Dimand-Dore on cournot-bertrand: A reply and more

This note refutes the novel thesis of Jean Magnan de Bornier [1992] that all of Cournot's analysis in his 1838 classic was about price rivalry. It also reiterates the proposition that Cournot treated both quantity and price rivalry and that Cournot was clearly aware of the symmetry between quantity conjectures and price conjectures in 1838. It is conjectured that the many misinterpretations of Cournot derive from failure to work through Cournot's simple mathematics and a mental truncation of the Recherches into just Chapter VII.     

Cournot, Bertrand, and game theory: A further note

This note synthesizes the discussion on the role of Cournot and Bertrand in the analysis of duopoly by drawing on the history of the debate. We conclude that while Bertrand presented a critique of the mathematical economics of Cournot and stimulated the analysis of strategic choice in game theory, he did not present a duopoly model with price as a strategic variable, as opposed to Cournot's model with quantity. In fact, Cournot has both types of models. We show that Irving Fisher contributed to the myth about Bertrand's duopoly theory.     

Augustin cournot and neoclassical economics

This paper compares Cournot's exposition of elasticity of demand and the theory of the firm with modern exposition. In the case of the theory of the firm, this comparison is accomplished by translating the modern textbook exposition into Cournot's mathematics. It is demonstrated that Cournot's exposition translates into current usage in all cases but that the degree of convolution in the translation process varies from case to case. For elasticity, only trivial algebraic manipulation is involved. For monopoly, the inverse derivative rule translates Cournot's exposition into current usage. The case of perfect competition is much more complicated. Although Cournot gets the same result as current theory, his mathematics doesn't translate directly into current usage. But a comparison in the text that doesn't appear in his mathematics suggests that he considered the modern derivation but chose to use another derivation. One reason for doing this is rather obvious. It fits better into Cournot's unified approach to the theory of the firm. It might also be judged more elegant and mathematically precise. With regard to oligopoly, Cournot provided, in a different contest, the analytical structure that is now used in IO to analyze differentiated oligopoly. It is retierated that Cournot had a general method for finding equilibria for non-cooperative games and was aware of the fact that his method was more general than a single application. The relation between Cournot equilibria and Nash equilibria is discussed. The author benefited from comments by Richard R. Ruble and a referee, but is responsible for all errors.     

The quantity theory in New England, 1703-1749: new data to analyze an old question

The finding of Robert West that the classical quantity theory of money clearly holds for New England (at variance with results for the rest of Colonial America) is revisited, with care taken to guard against spurious data and spurious regression. Thus alternative measures of price and money and modern econometric techniques are employed. The quantity theory of Milton Friedman is shown to be complementary to classical quantity theory, and both theories are tested via modern time-series analysis. The West data lead to mixed results; but the new data and technique support both quantity theories.     

中国靠什么实现了对美国出口的迅速增长——基于产品广度产品价格和产品数量的分解

本文利用HS编码六分位贸易数据,扩展了Hummels和Klenow(2005)的分解方法,将中国对美国出口的增长分解为产品广度增长、产品价格增长和产品数量增长。结论发现:中国对美国出口增长的70%归结为产品数量的增长;随着产品技术升级,数量增长的贡献度逐渐增加;中国的出口增长途径并不具有普遍性;中国出口的数量高于大多数国家,价格低于大多数国家,实现贸易增长模式从"以量取胜"到"以质取胜"的转变成为当务之急。     

产品内分工下制造业服务化与出口二元边际——基于系统GMM的经验研究

采用两步系统GMM估计法,在产品内分工视角下实证考察制造业服务化对出口二元边际的影响,研究发现：（1）服务化对出口市场扩展边际、产品种类扩展边际、价格边际有倒U型作用,对数量边际有抑制作用。（2）服务化对扩展边际、价格边际的倒U型作用和对数量边际的抑制作用在OECD与非OECD国家同时存在。（3）按技术复杂度划分服务部门后发现,低端服务化和高端服务化对扩展边际的影响较为一致,但低端服务化对价格边际的影响不显著,且对数量边际的抑制作用大于高端服务化。（4）产品内分工加强了服务化对价格边际的积极影响,弱化了服务化对数量边际的不利作用,但对服务化与扩展边际关系的影响不显著。深入产品内分工体系,循序渐进推动制造业服务化发展有助于提升高端出口能力,对优化出口结构有重要意义。     

中美贸易失衡的三元边际——基于广度、价格与数量的分解

本文探讨了中美贸易失衡的结构特点。本文首先创建了贸易失衡的三元分解框架,将贸易失衡分解为广度、价格与数量失衡;利用1992～2008年中美HS92版本六分位贸易数据分析了中美贸易失衡的三元边际。结论发现:中国对美国数量顺差,广度与价格却是逆差;这一结论对于不同技术和行业均成立。这说明中美分工格局中,美国占据高端,中国占据低端;美国出口少量、高价、多种类商品,中国出口大量、低价、少种类商品,这是中美贸易失衡的结构特点。这一结构特点反映了中美双方发展水平的差异,短期内很难改变。     

Firm-specific volatility of stock returns, the credibility of management forecasts, and media coverage: Evidence from Japanese firms

This paper explores the determinants of firm-specific informativeness of the stock price in terms of corporate disclosure quality and the quantity of public information by using Japanese data. In our empirical framework, we examine how the credibility of disclosure and media coverage are associated with the firm-specific volatility of stock returns. The results indicate that both greater accuracy of management forecasts and greater total media coverage contribute to the incorporation of firm-specific information in the stock price. Furthermore, for earnings-related news, the media reporting leads to less firm-specific volatility. Finally, an improvement in forecast accuracy enhances the marginal effect of media coverage of the earnings news toward reflecting firm-specific information.     

Social networks,rice value chain participation and market performance of smallholder farmers in Ghana

This paper examines the impact of rice value chain participation and social networks on smallholder farmers' market performance outcomes (paddy price, quantity of paddy traded, and net returns), using data from a recent survey of 458 smallholder rice farmers in northern Ghana. We employed a treatment effects model to account for potential selection bias associated with observable and unobservable factors. The empirical results reveal that smallholder farmers' participation in a rice value chain is associated with increased paddy price, quantity traded, and net returns. We also find that value chain participation decisions and market performance are positively and significantly influenced by social networks. The empirical results also suggest that sex, farm size, mobile phone ownership, and access to credit significantly increase paddy prices, quantity traded, and net returns of smallholder rice farmers in the value chain.     

Deriving the new quantity equation: an approach for a closed and an open economy

This theoretical contribution shows a simple way in which the quantity equation can be derived as a long-term equilibrium solution for the case of a closed economy and an open economy, respectively. It is shown first for the case of a closed economy which parameters stand behind “velocity” and that indeed there are arguments why velocity should be constant over time – assuming a specific parameter set of the goods market. It is noteworthy that the quantity equation can be derived both in a demand-side context and in a long run supply-side approach. Moreover, a new derivation is presented for the case of an open economy and it is shown that trade as well as foreign direct investment should be expected to have an influence on the price level and the inflation rate, respectively. Finally, the analysis suggests that financial market activities should have an impact on the price level.I gratefully acknowledge technical support by Murat Ismail and David Hanrahan. Moreover I appreciate discussions with Jens Perret (Schumpeter School of Business and Economics) and Thomas Gries, University of Paderborn. The usual disclaimer applies.     

商品价格的复合决定因素分析

传统政治经济学理论认为商品价值是商品价格的唯一决定因素,却忽视或否认使用价值对商品价格的决定作用,这一认识是存在重大理论缺陷的。事实上,商品价格不仅受商品价值量的决定,而且受商品使用价值量的决定,具体来说,商品价值决定不同种类的商品价格之间的差异,而商品使用价值则决定同一种类商品价格之间的差异,因此,商品的价格是由商品价值决定的基础价格与商品使用价值决定的调整的价格共同构成的,可称之为商品的复合价格,商品的复合价格公式是PA=VA/V·UA/U·P。     

Entry deterrence when the potential entrant is your competitor in a different market

In this article, we present a two‐period model in which one firm operates in two markets: a monopoly and a duopoly. Assuming that this firm has private information on the cross‐price elasticity of demand between the products sold in both markets, it limits its quantity supplied in the monopoly market in order to make its rival in the other market believe that entry into the monopolized market is unprofitable. As a result of this strategy, the average prices observed in both markets increase. This result suggests that the detrimental effects of entry deterrence on consumers' welfare are stronger than those predicted by previous literature.     

Monetary Policy and Corporate Investment： Evidence from Chinese Micro Data

This paper investigates how a firm's characteristics restrict the influence of monetary policy changes on its investment behavior. Focusing on China's listed companies for a sample period from the first quarter of 2002 to the first quarter of 2011, we find that quantity‐oriented and price‐based monetary policies have heterogeneous impacts on corporate investment behavior, but the influence of monetary policies is constrained by the liquidity, inventory, size and asset–liability ratio of a firm. Firms with higher liquidity, lower inventory level and lower asset–liability ratios are less sensitive to the impact from two kinds of monetary policies. The larger the size of the firm, the less it is subject to influence from quantity‐oriented monetary policy; it responds more to price‐based monetary policy. The policy implication is that the monetary authorities should pay attention to the importance of policy‐making based on the monetary demand of microeconomic entities.     

日本规避石油价格风险的数字化解读

21世纪初油价攀升并未给日本造成像石油危机时期那样的严重冲击,其主要原因是日本在石油的“量”和“质”等方面有了很大变化。“量”分为“减量”和“增量”两个层面。“减量”是指日本通过调整能源消费结构等措施,相应“弱化”和“缓冲”油价上涨风险;“增量”是指日本通过海外能源投资以及加大石油自主开发等措施部分“对冲”和“转嫁”油价上涨风险。“质”是指日本通过诸措施提升石油利用率,从而相应“舒缓”和“稀释”油价上涨风险。     

论工程造价管理体制改革问题

长期以来,由于预算定额编制周期过长,定额水平不能及时和准确反映市场价格变动以及计价方法的改革滞后,不利于业主合理确定工程造价,给业主在招标投标中盲目的压级压价和施工单位在结算中高估冒算、或发承包双方结算中弄虚作假留下了空间。     

Regulation by Prices, Quantities, or Both: A Review of Instrument Choice

Choosing appropriate policy instruments is an important partof successful regulation. Once objectives are agreed and suitabletargets adopted, policy-makers can employ command-and-controlregulation and/or economic instruments, and choose between fixinga price or a quantity. This paper examines the relative advantagesof price, quantity, and hybrid instruments according to: theirefficiency under uncertainty; the trade-off between crediblecommitment and flexibility; implementation; international considerations;and political economy. Various illustrations of the theory areprovided, with two detailed applications to climate change andtransport policy, specifically congestion and ‘safetypricing’. Footnotes ¹ E-mail address: cameron.hepburn{at}economics.ox.ac.uk     

Financial Frictions and the Fiscal Theory of Price Level Determination

The fiscal theory of the price level represents a significant departure from the quantity theory of money, as it implies that active (non-Ricardian) fiscal policy provides the nominal anchor and determines the price level. In this paper we take a first pass at integrating discussion of financial frictions and the fiscal theory of the price level. We first present empirical evidence in support of non-Ricardian fiscal policy, and then discuss the fiscal theory of the price level in a world with financial frictions. After illustrating how the financial friction influences the price level, we provide a theoretical explanation to our empirical findings. We also argue that the financial friction, which is related to fiscal policy, provides an additional instrument tool to the fiscal authority and an advantage over the monetary authority in choosing the equilibrium.     

The postbellum demand for cotton revisited

The literature offers both supply-side and cotton demand-side explanations for the reduced level and growth of income in the postbellum South. Demand-side evidence begins with a single-equation relationship regressing the price of cotton on quantity and a trend term, although subsequent researchers have critiqued the economic significance of the supposed slowed growth in demand. Using a system of simultaneous equations, which allows for correction both for autocorrelation in the error terms and correlation of the error terms across equations, we find cotton demand to be unit elastic from 1865--1866 to 1894--1895 and that it grew between 1.1% and 2.8% a year.     

Impacts of additional compliance requirements of regulations on the margins of trade

It is widely known that countries export less to destination countries with greater regulatory burdens. Using finely disaggregated product-level bilateral trade value and quantity data for 98 countries, together with a new data set of detailed information on technical regulations, we answer the following question: If a country faces a greater regulatory burden in a particular destination market, is that country more likely to export a narrower set of goods (the extensive margin) and lower quantities of each good at a higher price (the intensive margin)? We find that beyond the overall trade-diminishing effect, regulatory burdens adversely affect the extensive margin of trade. With respect to the intensive margin, regulatory burdens negatively affect the quantity margin but positively affect the price margin. As the negative effect on the quantity margin is relatively larger in magnitude than the positive effect on the price margin, the result is a negative net impact on the intensive margin.     

投资者结构与股价波动：基于过度自信和注意力分配的理论分析

本文假定市场上仅存在散户和机构,且他们之间存在过度自信的差异和对多期私有信息注意力分配方式的差异,在此基础上对投资者结构和股价波动的关系进行了理论分析,并进一步研究了投资者结构的长期均衡问题。研究表明,当两种差异同时存在时,第一,市场上现有的投资者结构决定了散户或机构比例的上升是否增加股价波动。如果市场是散户主导的,那么散户比例的上升将加剧股价波动;如果市场是机构主导的,那么在特定情形下,机构比例的上升将加剧股价波动。第二,散户在长期均衡时不仅不会彻底消失,甚至会在特定情形下完全占据市场。