The modern theory of consumer behavior: Ordinal or cardinal?

Summary and Conclusion In sum, the cardinal utility numbers generated by neoclassical utility functions provide more information than do their ordinal counterparts. In fact, for any given set of bundles they contain all of the information implicit in ordinal utility numbers for the same set, plus they provide additional information concerning the intensity of the preference for any one bundle relative to any other. It is precisely because utility functions cannot be used to calculate ordinal rankings of bundles without prior calculation of their cardinal utility numbers that the use of utility functions is unacceptable for economic purposes. Moreover, although meaningless with respect to the reality of actual individuals’ preferences, this extra information is harmful because it is misleading. I conclude by reiterating the purpose of this article. I have attempted to demonstrate that neoclassical utility functions are an invalid means of analyzing consumer behavior for three reasons: first, and most important, because such functions, and their attendant rankings, are cardinal, not ordinal in nature; second, because, with respect to the set of bundles relevant to actual human beings, such functions are not continuous and, therefore, not differentiable; and, third, because such functions do not correctly, consistently, and properly include dimensions/units. Let me put this in another way. I will accept the validity of utility functions as soon as its proponents can show me how to perform basic mathematical or arithmetic operations on such ordinal numbers as 1^st, 3^rd, 6^th, and 17^th. Although the paper has been vastly improved through their exertions, the author is still responsible for all remaining errors and infelicities.     

Strategic Export Policy in a Differentiated Duopoly: A Note

The purpose of this paper is to further explore how optimal export policies are affected by the nature of oligopolistic competition and the structure of demand. It is shown that (1) the more cost-competitive the home firm is, the higher the optimal level of export intervention becomes; (2) as the goods become better complements, the optimal level of export intervention increases; (3) the nature of the effects of strategic export policies on foreign firms depends on both the mode of competition and the structure of demand.     

从新的角度考虑中美经济战略对话

2006年12月和2007年5月两次中美战略经济对话,引起各方深入思考.美对华经济政策基调取决于双边政治关系走向.目前,维持对华政策现状,是符合美国利益的政策选择.在经济领域,美国倾向于接受"顺差在中国、利益在美国"、"美在华跨国公司是最大获益者"等我方极力主张的双赢观点;对于高额逆差、人民币持续升值局面的容忍度也有所提高.     

公共投资的新战略选择--交替投资理论

关于生产性投资和基础设施投资谁优先的问题,基本上有三种战略选择——即基础设施超前论、追赶论及大推进论。但本文提出了第四种可选择的投资战略“交替投资理论”,既是对现实的一种更贴切的解释,也是一种动态化、综合性的投资模式。     

Sibling Rivalry and Strategic Parental Transfers: A Comment

This note shows that Proposition 5 in Chang and Weisman (Southern Economic Journal 71:821–36) contains a mistake. Although not affecting the paper's basic intuition, our result shows that the parental transfer under the noncooperative game could be less than under the cooperative one if the children oversupply family services.     

Reconstructing growth theory: A survey

Summary Recent developments in the theory of economic growth aim at endogenising long-run growth. The paper discusses models in which technological change arises as a by-product of certain economic activities as well as models where some economic actions are explicity aimed at technological improvements. In addition, separate sections are devoted to the specific reconstruction of growth theory by M. Scott and models explaining stages of economic development. For expositional purposes the algebra is kept to a minimum. The focus is on theoretical models for a closed economy. Empirical work is only mentioned in passing.We are indebted to S. Kuipers, F. van der Ploeg and A. van Schaik for useful comments on an earlier version.     

不道德亲组织行为:基于中国文化背景的思考

不道德亲组织行为不是一种为己的不道德行为,而是一种组织员工为了组织或其成员做出的不道德行为,为不道德行为研究开辟了新的研究方向。目前的研究只是涉足了其中很小的方面,仅发现领导、组织认同和回报信念对不道德亲组织行为存在影响。考虑到中国人际关系差序格局的特点和中国人的三分法思维模式,本文提出了中国文化背景下不道德亲组织行为研究应进一步界定其定义、概念结构及性质。     

Unresolved questions in monetary theory: A critical review

Summary The basic questions of monetary theory remain unanswered. There is little agreement on a definition of money or what assets serve as money, much less on the nature of the private and social costs and benefits of a money economy. Controversy over these questions is reviewed critically. It is concluded that the extensive literature on these matters is not in fact very illuminating. Some new avenues of enquiry are suggested. Generalisation of Clower's exchange matrix suggests that money is only one of a hierarchy of budget restraints, and that money's contribution to efficient price-setting goes beyond its role as numeraire. Finally, questions of control of the money supply are considered.She wishes to thank the participants in the Economic Anthropology Seminar on Means of Payment at University College London for their comments and suggestions, especially Mary Douglas (UCL), Gerald Cohen (UCL), Morris Perlman (LSE) and Charles Goodhart (Bank of England). The comments of Yoram Barzel (University of Washington), Thomas Rymes (Carleton University), and members of the Money Study Group are also gratefully acknowledged. Resposibility for the outcome is entirely the author's.     

科技创新新世纪的战略选择

在千年更迭,世纪交替的时刻,一年一度的"两会"在北京隆重召开.今年的"两会",热点多,世人瞩目.令人欣喜的是"两会"期间,无论是党和国家领导人的报告还是代表们的讨论发言,都把科技创新提到了崭新的高度.可以说,科技创新,是"两会"的热点,也是新世纪的战略选择.     

从中美战略对话角度透视能源和环保问题

蒋尉(以下称"蒋"):又一轮中美战略对话即将开始,能源和环保问题将成为其中的主要议题.作为一名资深学者,您认为,这种安排对于两大国战略对话的意义是什么?     

Reputation deals: A theory of endogenous teams

This paper complements the traditional theory of teams [Fama, 1980; Holmstrom, 1982a, 1982b] by introducing endogenous team formation by agents who are concerned with their reputations and are informed about the types of their potential teammates. Such a constellation leads to a tradeoff between joining a high-productivity type but a low-reputation partner. Gains from trade are analyzed, both, for the case of non-transferable and transferable utility, and the lessons are discussed that can be learned from observing reputation deals. Finally a signaling model of teaming is developed that captures in a fully rational way the process of information acquisition by the agents' strategic opponent: the market.     

走出国门是本世纪中国企业的战略目标

美国《新闻周刊》今年9月3日发表了一篇署名章，作在对20年来中国经济所取得的成就大加赞扬一番后写道：“在令人日眩的中国发展的故事中似乎缺少了一种什么东西，即中国跨国公司所扮演的角色。中国还没有一家大型公司在全体舞台上确立了自己的地位或品牌”。     

基于行动理论对休闲城市基本构成要素的研究

随着休闲时代的来临,休闲成为社会关注的热点。公众休闲生活日益多元化,休闲经济快速发展,国内众多城市着力打造休闲城市。笔者认为休闲城市是以居民的休闲活动为中心形成的行动系统,该系统具备的六个构成要素分别是:休闲满意度、休闲行为、休闲设施、休闲环境、城市基本设施和社会规范。     

从战略角度看中国的"国际经济摩擦"时期

一、"国际经济摩擦"的战略成因:大国的兴起 一只蚂蚁闯入瓷器店,必然是无声无息.一头公牛闯进了瓷器店,情况就完全不同了.这是眼下中国面对国际社会的情形.