Costly Search, Capacity Constraints, and Bertrand Equilibrium Price Dispersion

This article analyzes the impact of transaction (search) costs and capacity constraints in an almost competitive market with homogeneous firms that compete on price. We characterize conditions under which Nash equilibria with price dispersion exist; in equilibrium, firms play pure strategies in prices and consumers adopt a symmetric mixed search strategy. Price dispersion is possible even though consumers all have the same search cost and valuation for the item and prices charged by all firms are common knowledge.     

Equilibrium Directed Search with Multiple Applications

We analyse a model of equilibrium directed search in a large labour market. Each worker, observing the wages posted at all vacancies, makes a fixed, finite number of applications, a . We allow for the possibility of ex post competition should more than one vacancy want to hire the same worker. For each a , there is a unique symmetric equilibrium in which all vacancies post the same wage. When a = 1, the common posted wage lies between the competitive and monopsony levels, and equilibrium is efficient. When a > 1, all vacancies post the monopsony wage. Some workers fail to find a job, some find a job at the monopsony wage, and some—those for whom there is competition—get the competitive wage. Equilibrium is inefficient when a > 1; in particular, there is excessive vacancy creation.     

要素市场扭曲与企业间生产率差异:理论及实证

资源错配突出表现为企业间持续而显著的生产率差异,这一现象在中国制造业中尤其明显.文章基于中国要素市场化改革滞后性的典型事实,研究要素市场扭曲对企业间生产率差异的影响机理.在放松了经典模型关于企业进入与退出某一行业是外生的基本假设后,新的理论分析揭示:扭曲的要素价格影响了企业的生产行为及其进入与退出决策,降低了市场均衡时生产率分布的临界值,从而使得低效率的企业得以继续存活,造成优胜劣汰的市场选择机制部分失灵,最终导致企业间生产率差异的扩大.进一步地,文章基于中国市场化指数估算了行业要素的价格扭曲程度,并利用1998-2007年中国工业企业数据库中的制造业企业数据检验要素市场扭曲与企业间生产率差异之间的关系,结果显示:要素市场扭曲指数每减少1％可以使得企业间生产率差异降低0.46％.文章对于我国当前如何矫正要素市场扭曲,并形成以市场为导向的要素价格机制,从而促进企业间的有效竞争以实现资源优化配置具有重要的政策含义.     

通货膨胀、信息搜寻成本与价格分散

在人们为了交易动机而持有实际货币余额中,至少有一部分是为了寻找较低价格而产生的对信息搜寻行为的一种投入。在这一假设下,通货膨胀和价格分散之间存在正的相互作用。许多实证研究都支持了这一观点。     

实际外部财富、劳动生产率与人民币实际汇率——基于跨期一般均衡理论的实证研究

本文首先构建关于实际外部财富、劳动生产率、贸易条件与实际汇率关系的跨时一般均衡理论模型,然后利用1981-2009年相关时间序列数据,检验中国实际外部财富、贸易条件以及国内外两部门劳动生产率对人民币实际汇率的影响。结果表明,从长期看,中国实际外部财富的急剧攀升会引发人民币实际汇率快速升值;中国贸易部门相对非贸易部门劳动生产率上升会促使人民币实际汇率升值,而国外贸易部门相对非贸易部门的劳动生产率提高则会降低人民币实际汇率,净效应表现为劳动生产率并不能解释20世纪80年代以来人民币实际汇率的长期波动;中国贸易条件对人民币实际汇率的影响不明显。短期内,中国实际外部财富对人民币实际汇率的作用关系与长期一致。根据上述结论,本文提出了保持人民币实际汇率相对稳定的政策建议。     

Empirical Inference with Equilibrium Search Models of the Labour Market

This paper examines the use of equilibrium search models in the empirical analysis of labour markets. We survey the literature on structural estimation of these models with micro data on wages and durations, and we discuss the advantages of this approach for policy analysis and for obtaining a better understanding of the labour market. During the past ten years, substantial progress has been made in terms of the explanatory power of these models. We finish with a critical examination of the extent to which the approach can be fruitfully applied to (matched worker-) firm data.     

论会计理论与生产力

会计理论是人类在漫长的会计实践的基础上，经过人类思维运动所产生的理性认识。不断发展变化的会计实践是会计理论形成的基础，而会计理论的建立依赖于会计实践，受生产力发展的影响。会计实践主要通过价值尺度对劳动耗费和劳动成果进行记录，生产力水平的高低，需要有与之相适应的会计实践管理手段和会计理论。会计理论的完善与会计实践的进步，推动着生产力的发展     

Feasible Estimation of Nonparametric Generalized Random Effect Model: An Application

This paper considers some feasible estimator for nonparametric random effect panel data model when there are more than one cross section component. A brief discussion about the consistency of the estimator is also included. The paper also discusses an interesting application related to capita-labor ratio and its effect on factor share in a neo-classical set up.

     

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.     

Equilibrium Search Models and the Transition From School To Work

This paper applies the Burdett–Mortensen (1998) equilibrium search model to study the school to work transitions of U.S. high school graduates. We consider the case of discrete firm heterogeneity and provide a computational method to obtain the MLE. Our results show that unemployed blacks receive fewer offers than whites and employed blacks are more likely to lose their jobs. Importantly, employed blacks and whites receive job offers at the same rate. Assigning the whites' search parameters to the blacks and re-solving reveals that 75 percent of the observed wage differential is explained by the job destruction rate differences.     

Introduction to Search Theory and Applications

This introduces the Symposium on Search Theory and Applications.     

Equilibrium in Auction and Bargaining Markets When Agents Can Wait and Search

The paper studies two market structures and two modes of trade. The agents, buyers and sellers, can choose whether to stay or search. The meetings take place randomly, and trades are consummated by auction or by bargaining. There are altogether four possible markets but in equilibrium at most two markets are active simultaneously. There is almost always a unique evolutionary stable equilibrium which consists of an auction market when the numbers of buyers and sellers differ greatly, and two simultaneous auction markets when the numbers are relatively close.     

生态预算:预算平衡理论在自然资源领域中的试用

财政平衡预算能有效控制人造资源—钱财的支出。ICLEL(地方环境举措国际理事会)沿用财政预算中的年度平衡理论创立了生态预算方法,对自然资源的使用进行系统有效的监控,并成功开展了3次生态预算示范项目,使可持续发展在地方层次上从概念到行动又前进了一步。     

试论劳动价值理论与均衡价格理论的融合

马克思的劳动价值理论和马歇尔的均衡价格理论是马克思主义政治经济学和当代西方经济学分析价值与价格时的基本根据。在坚持马克思劳动价值论的基础上,吸收马歇尔对需求曲线和供给曲线分析中的合理成分,可实现马克思的劳动价值论和马歇尔的均衡价格理论的融合,形成建立在劳动价值论基础上的均衡价格理论。     

New classical and old Austrian economics: Equilibrium Business Cycle Theory in perspective

Helpful comments on an earlier draft of this paper from Parth Shah, Sven Thommesen, and an anonymous referee are gratefully acknowledged.     

Entry in a Dynamic Model with Equilibrium Price Dispersion with an Application to the Market for Long-Distance Telephone Services

Models of entry based on the traditional models of oligopoly do not allow for price dispersions on homogenous products. Yet, such price dispersions do exist for homogenous products, and a firm does not lose its entire market share when it fails to charge the lowest price. Existing models of equilibrium price dispersion are not designed to analyze entry in a dynamic framework. A dynamic model is developed that allows an analysis of the effects of entry into a previously monopolized market. Despite asymmetric initial shares, the market shares of equally efficient firms tend to equalize over time. An application is the market for long‐distance telephone services following the divestiture of the bell operating companies from AT&T.     

基于几率波动理论的安全与生产力关系研究

生产力的高低并不能决定生产过程的安全程度,生产力在不断提升,可是生产事故却不断发生.为了找到安全与生产力之间的确切关系,本文采用理论分析的方法,构建概念,提炼模型,提出了几率波动理论和生产力量化分析模型.本文从解释事故数量分布现象入手,在动态几率和生产力量化研究方面进行了有益的探索,并在理论上论证了事故与生产力之间的非相关关系.     

Veblen and the New Growth Theory: Community as the Source of Capital's Productivity

A century ago Thorstein Veblen argued that knowledge, which is produced and possessed by the community as a whole, is the foundation on which the productivity of "capital" rests. Orthodox economists chose to ignore Veblen and instead accepted John Bates Clark's definition of capital and the marginal productivity theory that goes with it. Recently, however, mainstream economists working on the "New Growth Theory" have rejected Clark's approach and have redefined capital so as to emphasize the importance of knowledge as well as its social character. Nevertheless, they still have an important lesson to learn from Veblen about growth, namely that technological development is nothing less than a process of cultural transformation.