A dynamic mechanism and surplus extraction under ambiguity

We study the question of auction design in an IPV setting characterized by ambiguity. We assume that the preferences of agents exhibit ambiguity aversion; in particular, they are represented by the epsilon-contamination model. We show that a simple variation of a discrete Dutch auction can extract almost all surplus. This contrasts with optimal auctions under IPV without ambiguity as well as with optimal static auctions with ambiguity—in all of these, types other than the lowest participating type obtain a positive surplus. An important point of departure is that the modified Dutch mechanism is dynamic rather than static, establishing that under ambiguity aversion—even when the setting is IPV in all other respects—a dynamic mechanism can have additional bite over its static counterparts. A further general insight is that the standard revelation principle does not automatically extend to environments not characterized by subjective expected utility.     

美国社区银行的发展及其对我国新农村金融建设的启示

改革开放以来,我国中小企业发展迅速,但中小企业金融银行服务体系并不健全.与欧美发达国家相比,作为银行体系重要组成部分的社区银行在我国依旧少见.本文在介绍美国社区银行发展状况及运营特点的基础上,总结了美国社区银行在服务农村建设方面的成功经验与启示借鉴,以期对我国社区银行业的深化改革提出一点想法.     

清末教育改革中督抚角色特征及对现代教育发展的启示

二十世纪初督抚以晚清地方权力膨胀为契机,在教育改革中充当了重要角色,深刻影响了中国教育近代化的行程。时过百年,中国的教育今非昔比,然而从权力角度而言,地方行政官员对教育发展的影响依然巨大。本文剖析了督抚在清末教育改革中的角色特征,以期对当前教育的发展有所启示。     

信息化时代商学院图书馆的建设与发展——中、美四大名校商学院图书馆建设的比较与启示

信息化时代中美商学院图书馆的建设与发展,成为当今时代高等商学教育发展与进步的一个重要环节,对中美四大商学院图书馆的发展状况、差距进行分析比较,对促进我国商学院图书馆事业的改革、建设和发展具有一定的启示作用和参考价值。     

中国古今生态城市发展案例及借鉴

本文选取6个典型城市作为案例,对古今生态城市发展的成功经验进行分析和总结,提炼其精华,再分别从选址与规划设计、城乡一体化发展、生态环境修复与改造、资源综合利用、保障性住房建设、老城保护和更新6个重要领域得出经验借鉴,为今天的生态城市发展提供有益的启示.     

我国乡镇治理模式的演变及启示

乡镇治理模式创新对解决"三农问题"具有重要意义,对实现国民经济协调可持续发展具有重要的作用.建国以来我国乡镇治理模式经历了三个阶段:"议政合一制"时期,人民公社的"政社合一制"时期,"乡政村治"时期.对乡镇治理模式沿革的回顾,可以发现一些有益性启示.     

Demand for the truth in principal–agent relationships

Consider the following puzzle: If earnings management is harmful to shareholders, why don’t they design contracts that induce managers to reveal the truth? To answer this question, we model the shareholders–manager relationship as a principal–agent game in which the agent (the manager) alone observes the economic outcome. We show that the limited liability (LL) of the agent, defined as the agent’s feasible minimum payment, might explain the demand for earnings management by the principal. Specifically, when the LL level is high (low), a contract that induces earnings management may be less (more) costly than a truth-revealing contract. This finding offers a new explanation of the demand for earnings management.     

青蒿素的研究思路与启示

青蒿素是我国科研工作者首次从青蒿中分离鉴定得出的具有高效低毒的抗疟特效药,其产生发展及在治疗疟疾方面的出色表现对我国中药事业具有深远的影响,本文对青蒿素的研究思路进行了综述,研究探讨了青蒿素未来发展方向及新药开发的启示。     

养老基金投资管理体制：借鉴与构建

在人口老龄化与经济增长乏力带来的养老金财政压力下,日本将侧重于服务经济增长的政府经营管理的养老金投资模式,转变为追求稳定且有效率投资回报的政府集中管理、民间机构具体投资的模式。借鉴日本经验,我国需要尽快清除养老金统一投资运营的诸多障碍,建立中央政府负责管理和投资战略,国有投资机构具体投资运营的养老金投资模式,采用数量限制投资规则,以服务经济发展和追求稳定投资回报为目标。     

Your Call: eBay and Demand for the iPhone 4☆

The iPhone 4 was introduced into the UK market on 24^th June 2010 to significant consumer interest. Demand revealed itself exceeding supply through conventional channels, since there was very extensive activity in terms of bidding on eBay auctions for the product. We monitored all UK eBay transactions on the iPhone 4 for six weeks from introduction, with total transactions amounting to around £1.5m. We analyse determinants of winning bids in terms of characteristics of the phone, the seller, and the buyer. Our most notable and novel finding relative to previous studies is a very significant premium over list price being paid in almost all cases, with positive uplift factors including whether the phone was unlocked and whether it could be sold overseas. Demand fell over time, as evidenced by lower achieved prices, but the fall in price was relatively modest. A significant premium of 32GB over 16GB versions is revealed.