On Efficiency of Decentralized Environmental Regulation

Contrary to conventional wisdom about an environmental race to the bottom, the theoretical literature as exemplified by Oates and Schwab [1988, Journal of Public Economics, 35:333–354] maintains that homogeneous jurisdictions’ decentralized choices are likely to be socially optimal because each locale sets capital tax rates to zero and sets optimal environmental standards. This paper shows the well-received Oates–Schwab-style efficiency result is not likely if allowed aggregate-emissions act as a firm-augmenting public input that benefits mobile firms.Thanks to participants at the University of Alberta and the reviewers and editors for their helpful comments     

An Efficient Avoided Cost Pricing Rule for Resale of Local Exchange Telephone Services

The Telecommunications Act of 1996 requires incumbent local exchange telephone companies to make their retail telecommunications services available to resellers at a discount that reflects the costs that will be avoided by providing the services at wholesale rather than at retail. In this article, we develop a pricing methodology to apply to such wholesale services. The methodology, which we label the Avoided Cost Pricing Rule, is designed to generate an economically efficient discount that may be applied to the incumbent local exchange carriers' services that are offered to resellers.     

Exclusive Versus Non-exclusive Dealing in Auctions with Resale

We consider a seller who can either sell exclusively through resellers, or allow potential consumers to purchase directly from him. The consumers’ willingness to pay is private information. All transactions are in the form of second-price sealed bid auctions. We show that, if the resellers can gain access to a substantially bigger portion of the market than the seller himself, the seller obtains a higher revenue by dealing exclusively through them, i.e., by committing to not sell to any consumer. The result is due to a “winner’s curse” effect: the resellers win only if the consumers that they compete against submit lower bids, i.e., if part of their customer base has low valuations. This depresses the resellers’ willingness to pay relative to what they would be willing to pay under an exclusive resale contract. Our results do not depend on the presence of transaction costs: exclusive dealing yields strictly higher revenue even when the resellers can market the item at zero cost. We would like to thank Richard Engelbrecht-Wiggans, Michael Rothkopf and seminar participants at Iowa State University, the Midwest Mathematical Economics meetings, the Milken Institute, Rutgers University, SUNY at Stony Brook Summer Workshop on Game Theory, for helpful comments and suggestions.     

Partial Pooling at the Reserve Price in Auctions with Resale Opportunities

Two features common to many auctions are the use of reserve prices and the existence of secondary markets for the goods being sold. Even in simple symmetric settings, the combination of these features can preclude existence of an equilibrium in symmetric separating bidding strategies. With a reserve price sufficiently far below the maximum (endogenous) valuation, a symmetric equilibrium still exists, but with some types pooling at the reserve. The optimal reserve price depends not only on the joint distribution of bidders' information before and after the auction, but also on how surplus is divided in the secondary market. Journal of Economic Literature Classification Numbers: D44, C7, L1, D82     

关于外汇市场有效性的实证研究

对外汇市场的有效性检验不仅是一个理论问题,而且是一个影响政府经济、金融决策的重要现实问题。从最早的线性回归模型,到近期的随机漫步和协整理论,学者们试图用不断发展的新方法从各方面研究外汇市场的有效性。本文采用上述三种方法检验香港外汇市场的有效性,比较了三种方法在实际运用中的一些特点。     

Resale Markets and the Assignment of Property Rights

The consumption of an indivisible good causes identity-dependent externalities to non-consumers. We analyse resale markets where the current owner designs the trading procedure, but cannot commit to future actions. We ask the following questions: (1) Does the identity of the initial owner matter for the determination of the final consumer? (2) Is the outcome always efficient? The major conclusion of our paper is that the irrelevance of the initial structure of property rights arises in resale processes even if there are transaction costs that hinder efficiency. This result complements the Coasian view where the irrelevance of the assignment of property rights is a consequence of efficiency.     

交换效率与经济体制的两难冲突

交换效率是有别于帕累托效率、市场信息效率的第三种效率概念。如果将政府的经济职能限于维护市场经济秩序和纠正市场失灵,那么判断政府干预经济与推动制度变迁的行为是否得当的标准是市场是否达到了交换有效。     

Efficiency of the Warsaw Stock Exchange: Analysis of Selected Properties

The Warsaw Stock Exchange (WSE) has been operating in present form for 15 years. WSE is regarded as an “emerging market”. We can observe that it is still developing (in order to become “developed market”). The level of development is often analyzed with reference to the efficiency of the market. We can say that the capital market is efficient if the prices at the market fully reflect all available information. The aim of the presented research is to analyze the current situation at the Warsaw Stock Exchange. Particularly we investigate the weak form of efficiency using selected statistical tests. The research is based on actual data concerning daily observations of shares at the Warsaw Stock Exchange transformed to the logarithmic rates of return, considering the period 2000–2006 and subperiods: the bear market, stagnation and the bull market.

汇率制度研究

汇率制度变迁的历史及其国际比较表明:没有任何一种汇率制度能适合任何国家或一个国家的任何时期,每一个国 家都应根据自己的实际情况去选择适合自身经济发展的汇率制度。     

On the Efficiency of Job Search with Social Networks

This paper provides a simple matching model in which unemployed workers and employers can be matched together through social networks and through more efficient, and also more costly, methods. In this framework, decentralized decisions to utilize social networks in the job search process can be inefficient and give rise to multiple equilibria. More precisely, in a decentralized equilibrium, social networks can be overutilized, with respect to an efficient allocation, in some circumstances and underutilized in others. Moreover, the existence of different job search methods can give rise to a higher job search intensity than the efficient one. This is in sharp contrast with the standard result, derived in matching models, according to which search intensity is always too low if not efficient. Finally, in the presence of different job search methods, conditional unemployment benefits hikes, which can be used as a coordination device to improve welfare when individuals.     

论效率

效率，存在于一切运动领域，但只有人才能主动地认识和提高效率。管理，作为人的操作方式，其核心就是为了提高效率。效率是一个复杂的多维的立体的动态的“全息”概念，效率原则，就是在实际生活中，严格地以追求高效率为目标，一切行动以高效率作为衡量的标准。效率原则的实现需要进行效率革命。效率革命的成果表现为效率文明。但真正要进行效率革命，创造效率文明，必须用科学的方法，把提高效率作为一项系统工程。     

Speculative Efficiency and the Exchange Rate: Some Evidence Since the Float

This paper considers whether the speculative efficiency hypothesis holds in the foreign exchange market since the floating of the Australian dollar in December 1983. For the post-float period as a whole, the speculative efficiency hypothesis can be rejected in the 30-day market but not in the 15-day or 90-day markets. Evidence of a structural change in the market in February 1985—the time of the first major depreciation - was also found.     

论传统期货交易所公司化改造的背景

许多传统的会员制非赢利期货交易所近年来纷纷进行公司化改造,成为赢利性的股份公司。尽管对这种组织变革及其相关问题存在着一些不同认识,但要深入研究这些问题,必须首先弄清出现公司化改造浪潮的背景。研究表明,促成这类战略决策的主要因素包括三个方面：信息技术的变革与创新使传统交易方式和组织形式面临技术竞争力方面的压力;国际期货市场结构发生了重大变化,传统交易所组织形式面临竞争方面的严峻挑战,有关国家的市场监管部门为提升本国期货业的竞争实力,对交易所的组织变革提供了有力支持。     

浅议我国最佳外汇储备规模

截止到2005年12月底，我国的外汇储备已达到8000亿美元，关于其数额是多是少的争论进行得如火如荼。本文对充足外汇储备给我国经济和社会带来的有利之处进行了理论上的分析后．又采取数学方法对我国2004年最佳的外汇储备数额进行了测算．得出了一个结论：我国的外汇储备并不多。然后，在此基础上对我国外汇储备的管理提出了几点建议。     

生态工业中的废物交换系统探讨

生态工业是基于产业生态学理论兴起的全新工业运作模式．它强调的是工业共生与资源循环利用．通过物质流、能量流和信患流的相互联系．使一个企业的废物作为另一个企业的原料加以利用，达到社会经济和环境效益的最大化。本文通过分析三种不同生态工业中的废物交换，并对其管理手段、经济效益和环境效益进行对比．显示建立工业生态废弃物交换系统有利于实现资源利用效率的最大化和污染排放的最小化。基于互联网的生态工业废物交换系统可以有效降低企业废物交换的时间和成本，增强生态工业链的秉性抗风险能力。     

基于安全与效率的我国外汇储备规模管理

合理适度的外汇储备规模可用于事关国计民生的重要资源采购或储备,配合国家可持续发展战略的实施,可用于解决经济运行中的若干紧迫问题。但是这一轮人民币汇改以来的两年间,超越安全边界的过多外汇储备又会对我国商业银行的效益产生负面影响,对国家金融安全构成威胁。该文从我国外汇储备的现状出发,分析了超额外汇储备的潜在风险,并在此基础上提出了关于保持外汇储备适度规模,优化其结构,提高其利用效率的政策建议。     

论效率与公平的统一

效率和社会公平可以兼得,公平可以促进效率,不公阻碍效率。最大的公平就是最大的效率。维护公平,注重效率, 努力促进人的自由而全面的发展,是马克思主义关于建设社会主义新社会的本质要求。     

On the Efficiency of Green Trade Policy

The paper derives conditions for second best environmental policy when there are foreign countries which fail to implement appropriate environmental regulations. It is shown that in such cases, efficiency in the global economy will not be achieved unless domestic environmental regulations are supplemented by trade provisions. The result is independent of whether environmental problems are local or international. Furthermore, when trade provisions are implemented, efficiency requires that domestic environmental taxes are fixed at the Pigouvian tax rate. The results imply that there is an economic rationale for regulating the trade between signatories and non-signatories of international environmental agreements. Efficient trade regulations will either take the form of trade restrictions or trade promotions, depending on whether the environmental problem is created by production or consumption activities, and whether the net import of the relevant commodity is positive or negative. It is argued that an efficient climate agreement, signed by a group of fuel-importing countries (e.g., the OECD countries), should include a subsidy on the import of fossil fuels.     

试论纳兰性德的文化交游活动

纳兰性德开展了一系列文化交游活动,建立了范围广、影响大的诗学活动中心,其成就为各重文化圈所认可,从而确定了其作为“开创满族诗学先河的人物”的这一重要地位。     

现代易货交易的发展研究

文章介绍了现代易货交易方式的特点、实质、方式、途径、条件以及现代易货交易在国际上的发展情况 ,讨论了现代易货交易对企业生产经营和社会资源流动产生的影响。结合我国企业的实际情况讨论了现代易货交易在我国的发展前景。