Think Twice Before Going for Incentives: Social Norms and the Principal's Decision on Compensation Contracts

Principals make decisions on various issues, ranging from contract design to control system implementation. Few studies examine the principal's active role in these decisions. We experimentally investigate this role by studying how a principal's choice of an incentive contract that may discourage misrepresentation, compared to a fixed‐salary contract, affects the honesty of his or her agents’ cost reporting. Results show that, besides an incentive effect and a principal trust effect, the active choice for incentives produces a negative “information leakage” effect. When principals use incentives, their choices not only incentivize truthful reporting and signal distrust, but they also leak important information about the social norm, namely, that other agents are likely to report dishonestly. Agents conform to this social norm by misrepresenting cost information more. Our results have important practical implications. Managers must recognize that their decisions can leak information to their agents, which may produce unanticipated consequences for the social norms of the organization.     

Valuation of nature-based tourism resources using dichotomous choice contingent valuation method

The purpose of this paper is to measure the potential revenue from nature-based tourism resources in the environmentally sensitive area of Mt Minju, South Korea. A dichotomous choice contingent valuation method was employed to estimate the mean willingness-to-pay, contingent on a hypothetical market scenario. The empirical results show that the economic value of nature-based tourism resources was estimated at 5905 Won (ca US$ 7) per visitor. This implies that the significant economic value of natural resources will be lost from any large-scale development by degrading natural environments. In addition to the value of natural resources, nature-based tourism also provides the locally owned small tourist businesses with lower leakages than the externally owned large-scale ones. Low leakage implies that local residents gain more direct income from nature-based tourism.     

Impact of Regulatory Enforcement on Leakages Prior to Analyst Recommendations

The financial press suggests that information is commonly leaked prior to analyst recommendations. We examine the impact that three regulatory actions (Regulation Fair Disclosure, Global Analysts Research Settlement, and the legal case against Galleon Group) have on information leakage prior to analyst recommendations. We find that all three regulatory actions have significantly reduced the leakage of information prior to analyst recommendations, even after controlling for several characteristics that explain the variation in information leakage. Our results are robust when applying an alternative method of measuring information leakage, and when forming various samples of analyst recommendations based on different criteria.     

环境规制是否影响了污染密集型行业的比较优势?

环境规制是否以及如何影响了污染密集型行业的比较优势?现有理论和经验研究均对此尚无定论。本文运用中国省级数据检验了中国地区环境规制对污染密集型行业比较优势的影响。结果显示,环境规制程度更强的地区在污染密集型行业的比较优势更强。而且在加入了控制变量和考虑内生性问题之后,该结论依然稳健。这表明,中国没有发生国家层面的"碳泄漏"①。本文进一步指出,要素禀赋假说和波特假说在中国的成立可能是产生上述结果的原因。     

Effects of Transport Regulation on the Oil Market: Does Market Power Matter?

Instruments used to regulate the consumption of oil in the transport sector include fuel taxes, biofuel requirements, and fuel‐efficiency standards. However, the effects that these have on oil consumption and price vary. If market power is present in the oil market, the directions of change in consumption and price might contrast with those in a competitive market. As a result, the market structure affects not only the effectiveness of the policy instruments used to reduce oil consumption, but also the terms of trade and carbon leakage. In particular, reduced oil consumption, as a result of increased fuel‐efficiency standards, will unambiguously increase the price of oil under a monopoly.     

某车型后门框胶条和后侧窗玻璃质量改进

文章分析了上汽通用五菱汽车股份有限公司某款车的后门框胶条和后侧窗玻璃在开发过程中遇到的问题,并对其质量改进进行了总结。     

涡旋压缩机径向间隙的泄漏

建立了涡旋压缩机径向间隙泄漏的数学模型和模拟压缩机热力过程的计算模型。分析了不同的径向间隙量对其泄漏量的影响，以及对压缩机性能的影响。     

施工中混凝土小型空心砌块墙体抗裂、抗渗能力的质量保证

相对于黏土砖而言,混凝土小型空心砌块属于一种新型建筑材料。在工程实践中,随着混凝土小型空心砌块墙体建筑的增多,混凝土小型空心砌块暴露出一些问题,如容易产生墙体裂缝及雨水渗漏等。文章就施工中混凝土小型空心砌块墙体的抗裂、抗渗能力的质量保证进行了阐述。     

城市供水管网维护抢修工作探讨

城市供水管网维护抢修工作是供水管网安全供水的一项重要工作。因此,如何开展快速、高效的供水管网抢修工作就显得十分重要。缩短抢修时间,提高供水管网的抢修速度,是供水公司每个员工共同关心且急需解决的现实问题。笔者就蚌埠市供水管网维护抢修中的心得和体会与同行共同探讨。     

常见的混凝土防渗漏问题及措施分析

工程质量的优劣与千家万户的安乐生活息息相关,如何防治建筑工程的渗漏作为一件大事抓紧抓好,显得十分重要和迫切。本篇文章就是分析混凝土的渗漏问题,分析渗漏问题产生的部分原因和防治方法。