Rational plunging and the option value of sequential investment: The case of petroleum exploration

The potential to invest sequentially in related assets creates a tradeoff between diversification and concentration. Loading a portfolio with correlated assets has the potential to inflate variance, but also creates information spillovers and real options that may augment total return and mitigate variance. We examine this tradeoff in the context of petroleum exploration. Using a simple model of geological dependence, we show that the value of learning options creates incentives for investors to plunge into dependence; i.e., to assemble portfolios of highly correlated exploration prospects. Risk-neutral and risk-averse investors are distinguished not by the plunging phenomenon, but by the threshold level of dependence that triggers such behavior. Aversion to risk does not imply aversion to dependence. Indeed the potential to plunge should be larger for risk-averse investors than for risk-neutral investors. We test the empirical validity of our theory by examining bidding activity in petroleum lease sales. We find significant plunging behavior across a broad sample of oil companies. We also find that privately-held firms pursue even more concentrated (less diversified) prospect portfolios than publicly-held firms—which we attribute to risk aversion rather than size.     

运用学习规则求解编组站静态配流问题的研究

编组站静态配流问题需要制定配流方案,明确出发列车的编组内容和车流来源。算法的思路是通过构建网络模型,将静态配流问题转化为固定费用的产销平衡运输问题,并将目标函数转化为求最小虚拟到达列车车辆数。首先设定虚拟到达列车并对其赋初值,把出发列车分为可欠轴与不可欠轴两类,在计算过程中调用学习规则保证出发列车满轴,最后求出虚拟到达列车的最小值,得到配流方案。通过简单的算例验证表明,该算法能够在有效的时间内求解大规模的静态配流问题,为静态配流问题提供一种新的方法。     

Learning trajectory in offshore OEM cooperation: Transaction value for local suppliers in the emerging economies

We focus on the unique role of offshore OEM cooperation as a learning opportunity for local suppliers in the emerging economies. In particular, we conceptually argue and empirically confirm the links between learning intent, capability enhancement, governance mode, and overall innovativeness from the perspective of local suppliers in offshore OEM cooperation in China as well as the influence of local business culture within these links. We address two issues: (1) offshore OEM cooperation can be a unique opportunity for local suppliers with strong intent to learn from foreign buyers for capability enhancement and (2) the moderating effects of trust and contact as two distinctive governance modes. Addressing the two issues, we make two specific contributions to the research on inter-firm cooperation, both of which derive from the often-neglected theoretical lens of transaction value. Our general contribution lies in the extension of the transaction value perspective by specifying its dual tenets of inter-firm co-specialization and shared-trust as the central theme of inter-firm cooperation to complement the transaction cost economics and also contextualize the research on inter-firm cooperation in terms of different partners’ perspectives as well as different governance modes.     

Learning and stability of the Bayesian–Walrasian equilibrium

Under the Bayesian–Walrasian Equilibrium (BWE) (see Balder and Yannelis, 2009), agents form price estimates based on their own private information, and in terms of those prices they can formulate estimated budget sets. Then, based on his/her own private information, each agent maximizes interim expected utility subject to his/her own estimated budget set. From the imprecision due to the price estimation it follows that the resulting equilibrium allocation may not clear the markets for every state of nature, i.e., exact feasibility of allocations may not occur. This paper shows that if the economy is repeated from period to period and agents refine their private information by observing the past BWE, then in the limit all agents will obtain the same information and market clearing will be reached. The converse is also true. The analysis provides a new way of looking at the asymmetric equilibrium which has a statistical foundation.     

英汉差异教学法在英语教学中的应用

中国人学习英语的环境是汉语环境,违背了语言学中语言习得理论的基本原理。由此,中国人学习英语的瓶颈是英汉差异,本文从分析英汉语言的差异入手,着重论述其在英语教学法中的应用。     

构建基于MOODLE平台的开放协作式学习模式

开放教育是当前一种新兴的教育形式。为了有效缓解学习过程中"工学矛盾"这一突出问题,文章提出了基于MOODLE平台下的开放协作式学习新模式。首先对这一模式进行分析,然后以ERP原理与应用课程为案例详细介绍了这一新型学习模式。     

贫困农村农民培训模式的创新——以广西农村社区学习中心为例

实施农民教育和培训工程是现阶段提高农民素质、减少和消除贫困的重要措施。广西是"贫困农村社区发展项目"(PRCDP)的试点省之一,以该项目的教育分项目中的社区学习中心子项目为例,在了解传统农民培训模式的局限性的基础上,通过对比分析传统培训模式和社区学习中心培训模式在组织管理、决策方式、培训方式和培训内容等方面的异同,总结社区学习中心培训模式的创新价值     

智力资本、向客户学习对创新的影响

以广州、北京、天津、台湾4个地区140家制造企业为研究样本,运用分层回归模型,从向客户学习的角度,对智力资本影响产品创新及工艺创新的作用机制进行实证分析。研究发现,向客户学习在智力资本影响创新的过程中发挥部分中介作用;当企业规模不同时,向客户学习在智力资本影响产品创新的过程中所发挥的作用存在差异,企业规模较大时,向客户学习在智力资本影响产品创新过程中发挥部分中介作用,企业规模较小时则发挥完全中介作用,但是向客户学习在智力资本影响工艺创新过程中所发挥的作用在不同企业规模下并没有显著差异,均发挥部分中介作用。     

双元性理论视阈中技术学习的双因素测度模型研究

基于双元性理论对组织技术学习过程进行研究,突破传统学习曲线的单因素局限,从挖掘性学习与探索性学习两个维度,构建双因素测度模型。综合测度组织技术学习率,反映技术学习的两个子过程对组织资源的获取和利用,同时为组织双元性技术创新路径的平衡协调提供依据。     

审计质量、组织学习与创新绩效

高质量的审计信息,有利于研发团队调整创新产品生产计划、市场战略与研发策略,有效激发组织学习意愿并明确学习目标,获取更多异质性知识,进而促进创新绩效提升。首先构建概念模型,研究企业如何通过内外部审计知识积累与传播直接影响创新绩效,以及如何通过加强组织学习间接影响创新绩效;然后,使用非上市高新技术企业数据,采用bootstrap方法与逐步OLS回归方法,验证内外部审计质量对创新绩效的直接与间接正向作用,以及内部审计质量与外部审计质量对提升创新绩效的互补效应,为促进高新技术企业创新发展以及提升内外部审计质量提供了新的依据。