Jules Dupuit: A sesquicentennial tribute to the founder of benefit-cost analysis

Abstract

This article examines Slutsky's 1927 paper ‘The Summation of Random Causes as the Source of Cyclic Processes'. It provides an in-depth analysis of both the content and the reception of Slutsky's groundbreaking contribution by distinguishing between a ‘real' and a ‘statistical' interpretation of Slutsky's two related hypotheses, and also discusses the context of composition of the paper in the Moscow Conjuncture Institute. It then places the 1927 paper in the context of Slutsky's other work in economics and statistics, and highlights some lines of influence that have emanated from it. Various latent ambiguities in Slutsky's ideas are considered.     

家族企业创业者与职业经理冲突研究

在家族企业中，创业者和职业经理人目标的不一致导致双方产生冲突。这种冲突源于应得权利分配，而外部经理市场的健全程度、国家信用市场健康程度以及企业发展阶段等外部因素则影响到双方对现有应得权利分配比例的满意程度，并进而影响到双方冲突的程度和烈度。     

Directing the wisdom of the crowd: the importance of social interaction among founders and the crowd during crowdfunding campaigns

Crowdfunding plays an important role as an alternative funding source for technology ventures. No earlier studies particularly investigated the importance of social interactions during such crowdfunding campaigns. Hence, we particularly take the interaction between the project owner and the community as well as among community members into account. We empirically investigated potential success factors for crowdfunding projects of entrepreneurs on the base of 430 projects from the German crowdfunding platform Visionbakery. Our results show that social interaction during a crowdfunding campaign indeed increases the likelihood of its success. As comments from crowd members on particular projects might be positive or negative and can also provide additional argumentation or raise questions, comments can cause a dialog among crowd members. This shows that herding might not only be related to the number of contributors but also to their shared attributes and perceptions. Our discussion of theoretical and managerial implications closes with recommendations for future research on this evolving topic.     

从"能力"角度研究产业集群的综述

能力是一种隐含知识,马歇尔的产业集群分析方法实际上是基于能力的方法.产业集群是一个能力体系,产业集群的能力来自于具有不同诀窍的企业、机构之间的相互作用.通过分析,指出从能力的角度可以对产业集群的许多现象进行更好的解释.     

中国汽车产业走向世界发展研究述评

加入ＷＴＯ ,中国汽车产业的未来发展史无前例地引来业内外学者专家的高度关注 ,迎接中国汽车市场更加开放的新阶段的挑战与机遇被认为是“冲击”、“危机” ,诸如技术冲击、资金冲击、品牌和质量冲击 ,等等。中国汽车产业的发展际遇、发展战略、因应策略也引来各方论争 ,在本文将援引大量的论点 ,并给予评述。一、中国汽车产业的战略地位的确立汽车产业在大国工业化进程中的战略作用 ,诺贝尔经济学奖获得者西蒙·库兹涅茨曾通过大量的实证研究给予了肯定。西蒙·库兹涅茨就 2 0世纪 6 0年代以前西方发达国家长期产业结构变化进行了综合分析…     

A Contribution to the Theory of Welfare Accounting

A kind of "unified theory" is proposed as a dynamic generalization of the standard consumer-surplus methodology for evaluating welfare changes. The "unified theory" allows rigorous dynamic welfare comparisons to be inferred between any two economic situations—from just knowing current incomes and observing a short-run market demand schedule. Essentially, the change in present discounted future utility is exactly captured by the formula: difference in current income plus consumer surplus . This well-known formula is thereby shown to cover a far wider class of welfare comparisons than is customarily treated in the textbook static case.     

A panel cointegration approach to the investment-saving correlation

This paper augments the empirical literature concerning the Feldstein-Horioka puzzle using non-stationary panel data. Recently developed tests for panel cointegration and panel unit root tests are employed. We find substantial evidence to support the hypothesis of no cointegration in this panel, implying a high degree of international capital mobility. Our results suggest that tests for cointegration in panel data provides a better methodological focus than the magnitude of saving-retention coefficients. First version received: August 1999/Final version accepted: December 2000     

A counterexample to the folk theorem with discounting

The ‘folk theorem’ formalizes the theme that ‘repetition leads to cooperation’. We present an example showing that, even with perfect monitoring, the set of Nash equilibria of the discounted games does not have to converge to the feasible, individually rational set, i.e., this version of the ‘folk theorem’ can break down.     

A Graphical Approach to the Standard Principal-Agent Model

An obstacle to the teaching of principal-agent theory is the technical complexity and intractability of the general model. Even in academic studies strong assumptions are often imposed so as to derive an analytical solution. The author describes a graphical approach to the standard principal-agent model. Characterizing equilibrium in the contract space defined by the incentive parameter and insurance component of pay under a linear contract, this approach provides a simple and intuitive method for analyzing the principal-agent problem, which can be easily understood by students of economics with basic knowledge of algebra and differentiation. The approach has shown to be convenient and rich for comparative statics analyses.     

A common backstop to the Single Resolution Fund

During the establishment of the Banking Union it has been agreed to develop a common backstop to the Single Resolution Fund. The following key principles constitute the point of departure of this paper:

1. Fiscal neutrality in the medium term;

2. Instrument of last resort;

3. Equivalent treatment across all Member States in the Banking Union; and

4. No costs for non-Banking Union Member States.

For each aspect the legal and regulatory background as well as the economic implications are provided. They significantly influence the common backstop’s final design and the choice of an adequate provider for the steady state.