Risk Reduction,Risk Sharing and Moral Hazard: A Vaccination Metaphor

This paper focuses on unemployment insurance; it sketches the rationale for a degree of centralisation that would create a lean insurance union, addressing the risk of large economic shocks.     

Durable Goods Monopoly,Buyer Uncertainty,and Concurrent Selling and Renting

Stylized durable goods monopoly models typically conclude that monopolists prefer to rent their output due to commitment problems associated with sales. However, we commonly observe monopolistic firms in durable goods industries simultaneously selling and renting output. To address this apparent discrepancy a simple two‐period asymmetric information model is constructed where buyers are uncertain of the good's durability and the firm's manufacturing costs. This is a natural asymmetric information specification since the firm typically has more precise knowledge of product durability and production costs than buyers do. The analysis indicates that a monopolist may wish to concurrently sell and rent output when buyers do not have perfect knowledge. If, for example, consumers believe that product durability and manufacturing costs are higher than they truly are, the firm may wish to simultaneously sell and rent output. Thus buyers' expectations about firm costs and product durability are of critical importance in durable goods models, particularly in terms of explaining concurrent rentals and sales.     

国际货物销售中买卖双方若干义务问题研究

由于合同规定不明确、《联合国国际货物销售合同公约》规定的空白,在国际货物销售实践中,买卖双方对于一些具体的权利义务尤其是责任如何分配的问题经常会产生分歧。当事人到底该如何做,是每一个贸易商在从事每一笔交易前希望弄清楚的问题,但这无疑会增加交易的成本。因此这个问题也应引起学者的关注。本文从第11届Willem C.Vis国际商事仲裁辩论赛中的虚拟案例谈起,就一些有争议的问题进行讨论,发表自己的看法。     

我国耐用消费品过剩及对策研究

耐用消费品具有强于一般产品的供给刚性和周期性变动需求,二者决定耐用消费品内在的具有周期性过剩倾向。这一倾向在我国特定的历史,客观条件作用下演变为超长期过剩。为了解决我国耐用消费品过剩问题,必须弄清这种内在过剩倾向的形成机理和在我国演变为超长期过剩的特定路径,同时制定解决问题的相应对策。     

Selling Versus Leasing of Durable Goods: The Impact on Marketing Channels

While many durable products are sold through intermediaries, there is limited understanding of how channel performance is influenced by transactions involving durable goods in a competitive market. In particular, extant research shows that intermediaries can significantly impact the leasing versus selling policy of a monopolistic manufacturer. This article seeks to fill that gap by examining the selling versus leasing choice of duopolistic manufacturers in the context of decentralized channels. Our analysis demonstrates that in addition to the unique equilibrium of selling, a prisoner's dilemma may arise where both manufacturers are better off if they were to lease their products.     

Index of Consumer Expectations: Food Price Effects and Durable Goods Expenditures

The Index of Consumer Expectations (ICE), which includes expenditures on durable goods, has been adopted as a leading indicator of national economic activity. A rational expectations model of the ICE was developed and the economic determinants of consumers' expectations were estimated. Aggregate expenditures on durable goods were explained by an endogenous ICE and sentiment about current economic conditions. Consumers were more likely to purchase durable goods when they felt better off in the current period relative to the future.     

Moral Hazard,Agency Cost,and Firm Growth

We study how the agency cost implied by the moral hazard problem in a firm dynamics model affects the life cycle growth pattern of firms. In the early stage of a firm's growth, the agency cost restricts the firm's capital input and diminishes over time, so that the firm's growth is driven by efficiency improvements and an exogenous progress in productivity. In the long run, when the firm loses its potential to improve efficiency, growth is driven only by the progress in productivity. As a result of this growth mechanism, consistent with the data, the growth rate and its volatility, as well as Tobin's Q, decrease with age and size. Moreover, the cross‐sectional distributions of firm size and managerial compensation obey a power law, as they do in the data. In addition, the model provides novel implications for how the characteristics of the production technology and the preferences of the economic agents affect the growth pattern of firms, and these implications are potentially testable.     

我国证券投资基金的道德风险及控制

近年来证券投资基金发展迅猛,已成为证券市场的核心力量和个人、家庭理财的首选。基金业"受人之托,代人理财"的特性决定了诚信是基金公司的立业之本,而维护诚信的关键就是要加强风险控制,但频频曝光的一些基金黑幕反映出基金发展中道德风险的严重性。因此,应从制度上进一步完善基金公司的内控机制;完善基金信息披露制度,增强基金经营的透明度;改革现行的基金管理费提取模式,建立起激励与风险分摊机制;建立健全对基金经理的激励与约束机制,培养高素质的职业经理人,促进我国证券投资基金的健康发展。     

道德风险、激励机制与电力行业规制

电力行业由于具有一定的自然垄断性,规制者与被规制企业之间存在严重信息不对称问题,因而成为规制的重要行业之一。所以必须对电力行业规制理论进行研究,从历史变迁的角度对中国电力行业规制制度进行考察,发现其中存在的问题,并且运用道德风险情况下的规制模型对中国电力行业规制进行分析,从而提出中国电力行业规制改革的建议。     

信托投资道德风险控制机制

受托人的道德风险形成原因一方面是因为信托业部分受托人道德素质差;另一方面,也与信托业务的自然属性有着间接关系。根据受托人道德风险的博弈论分析,应实施加强对股东和高管人员的监管及对信托从业人员的思想教育,完善内控制度,加大惩罚力度等一系列道德风险控制机制的对策,以期对促进我国信托业的发展有所裨益。     

产品垂直差异、产品内分工与南北贸易

存在产品垂直差异和产品内分工的贸易模型可以更为深刻地考察南北贸易的模式及影响因素。其中,生产技术仍然是决定生产分工格局的重要决定因素,当其他条件保持不变时,如果南方生产技术水平提高,其将扩大生产范围,在保持生产原有质量产品的情况下,向更高质量产品的生产领域进军。而北方发生技术进步时,其生产范围将缩小,抛弃低质量产品的生产,专攻高质量产品的生产。当两国分别在不同的生产阶段发生技术进步时,基本变化趋势是使本国发生技术进步的生产阶段趋向高质量产品的生产。     

中国金融体系的脆弱性与道德风险

道德风险行为就是当签约一方不完全承担风险后果时所采取的自身效用最大化的自私行为.中国金融体系存在严重的脆弱性,根本原因也在于道德风险.政府不仅对银行提供了担保,也认为证券市场"太大而不能失败".证券市场危机往往是金融危机的先行指标,随之而来的银行危机和货币危机将决定金融危机的深度和广度.中国金融体系的道德风险已经深入到最基层的代理人,其代价将是非常惨重的.     

基于贝尔模型的高卷入耐用品品牌形象构成维度分析

品牌形象是一个抽象的概念,由多方面因素构成。本文以贝尔品牌形象测评模型为基础,提出品牌形象主要是由公司形象、产品形象、符号形象、使用者形象四大部分构成。结合行业特点,对具有高卷入商品性质的家用汽车的品牌形象构成维度进行了调整和分析。     

梧州市主导产业选择的实证研究

通过梧州市主导产业选择评价指标体系的构建,运用因子分析法,选取梧州市工业有针对性的20个产业的发展状况及潜力进行评估．得出梧州市应选择电力、热力的生产和供应业,化学原料及化学制品制造业．金属制品业等lO个产业作为主导产业的结论,并对这些产业的发展提出了一些政策建议。     

Easy-Come-Easy-Go: Moral Hazard in the Context of Return to Education

This empirical study advances the understanding of the theory of investment in human capital by outlining limitations to its applicability in the context of return to education. The study uses the concept of moral hazard to examine circumstances when financial support for education purpose generates less desirable post-graduation incomes. This study explores the relationship between financial support and post-graduation incomes using data from the Survey of Income and Program Participation that is designed to measure the economic situation of individuals. Results suggest that students are less likely to engage in moral hazardous behavior to the degree to which they are older and to the degree to which they receive costlier financial assistance.     

The Influence of Business Ethics Education on Moral Efficacy,Moral Meaningfulness,and Moral Courage: A Quasi-experimental Study

The research described here contributes to the extant empirical research on business ethics education by examining outcomes drawn from the literature on positive organizational scholarship (POS). The general research question explored is whether a course on ethical decision-making in business could positively influence students’ confidence in their abilities to handle ethical problems at work (i.e., moral efficacy), boost the relative importance of ethics in their work lives (i.e., moral meaningfulness), and encourage them to be more courageous in raising ethical problems at work even if it is unpopular (i.e., moral courage). Specifically, the study used a rigorous quasi-experimental pretest–posttest research design with a treatment (N = 30) and control group (N = 30) to investigate whether a graduate-level course in business ethics could influence students’ levels of moral efficacy, meaningfulness, and courage. Findings revealed that participants in the business ethics treatment course experienced significant positive increases in each of the three outcome variables as compared to the control group. The largest increase was in moral efficacy, followed by moral courage, and finally, moral meaningfulness. These findings are discussed in the context of the current research on business ethics education and POS. Implications for future research are discussed.     

中国城乡居民日常耐用品消费市场的实证比较——基于彩电、冰箱、洗衣机消费数据的协整检验

本文根据1990年到2006年城乡居民中低档日常耐用品的消费数据,运用协整理论,对城乡居民中低档日常耐用品的消费与其可支配收入之间的关系进行了实证比较分析.结果发现,城镇居民对日常耐用品的消费与其收入之间不存在长期均衡关系,农村居民对日常耐用品的消费与其收入之间存在长期均衡关系,因而农村仍存在消费彩电、冰箱、洗衣机等中低档日常耐用品的市场潜力,利用"家电下乡"活动开拓农村市场、扩大内需是有效的.但由于收入风险和消费环境的影响,要使这一政策更加有效,还需要采取相应的配套措施.     

转移价格的供应链激励机制与道德风险问题研究

考虑一个由制造商与分销商组成的供应链,制造商通过广告投入拉动产品销售,分销商通过促销活动推动产品销售。如果用一个制造商和两个分销商构成的供应链模型,来研究供应链中的博弈关系、激励机制和道德风险问题。只有给出两分销商的Nash均衡结果以及制造商与两分销商间的Nash均衡结果,才能解决供应链中的激励机制的设计。然后通过支付函数的全微分,来揭示供应链中的道德风险问题,从而证明供应链内部存在囚徒困境现象。