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1.
This paper presents an equilibrium formulation of asset pricing in an environment of mixed Poisson–Brownian information with recursive utility. The optimal portfolio choice problem is studied together with a derivation of Euler equation as necessary condition for optimality. It is further shown that the price processes governed by the Euler equation, together with the market clearing conditions, constitute the equilibrium price processes. Closed form formulas are derived for European call options and for other derivative securities in a particular parameterization of the economy. The derived option pricing formula contain many existing models as special cases, and is potentially useful in explaining the moneyness biasedness associated with Black–Scholes model. 相似文献
2.
In this paper, data envelopment analysis (DEA) techniques are applied to the French nursing home industry in order to address two policy issues. The first involves nursing home size and returns to scale, while the second deals with the potential effects of a change in nursing home reimbursement from a flat rate to one based on the severity of case-mix. To accomplish this, our analysis expands on the existing nursing home literature to analyze technical and allocative efficiency along with budget-constrained models rather than the more common direct input-based distance function. Technical efficiency is evaluated via an indirect output distance function while allocative output efficiency is computed with a cost indirect revenue function. The findings suggest that system-wide efficiency and equity may result from coming reforms since payments would more accurately reflect resource use. 相似文献
3.
Mehmet Caner 《Oxford bulletin of economics and statistics》2010,72(3):307-325
This article analyses exponential tilting estimator with weak instruments in a nonlinear framework. Our paper differs from the previous literature in the context of consistency proof. Tests that are robust to the identification problem are also analysed. These are Anderson–Rubin and Kleibergen types of test statistics. We also conduct a simulation study wherein we compare empirical likelihood and continuous updating‐based tests with exponential tilting (ET)‐based ones. The designs involve GARCH(1,1) and contaminated structural errors. We find that ET‐based Kleibergen test has the best size among these competitors. 相似文献
4.
Andrew Paciorek 《Journal of urban economics》2012,71(2):244-257
We show that the hedging benefit of owning a home reduces the variability of housing consumption after a move. When a current home owner’s house price covaries positively with housing costs in a future city, changes in the future cost of housing are offset by commensurate changes in wealth before the move. Using Census micro-data, we find that the cross-sectional variation in house values subsequent to a move is lower for home owners who moved between more highly covarying cities. Our preferred estimates imply that an increase in covariance of one standard deviation reduces the variance of subsequent housing consumption by about 11%. Households at the top end of the covariance distribution who are likely to have owned large homes before moving get the largest reductions, of up to 40% relative to households at the median. 相似文献
5.
本文通过研究驻地网分配的IPv6可聚合全球单播地址,对其16位SLA ID和64位接口ID进行合理划分,提出一种基于用户分类的可聚类性IPv6地址分配方案.该方案较好的满足了IPv6路由要求,同时为IPv6网络的用户管理提供了便捷. 相似文献
6.
Maria Grazia Pittau Riccardo Massari Roberto Zelli 《Oxford bulletin of economics and statistics》2013,75(4):556-584
We evaluate the magnitude of the disparities in the demand for redistribution across European countries and American states during the 2000s. Modelling the demand for redistribution in a multilevel framework, we identify the determinants that contribute the most in predicting support for redistribution. We observe that individual characteristics and contextual variables are associated with demand for redistribution in the same way in Europe and in the US, whereas others exert different influences on the probability of supporting redistribution. We find important differences from some well‐established evidence obtained from data collected for the 1980s and the 1990s. 相似文献
7.
Developing the analytical framework of the decision making process of a possible entrant, a reduced form system equations
model is estimated in order to examine the market concentration – productive efficiency relationship in an endogeneity context.
Technical and scale efficiency estimates are obtained from an inter-industry stochastic production frontier using a panel
dataset regarding the seven most energy intensive manufacturing industries in Greece over the period 1980–96. Several new
versions of the concentration – efficiency relationship, may be derived from the alternatives of the entrant considering the
possible conduct character of incumbents’ technical efficiency and excess capacity, which is depicted on their scale efficiency,
on market concentration. 相似文献
8.
In this paper, we use a simple majority voting model to study the introduction of urban congestion tolls. The model allows for different types of uncertainty and considers different uses of the toll revenues. The following results are obtained. First, we show that individual uncertainty with respect to modal substitution costs may imply that a majority votes against road pricing ex ante, although a majority would have been in favor after its introduction ex post. Moreover, if a majority is against road pricing ex ante, there will also be no majority for organizing an experiment that would take away the individual uncertainty. Second, political uncertainty with respect to the use of the revenues corroborates the finding that ex ante more voters will be against the introduction of tolls. Third, both types of uncertainty suggest that fewer voters are against road pricing when toll revenues are used to subsidize public transport than when they are redistributed to all voters. Importantly, the results of this paper are consistent with a number of recent empirical observations on efforts to introduce road pricing, including the systematic rejection of road pricing in referenda, the more favorable attitudes towards road pricing after than before its introduction, and tying the toll revenues to support public transport. 相似文献
9.
Mark Gradstein 《Review of Economic Design》1994,1(1):319-326
This paper presents a decentralized mechanism implementing socially optimal output choices by non-cooperatively acting oligopolists.
A decentralized mechanism is a vector of balanced transfers among firms determined as a function of firms’ output choices.
The mechanism is devised by a regulator with a full knowledge of demand and without any knowledge of the firms’ cost functions.
Restricting the set of admissible demand and cost functions such that the firms always have an incentive to produce, it turns
out that the socially optimal solution is implementable insofar as the demand function is a polynomial of at most (n−1)th
degree, n being the number of firms in the industry.
The author is indebted to a referee and an associate editor for their helpful comments. 相似文献
10.
The Walras core of an economy is the set of allocations that are attainable for the consumers when their trades are constrained to be based on some agreed price system, such that no alternative price system exists for any sub-coalition that allows all members to trade to something better. As compared with the Edgeworth core, both coalitional improvements and being a candidate allocation for the Walras core become harder. The Walras core may even contain allocations that violate the usual Pareto efficiency. Nevertheless, the competitive allocations are the same under the two theories, and the equal-treatment Walras core allocations converge under general conditions to the competitive allocations in the process of replication. 相似文献
11.
We prove the existence of a path of market conditions, i.e. combinations of market prices and production quantities, that links any arbitrarily chosen market condition with an equilibrium, in a general equilibrium model with possibly nonconvex production technologies based on Villar [Villar, A., 1994. Equilibrium with nonconvex production technologies. Economic Theory 4, 629–638] and Villar [Villar, A., 1999. Equilibrium and Efficiency in Production Economies, second ed., Springer Verlag, Berlin]. This existence theorem holds for any semi-algebraic version of the model and the adjustment of market conditions along the path can be given an economic interpretation as a tâtonnement process. Any such path can be approximated arbitrarily close by applying a simplicial algorithm. By restarting this algorithm in a different market condition, we may find more than one equilibrium. 相似文献
12.
本文主要研究IPv4/IPv6共存与过渡的3种主要技术,比较它们的优缺点,并结合目前高校校园网建设的现状,阐述了这几种过渡技术在IPv6校园网中的具体部署情况. 相似文献
13.
目前我们使用的是第二代互联网协议--IPv4,它的最大问题是网络地址的资源有限,据预测,不久之后后它的网络地址资源将被耗尽。IPv6就是在这种背景下出现。 相似文献
14.
简述IPv4到IPv6的过渡 总被引:1,自引:0,他引:1
程飞 《中小企业管理与科技》2011,(13)
近些年来,因特网得到了飞速发展,网络在人们的日常生活和工作中起着日益重要的作用,越来越多的其他设备连接到因特网上,尤其移动通信由传统的语音通信向数据通信转化,IPv4显然已经无法满足这些要求,加之Internet IP地址分配不合理,IPv4的许多缺陷逐渐显现,其中最突出的是IP地址空间将被耗尽和主干路由表不断增长的问题,虽然NAT(网络地址翻译)等地址使用技术可以缓解IPv4地址不足的状况,但是不能从根本解决问题.所以,IPv6的推广是大势所趋.其简单描述了IPv4和IPv6之间的区别,探究了从IPv4过渡到IPv6的技术策略. 相似文献
15.
本文分析了IPv6的技术特点和目前校园网的主要困难,探讨了基于IPv6的校园网的过渡键技术. 相似文献
16.
深入研究下一代互联系网的核心技术IPv6,详细介绍了IPv6跟IPv4相比的优势,研究了IPv6中所采用的IPSec协议、认证机制、加密机制和密钥管理机制等安全机制,讨论了IPv6的应用策略,展望了IPv6的应用前景。 相似文献
17.
IPv6是下一代互联网协议,它由IPv6包头、扩展包头和上层协议数据单元组成,有更大的地址空间,简洁的数据报头,更高的安全性,更方便的自动配置等特性和优势,应用广泛,目前处于IPv4到IPv6的过渡阶段。 相似文献
18.
We investigate how corruption affects the outcome of a first-price auction (bidding behavior, efficiency and the seller’s expected revenue). The auctioneer approaches the winner to offer the possibility of a reduction in his bid in exchange for a bribe. The bribe can be a percentage of the difference between the winning and the second-highest bid or a fixed amount. We show that there exists a symmetric bidding strategy equilibrium that is monotone, i.e., higher valuation buyers bid higher. Corruption does not affect efficiency but both the auctioneer’s expected bribe and the seller’s expected revenue depend on the format of the bribe payments. We also find the optimal bribe scheme. 相似文献
19.
William A. BrockJane Cooley Steven N. Durlauf Salvador Navarro 《Journal of econometrics》2012,166(1):66-78
This paper contributes to a growing literature that attempts to determine whether disparities in police stops and searches of potential criminals of different races stem from taste-based discrimination. The key challenge in making this evaluation is that police officers have more information than the econometrician and thus racial disparities in police behavior may result from these unobservable factors rather than discrimination. We develop a general equilibrium model of police and potential criminal behavior that encompasses key models in the literature. We highlight the assumptions needed for existing methods of detecting racial discrimination to hold. In particular, we show that when there are increasing costs to search, existing tests for discrimination can give incorrect results. Given the potential importance of these costs, we then propose some alternate methods for detecting racial bias in police behavior. 相似文献
20.
Gert Peersman 《Oxford bulletin of economics and statistics》2004,66(3):285-308
This paper analyses whether the effects of the monetary policy of the European Central Bank (ECB) may be different across Euro area countries. First, the limitations in the current empirical literature are highlighted. The paper then suggests how to deal with these limitations and provides new empirical evidence on the effects of a common monetary policy shock across individual member countries. Surprisingly, very similar output effects are found across countries. 相似文献