PROFIT,SURPLUS PRODUCT,EXPLOITATION AND LESS THAN MAXIMIZED UTILITY: A NEW EQUIVALENCE PROPOSITION ON THE FUNDAMENTAL MARXIAN THEOREM

Morishima's Generalized Fundamental Marxian Theorem (GFMT) is an extended form of Okishio's Fundamental Marxian Theorem, which showed the equivalence between positive profit and the exploitation of labor. GFMT is not developed as a system of equivalence proposition between five conditions, which I call ‘The Strong System of Exploitation Theory’. But by the definition of this system, there remains the possibility of positive profit without exploitation. In this paper, I demonstrated an alternative system of equivalence proposition, naming it ‘The Weak System of Exploitation Theory’, in which positive profits always mean exploitation. Here I introduced workers' utility function to define the exploitation concept. Then I could also show that the exploitation is equivalent with the situation where workers' utilities are under‐maximized.     

DOXASTIC INFORMATION PARTITIONS,AND AN ANTI-NO-TRADE THEOREM (*)

Partitions of the set of states of nature are the traditional information structures in decision theory. In a multi-person context, common knowledge of the choices, such as it occurs in a trade, implies common knowledge of relevant information: hence a well-known impossibility theorem for trade based on differing belief can be obtained. A new set theoretic axiomatization of the beliefs held by decision makers allows here for the construction of doxastic, i.e. possibly incorrect instruments of measurement of the »outside« world, and allow traders to »agree to disagree«.     

CHOICE OF TECHNIQUES AND THE THEOREM OF OKISHIO

This paper discusses the sufficiency of the »viability condition« of Okishio's theorem for signalling profit improving choice of techniques. Some counter-examples are given for linear technologies with joint production. Technological change which conform to the prediction of the theorem - choices made on the basis of the viability condition lead to higher average rate of profit - is called regular, and sufficient conditions for regularity are specified.     

HAS THE OKISHIO THEOREM BEEN REFUTED?

This paper evaluates the alleged refutation of the Okishio theorem by the Temporal Single‐System Interpretation (TSSI) of Marxian value theory. The TSSI's refutation of the Okishio theorem requires not only changes in the definition of the rate of profit but also an arbitrary assumption about the time paths of labour productivity and prices. An ad hoc assumption about price changes used to disprove the Okishio theorem is meaningless because the aim of Marx's economics was to explain capitalist exploitation and accumulation without resorting to exogenously given changes on the market.     

REVEALED PREFERENCE TESTS OF THE STOLPER?SAMUELSON THEOREM

This article conducts revealed preference tests of the Stolper-Samuelson theorem. If the Stolper?Samuelson theorem holds, one would expect to find a country's relatively scarce factor of production (in this case labor) harmed from trade liberalization and thus opposing trade liberalization. The reverse would be true for its relatively abundant factor of production (in this case capital). Therefore, this article examines representations made before the Canadian House of Commons committee studying the Canadian?U.S. Free Trade Agreement. Assuming representations coincide with the self-interest of the presenters, the effects of trade liberalization on factor returns are inferred. It finds strong support for the proposition that labor behaves as the Stolper?Samuelson theorem would predict and qualified support for capital behaving as the Stolper?Samuelson theorem would predict.     

A REFUTATION OF THE COMMODITY EXPLOITATION THEOREM

This note is to show that the generalized commodity exploitation theorem put forward by Bowles and Gintis and Roemer is nothing but an alternative form of the Hawkins–Simon condition for given technical data, and that it has nothing to do with exploitation. That is, the Hawkins–Simon condition means a mere possibility of an economic system to produce a surplus in each commodity, and as such does not guarantee the existence of positive profits. To consider exploitation or the existence of positive profits, we need to introduce prices at which unequal exchanges may be carried out.     

ON THE DYBVIG‐INGERSOLL‐ROSS THEOREM

The Dybvig‐Ingersoll‐Ross (DIR) theorem states that, in arbitrage‐free term structure models, long‐term yields and forward rates can never fall. We present a refined version of the DIR theorem, where we identify the reciprocal of the maturity date as the maximal order that long‐term rates at earlier dates can dominate long‐term rates at later dates. The viability assumption imposed on the market model is weaker than those appearing previously in the literature.     

SZPILRAJN,ARROW AND SUZUMURA: CONCISE PROOFS OF EXTENSION THEOREMS AND AN EXTENSION

This paper extends the classical extension theorem established by Edward Szpilrajn (Fundamenta Mathematicae, 16, pp. 386–389, 1930). Szpilrajn's theorem states that every quasi‐ordering has an ordering extension. Because of its usefulness in various themes of economics, it has been applied by many researchers. Important generalizations have been presented by two authors, Kenneth Arrow and Kotaro Suzumura, among others. First, we provide concise proofs of four extension theorems by Szpilrajn, Arrow and Suzumura. We then show an extension of their extension theorems.     

论消费信贷与国内需求

本文通过对消费信贷的理论与实证分析,提出了关于消费信贷与国内需求内在关系的两个定理,即长期消费需求等效定理与短期国内需求不等效定理.根据这两个定理,作者认为,消费信贷既不能拉动长期消费需求,也不能拉动短期国内需求;因此,消费信贷不应成为刺激消费的首选之策,而不断提高城乡居民的收入,才是扩大国内需求的根本举措.     

GENERALIZATION OF THE DYBVIG–INGERSOLL–ROSS THEOREM AND ASYMPTOTIC MINIMALITY

The long‐term limit of zero‐coupon rates with respect to the maturity does not always exist. In this case we use the limit superior and prove corresponding versions of the Dybvig–Ingersoll–Ross theorem, which says that long‐term spot and forward rates can never fall in an arbitrage‐free model. Extensions of popular interest rate models needing this generalization are presented. In addition, we discuss several definitions of arbitrage, prove asymptotic minimality of the limit superior of the spot rates, and illustrate our results by several continuous‐time short‐rate models.     

On the existence of an equitable allocation

This paper is concerned with a problem of an equitable allocation. We consider the concept of ψ‐equity, which is a general concept of equity. We provide a series of examples of equity concepts that are captured by ψ‐equity. We show the existence of an efficient and ψ‐equitable allocation by employing Kakutani's fixed‐point theorem.     

Moral Agency,Profits and the Firm: Economic Revisions to the Friedman Theorem

The paper reconstructs in economic terms Friedman’s theorem that the only social responsibility of firms is to increase their profits while staying within legal and ethical rules. A model of three levels of moral conduct is attributed to the firm: (1) self-interested engagement in the market process itself, which reflects according to classical and neoclassical economics an ethical ideal; (2) the obeying of the “rules of the game,” largely legal ones; and (3) the creation of ethical capital, which allows moral conduct to enter the market process beyond the rules of the game. Points (1) and (2) position the Friedman theorem in economic terms while point (3) develops an economic revision of the theorem, which was not seen by Friedman. Implications are spelled out for an instrumental stakeholder theory of the firm. Dr. Sigmund Wagner-Tsukamoto is researcher in business ethics at the School of Management of the University of Leicester, UK. He holds two doctorates, one in social studies from the University of Oxford, UK, and one in economic studies from the Catholic University of Eichstaett, Germany. He has widely published on green consumerism and institutional economic issues that concern organization theory and business ethics theory. His publications include the books Understanding Green Consumer Behaviour (Routledge, 1997 & 2003) and Human Nature and Organization Theory (Edward Elgar, 2003).     

ECONOMIC GENERALITY VERSUS MATHEMATICAL GENERICITY: ACTIVITY‐LEVEL INDETERMINACY AND THE INDEX THEOREM IN CONSTANT RETURNS PRODUCTION ECONOMIES

When the mathematical concept of genericity was arrived at in economics, it was meant more or less as a synonym for generality. Referring to constant return production economies, we will argue that this is not always the case. In particular, the representation of technology that is mathematically generic is not at all general for economists. We will see that in cases that are economically general, but not mathematically generic, activity‐level indeterminacy may occur. In these cases, Kehoe's index theorem, a well‐known result of the application of the differentiable approach to production economies, becomes unusable.     

ROBUST FUNDAMENTAL THEOREM FOR CONTINUOUS PROCESSES

We study a continuous‐time financial market with continuous price processes under model uncertainty, modeled via a family of possible physical measures. A robust notion of no‐arbitrage of the first kind is introduced; it postulates that a nonnegative, nonvanishing claim cannot be superhedged for free by using simple trading strategies. Our first main result is a version of the fundamental theorem of asset pricing: holds if and only if every admits a martingale measure that is equivalent up to a certain lifetime. The second main result provides the existence of optimal superhedging strategies for general contingent claims and a representation of the superhedging price in terms of martingale measures.     

基于删余等效的高码率卷积码的低复杂度译码方法

根据删余卷积码具有较低的译码复杂度这一特征，提出了一种适用于普通高码率卷积码的低复杂度译码方法。通过多项式生成矩阵表示法，推导了删余卷积码的等效多项式生成矩阵，给出了等效多项式生成矩阵的计算准则。在分析删余卷积码与相同码率普通卷积码的等效关系和区别的基础上，提出了高码率卷积码的删余等效并给出了计算高码率卷积码删余等效后原始码和删余矩阵的方法。以原始码和删余矩阵构成的删余等效结构为译码基础，实现了高码率卷积码的低复杂度译码，其译码复杂度与原始码相当。仿真结果表明，删余等效译码方法相对于正常译码方法，其性能损失很小。     

企业信息化选择行为研究

信息化可以改进企业的生产和管理方式,提高效率,从而提升企业核心竞争力。文章通过从需求与供给以及博弈论的视角,对企业信息化选择行为进行剖析,指出我国企业进行信息化改造是必然和合理的选择。     

A NON‐SUBSTITUTION THEOREM WITH NON‐CONSTANT RETURNS TO SCALE AND EXTERNALITIES

An input–output model with non‐constant returns to scale and externalities is presented, and it is shown that in this model the non‐substitution theorem is still valid. More precisely, the quantity side of the theorem, i.e. the proposition on efficiency, remains valid, while there can be no equilibrium prices independent of final demand.     

Does the More Risk‐Averse Investor hold a Less Risky Portfolio?*

We study the suitability of using absolute risk aversion as a measure of willingness to take risk in the Arrow–Debreu portfolio framework. We define a global measure of risk for the Arrow–Debreu portfolio, which is measured by the sensitivity of an individual's Arrow–Debreu portfolio payoff to the change in the market return. We call this measure ‘conservatism’ and show that the concept of ‘more conservative’ is stronger than that of ‘more risk‐averse.’ A higher absolute risk aversion is only necessary but not sufficient to induce a less risky Arrow–Debreu portfolio. Our results not only challenge the well‐accepted notion that a more risk‐averse investor holds a less risky portfolio, but also suggest a stronger measure – conservatism – for evaluating the riskiness of portfolio.     

Business is not a Game: The Metaphoric Fallacy

Sport and game metaphors are ubiquitous in the culture and language of business. As evocative linguistic devices, such metaphors are morally neutral; however, if they are indicative of a deep structure of understanding that filters experience, then they have the potential to be ethically problematic. This article argues that there exists a danger for those who forget or confuse metaphor with definition: the metaphoric fallacy. Accordingly, business is like a game, but it is not the equivalent of a game. If business is equated to a game, then the potentially negative implications for ethical content and the application of ethical theories are numerous. This article suggests a fresh approach to issues of contemporary business ethics discourse, by attending to the business-as-game metaphor.     

SOLUTION OF THE EXTENDED CIR TERM STRUCTURE AND BOND OPTION VALUATION

The extended Cox-Ingersoll-Ross (ECIR) models of interest rates allow for time-dependent parameters in the CIR square-root model. This article presents closed-form pathwise unique solutions of these unsolved stochastic differential equations (s.d.e.s) in terms of functionals of their driving Brownian motion and parameters. It is shown that quadratics in solution of linear s.d.e.s solve the ECIR model if and only if the dimension of the model is a positive integer and that this solution can be achieved by construction of a pathwise unique generalized Ornstein-Uhlenbeck process from the ECIR Brownian motion. For real valued dimensions an extension of the time-change theorem of Dubins and Schwarz (1965) is presented and applied to show that a lognormal process solves the model through a stochastic time change. Pathwise equivalence to a rescaled time-changed Bessel square process is also established. These novel results are applied to characterize zero-hitting time and to produce transition density and zero-hitting conditions for the ECIR spot rate. the CIR term structure is then extended to ECIR under no arbitrage, and its solutions and the transition density are represented under a new ECIR martingale measure. the findings are employed to derive a closed-form ECIR bond option valuation formula which generalizes that obtained by CIR (1985).