Bankruptcy and optimality in a closed trading mass economy modelled as a non-cooperative game

In this paper we establish the existence of (a) an optimal bankruptcy rule which enables us to describe the Walrasian trading economy as a game with trade in fiat money; and (b) non- cooperative equilibrium points of this game which (in terms of prices and the final allocation yielded) include the competitive equilibrium points, and the accompanying money rate of interest (induced by borrowing at a central bank), when the bankruptcy rule is different from optimal.     

Convergence of a market related game strategy

A special case of the adjustment process for competing firms, introduced elsewhere, is analysed. It is proved that all equilibrium states are characterised by the vanishing of the Jacobian of the payoff functions of the market game, and that under suitable initial conditions the process is a contraction mapping, implying convergence to equilibrium.     

Secretary problems with inspection costs as a game

A secretary problem without recall, with given rewards and inspection costs is considered as a game of an opponent against a statistician. Probability distributions on the set of arrangements of the arrivals and randomized stopping rules are the strategies for the two players. We give a condition under which minimax strategies may be obtained in a systematic way.     

论经济发展战略转型与经济发展方式转变

我国"十二五"时期经济社会发展的主线是加快经济发展方式转变,而要加快经济发展方式转变,首要的实现经济发展战略转型。本文首先分析了经济发展战略转型的必然性和基本内容,以及转变经济发展方式的重要性、长期性和主要内容;其次,分析了经济发展战略转型中要处理好的几个关系;最后,提出实现经济发展战略转型和经济发展方式转变,必须以推进技术进步和技术创新为支撑,以深化改革和扩大开放为动力。     

A differential game in a duopoly with instantaneous incentives

In this paper, we study a differential game in which two competing firms exploit a public renewable resource that is relevant from a landscape point of view. We consider a policy maker that provides an instantaneous incentive to the firms in order to prevent the resource exhaustion during the whole extraction period, which coincides with the harvesting license period. We compute an open-loop Nash equilibrium of the differential game, showing that it coincides with a linear feedback Nash equilibrium. Finally, we compute the value of the incentive that leads to the maximization of social welfare considering the incentive both as a pure transfer and as a cost.     

Working with and recruiting volunteers as part of a fundraising strategy

This paper was first written for the Henry Stewart Conference ‘Maximising and Developing Regional and Local Fundraising’ on 16th April, 1991. The paper provides an overview of two key areas: recruitment of volunteers, and a more general element often forgotten in the volunteer process, yet absolutely critical, motivation and retention through recognition. This is illustrated through the case study of RNIB regional fundraising.     

On the extension of binary relations in economic and game theories

Decisions in Economics and Finance - Szpilrajn’s extension theorem on binary relations and its strengthening by Dushnik and Miller are fundamental in economic and game theories....     

A dynamic equilibrium model of search, production, and exchange

We study a general equilibrium model where agents search for production and trading opportunities, that generalizes the existing literature by considering a large number of differentiated commodities and agents with idiosyncratic tastes. Thus, agents must choose nontrivial exchange as well as production strategies. We consider decreasing, constant, and increasing returns to scale in the matching technology, and characterize the circumstances under which there exist multiple steady state equilibria, or multiple dynamic equilibria for given initial conditions. We also characterize the existence of dynamic equilibria that are limit cycles. Equilibria are not generally optimal, and when multiple equilibria coexist they may be ranked. We analyze comparative statics and find that certain intuitive results do not necessarily hold without restrictions on the stochastic structure.     

Double Bertrand tax competition: a fiscal game with governments acting as middlemen

In a common market with costless mobility of all factors regional governments can attract mobile firms by granting subsidies which they must finance out of wage taxes on mobile labour. Firms locate where subsidies are highest and workers settle where taxes are lowest, forcing government ‘in the splits’ (double Bertrand-type tax competition). Initially, there is unemployment in the economy. Regional governments then behave like middlemen in the labour market, and the fiscal game takes the form of competition among strategic intermediaries. Results from the theory of intermediation are applied to this framework. It is shown that government size may increase rather than decline in a fiscal competition, that industrial clustering may emerge from tax competition, and that tax competition may alleviate the unemployment problem.     

汇率制度与经济绩效关系实证研究的新视角

汇率制度与经济绩效的关系是一国进行汇率制度选择的重要依据。传统的研究方法是根据各国官方所宣称的法定汇率制度来探讨两者之间的关系。由于一国所宣称的汇率制度与其实际上所采用的汇率制度之间往往存在着较大的差异 ,一些经济学家提出以实际汇率制度作为计量标准 ,来分析不同汇率制度与经济绩效的关系。这一研究方法的提出不仅开辟了实证研究汇率制度与经济绩效关系的新视角 ,而且还促使人们对汇率制度选择的依据进行重新认识与思考。     

A new family of copulas,with application to estimation of a production frontier system

Journal of Productivity Analysis - In the empirical literature, the analysis of aggregate productivity dynamics using firm-level productivity has mostly been based on changes in the mean of...     

The economic system as an end or as a means, the socialization of consumption, and the future of socialism and capitalism

After the demise of “real” socialism, socialism can be salvaged as a social preference system oriented towards equality and social justice, to be implemented without systemic constraints in the organizational and institutional sense. At the same time there is a case for creating an institutional framework allowing different forms of economic organization, capitalist and non-capitalist, to compete on equal footing, in an evolutionary perspective. Another way for a spontaneous extension of the domain of socialism could derive from the socialization of consumption, if the consumption of public goods continues to make up a growing component of real consumption.     

Stochastic specification of production functions and economic implications

The stochastic specification of input-output response is examined. Postulates are set forth which seem reasonable on the basis of a priori theorizing and observed behavior. It is found that commonly used formulations are restrictive and may lead to inefficient and biased results. A function which satisfies the postulates is suggested. Two- and four-stage procedures for estimation of the resulting function are then outlined. The estimators are shown to be consistent and, in the latter case, asymptotically efficient under normality.     

2003中国经济社会健康发展新战略

五个统筹的提出标志着我们国家整个发展战略出现了重大调整和变化,政府的责任已不再是为了经济的增长去做各种产业投资的计划,而是维护和完善市场秩序,解决好市场本身不能解决的各种社会发展问题,如就业、收入差距、社会保障、教育、医疗卫生、健康、环境和资源保护等。     

Outsourcing HR as a competitive strategy? A literature review and an assessment of implications

HR outsourcing as an organizational strategy has increased substantially over the last decade. However, this trend has attracted little academic attention regarding how outsourcing decisions are made, the manner in which these decisions are implemented, how outsourcing effectiveness is measured, and its impact on organizational performance. In this article, we provide a critical review of the reasons for, the processes involved in, and the perceived effectiveness of HR outsourcing.We investigate the implications of HR outsourcing for the role of the HR function and for the various groups of people affected by this strategy. We argue that organizations should apply both the resource‐based view and institutional theory when making outsourcing decisions. © 2005 Wiley Periodicals, Inc.     

A way of explaining unemployment through a wage-setting game

We investigate a duopsonistic wage-setting game in which the firms have a limited number of workplaces. We assume that the firms have heterogeneous productivity, that there are two types of workers with different reservation wages and that a worker's productivity is independent of his type. We show that equilibrium unemployment arises in the wage-setting game under certain conditions, although the efficient allocation of workers would result in full employment.     

“经济全球化与企业战略”国际学术研讨会综述

由上海立信会计学院“开放经济与贸易”研究中心（筹）、日本亚东经济国际学会、台湾中华工商研究院共同主办的“经济全球化与企业战略”国际学术研讨会于2005年9月16日举行.来自中国大陆、中国台湾地区和日本的近20位专家学齐聚中国上海立信会计学院,围绕国际生产体系的变革、     

Estimating production frontiers and efficiency when output is a discretely distributed economic bad

This article studies the estimation of production frontiers and efficiency scores when the commodity of interest is an economic bad with a discrete distribution. Existing parametric econometric techniques (stochastic frontier methods) assume that output is a continuous random variable but, if output is discretely distributed, then one faces a scenario of model misspecification. Therefore a new class of econometric models has been developed to overcome this problem. The Delaporte subclass of models is studied in detail, and tests of hypotheses are proposed to discriminate among parametric models. In particular, Pearson’s chi-squared test is adapted to construct a new kernel-based consistent Pearson test. A Monte Carlo experiment evaluates the merits of the new model and methods, and these are used to estimate the frontier and efficiency scores of the production of infant deaths in England. Extensions to the model are discussed.