实现社会公平是政府财政不可推卸的责任

当前我国在收入分配上出现了比较严重的分配不公现象,分配不公问题已经严重的影响了我国经济和社会的发展,分析其产生的原因,除了经济方面以外,还有其他方面,本文主要从政府行为方面做一些分析,以求在政府财政政策方面做一些探讨。     

从"兼顾公平"到"更加注重公平"的若干思考

自党的十四大以来,关于效率和公平的提法,经历了“兼顾效率与公平”———“效率优先、兼顾公平”———“更加注重公平”的三大变化。每一个提法都有客观背景,其中“效率优先、兼顾公平”的提法占统治地位12年之久。目前,这一提法已经不符合当前形势的要求,应由“更加注重社会公平”来取代,这是促进社会和谐的要求。     

The Wealth Effects of Fairness Opinions in Takeovers

This paper explores the wealth effects associated with a bidder's decision to solicit a fairness opinion in a takeover transaction. Using a hand‐collected sample with bidders’ filing proxy statements, this paper finds that the use of fairness opinions does not negatively affect bidder shareholders’ wealth, a finding that contradicts prior studies’ findings. In addition, I find a positive wealth effect associated with bidder use of fairness opinions in the post‐Rule 2290 period. Collectively, these results are consistent with a fairness opinion being used by bidder management as a means to facilitate transactions rather than a mechanism to entrench management.     

Managers’ psychological diversity climate and fairness: The utility and importance of diversity management in the hospitality industry

ABSTRACT

Despite corporate investments in diversity management programs, there is a dearth in the literature that examines managers' attitudes toward diversity management practices. This is a glaring gap in the literature because the success of diversity management programs is highly depend on managers. A survey was distributed to hotel managers from properties in the southern United States. The results showed that psychological diversity climate predicted the perceived utility and importance of diversity management, and these relationships were mediated by the fairness of diversity management. These results suggest that psychological diversity climate has an impact on attitudes toward diversity management practices.     

‘HAVE YOU FELT ANGRY LATELY?’: A NOTE ON UNFAIR WAGE PERCEPTIONS AND THE NEGATIVE EMOTION OF ANGER

The author analyses the nexus between unfair wage perceptions of workers and the frequency of the negative emotion of anger. For this purpose, German household panel data for the years 2007, 2009, 2011 and 2013 are used. Angry feelings in the last four weeks have occurred significantly more frequently for workers who perceive their wage as unfair, whereas the own absolute hourly wage is not significantly correlated with the frequency of having felt angry. The results further indicate that workers have felt more often angry if working hours are larger; but the economic significance seems rather small compared to unfair wage perceptions.     

Do unfair perceived own pay and top managers’ pay erode satisfaction with democracy?

Many people are relatively unsatisfied with the democratic system as it currently exists. In this empirical research note, the authors present evidence that German workers, who perceive their own pay or top managers’ pay as unfair, are on average significantly less happy with the democracy in Germany. Thus, fairness perceptions in the labour market and of income inequality seem to have spillover effects on the overall satisfaction with the democratic system.     

Price Effects on Compound Commodities

We examine the effect of simultaneous price changes on the total demand for a group of goods, which we call a compound commodity. Specifically, we consider unit and proportional cost components (e.g., taxes, transportation costs) imposed on compound commodities. If the unit cost is positive, then the proportional cost raises the relative price of the more expensive good, and thus induces substitution towards the less expensive good within this group. Then, the substitution effect of the proportional cost for a compound commodity is non‐negative if and only if the compound commodity and the other goods are, on average, not strongly substitutable.     

On axiomatizations of the Shapley value for assignment games

We consider the problem of axiomatizing the Shapley value on the class of assignment games. It turns out that several axiomatizations of the Shapley value on the class of all TU-games do not characterize this solution on the class of assignment games. However, when considering an assignment game as a (communication) graph game where the game is simply the assignment game and the graph is a corresponding bipartite graph where buyers (sellers) are connected with sellers (buyers) only, we show that Myerson’s component efficiency and fairness axioms do characterize the Shapley value on the class of assignment games. Moreover, these two axioms have a natural interpretation for assignment games. Component efficiency yields submarket efficiency stating that the sum of the payoffs of all players in a submarket equals the worth of that submarket, where a submarket is a set of buyers and sellers such that all buyers in this set have zero valuation for the goods offered by the sellers outside the set, and all buyers outside the set have zero valuations for the goods offered by sellers inside the set. Fairness of the graph game solution boils down to valuation fairness stating that only changing the valuation of one particular buyer for the good offered by a particular seller changes the payoffs of this buyer and seller by the same amount.     

Optimal dynamic reinsurance with dependent risks: variance premium principle

In this paper, we consider the optimal proportional reinsurance strategy in a risk model with two dependent classes of insurance business, where the two claim number processes are correlated through a common shock component. Under the criterion of maximizing the expected exponential utility with the variance premium principle, we adopt a nonstandard approach to examining the existence and uniqueness of the optimal reinsurance strategy. Using the technique of stochastic control theory, closed-form expressions for the optimal strategy and the value function are derived for the compound Poisson risk model as well as for the Brownian motion risk model. From the numerical examples, we see that the optimal results for the compound Poisson risk model are very different from those for the diffusion model. The former depends not only on the safety loading, time, and the interest rate, but also on the claim size distributions and the claim number processes, while the latter depends only on the safety loading, time, and the interest rate.