OPTIMAL SELLING RULES FOR MONETARY INVARIANT CRITERIA: TRACKING THE MAXIMUM OF A PORTFOLIO WITH NEGATIVE DRIFT

Considering a positive portfolio diffusion X with negative drift, we investigate optimal stopping problems of the form where f is a nonincreasing function, τ is the next random time where the portfolio X crosses zero and θ is any stopping time smaller than τ. Hereby, our motivation is the obtention of an optimal selling strategy minimizing the relative distance between the liquidation value of the portfolio and its highest possible value before it reaches zero. This paper unifies optimal selling rules observed for the quadratic absolute distance criteria in this stationary framework with bang–bang type ones observed for monetary invariant criteria but in finite horizon. More precisely, we provide a verification result for the general stopping problem of interest and derive the exact solution for two classical criteria f of the literature. For the power utility criterion with , instantaneous selling is always optimal, which is consistent with previous observations for the Black‐Scholes model in finite observation. On the contrary, for a relative quadratic error criterion, , selling is optimal as soon as the process X crosses a specified function φ of its running maximum . These results reinforce the idea that optimal stopping problems of similar type lead easily to selling rules of very different nature. Nevertheless, our numerical experiments suggest that the practical optimal selling rule for the relative quadratic error criterion is in fact very close to immediate selling.     

网络型产业自然垄断边界的判定

随着对自然垄断特征认识的不断变化 ,经济学家对网络型产业的自然垄断边界的判定也不断地深化。文章结合自然垄断理论的演进规律 ,把影响自然垄断边界的因素分为成本的和非成本两个方面 ,对网络型产业的自然垄断边界的判定进行了探讨。并且指出 ,网络效应不但影响到垄断性产业的成本 ,并且改变了其供给技术和市场需求 ,对垄断边界判定和反垄断产生了重要影响。     

交易成本、治理成本与边界选择：制度变迁中煤电交易的博弈问题

文章定义了交易—治理总成本,利用制度变迁演化博弈分析和交易成本离散结构分析,对中国煤电交易的经济行为及边界选择的问题进行研究。研究结果表明:理论层面,煤炭企业和火力发电企业进行策略选择时,交易成本和治理成本是双方做出有效选择的基础;技术层面,煤、电企业在选择"购买"或"生产"的问题时,不仅要根据概率和成本等信息做出交易决策,还要根据企业的专用性资产现状,分析长期交易的成本节约问题;现实层面,当煤炭企业和火力发电企业的专用性资产发生变化时,随着制度变迁,策略选择会体现三种趋势,即市场制、混合制和层级制。并据此提出了相关的政策建议。     

The Role of Strategic Conversations with Stakeholders in the Formation of Corporate Social Responsibility Strategy

This paper explores the role of strategic conversations in corporate social responsibility (CSR) strategy formation. The authors suggest that explicitly engaging stakeholders in the CSR strategy-making process, through the mechanism of strategic conversations, will minimize future stakeholder concerns and enhance CSR strategy making. In addition, suggestions for future research are offered to enable a better understanding of effective strategic conversation processes in CSR strategy making and the resulting performance outcomes.     

跨界水资源协商管理内涵及主体分析框架

针对我国跨界水资源协商管理理论研究的不足，探讨了跨界水资源协商管理的基本概念。以此为基础，设计了我国跨界水资源协商管理主体的分析框架，即由多主体组成的、包含了各自价值取向和社会行为的主体分析框架。     

新要求下的永久基本农田划定问题研究——基于吉林省部分地区的调研

[目的]通过对本轮永久基本农田"优先划"新要求下,地方永久基本农田划定出现的一些新问题进行分析与总结,深入剖析当前永久基本农田划定存在问题的深层次原因,以期针对相应问题及原因提出对策建议,科学地引导永久基本农田的划定。[方法]运用实地调查法,在吉林省选取调研区县,深入永久基本农田划定的"第一线",直面永久基本农田划定中出现的问题,进行分析与探讨;运用层次分析法,分析永久基本农田划定问题产生的深层次原因。[结果]第一,地方阻力大、城市周边优质耕地"优先划"推进困难;第二,"三线同划"困难大,基本农田边界仍存在"落图不落地"的虚置现象;第三,一些待审批项目拟占用的耕地和与其他部门有争议的耕地举证困难;第四,城市周边出现细碎的基本农田地块,影响基本农田的"连片性",加大了保护难度;第五,基本农田调出数量大,"补充划"耕地质量堪忧。并针对相应问题提出建议。[结论]第一,明确"优先划"范围,创新地方经济发展;第二,明确"三线"位置,促进"多规融合";第三,解决争议耕地,规范举证过程;第四,引入地块评价机制,优选基本农田划定;第五,严控基本农田调出,把好补充耕地质量关。     

Cordon Pricing and Land‐Use Regulation

This study explores the simultaneous imposition of cordon pricing and land‐use regulations in a continuous and closed monocentric city with homogeneous households. Results reveal the optimal level of a single cordon toll and its location and the optimal floor area ratio (FAR) regulation, clarifying what distortions remain in the existence of cordon pricing and FAR regulation. Among other results, this paper shows that, with an optimal cordon toll, FAR regulation should alternate between a minimum and a maximum regulation, both inside and outside the cordon line.     

基于MCR与CA的城市开发边界融合划定研究——以徐州市为例

研究目的：探索基于MCR和CA模型的城市开发边界划定技术方法体系，为区域国土空间规划提供参考。研究方法：夜间灯光与遥感指数融合法、MCR模型、CA-Markov模型。研究结果：（1）2005年、2010年和2015年徐州市建成区规模分别为213.15 km2、322.18 km2和443.25 km2，并呈现向东部和东南方向扩张的特征。（2）基于MCR模型从现实供给视角划定的徐州市2020年、2025年和2030年城市开发边界规模分别为544.54 km2、635.35 km2和716.63 km2；基于CA-Markov模型从理想需求视角划定的徐州市2020年、2025年和2030年城市开发边界规模分别为555.26 km2、655.94 km2和736.23 km2。（3）本文权衡推荐两种方法的融合结果，即规模为529.69 km2、589.36 km2和698.98 km2的空间范围作为2020年、2025年和2030年徐州市城市开发边界。研究结论：根据供需平衡原理，从现实供给和理想需求不同视角构建MCR模型与CA模型融合划定的城市开发边界，符合以徐州市为代表的成长发育型城市空间扩张的规律，能够科学优化城市开发格局，有效解决城市发展与农地保护矛盾，为规划实践提供方法参考和决策依据。     

THE EFFECTS OF FIRM BOUNDARY AND FINANCING CONSTRAINTS ON UTILITY COSTS: THE CASE OF MUNICIPALLY OWNED ELECTRICITY DISTRIBUTION UTILITIES

ABSTRACT: A number of studies have examined costs and potential for scale and scope economies in electricity distribution; however, few if any, have examined this area in terms of the unique constraints associated with municipal ownership or historical and regulatory constraints associated with former municipal ownership. This paper focuses on 19 distribution‐only municipally owned utilities for a ten‐year period (1988–97). Distortions from variable outputs but largely fixed inputs are minimized. The data used were collected specifically to assess productivity, cost, and efficiency performance and include value‐based capital inputs and service prices. Outputs include energy conveyed and number of connections; inputs include capital, system losses, labour, and materials. We examine the effect of using third‐party financing (e.g., connection charges), with its inherent principal‐agent problems, on utility costs, as well as the effect of shared services and multi‐utility output (e.g., electricity and water). A translog total cost function is estimated. Our findings suggest significant returns to scope but also significant increases in costs associated with the use of third‐party financing. The results also suggest scale diseconomies. Shared outputs, which have been greatly restricted or eliminated under restructuring, may have provided larger, and now lost, economies than the scale returns blindly pursued by some through restructuring or incented/forced mergers or divestitures. Finally, it is clear that third‐party financing can raise costs; such financing is widely used among utilities providing electricity, gas, water, and telecommunications, and should be closely scrutinized.