CONVEX RISK MEASURES FOR GOOD DEAL BOUNDS

We study convex risk measures describing the upper and lower bounds of a good deal bound, which is a subinterval of a no‐arbitrage pricing bound. We call such a convex risk measure a good deal valuation and give a set of equivalent conditions for its existence in terms of market. A good deal valuation is characterized by several equivalent properties and in particular, we see that a convex risk measure is a good deal valuation only if it is given as a risk indifference price. An application to shortfall risk measure is given. In addition, we show that the no‐free‐lunch (NFL) condition is equivalent to the existence of a relevant convex risk measure, which is a good deal valuation. The relevance turns out to be a condition for a good deal valuation to be reasonable. Further, we investigate conditions under which any good deal valuation is relevant.     

企业诊断的基础 自我评价模型

自我评价是一种诊断性评价 ,对于企业的持续改进和市场竞争力的提升具有非常重要的作用。模型的建立是任何类型评价进行的重要前提。因此 ,应建立一种自我评价模型 ,并从企业系统的各个方面对模型进行详细的说明 ,然后总结其主要特征。     

New firm location: An equilibrium model and its disequilibrium dynamics

This paper is centered on two basic statements: i) the birth of new firms is spatially related to location factors endowment and ii) the set of location factors can support only up to a given number of firms.The paper firstly defines the regional ex-ante demand for firms as a function of location factors set. In the following step a definition of regional equilibrium stock of firms is given and a static equilibrium model of new firms birth is built up. In a dynamic disequilibrium model the net birth of firms is a function of two disequilibrium terms: a sectoral and a regional one.The sectoral disequilibrium depends on the industry production structure, the regional disequilibrium is linked to the adaptation elasticity of location factors set to an exogenous shock.Finally, a first estimation on Italian data is performed, on the basis of which some new lines of analysis are suggested.     

正义感：构建和谐社会的重要因素

正义感是人类以实现正义为目的的一种美好情感,是人的一种最基本的道德情操。一个以正义感调节的社会,人民幸福,社会稳定有序。和谐社会是一个制度正义的社会。制度正义既以正义感为前提,又以正义感为当然表征。因此,和谐社会亦是一个充满正义感的社会。在当前,正义感的培养显得格外重要和紧迫。对于道德教育来说,这既是挑战,又是机遇。     

潜性与显性修辞原则：诚信与得体

修辞的原则是修辞界讨论较多的内容，但把修辞的原则分解为潜性原则和显性原则采讨论，尚不多见。修辞应该有潜性原则和显性原则之分。修辞的潜性原则是诚信，它是内在的，看不见，摸不着的；修辞的显性原则是得体，它是外在的，听得见，感受得到的。诚信是表达的出发点和落脚点。得体是诚信的结果和表现形式。诚信必须通过得体这个美丽的外衣来显现。但诚信和得体之问是非对称关系，因此，不可逆向推断。     

Japanese popular art as text advertising's clues to understanding the consumer

We must be concerned with our choices of methodology when we are trying to understand a culture. Art, because it is a way of expressing collective values and norms, is available for researchers attempting to gain an understanding of a culture. Thus art becomes text — conveying a message regarding the culture. Japanese art is used to assist in the understanding of the often surprising phenomenon of a greater than expected use of sex and violence in Japanese advertising and other popular visual art forms. It is posited that, consistent with what is reflected in the woodblock printings of the Tokugawa period, there is still a frustration with the restrictive political and social system, that is reflected in present day popular visual arts and advertising.     

Multidimensional Variance‐Optimal Hedging in Discrete‐Time Model—A General Approach

One of the well‐known approaches to the problem of option pricing is a minimization of the global risk, considered as the expected quadratic net loss. In the paper, a multidimensional variant of the problem is studied. To obtain the existence of the variance‐optimal hedging strategy in a model without transaction costs, we can apply the result of Monat and Stricker. Another possibility is a generalization of the nondegeneracy condition that appeared in a paper of Schweizer, in which a one‐dimensional problem is solved. The relationship between the two approaches is shown. A more difficult problem is the existence of an optimal solution in the model with transaction costs. A sufficient condition in a multidimensional case is formulated.     

NEGATIVE SURPLUS VALUE AND INFERIOR PROCESSES*

One of the most interesting results in value theory is that positive profits are consistent with negative surplus value. This result is obtained, using a two-commodity linear model with joint production. Since existence of an inferior process is always implied in a two-commodity model, the result has been supposed to be applicable to a limited type of technology. The purpose of this paper is to show that positive profits with negative surplus value do not necessarily imply the existence of such a process in higher dimensions. Although a different type of inferiority is implied, such a definition of inferiority is quite different from what is normally understood.     

Merger and Innovation Incentives in a Differentiated Industry

This paper considers a duopoly with product differentiation and examines the interaction between merger and innovation incentives. The analysis reveals that a merger tends to discourage innovation, unless the investment cost is sufficiently low. This result holds irrespective of whether side payments between firms are allowed. When side payments between insiders within the merged firm are permitted, a standard result in the literature is reconfirmed, which suggests that a bilateral merger-to-monopoly is always profitable. When such side payments are not permitted, however, it is shown that a merger is not profitable when the efficiency of the new technology is relatively high and the investment cost is below a particular level.     

HOME ECONOMICS: A SOCIO-PRACTICAL FIELD

It is suggested that Home Economics is a socio-practical field, and an account of this new concept together with a consideration of the relation of theory and practice in a socio-practical field are given. The implications of this for Home Economics are discussed and an outline of what a home economics theory would look like, given that Home Economics is a socio-practical field, is put forward.     

Optimal Pricing of Nondurables when Demand is Dynamic and Stochastic

This paper derives optimal pricing strategies for nondurables if demand is sluggish and stochastic. The puzzling result is that moving from a static demand to a dynamic relation alters the marketing strategy dramatically if the equilibrium demand is convex (in price): the profit maximizing price policy is to switch between a low and a high price depending on current demand while a continuous price policy is optimal for concave demand relations. However, the formal existence of such a price switching policy is restricted to the anyway more realistic stochastic version of the model. The clear cut implications of the model provide also a criterion to test empirically the characteristics and the optimality of actual price strategies.     

Retailers' control of reference price given product category and level of competition

This paper examines the conditions that make reference price manipulation beneficial to retailers. The paper offers a modelling approach that is based on two distinct dimensions: product category, and degree of market competition. The model shows that reference price manipulation in a competitive market is less beneficial to retailers than it is in a monopolistic market. Reference price manipulation of a specific product is most advantageous to retailers when it is a frequently purchased, low-priced product in a monopolistic market. For an infrequently purchased, high-priced product in a competitive market, reference price manipulation is less beneficial. The analysis gives rise to policy implications that could potentially improve consumer welfare.     

Using Information as a Basis for Segmentation and Relationship Marketing: A Longitudinal Case Study of a Leading Financial Services Firm

An important concern for service businesses is how to develop an appropriate segmentation and relationship marketing strategy that is tied to the value contribution of the customer base. This article presents a case study of the relationship marketing strategy for a division of a leading, worldwide financial services provider. The case firm segments customers into three tiers, using a framework similar to the one established by Berry and Parasuraman. Potential revenue from the customer is the primary segmentation variable used to assign customers to one of the three tiers, while the customer service response is tailored for each tier based upon customer information capabilities and needs. Although information is normally thought of as a supplemental service, rather than a core service, this case study shows how information is central to providing effective customer service and is a key to relationship marketing. The study also demonstrates how social and structural bonds can be used to refocus a customer's thinking from a cost perspective to a value perspective.     

营销的本质是管理交易而非买卖交易——兼论营销与销售的区别

"营销的本质"和"营销与销售的区别"是市场营销理论和实践的基本问题。从制度经济学的视角看,营销的本质是企业的一种管理交易,而不是产品买卖交易。营销具有管理交易的本质特征:生产性、效率性和层级性,而销售具有买卖交易的本质特征:分配性、价格性和平等性。营销本质上是生产者的行为,是产业资本的行为,而销售本质上是商人行为,是商业资本的行为。     

中美公共政策学教材建设比较研究

美国公共政策学的教材建设有其特色与优势：一是教材作者的资深化和高水平化,二是教材内容的本土化和案例化,三是教材的学术价值高,四是教材语言生动、简洁明了、图文并茂,版式编排人性化。对比美国公共政策教材,不难发现我国公共政策学教材建设的差距和不足,从中也可以得到一些启示与借鉴：一是应当重视专家学者在公共政策学教材建设中的作用,二是应当高度重视公共政策学教材内容的本土化和案例库建设,三是应当提高公共政策学教材的学术含量,四是应当重视公共政策学教材的编写形式。     

Reverse Payments and Risk of Bankruptcy Under Private Information

Abstract

In the pharmaceutical industry, a reverse payment (pay-for-delay) is a payment from an originator to a generic producer to delay her entry. In some recent cases, the US and EU antitrust authorities have banned these agreements per se, while in others they have used a rule of reason. This paper analyzes their dynamic effects and shows that a ban per se may reduce consumer surplus when the generic producer may go bankrupt and her financial situation is private information. Reverse payments are more beneficial when competition among few players is soft, the economy is in a downturn, and the period of drug usage after patent expiry is long. Results suggest that a rule of reason is more suited than a ban per se.     

李国庆 我的愤斗

<正>"我真是很孤独的。"李国庆说。了解他的人,羡慕他有讲真话的底气和本领,但也会暗地里骂他臭显摆;讨厌他的人认为他哗众取宠,像马戏团里的小丑。也有人说,李国庆就是企业家里的农民。"有的时候,别人会把我们两个人放在一块     

Just price and equal opportunity

The purpose of this paper is to investigate if just price could be given a precise and relevant definition. First, the historical background is sketched. Then a definition is formulated which is based on a gradual interpretation of possibility. The meaning of the definition is, that the buyer and the seller are given equal opportunity of reaching a justified standard of living.     

A Communications Strategy for Kerbside Recycling

This paper is a case study that evaluated the effects of a communications campaign for increasing recycling rates and positively influencing recycling attitudes and the behaviour of residents in Rushcliffe. Household waste is growing by approximately 3% each year and there is a need for a planned and sustained strategy that is regularly evaluated and adapted in order to achieve positive environmental outcomes and a mutual understanding between a council and its residents. The research reported is longitudinal and involved large‐scale surveys that explored attitudes to the current refuse collection methods, the new recycling service and the effectiveness of the communications tools used.     

从《尚书》两个英译本的比较看典籍英译问题

典籍英译意义重大而又任重道远。两个《尚书》英译本的比较显示：熟悉原著是基础，理解经叉是关键。要想提高典籍英译质量，除了英文造诣和翻译经验外，曼需译者认真研读典籍文本，充分吸收前人典籍研究和翻译的成果，并加强与汉语典籍专家以及以英语为母语的学者的合作。