The emergence of new Islamic economic and business moralities

This article aims to explore the sources of the observed transformation in the embeddedness of economic, business, and financial practices of Muslim individuals in comparison to premodern period Muslims. It argues that the predomination of instrumental reasoning in modern times, as opposed to substantive morality in everyday practice, is one of the main reasons behind the transformation of embeddedness of Muslim individuals. Instrumental reasoning, being the dominant methodology, leads to diminished submergence in social relations; that is not limited to interpersonal relationships, but further extended to the core religious acts. How such an emergent economic and business morality is reconciled with the Islamic substantive morality is examined. It is argued that “transformation of exception into norm” is the main method used to reconcile instrumental reasoning with Islamic law in fulfilling religious obligations, at least in terms of fulfilling the form and in complying with the necessities of modern life. This has led to the emergence of new economic and business moralities.     

Optimal insurance under rank‐dependent utility and incentive compatibility

Bernard, He, Yan, and Zhou (Mathematical Finance, 25(1), 154–186) studied an optimal insurance design problem where an individual's preference is of the rank‐dependent utility (RDU) type, and show that in general an optimal contract covers both large and small losses. However, their results suffer from the unrealistic assumption that the random loss has no atom, as well as a problem of moral hazard that provides incentives for the insured to falsely report the actual loss. This paper addresses these setbacks by removing the nonatomic assumption, and by exogenously imposing the “incentive compatibility” constraint that both indemnity function and insured's retention function are increasing with respect to the loss. We characterize the optimal solutions via calculus of variations, and then apply the result to obtain explicitly expressed contracts for problems with Yaari's dual criterion and general RDU. Finally, we use numerical examples to compare the results between ours and Bernard et al.     

重大事项社会稳定风险评估运行框架研究——以城市新区开发建设为例

针对现行的重大事项社会稳定风险评估中存在的问题,提出建立切实可行的评估运行框架。首次以城市新区为评估对象,以发现问题、分析问题、解决问题为主线,采用定性、定量、定位、定策相结合的分析方法,对城市新区开发建设可能存在的社会稳定风险进行评估,以期实现单纯型评估、粗放型评估向精细化评估的转变。从实践层面来说,对其他新区规划的社会稳定风险评估具有借鉴意义。     

On the role of the utility function in the estimation of preference parameters

Modern economic theory summarizes the main characteristics of individual preferences through a definite set of parameters: risk aversion, prudence, and the elasticity of intertemporal substitution. Despite their importance, the results of the literature devoted to the parameters’ estimation are controversial. This paper highlights the neglected role that may have been played by the constraints that the quantitative definition of the parameters and the utility functions employed impose on the estimation. A number of simulation exercises are presented, which show that the same saving behaviour can be associated with quite different values of the parameters depending on the utility function adopted.     

中小企业被并购过程中的价值综合评估

并购是企业为了扩大生产规模、提高经营效益所做出的重大战略调整。本文运用账面价值法,将企业各种因素赋予不同的权重,结合账面价值倍数参数(支付者愿意支付的净资产价值的倍数)评估企业的价值,得到了更为客观的企业价值参数,为并购决策提供了可靠的参考依据。     

Do people consider an acceptable travel time? Evidence from Berkeley,CA

This paper explores the extent to which people identify an acceptable travel time for each trip they want to make and investigates the primary characteristics of this behavioural threshold. We assume that an acceptable travel time is defined through utilitarian processes that are related to cognitive and affective evaluations of travel that develop throughout a person’s lifetime. We apply a mixed methods approach to explore our hypothesis, based on semi-structured in-depth interviews with a stratified, according to commuting mode, random sample of 20 individuals living in Berkeley, CA. Our results support the validity of the acceptable travel time concept and offer (a) initial evidence on its variation to the travel mode and sociodemographic characteristics and (b) insights into people’s perceptions, attitudes, feelings and experiences about their travel. Thus, our results can contribute to a better understanding of individuals’ travel decisions and valuation of travel time and can inform time–space and accessibility research.     

Equilibrium theory under ambiguity

We extend the classical results on the Walras–core existence and equivalence to an ambiguous asymmetric information economy; that is, an economy where agents maximize Maximin Expected Utility (MEU). The interest of considering ambiguity arises from the fact that, in the presence of MEU decision making, there is no conflict between efficiency and incentive compatibility (contrary to the Bayesian decision making). Our new modeling of an ambiguous asymmetric information economy necessitates new equilibrium notions, which are always efficient and incentive compatible.     

基于可变模糊方法的乡村土地旅游化流转风险评价的集对分析

为解决乡村土地旅游化流转风险评价问题,构建了包含粮食安全受威胁程度、收益分配不公平程度、土地利用结构失衡程度、乡村生态破坏程度以及乡村特色消失程度的乡村土地旅游化流转风险评价指标体系,提出乡村土地旅游化流转风险评价的集对分析—可变模糊模型与方法。首先,基于集对模糊联系度构造可变模糊集理论的相对差异度,进而建立集对分析—可变模糊综合评价模型;然后,结合风险分级特征值运用二元语义方法确定乡村土地旅游化流转风险级别;最后,以泉州市乡村旅游目的地为例进行了实例计算。研究结果表明,所建立的集对分析—可变模糊评价模型与方法不但能够定量辨别乡村旅游地土地旅游化流转的风险等级,而且能够区分同一风险等级下的不同风险大小。     

Quantitative micro-scale flood risk assessment in a section of the Trotuș River,Romania

This paper focuses on the estimation of direct damages caused by three flood scenarios with different return periods in the section Făgetul de Sus – Ghimeş – Palanca Pass of Trotuș River, with the aim of highlighting the need of improved land use plans. The damage for three land use classes (residential building, infrastructure and agriculture) were estimated using the damage curves developed by the European Joint Research Centre (JRC) as well as site specific maximum damage values. The data were processed with the help of the ArcMap 10.2 software and FloodRisk tool from QGIS software. Furthermore, the flood risk was assessed using the damage – probability curves, which associates the damage with the corresponding frequency of occurrence. This method was identified and adapted to the characteristics of the study area in order to develop a methodology of flood risk assessment that is answering the question: does the lack of land use plans increase the vulnerability and the flood damage? The results showed that the greatest damages are registered for the residential building land use class for a flood probability of 0.001. In this case the damages reach up to 60% on the scale range of deterioration factor, the total damage value being 2 million euros. For the same hazard probability the total registered damage value for roads is 7500 euro, for railways is around 12,000 euro, while for agriculture is around 84,000 euro. These results highlight the need of protection measures and land use plans development and implementation. Regarding the protection measures we consider that the egalitarianism would be the concept that should be applied in the study area and also an improved cooperation between government, specialized agencies and local authorities at local level would lead to a more efficient flood risk management process. The proposed methodology can be applied for micro-scale analysis, providing quantitative results regarding the flood damage and flood risk assessment. It includes a detailed vulnerability analysis of the elements-at-risk with the aim of developing a more comprehensive approach of flood risk assessment.     

高职高专考试考核方式改革之探索

本文以宁夏工商职业技术学院机电工程系《典型电气控制设备的安装》考试考核方式改革为例,分析了传统的教学方法和教学内容已经不能适应人才培养的需要。怎样按职业教育的规律和特点培养出符合企业需要的人才是目前高职院校的头等大事,机电工程系经过多年的研究和实践,探索出了校企合作、工学结合的人才培养模式是在高等职业教育中一种非常有效的人才培养模式,而这种人才培养模式的实施,其关键在于教育教学的课程改革。由此引出了课程体系构建、教学内容选择、教材编写、双师素质教师的培养、教学环境建设、教学方法、考试考核方式改革和教学组织等一系列课题。