A SURVEY OF THE HOLD‐UP PROBLEM IN THE EXPERIMENTAL ECONOMICS LITERATURE

This paper reviews experimental studies on the so‐called “hold‐up problem.” Common features in the experimental design and results are summarized. Most experimental studies show evidence of the hold‐up problem, but to an extent less severe than what standard self‐interest model predicts. Hold‐up occurs at the individual level, but exhibits a less severe pattern than theoretically predicted at the aggregate level. A positive correlation is found between the investment stage decisions and subsequent bargaining behavior. Social preferences largely influence the results in hold‐up games. Remedies that enhance the effect of social preferences can effectively alleviate the hold‐up problem. These laboratory findings are also relevant to real‐life hold‐up situations, but differences in the specific institution and environment may require more variations in the experimental design.     

变革时代的哲思

住房是民生之本，有一个健康、稳定的持续发展的房地产业，是关系国计民生的全局性、长远性的问题，具有重要战略意义。     

邹毅：机构匮乏是房企融资最大问题

进入第三季度以来,随着房地产行业的回暖,以及房地产企业业绩的回升,地产行业融资再度提速。     

SHIFTING BOUNDARIES IN ECONOMICS: THE INSTITUTIONAL COGNITIVE STRAND AND THE FUTURE OF INSTITUTIONAL ECONOMICS

This paper aims at contributing to the debate on the future of institutional economics and of the field as a whole by starting from the literature that discusses the relationship between Old‐Original Institutional Economics and New Institutional Economics. It suggests that the process of reunifying OIE and NIE (and evolutionary economics) prompted by part of the literature could be improved by the contribution of the Cognitive Institutional Economics. The paper follows a two‐stage pathway: first, it frames the debate on the relationships between NIE and the OIE and it concentrates on a subset of the literature that shows that NIE's recent developments complicate the distinction between NIE and OIE, and it explores the possibility that NIE and OIE may merge so that an amalgam of NIE, OIE and Evolutionary Economics becomes the next economic paradigm. Secondly, the paper argues that a step forward in the direction outlined by the literature has been made by CIE, which is a research stream that developed from cross‐fertilization among NIE, OIE and the Hayekian contributions to the analysis of institutions. In the concluding remarks, the possible emergence of a single institutional paradigm is discussed in the light of the literature about change in economics.     

THE GLOBAL IMBALANCES: WHAT IS THE PROBLEM?

In the 2007 Wincott Lecture the author argues that global current account imbalances are an indication of 'intertemporal trade'. Savings and investment, both private and public, determine the imbalances. He expounds Richard Cooper's argument that it is perfectly natural for the USA to have a big deficit and suggests that the large Chinese surplus may be temporary.     

A LIMIT THEOREM FOR BERNOULLI RV'S AND FELLER'S SHOE PROBLEM

Consider n sets of objects, each set consisting of m distinct types (for instance n place settings each made up of m distinct dishes and silverware pieces.) s items are drawn at random from the mn items. The distribution of the number of complete sets (each consisting of all m items) in the sample of s is asymptotically Poisson distributed with parameter (a /m )^m if s = an ^1–1 and n →∞. This fact can be interpreted in terms of a certain limit theorem for a sequence of i.i.d Bernoulli rv's.     

COMPETITIVENESS WITHIN THE EURO AREA: THE PROBLEM THAT STILL NEEDS TO BE SOLVED

Unsustainable public debt, low competitiveness and high current account deficits are major problems for the so‐called PIIGS countries. These countries experienced consumer price and wage inflation above the euro area average in the first decade of the euro, basically fuelled by buoyant capital inflows. The resulting real appreciation against low‐inflation countries led to a deterioration in their competitiveness, but rigid labour markets now prevent a quick market‐based readjustment of real wages to the changed situation. Thus, both public expenditure cuts and structural labour market reforms are urgent to reduce the likelihood of a euro area break‐up.     

APPLYING NORTH'S LAWS OF MOTION TO THE EDGE OF THE WEST

This paper uses Douglass North's theories of institutional economics to explain progress in Muslim Spain. It argues that it was efficient economic institutions in the guise of a free-market economy where the property rights of different strata of society were well protected, which ensured lasting prosperity. This paper postulates that while a population explosion could have been responsible for the initial growth in Spain, it was an efficient formal–informal institutional matrix that ensured a high level of long-term growth.     

MANAGING THE DEBT PROBLEM: HISTORICAL PARALLELS AND CONTEMPORARY POLICY

Books reviewed in this article:
Barry Eichengreen & Peter H. Lindert (Eds.) (1989) The International Debt Crisis in Historical Perspective.
Jeffrey D. Sachs (Ed.) (1989) Developing Country Debt and Economic Performance.
Graham Bird (Ed.) (1989) Third World Debt: The search for a solution.     

THE FATAL ERROR OF SOLVENCY II

The introduction of the Solvency II insurance company regulatory regime is based on a flawed application of scientific ideas to areas to which they are simply not applicable. The new regime will endanger the solvency of the insurance industry in the long run.     

利用地理标志保护法规 护航区域特色经济

地理标志产品保护是知识产权保护的重要内容之一,是证明产品正宗的质量认证标志。广西近年来采取积极措施,大力推进地理标志保护工作,充分发挥了地理标志保护产品在提高企业竞争力、增加农民收入和促进县域经济发展的积极作用。