Laguerre Series for Asian and Other Options

This paper has four goals: (a) relate ladder height distributions to option values; (b) show how Laguerre expansions may be used in the computation of densities, distribution functions, and option prices; (c) derive some new results on the integral of geometric Brownian motion over a finite interval; and (d) apply the preceding results to the determination of the distribution of the integral of geometric Brownian motion and the computation of Asian option values. The usual fixed‐strike options on the average are treated, as well as options with payoffs expressed in terms of one over the average of the underlying security, which this author calls “reciprocal Asian options.” In all cases the underlying asset is represented by geometric Brownian motion, the averages are performed continuously, and the options are of European type.     

对中国入世“经济增长危害论”的反思

中国加入WTO引发了一些对入世可能影响新世纪经济增长的悲观论调，我们认为关税减让的负面影响可由强化海关监管来减弱；对产业的冲击可能引发全局性结构调整；对农业的冲击可以由切实减轻农民负担来得以根本缓解；对金融业的冲击可通过加速公平税负和规范竞争环境来释放；对信息业的冲击可能带来行政垄断的终结，中国入世必然需要慎思谨行，但不宜悲观疑惧。     

Optimal Production Tax and Quota under Time Consistent Trade Policies

This article investigates the policy active importers' incentives and welfare implications of using production and trade policies in a dynamic framework where production decisions occur before consumption decisions. We show that the equilibrium for production taxes and quotas are not equivalent, and that each equilibrium depends on whether the trade policy instruments are tariffs or quotas. Under import quotas, the equilibrium policy is to tax domestic production, whereas under a tariff either a production tax or subsidy may be optimal. We also show that a collective agreement to ban production policies is likely to be welfare-improving in many circumstances.     

上网电价政策对发电企业成本的影响分析

通过对我国上网电价测算方法的比较，得到相应电价机制下发电企业的电价成本模型。不同电价机制下的电力工程造价系数说明，只有标杆电价政策对发电工程造价即发电项目固定成本存在明显约束，而经营期电价政策可以相对减缓发电企业电力工程造价见涨的趋势，也说明事前定价机制下发电企业降低成本的努力程度更大。发电企业减少成本的努力程度与单机容量和年利用小时数成正比。电价政策的改革调整激励发电企业采用高参数、大容量、低煤耗的大机组。从电价政策对发电企业运营成本的影响来看，不同电价政策郝对发电企业减少其运营成本有激励作用。近年标杆上网电价水平的调整能给企业带来更多的收益，而煤炭价格的上涨进一步加大了发电企业的成本控制压力。     

“为己利他”行为机理的行为特性：互惠合作

基于“为己利他”行为机理的基本行为方式是互惠合作。在很大程度上，互惠合作是“为己利他”行为机理得以形成和持续扩展的重要动力源。与此同时，基于“为己利他”行为机理的行为呈现出明显的亲社会性，这种亲社会性表现在追求互惠、公平和正义，遵循规范和社会合理性，并具有强烈的移情效应。     

煤电企业近三年运营情况分析

近年来，以煤炭为主的一次能源价格持续快速上涨，处于产业链下游的电力企业利润水平因此大幅下降，生产经营十分困难。电力和煤炭行业的上市公司拥有业内优质资产，是行业的代表。通过对几家上市的发电企业和煤炭企业2007年以来财务和经营指标的分析，探讨了煤炭企业和电力企业发展存在的问题和电力企业亏损的原因，提出了完善煤电价格机制、加大煤电一体化经营力度、调整电源结构等相关建议。     

保护主义：铸就美国产业帝国的利器

目前发达国家在世界推销并强加给发展中国家的＂好政策＂,正是他们在赶超时反对当时的发达国家强加给它们的政策。贸易自由化的推动者的英国和美国,在赶超时期使用保护和补贴方面却是最敢做敢为的。不幸的是,这种事实目前鲜为人知,主流经济学已经将其成功地从经济史、经济思想史中删除或者阴谋性地进行歪曲＂计算＂。文章从演化经济学的视角回顾美国19世纪关税政策以及思想,指出其对我国当前发展的启示。     

《协调制度》与现代化海关发展

1992年,中国海关正式采用《协调制度》。《协调制度》是关税征管最基本最重要的工具,与现代海关发展同行。本文以《协调制度》在中国的发展为切入点,从《协调制度》在中国的普及和应用、法律地位的确立过程和在维护国家利益方面所发挥的作用三个角度进行论述,从一个侧面回顾海关税收征管30年的成就。     

经营规模对农户耕地保护积极性影响的检验分析

文章通过对具有长期规模经营历史、规模经营案例较多且相对集中的新疆维吾尔自治区内农户进行调查研究,通过相关分析、分类研究和对比研究等方法深入分析和检验经营规模对农户耕地保护积极性的实际影响,揭示经营规模对农户耕地保护积极性发生影响的环境条件和规律。     

Effects of Environmental Regulations on Trade Flow in Manufacturing Sectors: Comparison of Static and Dynamic Effects of Environmental Regulations

This study analyzes environmental regulations and trade performance in manufacturing sectors under static and dynamic conditions. We investigate environmental innovation induced by environmental regulations and the spillover effect on manufacturing sectors, determine whether the spillover effect offsets any negative effect found under static conditions and analyze environmental regulations on the import side. For this, we formulate a trade model that incorporates the environmental innovation equation. We analyze environmental tax, energy tax and the Emissions Trading System (ETS) using strong, balanced panel data from 19 OECD countries for 1996–2009. The results reveal that the static effect of energy tax on exports is negative, but the dynamic effect is positive; however, the positive effect does not offset the negative effect. In short, environmental tax and energy tax decrease the international competitiveness of the manufacturing sectors. Environmental tax and energy tax limit imports, especially in the high‐energy consumption group. The analyses of the ETS further complicate the overall picture. It shows that the further research on the effects of ETS on manufacturing firms' competitiveness over their foreign competitors in the global is required. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment