From sure to strong diversification

This paper presents a characterization of weak risk aversion in terms of preference for sure diversification. Similarly, we show that strong risk aversion can be characterized by weakening preference for diversification,as introduced by Dekel (Econometrica 57:163,1989), in what we call preference for strong diversification. We are grateful to Jean-Yves Jaffray, Peter Wakker and anonymous reference for very helpful suggestions and comments.     

Modeling intertemporal general equilibrium: An application to Austrian commercial policy

We present a multi-sector CGE model featuring forward looking investiment and savings behavior within an intertemporal optimization framework. Thus, the model captures several of the intertemporal effects of commercial policy that have been stressed by recent literature on current account adjustment. We argue that pursuing a simulation approach in addressing these issues is warranted by certain limitations and ambiguities of the analytical literature. In addition to presenting the details of the model structure, the paper addresses calibration issues relating to intertemporal parameters. The model is calibrated to a microconsistent data set for the Austrian economy. Finally, the paper features an application of the model to a simple tariff liberalization scenario.     

Substitution and scale effects with and without homotheticity: An application to the intertemporal consumption decision

This paper derives a simple functional relation between substitution and scale concepts applicable to the theories of consumption and production. Its usefulness is illustrated by pulling together various results about the relation between savings and the interest rate.     

The intertemporal relation between government revenue and expenditure in the United Kingdom, 1750 to 2004

We examine the intertemporal relation between government revenue and expenditure in the UK during 1750 to 2004. We pay particular attention to long run trends by applying a battery of unit root and cointegration techniques to the data, and we use a modified Granger causality test on data spans organized around structural breaks in the series. The results suggest that, allowing for structural breaks, UK real revenue and spending are I(1) series and cointegrated and that Granger causality runs from government spending to revenue. As such, the ‘spend-tax’ hypothesis appears to best characterize the long run intertemporal relation between government revenue and spending in the UK.     

From Inflation to Growth

This paper reexamines growth in transition using panel data to 1997. It suggests that output has been strongly affected by export market growth; that inflation has been associated with weaker output only above a threshold inflation rate; that structural reform has been associated with weaker output initially, but that it stimulates higher growth thereafter; and that rapid disinflation has been associated with output losses only in the presence of pegged exchange rates.     

From Schumpeter to Stiglitz

This article deals with Stiglitz's recent book Whither Socialism?. It presents a critical evaluation against the background of his earlier publication on the economic theory of the state. The author takes issue with Stiglitz's normative interpretation of welfare economics.     

From teleology to evolution

This paper focuses on the uneasy alliance of rational choice and evolutionary explanations in modern economics. While direct evolutionary explanations rule out "purposeful" rational choice by assuming "zero-intelligence" and pure rational choice explanations leave no room for "selective" adaptation, the indirect evolutionary approach integrates both perspectives. Subsequently we go stepwise "from teleology to evolution" and thereby study the model spectrum ranging from pure rational choice over indirect to direct evolutionary approaches. We believe that knowledge of this spectrum can help us to choose more adequate models of economic behavior that incorporate both teleological and evolutionary elements.JEL Classification: C72, B52, B59We gratefully acknowledge the very helpful constructive comments, corrections and the encouragement of our referee. Of course, the conventional disclaimer applies.Correspondence to: S. Berninghaus     

从马兰到楼兰

事前我绝对不会想到，今生能有机缘从新疆的马兰出发，夜过罗布泊，也就是说穿过“死亡之海”抵达被风沙吞没的楼兰古城，经历一次生命的探险，也可称为灵魂的远征，我们真的获得一次从繁华走向荒寂的心理体验。     

从科学管理到神经管理

本文通过对古典管理理论、行为科学理论、现代管理理论和当代管理理论及其对管理思想的发展和缺陷进行了分析,并认为这几种管理理论都没有涉及管理行为背后的神经活动过程,而神经管理对传统管理进行了有益的补充和创新,从而能对人的管理行为做出更为合理的解释和指导。     

从两种生产理论到三种生产理论

随着环境污染与生态破坏问题的出现，传统的关于人的生产与物质资料生产之间关系的两种生产理论的局限性逐渐显现出来。自然环境是人类生存与发展的基础，人与环境所组成的系统应包括人的生产、物质资料生产与环境生产，它们之间的关系成为三种生产理论的研究对象。作为可持续发展的基本理论，剖析三种生产之间的物质流动与价值流动规律可以现，不合理的消费与生产方式是人类社会不可持续发展的根源。最后，以三种生产之间的和谐为目标，提出了实现可持续发展的基本途径。     

From Malthusian war to Solovian peace

We present a two-country version of Hansen and Prescott's two-sector long-run growth model, introducing war by letting the countries take land from each other, at the cost of destroying capital and killing people. Because land is an input only in the Malthus sector the transition to a Solow economy brings a decline in warfare, broadly consistent with an observed 19th-century decrease in Great Power wars. We also find, inter alia, that if governments are Malthus-biased (care less about Solow output), the transition can lead temporarily to more war.     

从企业家精神到专业化管理

改革开放二十多年来,很多企业,尤其是民营企业在其创始人的领导下取得了令人瞩目的成功,如四川刘氏兄弟的希望集团,以及广东和江浙一带的民营企业。但同时,很多企业也遭到了失败。一些有着辉煌开端的公司几乎已经失去了它原有的光彩,另一些在展示了昙花一现的成功后就如流星般陨落了。此外,除了企业总体上的成功或失败外,企业创始人的“下台”也屡见不鲜。总体而言,新创的企业在经历了最初的辉煌后都面临着从“以企业家精神为主导的企业”向“专业化管理组织”的过渡。这时企业已经发展到了需要一种更高层次的管理和组织能力以继续…     

From Schumpeterian Democracy to Constitutional Democracy

A critical issue of a constitutional democracy is to determine an optimal limitation of citizens' political liberties. This problem is analysed here within the framework of a parliamentary system of government, and in the context of Rawls' principle of equal political participation. It is argued that optimal barriers to entry into political competition are a function of the legislative decision rules, the domain of collective choices, and the rules for selecting (and dismissing) the executive. Contrary to Schumpeter and Riker who rejected populism (the approach that public policy should be a result of citizens' preferences), we argue that it is possible to reconcile greater citizen participation and liberal democracy with an appropriate institutional design.     

From posteriors to priors via cycles

We present new necessary and sufficient conditions for checking if a set of players' posteriors may come from a common prior. A simple diagrammatic device calculates the join and meet of players' knowledge partitions. Each cycle in the diagram has a corresponding cycle equation. Posteriors are consistent with a common prior if and only if all cycle equations are satisfied. We prove that in games of two players, where the join partition has only singletons, a common prior exists if each player's distribution of beliefs over the elements of her opponent's partition is independent of her own private information.