IT外包的投资、再谈判机制分析

本文从IT承包商(vendor)和客户(client)的角度考虑去设计最优契约。由于客户方的需要,或者是由于契约的不完全性导致契约经常需要再谈判,而且由于契约修改后的执行问题也可能引起法律诉讼,因此对于如何决定事前的投资、谈判利润分配和契约诉讼的赔偿都是一系列要解决的问题,本文正是根据这些问题的提出而逐步展开的。     

供给侧改革背景下我国城市建设用地最优规模分析

本文基于边际等值原理，综合城市经济效益、社会效益、环境效益以及建设效益，构建多因子城市建设用地最优规模决策模型，并结合我国城市建设用地供给实际进行分析。结果显示：2001～2015年，我国城市发展经历了从建设用地短缺到最优及至过剩的过程，对建设用地增长的强依赖逐渐转变为弱依赖。城市建设用地增长与边际建设效益弱相关；与边际经济效益之间呈库兹涅茨倒U型曲线关系；与边际社会效益呈正相关、边际环境效益呈负相关。目前我国城市建设用地已经达到最优规模，其中建设用地供给与经济发展失调，是导致净效益下降的主要动因。     

REAL OPTIONS WITH COMPETITION AND REGIME SWITCHING

In this paper, we examine irreversible investment decisions in duopoly games with a variable economic climate. Integrating timing flexibility, competition, and changes in the economic environment in the form of a cash flow process with regime switching, the problem is formulated as a stopping‐time game under Stackelberg leader‐follower competition, in which both players determine their respective optimal market entry time. By extending the variational inequality approach, we solve for the free boundaries and obtain optimal investment strategies for each player. Despite the lack of regularity in the leader's obstacle and the cash flow regime uncertainty, the regime‐dependent optimal policies for both the leader and the follower are obtained. In addition, we perform comprehensive numerical experiments to demonstrate the properties of solutions and to gain insights into the implications of regime switching.     

Making sustainable sourcing decisions: practical evidence from the automotive industry

Achieving environmental and sustainable performance within an organisation’s supply chain and manufacturing operations will be feasible if upstream supply partners have the same commitments in performing their operations in a sustainable manner. Given the debate above, we propose a comprehensive framework to address the sustainable supplier selection and order allocation (SSS&OA) problem. The framework developed is practical, that starts by using an audition check-list specific for each sustainability dimension (environmental, economic and social), from which the weighted values of its comprised criteria are obtained. The weighted scores of the selected sustainable suppliers are utilised by a proposed bi-objective order allocation model in order to make sourcing decisions. The strength of the proposed framework is its practical applicability to provide a solution for SSS&OA problems which is validated through a real-world application. Finally, research findings, theoretical and managerial insights and also directions for additional research are presented.     

Regulation of relationships between heterogeneous farmers and an aquifer accounting for lag effects

Many environmental problems are due to damage caused by pollutants that accumulate with a time lag following their emission. In this study, we focus on nitrates used in agriculture, which can pollute groundwater many years after their initial application. A dynamic optimal control problem with heterogeneous farmers is proposed. The usual structural parameters such as the discount rate, the natural clearing rate and the lagged time interval between the occurrence of soil‐level pollution and the impact on groundwater are taken into account. We also examine pollution as caused by a continuous set of farms characterised by their individual performance index and by their individual marginal contribution to the pollution. The issue is further investigated by taking account of change in the information context, successively related to perfect information and to asymmetric information. As a result, when the delay between the spreading of N‐fertilizer and the impact on the aquifer increases, that is, the longer the lag, the steady‐state pollution stock and the steady‐state shadow price of the stock both increase. Moreover, we show that the optimal regulation may require a decreasing amount of fertilizer over time, even in the case of initial underpollution.     

Workload control under continuous order release

Workload control is a production planning and control concept specifically designed for complex manufacturing environments. Past research on Workload control has been essentially focused on discrete order release. This means that release of orders to the shop floor takes places on a periodic basis. Continuous order release has been somehow neglected, in spite of its apparent potential for improving system performance, including the reduction of order flow times. This paper presents a simulation study of this order release approach. The study contributes for improving the basis for setting workload norms, selecting the workload control strategy and deciding upon routing alternatives under continuous order release.     

对称性交易：破解农村信贷供需衔接困局的内在逻辑——基于山东农村金融创新案例的分析

摘要：在现有农村土地产权制度下，土地及依附于其上的各类生产要素不具有充分交易的条件，进而因缺乏合格的交易客体而使农村金融交易呈现非对称状态。人民银行济南分行立足于满足枣庄流转土地和寿光蔬菜订单的需求，在谋求对称农村金融交易主体上寻求突破，较好顺应了农村土地规模化和集约化经营的主流趋势，对破解农村金融交易困境有一定借鉴意义。     

特许权价值、最优关闭策略和存款保险定价

随着存款保险制度的推出以及金融机构退出机制的完善，国家声誉将逐渐退出银行无形资本。在激励相容的金融监管趋势下，特许权价值等市场约束力量会显著影响到商业银行的风险承担。在此逻辑基础上，以我国16家上市商业银行为研究对象，一方面探讨特许权价值影响下不同产权结构的商业银行的最优救助机制，另一方面通过最优救助临界指标，利用银行重组模型，推导合理的存款保险风险差别费率。     

Optimal order display in limit order markets with liquidity competition

Order display is associated with benefits and costs. Benefits arise from increased execution-priority, while costs are due to adverse market impact. We analyze a structural model of optimal order placement that captures trade-off between the costs and benefits of order display. For a benchmark model of pure liquidity competition, we give a closed-form solution for optimal display sizes. We show that competition in liquidity supply incentivizes the use of hidden orders to prevent losses due to over-bidding. Thus, because aggressive liquidity competition is more prevalent in liquid stocks, our model predicts that the proportion of hidden liquidity is higher in liquid markets. Our theoretical considerations ares supported by an empirical analysis using high-frequency order-message data from NASDAQ. We find that there are no benefits in hiding orders in il-liquid stocks, whereas the performance gains can be significant in liquid stocks.     

Pareto-improving social optimal pricing schemes based on bottleneck permits for managing congestion at a merging section

Akamatsu, Sato, and Nguyen (2006 Akamatsu, T., Sato, S., &; Nguyen, X. L. (2006). Tradable time-of-day bottleneck permits for morning commuters (in Japanese). JSCE Journal of Infrastructure Planning 62(4), 605–620.[Crossref] , [Google Scholar]) proposed a first-best pricing scheme based on the concept of bottleneck permits. The scheme allows permit holders to pass a bottleneck at specified times and is shown to be able to minimize social cost. However, the scheme is not always Pareto-improving in that it may harm some drivers. The objective of this study is to design Pareto-improving pricing scheme with bottleneck permits for a V-shaped two-to-one merge bottleneck. First, the paper formulates the morning commute model in the network and describes the arrival time choice equilibrium in the network with merging bottleneck. Secondly, we show that the first-best pricing scheme with bottleneck permits for this V-shaped network does not always achieve a Pareto improvement, with the cost of one group of drivers is increased by the permit pricing, a phenomena akin to the bottleneck paradox of Arnott, de Palma, and Lindsey (1993 Arnott, R., de Palma, A., &; Lindsey, R. (1993). Properties of dynamic traffic equilibrium involving bottlenecks, including a paradox and metering. Transportation Science 27(2), 148–160.[Crossref], [Web of Science ®] , [Google Scholar]). We propose three implementations of bottleneck permits for Pareto-improving: (1) merging priority rule is included in the bottleneck permits scheme by creating different market for each origin; (2) the permit revenues are refunded as monetary compensation to drivers whose cost is increased; and (3) the permit revenues are used to expand bottleneck capacity. For each implementation, we derive their equilibrium solutions and demonstrate that the Pareto improvement is achieved and social cost is decreased by using the permit revenues for expanding the bottleneck capacity.