互惠性与理性经济效应的比较性研究

在知识经济时代,行为经济学的发展动摇了传统经济理论的基础,为现代经济学的发展开辟了新的方向。作为行为经济学的基础性假设之一,互惠性偏好对经济人的理性偏好进行了强烈的挑战,从而导致互惠性企业理论对理性管理理论的冲击。互惠性理念在企业管理机制中具有一定的存在性和革命性,促进了管理行为的优化和管理机制的变革,进而有效地改进了企业的运营绩效。基于相同的企业环境,借助于组织学习与知识转移的传导机制,互惠性与理性经济效应的比较性分析深刻地揭示了互惠性偏好的前沿性,验证了互惠性管理策略在现代经济体系中存在着显著的应用价值,从而为我国企业加强互惠性管理战略、进而改进企业的运作绩效提供了现实性的理论借鉴。     

ECONOMIC ANALYSIS ON THE URBAN–RURAL DISPARITY IN HUMAN CAPITAL IN CHINA

With China's economic development and capital accumulation in the industrial sectors, the human capital level of the labours moving from the rural areas could no longer meet the demand of the industrial sectors. Therefore, “structural shortage of technical labour” emerged in the labour market as a result of excess of demand for high‐skilled workers. Previous literature mostly focused on the relationship between rural human‐capital level and labour movement, income change and economic growth, but in this article, the authors focus on the study of the relative disparity of urban and rural human capital and labour movement, as well as the effect of the change of urban–rural human capital gap on industrial output, profit and social welfare. This article shows that bridging the urban–rural gap in respect of human capital level could not only improve the situation of the “structural shortage of technical labour,” but also have a positive effect on the general social welfare.     

International borrowing without commitment and informational lags: Choice under uncertainty

A series of recent studies in economic growth theory have considered a class of models of international borrowing where, in the absence of a perfect investment commitment, the borrowing constraint depends on the historical performances of the country. Thus, a better level of past economic activity gives a higher reputation, thereby increasing the possibility of accessing the international credit market. This note considers this problem in a stochastic setting based on the volatility of the internal net capital. We study how the optimal consumption level and the maximal expected welfare depend on the combined influence of the trajectory of past economic variables and the volatile environment. In particular, we show how the strength of the history effect and the relative weight of the historical performance depend on the degree of risk.     

Accounting for Gender in a Study of the Motivation-Involvement Relationship

ABSTRACT

The effects of gender on involvement in high-risk recreation have received limited research attention despite mounting evidence suggesting the learned interactions between people and places likely vary for men and women. The purpose of this study was to provide insights into how gender influenced the motivation-involvement relationship among whitewater recreationists on a Wild and Scenic River in California. Our results revealed the motivations of Risk, Escape, Learning, and Achievement/Stimulation positively influenced involvement in rafting activities. Although gender did not influence all dimensions of involvement, we found that identity expression varied between subgroups. Specifically, men were more likely to ascribe meaning to rafting than women because this activity allowed them to affirm and express their individual character. The implications emanating from this study advance theoretical understanding of the factors that influence enduring involvement and inform natural resource management decisions about maintaining the desired benefits of activities sought by nature-based recreationists.     

Asymptotic stability of a general equilibrium under perfect and monopolistic competition

This study examines the asymptotic stability of a general equilibrium for an economy under perfect and monopolistic competition in which delays in a production process arise. Crucially, we find that the sufficient conditions for the stability of the equilibrium in each model differ markedly. For the stability of the equilibrium under perfect (monopolistic) competition, it is favorable that the slope of every demand curve is gradual (steep).     

Are Turkey's tourism markets converging? Evidence from the two-step LM and three-step RALS-LM unit root tests

In this study, we aim to analyse whether Turkey's 14 major tourist source markets are converging by using monthly data over the period January 1996 to December 2012. To this aim, we use the recently developed two-step Lagrange multiplier (LM) and three-step residual augmented least squares-Lagrange multiplier (RALS-LM) unit root tests that allow for two structural breaks in data. The results indicate that 10 out of 14 markets are converging, meaning that tourism policies and strategies directed at these markets are successful. Furthermore, the break points correspond to the important political, social, natural and economic events such as crisis, earthquake, disease and terrorist attack.     

Dynamic R&D choice and the impact of the firm's financial strength

ABSTRACT

This article investigates how a firm's financial strength affects its dynamic decision to invest in R&D. We estimate a dynamic model of R&D choice using data for German firms in high-tech manufacturing industries. The model incorporates a measure of the firm's financial strength, derived from its credit rating, which is shown to lead to substantial differences in estimates of the costs and expected long-run benefits from R&D investment. Financially strong firms have a higher probability of generating innovations from their R&D investment, and the innovations have a larger impact on productivity and profits. Averaging across all firms, the long-run benefit of investing in R&D equals 6.6% of firm value. It ranges from 11.6% for firms in a strong financial position to 2.3% for firms in a weaker financial position.     

NO‐ARBITRAGE PRICING UNDER SYSTEMIC RISK: ACCOUNTING FOR CROSS‐OWNERSHIP

We generalize Merton’s asset valuation approach to systems of multiple financial firms where cross‐ownership of equities and liabilities is present. The liabilities, which may include debts and derivatives, can be of differing seniority. We derive equations for the prices of equities and recovery claims under no‐arbitrage. An existence result and a uniqueness result are proven. Examples and an algorithm for the simultaneous calculation of all no‐arbitrage prices are provided. A result on capital structure irrelevance for groups of firms regarding externally held claims is discussed, as well as financial leverage and systemic risk caused by cross‐ownership.     

供给侧结构性改革视角下的土地整治制度创新初探

研究目的:探讨供给侧结构性改革下土地整治的基本内涵、转型方向及其制度构建。研究方法:文献综述、系统分析。研究结果:(1)土地整治的功能与转型期社会经济发展的需求具有高度一致性,供给侧结构性改革可从制度层面为土地整治转型提供重要思路;(2)土地整治在资金融合、公众参与、资源利用、要素整合、全域规划和动态监管等方面存在明显短板,有效的制度供给是支持土地整治转型的根本途径。研究结论:(1)土地整治的本质是以资源利用效率为落脚点,通过人地关系转型,满足区域协调发展的多层次需求,增加区域整体福利;(2)以"需求评估—规划引导—权益保障—融资共建—标杆管理—科技服务"为一体,联动、协调的区域土地综合整治制度体系,可为新时期土地整治转型提供理论参考。     

Government intervention,sectoral productivity growth and structural transformation

This article examines the long-term impact of government intervention and sectoral productivity on structural transformation. We construct a multi-sector Dynamic General Equilibrium model that explicitly incorporates government intervention as a force of structural transformation. The government affects the economy through taxation and lump sum transfers. We show that in the steady state, a reduction in the tax rate and an increase in sectoral productivity will decrease the agricultural employment share, and when nonhomotheticity of preference is strong enough, these changes can also increase the share of services employment.