问题和今后的发展前景,并对我国如何发展碳市场提出了相关建议.     

含受控源电路的分析和应用

受控源即非独立源,它们的电压或电流不能独立存在,不是真正意义上的电源。本文根据实际教学经验对含受控源的电路进行总结。主要介绍受控源的特性;受控源在支路电流法、节点电压法、网孔电流法及戴维南定理、叠加定理等各种电路分析、计算中的处理方法,并结合具体实例做详细的分析。简述含受控源电路的应用。     

A Theorem on the Gains from International Factor Mobility

This paper proves that for the case of a small country, which cannot influence world factor prices, an expansion in the scope of international factor mobility can never reduce its real national income. [F11, F20]     

Solving the U.S. Trade Deficit and Competitiveness Problem

We compare the analytical approach of John R. Common and Ronald H. Coase to institutional analysis and social provisioning. In particular, we examine their similarities in (i) the definition and role of institutions in the economy, (ii) the allocative (social provisioning) role of institutions in the economy, and (iii) the inescapable and unchanging role of institutions in shaping the social provisioning process. We contend that Commons and Coase had more in common than did Coase and many of his followers in the “new institutional economics.” In particular, the two had strong similarities in both (a) their insights into the nature of institutions in the legal-economic nexus that is the foundation of the economy and (b) their methods for conducting economics research. Because this role of institutional evolution is, as Warren Samuels noted, an inescapable and unchanging part of an economy’s social provisioning process, it will remain an integral part of any such work in the future, regardless of the “school of analysis” or methodological approach.     

Ordinal Efficiency and the Polyhedral Separating Hyperplane Theorem

We study problems in which each of finitely many agents must be allocated a single object, based on the agents' rankings of pure outcomes. A random allocation is ordinally efficient if it is not ordinally dominated in the sense of there being another random assignment that gives each agent a first order stochastically dominant distribution of objects. We show that any ordinally efficient random assignment maximizes the sum of expected utilities for some vector of vNM utility functions that are consistent with the given ordinal preferences. One method of proof uses a new version of the separating hyperplane theorem for polyhedra. Journal of Economic Literature Classification Numbers: C78, D61.     

The Coasean analysis of lighthouse financing: myths and realities

In ‘The Lighthouse in Economics’ (Coase, R. H. Journalof Law and Economics, vol. 17, no. 2, 357–76, 1974), Coasereached the conclusion that in England there existed a relativelyefficient privately financed lighthouse system, which wouldrefute economists' traditional statements concerning the productionof public goods. The purpose of this paper is to challenge hisconclusion. We first show that, from a methodological and theoreticalperspective, ‘The Lighthouse’ is consistent with‘The Problem of Social Cost’ (Coase, R. H. Journalof Law and Economics, vol. 3, 1–44, 1960). Then, applyingCoase's own method (historical case studies), we attempt tore-examine the respective roles and efficiencies of privateinitiative and government.     

NEWS-GENERATED DEPENDENCE AND OPTIMAL PORTFOLIOS FOR n STOCKS IN A MARKET OF BARNDORFF-NIELSEN AND SHEPHARD TYPE

We consider Merton's portfolio optimization problem in a Black and Scholes market with non-Gaussian stochastic volatility of Ornstein–Uhlenbeck type. The investor can trade in n stocks and a risk-free bond. We assume that the dependence between stocks lies in that they partly share the Ornstein–Uhlenbeck processes of the volatility. We refer to these as news processes, and interpret this as that dependence between stocks lies solely in their reactions to the same news. The model is primarily intended for assets that are dependent, but not too dependent, such as stocks from different branches of industry. We show that this dependence generates covariance, and give statistical methods for both the fitting and verification of the model to data. Using dynamic programming, we derive and verify explicit trading strategies and Feynman–Kac representations of the value function for power utility.     

Economic Analysis on Emissions Trading of China

With the development of China＇s economy, the environmental pollution becomes more and more serious. The economic crux of environmental pollution is external diseconomy; it causes the market malfunction. To solve the problem of environmental pollution, the government needs to take measures to carry on essential intervention to the market. Government interference includes administrative measures characterized of orders and controls and the economic means based on market; the latter mainly includes two kinds of measure： emissions charge and emissions trading. On the contrary, emissions trading have great advantages; it is on terms that the gross control index of disposal of pollutants is confirmed, using the market mechanism, through emissions trading between the polluters, to achieve the low cost pollution control.     

Geometry and impossibility

Summary. This note presents a simple proof of Arrow's impossibility theorem using Saari's [3, 4] “geometry of voting”. Received: March 5, 2001; revised version: August 16, 2001