垄断竞争的电信业定价策略研究

讨论垄断竞争条件下电信业定价策略,对理解电信运营商的竞争行为、制定电信业竞争政策有重要的意义。本文将呼叫外部性引入模型,考察了呼叫方内部化接听方效用条件下企业定价策略,从而扩展了目前理论内容和结论。研究表明：当呼叫方内部化接听方的效用时,在线性定价条件下,电信运营商仍然会通过提高接入费进行合谋;在非线性定价条件下,由于电信运营商可以利用固定费进行市场份额的争夺,电信运营商不再有利用接入费进行合谋的动机;在基于终接网络的价格歧视条件下,当消费者接听效用接近于呼叫效用时,电信运营商将会通过制定无穷大的呼叫异网价格来获取更大的市场份额,因此网络联接发生了中断。     

消费者寻求多样化与企业定价竞争

消费者寻求多样化的购买行为会对寡头企业之间的价格竞争和经济效率产生重要影响。文章研究发现,针对消费者寻求多样化的购买行为,企业会对忠诚的消费者给予价格优惠,而对新顾客索取高价;消费者寻求多样化购买行为弱化了企业两期价格竞争,导致“默契合谋”;而以两期统一定价为基准的经济效率分析显示,歧视定价机制促进了企业间竞争,导致消费者剩余增加,企业利润减少。     

Producer and Consumer Interests, the State-Owned Pipeline, and Public Authority Pricing of Natural Gas*

This paper considers producer and consumer interests when state ownership of a pipeline provides a public authority with monopoly and monopsony power. In contrast with the producer/consumer conflict in the regulatory setting where self-interested authorities choose the price at which producers and consumers directly transact with one another, in the pipeline case producers and consumers have a commonality of interest which is sustained even if the authorities take the view that it is politically inexpedient to take advantage of monopoly power with respect to consumers.     

Internalizing the Social Costs of a Small Number of Powerful,Overindebted Firms

Extraordinary debt-to-capital ratios (leverage) and the compression of markets to very few, large companies (concentration) are economic risk factors. They have contributed to vast social costs during the current economic crisis in the USA and in Europe. This theoretical study internalizes these social costs via two market-based policy instruments for the first time in a real-economy Dixit–Stiglitz framework: a tax on firms' debt capital use and a subsidy for market entrants. It helps understand the complex real-economic mechanisms that these policy instruments cause, it derives intuitive rules of thumb for setting the tax rate and the subsidy level so that they elevate welfare, and it suggests ways to practically implement the policies.     

策略性掠夺性定价及反垄断规则

策略性掠夺性定价理论显示,掠夺性定价是一种合理的企业策略性行为.掠夺性定价的策略性实施包括两个基本的要素:一是牺牲短期利润;二是在长期能够通过行使市场势力来收回短期损失.通过对主要的掠夺性定价检验规则和加拿大、美国、欧共体的反垄断执法实践的分析,本文认为基于乔斯科-克莱沃里克的两阶段检验规则是较优的掠夺性定价执法规则.     

An Empirical Equilibrium Job Search Model With Search on the Job and Heterogeneous Workers and Firms

In this article we present and estimate a synthesis of previous equilibrium search models, allowing for continuous distributions of workers' opportunity costs of employment as well as firms' productivities. The model allows for on-the-job search, and we assume that job offer arrival rates for workers are independent of their labor-market state. We derive the theoretical implications of these assumptions, we provide simulations, and we develop a semiparametric estimation procedure that we apply to a dataset of individual labor-market histories.     

Consensus Consumer and Intertemporal Asset Pricing with Heterogeneous Beliefs

The aim of this paper is to analyse the impact of heterogeneous beliefs in an otherwise standard competitive complete market economy. The construction of a consensus probability belief, as well as a consensus consumer, is shown to be valid modulo an aggregation bias, which takes the form of a discount factor. In classical cases, the consensus probability belief is a risk tolerance weighted average of the individual beliefs, and the discount factor is proportional to beliefs dispersion. This discount factor makes the heterogeneous beliefs setting fundamentally different from the homogeneous beliefs setting, and it is consistent with the interpretation of beliefs heterogeneity as a source of risk.
We then use our construction to rewrite in a simple way the equilibrium characteristics (market price of risk, risk premium, risk-free rate) in a heterogeneous beliefs framework and to analyse the impact of beliefs heterogeneity. Finally, we show that it is possible to construct specific parametrizations of the heterogeneous beliefs model that lead to globally higher risk premia and lower risk-free rates.     

Policy, Markets and Knowledge: Strategic Synergies in Indian Pharmaceutical Firms

This paper addresses the question of how Indian pharmaceutical firms have transformed themselves from reverse-engineering firms focused on the domestic market to research-driven firms with global presence. It analyses the crucial and changing role of national, then international, innovation and regulatory policies and their impact on growth, performance and technology evolution of Indian pharmaceutical firms. The paper argues that although public policy increased market turbulence, it also provided new opportunities for firms to expand and build new technology, knowledge and market capabilities. From the 1950s Indian firms have pursued a variety of research, marketing and internationalization strategies to tackle changes prompted by policy, markets and knowledge complexities. The paper traces firm strategies that vary both in time and by firm, and argues that the successful firms have evolved substantively towards knowledge-based strategies. The paper then attempts to identify future directions for strategy, knowledge and markets.     

Consumer Information and Firm Pricing: Negative Externalities from Improved Information

We analyze the effect of consumer information on firm pricing in a model where consumers search for prices and matches with products. We consider two types of consumers. Uninformed consumers do not know in advance their match values with firms, whereas informed consumers do. Prices are lower the greater the proportion of uninformed consumers. Hence uninformed consumers exert a positive externality on the others, in contrast to standard results. This leads to socially excessive investment in gathering prior information when aggregate demand is price-sensitive.     

The Strategic Management of Trade Secrets in Technology-based Firms

The importance of trade secrets to the effective strategic management of technology-based firms can make the difference between economic success and failure for significant new product lines, or even the firm itself. This article proposes the conceptual outlines of a framework addressing the strategic management of trade secrets. The author identifies three environments that strongly influence strategy formulation (legal and market) and strategy implementation (organizational). A conceptual framework for trade secret strategy formulation is developed, offering a logical approach to reaching a managerial choice of trade secrecy over other forms of intellectual property protection. Discussion of trade secret strategy implementation invokes an emphasis on managerial control structures and mechanisms, focusing on the use of the trade secret audit, the identification of components of an implementation strategy (e.g., employee education, controlling physical and electronic access, and monitoring competitors), and an ever vigilant defense of trade secret protection pursued in the courts.     

Analysing the Performance of Firms Using a Decomposable Ideal Index Number to Link Profit, Prices and Productivity

This article reviews an index number framework that links changes in aggregate performance measures (such as profit, revenue, cost and total factor productivity) to changes in both the prices and quantities of key outputs and inputs. The framework provides a way of linking the aggregate performance measures to outcomes for individual customer groups, employees and owners of businesses. This information is useful to policy makers in evaluating the outcomes of economic reform, including the distributional consequences. It is also useful to regulators who need to understand and monitor both the consequences of their regulation and the response to their decisions by those being regulated. The article demonstrates that the logarithmic version of Fisher's Ideal index offers a useful way of integrating changes in profit, productivity and prices into a single analysis. The usefulness of the framework is illustrated by applying it to a data set for Australian National.     

On the Uniqueness of the Welfare–maximizing Number of Firms Under Cournot Oligopoly

Under Cournot oligopoly with a homogeneous product, we present a sufficient condition that guarantees the uniqueness of the welfare–maximizing number of firms to attain the global maximum level of welfare by implementation of a piecemeal policy changing the number of firms gradually. We adopt Selten's (1973) 'fitting–in function' method, which relates an individual firm's output to an industry's output. When the number of firms is unique, then introducing a lump–sum profit tax (subsidy) can attain the optimal level of welfare. Indirect entry regulation is superior to direct entry regulation from the standpoint of welfare if each entrant engages in rent–seeking activities.     

消费者金融行为、消费者金融教育和消费者福利

消费者金融行为的研究是一个多学科的研究领域,并在近十年来开始得到主流经济学和金融学的重视。消费者金融行为的研究集中在如何定义、描述、理解和预测、改变、发展,以及比较消费者的金融行为。本文从上述六个方面对美国关于消费者金融行为的研究进行了简要综述,并讨论了消费者金融行为与消费者金融教育、消费者福利之间的关系。最后,对中国消费者金融学的研究提出了几点建议,希望对中国消费者金融学领域的发展有所贡献。     

Life Science Innovation and the Restructuring of the Pharmaceutical Industry: Merger, Acquisition and Strategic Alliance Behaviour of Large Firms

This article explores the transformative nature of the life sciences in the context of pharmaceutical mergers, acquisitions and strategic alliances. Drawing on interviews with senior scientists and managers from large pharmaceutical firms, and secondary data on general industry trends, it identifies diverse company strategies for capturing and exploiting new technologies/knowledge and explores their implications for innovation. The article suggests that mergers, acquisitions and strategic alliances represent a cluster of related activities that provide various strategic options for managing innovation and productivity deficit. However, because the preferred balance between in-house R&D and externally sourced knowledge depends on a number of firm-specific factors, as well as challenges posed by the external operating environment, there is increasing variation between large companies in how these activities are exploited and strategically managed.     

具有转移成本市场中的企业策略性行为分析

在很多市场上,消费者在不同品牌的产品之间转换消费将面临转移成本,即使在功能相同的产品之间进行转换消费,转移成本也会存在.文章主要是在动态博弈的框架下研究转移成本存在对企业的策略性行为和社会福利的影响.在产量竞争模型中,研究表明随着转移成本的变化,在位企业可以封锁、阻止或容纳进入,当进入发生时,社会福利增加.在引入产品差异而建立的价格竞争模型中,在位企业可能阻止或容纳潜在竞争企业的进入,但不能封锁进入,不管何种情况发生,社会福利都不会恶化.从公共政策的角度看,政府应该鼓励进入.文章的研究结果部分否定了Klemperer(1988)进入导致社会福利的恶化的研究结论.     

最低质量标准下企业进入的策略性行为选择

一个行业的竞争力和绩效水平往往要受到行业进入条件和容易程度的影响。对于进入者而言,制约进入的根本技术因素是最低质量标准。在差异化产品市场中,无最低质量标准的限制且进入成本较小时,进入者无论是以高质量进入还是以低质量进入,所获得的利润是一样的,而在内生最低质量标准限制情况下,在位者和进入者达成竞争均衡时的利润有很大的差异,最低质量标准改变了在位者和进入者的质量选择,在位者是高质量产品企业所获得的利润小于在位者是低质量产品企业时所获得的利润,因此,如果在位者能够自由选择质量,在位者有可能选择生产低质量产品,进入者可能选择生产高质量产品,这导致产品市场的竞争不足。在这种情况下,政府应为企业创造开放与竞争的市场环境和政策导向。     

企业并购中的目标企业博弈行为研究

论文从目标企业角度,提出目标企业在并购中的博弈行为实质———联合基础上的斗争,目标企业在并购中决不是消极被动的。首先在分析博弈论与并购关系的基础上,分析博弈论常见案例在目标企业选择中的应用及如何利用纳什均衡的多重性;接着从博弈论角度对增资扩股和股权转让两种并购方式进行区分,首次建立系统的目标企业在并购中的应对策略行为模型,计算并购双方的得益,从理论上解释并购中目标企业能够获取大部分并购溢价之迷。论文用实际案例进行佐证,并提醒主并企业要注意目标设置的并购陷阱。     

“互联网+”与消费品制造企业转型——基于架构创新的视角

通过研究架构理论,分析了消费品制造企业在互联网+背景下的架构创新。提出变换外围要素、核心要素相同的二阶中性置换可以形成两种不同的消费品制造企业架构创新模式。经过改进的双层技术接受模型检验,两种模式的结果殊途同归,预测两种模式结合的双层架构创新模式会成为未来新型消费品制造企业架构创新的主流。     

贸易、FDI和企业的组织形式

1．前言国际贸易和外国直接投资(FDI)一直以来都身居全球增长最快的经济活动之列。2003年,全球货物出口额直逼73,000亿美元,全球商业服务出口额将近18,000亿美元；同时,全球FDI流入额也接近5,600亿美元。然而,在1990年到2001年跨国公司海外分支机构营业收入的扩张速度甚至要比全球货物出口和非要素服务出口的迅猛增长快得多。服务业FDI前所未有的扩张是该增长的一个显著特点：1990年,服务业FDI流入累积额为9,500亿美元,而到了2002年,该数值已增加到40,000亿美元。2001-2002年,投资到服务业的FDI占总FDI流入额的2/3。     

不确定性、普通商品定价和资产定价

考察普通的商品的定价理论的历史,我们发现从劳动价值论、效用理论以及新古典的一般均衡分析中的时间维度都是面向历史的,也就是说在普通商品的定价理论中,我们的思维范式是面向历史的定价模式。但是基于无套利思想的资产定价中的时间维度则是面向未来的,这种面向未来的定价范式使得我们虚拟资产的定价更多地反应了人们对虚拟资产未来盈利能力的预期,也使得资产价格表现出比普通商品价格更多的波动性。