The Market for Sweepstakes

This paper studies the market for monopolistically supplied sweepstakes. We derive equilibrium demands for fixed-prize and variable-prize sweepstakes and determine the profit-maximizing prize level and pay-out ratio respectively. It can be profitable to offer each type of sweepstake when there is a large enough number of weighted utility consumers who have constant absolute risk attitudes, are strictly averse to small as well as symmetric risks, and display longshot preference behaviour. Moreover, for the variable-prize sweepstake, the supplier will generally find it profitable to combine sweepstakes targeting two smaller populations, and offer a single sweepstake to the combined population. This implication is corroborated by the recent spate of mergers of smaller state lotteries into larger ones.     

殉教市场

虽然在所有的宗教传统中都存在着极端的自我牺牲现象,但要对它加以解释却并非易事。我们想当然地认为大多数自寻痛苦和自寻死路的人是精神不正常的。但某些研究驳斥了下面这种貌似明白无误的结论,即宗教中的自我牺牲也是由沮丧、痴迷或其他非理性所致。旨在伤害的牺牲可视为一种市场现象,是自愿牺牲的数目较少的人力供给和那些从牺牲行为中获益的数量较大的“需求者”之间的交换行为。与流行的看法相反,“殉教”市场不繁荣不是因为需求受限,而是因为供给受限。在招募、训练并指导潜在的殉教者方面训练有素的那些人,几乎从未从自杀式袭击中获益。但殉教市场一旦建立,就很难关闭。对供给的遏制很难奏效,抑制需求的效果会更长久。     

Quacks,lemons, and self regulation: A welfare analysis

This paper provides a framework in which suppliers of experience goods may find it in their best interests to provide, and enforce, quality standards. The incentives to form self-regulatory organizations are inversely related to ex-ante monitoring costs of the organization, as well as the number of members. This self-regulatory outcome is compared to statutory price and quality regulation. Without informational asymmetries between market participants and the social planer, self-regulatory outcomes can always be replicated by statutory regulation. Even with asymmetric information, self regulation is socially desirable only if the regulator values firm's profits sufficiently highly.We would like to thank Niklaus Blattner, V.V. Chari, Stuart Greenbaum, Martin Hellwig, Pierre Regibeau, and two anonymous referees for very helpful comments. Financial support of the Schweizerischer Nationalfonds and the Deutsche Forschungsgemeinschaft are gratefully acknowledged.     

The World Market for Labor and the World Market for Industrial Sites

At the center of the on-going debate about the U.S. Social Security system is the question of whether the way the system is financed can cope with the future challenges posed by the retiring Baby Boom generation. The "reformers" suggest changing the design of the system by moving to fully funded defined contribution retirement plans. Others argue that the so-called demographic problems are being used as an excuse to privatize the system. But both sides spend almost all of their energy and time figuring out the timing of insolvency of the system and the validity of the assumptions made in each forecast. In contrast, the present study closely examines the changing macroeconomic dynamics of the system since the 1960s. The analysis shows that undermining of the system is caused not by demographic changes or financing mechanisms but by low wages and medical inflation.     

市场经济呼唤道德教育

市场经济的建立和完善,必须有新的道德理念与之相适应,才能避免当代青年学生的思想困惑和道德错位.而把握并正确认识"经济"与"道德"的辨证关系,其切入点是做到"三个协同",以完善市场经济条件下对学生思想道德教育的建设.     

“柠檬”市场：质量的不确定性和市场机制

一、引言 本文论述的是质量和不确定性问题.多种档次的物品给市场理论提出了有趣而又重要的问题.一方面,质量差异和不确定性的相互作用可以解释某些重要的劳动市场制度.另一方面,本文力求对如下主张,即"在不发达国家做生意是困难的"给出一个模型,尤其是要给出一个用于确定不诚实的经济成本的模型.理论的应用还包括对货币市场结构、不可保险性、耐用品的流动性以及品牌产品的评论.     

股市向好一波三折

近几年我国宏观经济在全球一枝独秀,GDP增长率保持在7%以上,而我国股市自2001年6月以来却持续低迷,上证指数从2001年的2200多点跌至2003年1月的1300多点,最大下跌幅度超过40%,市值损失16000亿元以上,出现了股市与宏观经济走势完全背离的现象,笔者认为制约我国股市向好的主要原因有以下几个。一、股市某些中长期政策不明朗,投资者信心不足首先,有关证券市场发展的方针政策不是很明朗,非流通股流通的问题成了制约我国股市发展的瓶颈。由于历史的原因,在我国占上市公司总股本约70%的国有股、法人股是不流通的。近几年我国股市患上了国有股流…     

连续竞价市场个股流动性的度量方法、指标与模型

基于金融市场微观结构理论,股票市场流动性具有宽度、深度、弹性和即时性等四维特性。由于中国股票市场采用的是连续性的竞价系统,因而对股票市场个股流动性的度量方法、指标和模型的确定,必须适合中国股票市场的特性。同时,对流动性的刻画不应局限在制度的研究上,对投资者行为的研究也是一个非常重要的方面。     

The Market Instinct: The Demise of Social Preferences for Self-Interest

Environmental policy design has much to gain from a better understanding of existing voluntary behaviour and motivations. In laboratory experiments, participants often exhibit social preferences such as altruism, spite, reciprocity and notions of fairness. In contrast, traditional neoclassical theory assumes that people act rationally in a way that maximises their self-interest. In environmental markets, social preferences and self-interest interact. We apply experimental economics to test the hypothesis that social preferences are not maintained in the presence of a competitive market institution. In the initial public goods game, many participants were prepared to make costly voluntary contributions. However the introduction of the market institution triggered a ‘market instinct’ in experimental participants. They abandoned the social preferences they were previously expressing and became self-interested profit maximisers. This self-interested behaviour persisted even after the market institution was discontinued. These findings are important to understanding the role and impact of markets for environmental policy.     

企业的销售通路:从顶端市场走向终端市场

销售工作千头万绪,从销售网络建设到销售市场管理,从铺货到促销,内容繁多。但归结起来,销售工作要解决两个问题：一是如何把产品铺到消费者的面前,让消费者看得见;二是如何把产品铺进消费者的心中,让消费者乐得买。不同时代,企业解决这两个问题的方式是不同的。在２０世纪八九十年代,大多数企业是在销售通路的顶端,通过“市场炒作”和“大户政策”来展开销售工作的。一方面,众多企业靠炒作来运作市场,公关热、形象热、策划热,炒作的热浪一浪高过一浪;另一方面,企业的销售策略就是“大户政策”,企业培养几个大的经销商,产品…     

The Market for New Ph.D. Economists

Multinomial logit analysis, based on survey questionnaires, shows that graduate program ranking, length of time in the Ph.D. program, publications, and marital status are important determinants of occupational outcome for new Ph.D. economists.     

The Demand for Information Services and the Market Structure

Uninformed buyers' demand for statistical screening between privately informed sellers is studied in a fixed price market. A single buyer will screen more extensively than would two or more buyers, since in the latter case buyers realize that sellers will be attracted to buyers with the most favorable screening policy (i.e., not to screen at all). This result is robust to some but not all types of modifications in the model. For instance, information quality differences in the sense of Blackwell will reinforce this effect. Furthermore, in equilibrium only the best information service will be used. Received April 17, 2001; revised version received January 24, 2002 Published online: November 11, 2002     

中国邮政应加快开拓电子商务物流市场

文章指出了电子商务物流对于发展电子商务的重要作用,并在评价我国电子商务物流市场现状的同时,客观分析了中国邮政在开拓电子物流市场方面的优势与困难,对此提出了中国邮政开拓电子商务物流市场的主要思路.     

日本企业缘何失意中国市场

日本企业在中国市场的竞争力逐步下降,暴露了日本企业经营管理的缺陷。针对这一问题,从日本企业在中国的投资战略、本土化进程、社会责任及文化差异等方面进行分析,指出日本企业在华投资的竞争力缺失之所在。     

中国股市波动有限理性归因实证分析

基于中国股市波动特征构建了中国股市的两类机构投资者（积极投资策略和保守型投资策略的机构投资者）投资理性模型。随后,借助计量软件对上证指数的时序数据和这一模型生成的数据进行拟合分析．分析这两个有限理性投资者对上证指数的超额波动所起的作用。最后,利用格兰杰检验法．检验这些变量之间的解释程度。     

Determinants of Interest Rate Pass-through for Emerging Market Economies: The Role of Financial Market Structure

It is essential for central banks to assess whether or not the pass-through from monetary policy rates to credit and deposit interest rates is complete in order to ensure price stability. In this article, we analyze interest rate pass-through process for emerging market economies. Since emerging market countries lack large panel data sets that are typically available for developed countries, it is hard to analyze the determinants of pass-through coefficients for emerging market countries. To overcome the data issue, we developed a country selection procedure that minimizes heterogeneity among the countries included in the analysis. Our findings indicate that banking sectors?? competition plays a more important role for emerging market countries than their developed counterparts.     

论我国创业板市场对主板市场的影响

创业权市场代表着未来的“新经济”,创业板市场为具有“增长潜力”的中小型科技企业,民营企业提供融资支持,可以弥补主板市场的功能缺陷,在实际运作中,创业与主板之间表现为明显的经相促进和互为补充的关系,创业板市场在上市资源,投资理念,解决历史遗留问题,市场监管制度安排等方面对主板市场带来不同程度的影响,协调好主板与创业板市场关系,有利于推进我国证券市场的健康发展。     

论市场经济的局限性

财产的专属性、投机行为妨碍了市场经济的正常运作，而人类的有限理性又限制了人们借助于完全合同来预防投机行为的发生，由此暴露了市场经济的局限性，即不能适用于垄断性的市场和信息不完全的市场。为了完善市场这个重要的交易形式，必须引入信誉机制来规范交易者行为。     

期货市场支持新农村建设的路径选择

2008年的全球粮食危机给各国政府敲响了警钟,对我国而言,建设社会主义新农村,就必须注重发挥市场机制的积极作用.本文从分析期货市场的功能入手,剖析了期货市场在我国新农村建设中的重要意义和作用,指出了制约期货市场支持新农村建设的因素,提出了期货市场支持新农村建设的建议和具体措施.     

鲜花食品开发前景广阔

花卉是美的象征 ,自古以来 ,主要作为观赏植物而进入千家万户。但随着食品工业的发展 ,一种新兴的“绿色食品”———鲜花食品正悄然兴起 ,为“饮食文化”增添了新的内涵。鲜花食品的悠久历史食花 ,是中国民族文化的组成部分 ,具有两千多年的悠久历史。伟大诗人屈原的名句“朝饮木兰之坠露兮 ,夕餐秋菊之落英” ,是食用菊花的最好证明。唐代、菊花糕、桂花鲜栗羹和木香花粥成为宴席上的珍品。宋代 ,人们分别将梅花、菊花、桂花和文官花调制成梅粥、蟹酿橙、广寒糕和锦带羹等山林风味食品。同时由于花卉具有独特的芳香和风味 ,花卉菜肴曾经传…