A Simple Counterexample to Several Problems in the Theory of Asset Pricing

We give an easy example of two strictly positive local martingales that fail to be uniformly integrable, but such that their product is a uniformly integrable martingale. The example simplifies an earlier example given by the second author. We give applications in mathematical finance and we show that the phenomenon is present in many incomplete markets.     

A Fundamental Theorem of Asset Pricing for Large Financial Markets

We formulate the notion of “asymptotic free lunch” which is closely related to the condition “free lunch” of Kreps (1981) and allows us to state and prove a fairly general version of the fundamental theorem of asset pricing in the context of a large financial market as introduced by Kabanov and Kramkov (1994). In a large financial market one considers a sequence (Sⁿ)_n=1^∞ of stochastic stock price processes based on a sequence (Ωⁿ, Fⁿ, (F_tⁿ)_t∈In, Pⁿ)_n=1^∞ of filtered probability spaces. Under the assumption that for all n∈ N there exists an equivalent sigma‐martingale measure for Sⁿ, we prove that there exists a bicontiguous sequence of equivalent sigma‐martingale measures if and only if there is no asymptotic free lunch (Theorem 1.1). Moreover we present an example showing that it is not possible to improve Theorem 1.1 by replacing “no asymptotic free lunch” by some weaker condition such as “no asymptotic free lunch with bounded” or “vanishing risk.”     

Fundamental Theorems of Asset Pricing for Good Deal Bounds

We prove fundamental theorems of asset pricing for good deal bounds in incomplete markets. These theorems relate arbitrage-freedom and uniqueness of prices for over-the-counter derivatives to existence and uniqueness of a pricing kernel that is consistent with market prices and the acceptance set of good deals. They are proved using duality of convex optimization in locally convex linear topological spaces. The concepts investigated are closely related to convex and coherent risk measures, exact functionals, and coherent lower previsions in the theory of imprecise probabilities.     

A COMMENT ON MARKET FREE LUNCH AND FREE LUNCH

Frittelli (2004) introduced a market free lunch depending on the preferences of the agents in the market. He characterized no arbitrage and no free lunch with vanishing risk in terms of no market free lunch (the difference comes from the class of utility functions determining the market free lunch). In this note we complete the list of characterizations and show directly (using the theory of Orlicz spaces) that no free lunch is equivalent to the absence of market free lunch with respect to monotone concave utility functions.     

关于糙米流通几个问题的探讨

糙米流通是一项复杂的系统工程,我国对糙米流通系统化研究刚刚开始,本文就糙米流通概要、糙米流通科技国内外概况、我国糙米科技的发展历程、糙米流通＂无缝化＂技术开发、糙米经济的综合评价、循环经济下的糙米产业化运作机制、糙米科技的发展对策等糙米流通及实现糙米产业化中涉及的几个问题作了探讨,对政府及从事糙米流通的企业起到一个启示和借鉴作用,从而更快推动糙米流通在我国的实施及发展壮大,促进粮食流通产业的发展。     

高职院校实行二级管理若干问题的思考

高职院校实行二级管理日趋必要,二级管理是完善管理体系、增加自我发展能力、应对高等教育激烈竞争、探索人才培养模式、形成自身特色和高等教育氛围的需要.在分析高职院校二级管理模式的基础上,提出了二级管理应注意的问题,如解放思想、转变观念、正确处理各种关系、权责对等、科学设计实施方案,等等.     

依照马克思的思想方法研究劳动价值理论

马克思劳动价值论遵循唯物辩证的思想方法,具有从抽象上升到具体的思维特征,是活的理论和活的体系。马克思劳动价值论的当代化必须依照马克思的思想方法进行体系创新,并通过约束条件的放松重构价值—价格关系。"转形问题"百年争论的根源在于不同理论思想方法的差异。马克思劳动价值论不能与现代西方经济学"接轨",相反,它可以为现代西方经济学提供宏观基础。     

缩小我国居民贫富差距的对策研究

近此年来,在我国居民生活的总体水平不断提高的前提下,居民贫富差距不断扩大的问题也日渐突出。其根本原因是经济运行的双轨制和税务法制的不健全与不完善。缩小我国居民贫富差距,应加大税收制度的改革,消除城乡国民待遇差异,建立健全社会保障体系,不断健全完善国家制度和体制,实现社会的公平公正。     

基于网络经济的物流管理信息化问题研究

本文阐述了网络经济背景下物流管理的的主要特征,在分析我国物流管理信息化存在问题的基础上,提出了解决这些问题的对策     

论西方经济学效用理论的基本问题

西方经济学效用理论的基本问题包括:效用函数的存在性并没有得到严格的证明;其序数效用与基数效用实际上是一回事,序数效用不仅具有基数效用所具有的一切问题,还具有基数效用所不具有的问题;其个人的主观的边际效用之比等于相对客观的市场价格之比并不必然成立,即使成立也存在客观取决于主观还是主观取决于客观的问题。更为重要的是,当效用相等时,商品交换将不会发生,从而商品的交换比例无法由效用来决定,这表明效用理论无法解释市场上的商品交换行为,更无法确定或衡量商品的价值。     

资本资产定价模型有关假设的逻辑分析

资本资产定价模型 (CAPM)假设投资者具有一致预期 ,关于资本资产各项特征的判断完全相同 ,投资者会选择同一个更优的组合。这样 ,所有投资者最终会同时买入 (或卖出 )某一项资产 ,而不存在相应的卖出 (或买入 )者 ,这说明模型假设存在逻辑上的悖论。市场有效性决定了投资者不可能运用历史数据对当前和将来趋势作出准确判断 ,CAPM模型所提供的最优组合只是对过去不同时期优化值的平均 ,有关假设忽视了投资者对资本资产预期价值判断的多样性。投资者不会统一按照CAPM给出的唯一组合来选择风险资产 ,CAPM的最优投资组合可行集实际上是投资组合可能集合的前沿曲线的渐近线 ,而不是前沿曲线的切线。     

中国茶叶出口新丝路经济带问题的扎根研究

2013年习近平主席先后提出"新丝绸之路经济带建设"和"21世纪海上丝绸之路建设"的伟大战略构想,2014年习主席进一步指出通过"一带一路"战略,与经济带国家结成"利益共同体"与"命运共同体"。"一带一路"的经济发展蓝图下,我国向新丝路经济带出口茶叶将成为新常态。通过问卷调查与访谈,运用扎根理论研究方法对茶叶出口新丝路经济带可能存在的问题进行逐级编码整理与分析,并从多个角度给出了应对策略包括细分茶叶出口市场,严格规范茶叶种植环境与生产流程,掌握新丝路经济带沿线国家经济特征、法律文化做法及市场运营细则等。     

A General Problem Solving Approach for Wicked Problems: Theory and Application to Chemical Weapons Verification and Biological Terrorism

Wicked ill-defined problems such as violent crime, illegal drugs and terrorism may contain technical, economic, and political elements operating together as systems. Practical resolution requires simple solutions that are technically feasible, economically sustainable and politically implementable. Here we show an approach to achieve simple solutions to these problems. The approach was derived and tested in two experiments: first to develop verification measures for the Chemical Weapons Convention and subsequently to develop response concepts for biological terrorism. The approach's validity derives from its close relationship to the scientific method in objectively testing results, and its power is achieved by focusing a team of people directly on the problem of interest in the setting of a learning organization. The approach appears to provide access at will of the full human potential to resolve wicked problems and, thereby, yields a general problem solving tool of substantial power.     

出口退税、行业集中度与出口行业“盯市”行为研究

本文以金融危机前后曾出现的出口退税较大调整为背景,应用面板平滑转换模型（ PSTR）对出口行业“盯市”（依市定价）程度与出口退税、行业集中度之间的关系展开探讨。研究结果表明,就行业集中度而言,无论危机前还是危机后始终对出口行业的PTM行为产生影响,且均与PTM存在平滑转变的非线性关系;出口退税仅在危机后的大幅提升后才对PTM影响显著,并表现为突变的快速向下的门限效应,而危机前对PTM并无影响;与出口退税相比,行业集中度对PTM的影响虽非立竿见影但却是缓慢且持久的。     

A Model Integrating the Multidimensional Developmental Theory of Privacy and Theory of Planned Behavior to Examine Fabrication of Information Online

We investigate the antecedents behind online consumers' attempt to disguise their identities through fabrication. We first develop a general conceptual model that draws on two extant theoretical frameworks: (1) Laufer and Wolfe's Multidimensional Approach to Privacy, and (2) Ajzen's Theory of Planned Behavior (TPB) with Perceived Moral Obligation. Next we conduct an empirical study using SEM to test the portion of the conceptual model based on the TPB framework. Results demonstrate that Attitudes, Perceived Behavioral Control, and Perceived Moral Obligation are significant drivers of fabrication, while Subjective Norms are not. Anonymity, one of the unique characteristics of the Internet compared to in-store environments, likely contributed to the intention to fabricate information. In the concluding section we discuss the implications of our empirical results, industry self-regulation and public policy considerations, and how future research can draw upon the conceptual Laufer and Wolfe framework, particularly the calculus of behavior construct, to further enrich our understanding of fabrication behavior on the Internet.     

后危机时代黑龙江省固定资产投资结构优化研究

＂十一五＂时期,黑龙江省全社会固定资产投资高速增长,2010年实现投资额6812.6亿元,比上年增长35.5%,占GDP的比重达到68%,尽管已成为拉动经济持续增长的主要力量,但其总量与辽吉两省相比则相对滞后,2010年黑龙江省投资额仅相当于吉林省的70.8%和辽宁省的42.5%,投资结构问题日益显现。为促进全省固定资产投资的健康发展,应充分发挥政府的宏观调控职能,通过多渠道筹措建设资金,加强对重点项目、主导产业的资金支撑,引导资金投向新的增长点。     

异质性企业贸易理论的最新进展

21世纪初诞生的异质性企业贸易理论是新新贸易理论的一个分支,以异质性企业利润最大化的决策作为微观基础,解释了企业层面的贸易现象。文章从四个方面对异质性企业贸易理论进行了文献综述:理论模型诞生之前的经验研究、理论模型的诞生、理论模型的拓展与经验研究的检验、国内学者的研究成果。文章涵盖了该领域2008年以来的最新研究进展,总结了现有文献的不足,并提出了未来的研究方向。     

基于SWOT理论的航班延误补偿方式研究

本文在阐述SWOT理论的基础上，把SWOT理论应用到确定航班延误补偿方式的分析中，提出在确定航班延误补偿方式时既要考虑到航空公司的利益，又要考虑到消费者的利益，根据消费者内心评价来确定航班延误的补偿方式。强调应用SWOT理论可以帮助航空公司提出尽可能多的补偿方式，最终实现消费者与航空公司的双赢。