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.     

吉林省农产品进出口对农业经济增长的效应———基于出口扩展型生产函数的实证研究

吉林省是一个农业大省,农产品进出口在整个对外贸易中占有举足轻重的地位,进出口贸易与经济增长之间的相互关系历来也是学术研究的重点。文章首先分析吉林省农产品贸易的发展状况与特点,研究了吉林省农产品贸易对农业经济的贡献率与拉动率;然后以柯布道格拉斯生产函数为基础,构建出口扩展型生产函数模型,对吉林省农产品进出口与农业经济增长,农业劳动投入、资本投入与农业经济增长的关系进行了实证分析,结果表明吉林省农产品进出口、农业固定资本投入对农业经济增长均具有正向的促进作用,农业就业人数的变化对农业经济增长的作用不显著。其中吉林省农产品出口额每增加1%,会促进农业地区生产总值增加0.198%,进口每增加1%,促进农业经济增长0.205%,农产品进出口总额每增加1%,农业地区生产总值增加0.227%。因此,吉林省要努力发展外向型农业,提高优势农产品在国际市场上的份额;同时增加农业资本投入,优化投资结构。     

电子审计体系研究

国家十二五规划纲要提出建设和完善电子审计体系。本文通过对电子审计体系的研究,提出了电子审计体系的顶层设计、总体规划和效能目标三个特性,以及电子审计体系在国家电子政务体系中的地位和作用;提出了审计业务信息化、审计管理数字化、电子审计标准化和审计队伍信息化的电子审计体系框架;提出了电子审计体系的功能演进,包括从重点查处违纪违规问题到重点促进公共财政管理规范的转变、从重点关注财政财务收支审计到重点关注国家经济安全审计评价的转变,从传统审计方式到现代审计方式的转变。     

Equivalence of optimal noisy-ranking contests and Tullock contests

We analyze a noisy-ranking contest in which participants compete in several dimensions. The organizer randomly samples a number of dimensions and awards a prize to the most productive agent. When the contest is optimally designed, we establish a structural equivalence between this family of noisy-ranking contests and contests built upon Tullock contest success functions. Our result also shows that in this class of noisy-contests, the profit-maximization problem of the planner can be turned into a stochastic choice problem for a planner who has some deterministic preferences over the contestants’ win probabilities.     

基于非线性效应的第三方支付平台兼容性研究

本文在设定网络外部性效用为符合梅特卡夫法则的非线性函数条件下，构建双寡头支付平台兼容和不兼容两种情况下的优化模型，探讨双寡头支付平台的兼容性策略选择问题。研究发现，规模对称的双寡头支付平台兼容之后，两家支付平台的利润、消费者效用及社会福利均会增加；银联成立后中国工商银行的银行卡业务利润得以提升也验证了模型结果。建议政府借鉴银联的成功经验，使银联在线成为各支付平台的聚合型平台，提高第三方支付清算系统的效率。     

Identifying terms of trade shocks in a developing country using a sign restrictions approach

Using annual data for Botswana from 1960 to 2012, we examine the responses of macroeconomic variables to four generalized positive terms of trade shocks – global demand, globalizing, sector-specific and global supply. A sign-restricted structural vector autoregression model with a penalty function is estimated to identify the four possible shocks. While positive global demand and globalization shocks are both expansionary, they have opposite effects on inflation. A positive commodity market specific shock dampens real GDP growth and is inflationary, suggesting a possible Dutch disease response. A negative global supply shock suppresses both output growth and inflation. All but the last shock leads to a significant declining interest rate. Monetary policy contraction is recommended for the first shock and expansion for the others.     

Spillovers among CDS indexes in the US financial sector

By employing the robust cross-correlation function approach proposed by Hong (2001), and conducting pre-tests for structural breaks in the variances as well as removing the causality-in-mean effects in the causality-in-variance tests, we investigate volatility and mean transmissions between the credit default swaps (CDS) indexes of three US financial sectors. We use daily series on five-year banking, insurance, and financial services sector CDS indexes at the sector level from January 2004 to December 2011. We find evidence of significant causality-in-mean effects running from the banking sector to the insurance and financial services sector CDS indexes and from the financial services to the insurance sector CDS indexes, suggesting the leading role of the banking and financial services sectors in terms of price discovery. Moreover, we find significant causality-in-variance effects from the financial services sector CDS index to that of the banking sector, implying the existence of information transmission and contagion from the former, the least regulated of the three. The implications of these findings on traders and policymakers are also provided.     

第四代港口概述及核心能力探究

第四代港口是现代港口发展的必然趋势，文中在总结第四代港口目前的研究状况及其所拥有的功能特征基础上，探究第四代港口的核心能力建设。提出港口的核心能力建设包括三个方面，即港口信息平台的建设能力、构建供应链一体化的能力和提供综合性服务的能力，为港口建设提供参考。     

集团化办学的内涵与功能

集团化办学是以职教组织为核心,以专业建设、人才培养、科技研发为主要纽带,以集团章程为共同行为规范的职业教育联合体。文章主要从集团化办学的内涵和功能进行了简单介绍。     

高职院校校内节水灌溉技术实训基地功能的研究

通过对山西水利职业技术学院校内节水灌溉技术实训基地功能的研究,指出了实训基地所具有的育人、示范、研发、鉴定和服务五大功能平台,并提出不断创新实训基地建设机制,提升实训基地的附加值的新思路。