Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment

Summary. We prove existence of a competitive equilibrium in a version of a Ramsey (one sector) model in which agents are heterogeneous and gross investment is constrained to be non negative. We do so by converting the infinite-dimensional fixed point problem stated in terms of prices and commodities into a finite-dimensional Negishi problem involving individual weights in a social value function. This method allows us to obtain detailed results concerning the properties of competitive equilibria. Because of the simplicity of the techniques utilized our approach is amenable to be adapted by practitioners in analogous problems often studied in macroeconomics. Received: September 13, 2001; revised version: December 9, 2002 RID="*" ID="*" We are grateful to Tapan Mitra for pointing out errors as well as making very valuable suggestions. Thanks are due to Raouf Boucekkine and Jorge Duran for additional helpful discussions. We also thank an anonymous referee for his/her helpful comments. The second author acknowledges the financial support of the Belgian Ministry of Scientific Research (Grant ARC 99/04-235 “Growth and incentive design”) and of the Belgian Federal Goverment (Grant PAI P5/10, “Equilibrium theory and optimization for public policy and industry regulation”). Correspondence to: C. Le Van     

上市动机、投资者情绪与首次公开募股市场收益

文章以发行人筹资收益最大化为假设,对市场热季周期下发行人、承销商与投资人三者之间的博弈过程以及投资者情绪对首次公开募股(IPO)市场定价的影响机制进行研究.研究结果表明,发行人最优发行数量小于市场需求数量、承销商定价低于市场需求价格的目的在于确保发行成功和获取日后收益;投资者高亢的投资情绪可以对IPO市场短期收益正偏和长期收益负偏成为普遍现象进行解释.     

“负成本”低碳转型及其政策链构建

面对气候变化带来的所有问题,低碳经济是最有效的发展模式。在低碳经济转型过程中,对于企业或者某个行业来说,转型成本是其最为关心的问题。因此,基于麦肯锡成本曲线中负减排成本概念,从成本定义、执行中的障碍及贴现率三个方面分析负减排成本的不足之处;在此基础上,提出低碳经济转型"负成本",并从低碳转型成本的增加和减少两方面建立计算模型。最后,以低碳经济转型负成本作为核心要素,构建实现"负成本"低碳经济转型的政策链。     

Comparative Research Productivity Measures for Economics Departments

The typical profit-maximization solution for the joint-production problem found in intermediate texts, managerial texts, and other texts concerned with optimal pricing is oversimplified and inconsistent with profit maximization, unless there is either no excess of any of the joint products or no costs associated with dumping. However, it is an inappropriate method of solution where excess does exist and the costs of dumping are explicitly recognized and, with respect to such cases, is at least nongeneral. The authors present a more realistic alternative method of solution, although more complex, as a substitute for the textbook method of solution typically offered.     

因行业而异的温室气体减排政策——基于古诺模型的福利分析

笔者在古诺模型中引入温室气体排放的负外部性问题,分析了厂商的利润最大化行为,并基于社会福利函数得到了温室气体最优排放水平。该最优结果与经典的庇古分析结果相比偏多,这表明庇古政策并不是最优的,最大化社会福利的排放额并无需完全弥补排放的负外部性。进一步分析表明,最优排放水平与市场结构有关,垄断程度越高减排水平反而应该越低。     

上市公司利润泡沫的剖析

利润是企业经营成果的集中体现,也是衡量企业经营管理业绩的主要指标之一。随着财务报告信息在市场经济中地位的不断提升,部分上市公司为了寻求对自己有利的财务成果,不惜一切手法操纵利润,甚至采用欺诈手段不合法地调整企业的利润,形成了泡沫利润,损害了投资者的利益,影响了我国证券市场的正常发展。本文针对目前上市公司财务报表的利润浮夸现象,就企业泡沫利润的形成原因、手段进行分析,并对如何识别泡沫利润的手段提出了初浅的看法,最后提出了相应的防范措施。     

浅谈新形势下建筑工程合同管理存在的主要问题和解决途径

结合《工程量清单计价规范》、《建设工程施工合同示范文本》和合同管理的实际情况,分析目前在工程量清单计价模式下合同管理存在的主要问题,并提出相应的对策和解决途径     

桩基负摩阻力特性研究探讨

在桩基工程中,因负摩阻力问题造成工程事故屡有发生,负摩阻力问题相关研究现在越来越受到重视。本文介绍了桩基负摩阻力产生机理及影响因素,简要论述了其研究现状,并探讨了现今桩基负摩阻力特性研究中存在的主要问题。     

汉语意念主轴与英汉误译

中国学生对英语的误读误译的源头正是汉语母语"意念主轴"的心理引导。张传彪教授"译海拾贝"系列文章对其揭示的具体原因在于汉语的潜意识、望文生义、意合思维的误导和汉语"音韵律"的负迁移。     

浅谈“入世”对我国外贸发展的消极影响

目前论述“入世”对我国外贸发展的积极作用的文章很多 ,而论述其消极影响的很少。本文主要从“入世”对我国的出口市场结构、出口商品结构、外贸发展方式、外贸发展的地区差异等方面论述其消极影响 ,使人们对“入世”影响的了解更全面。