Population intervals and the true cost-of-living index with known price distributions

This paper provides evidence that the apparent rejection of the expectations theory for data on nominal Treasury bill yields is primarily due to the failure of market participants to forecast inflation in a consistent manner over horizons of different length.     

On the failure of monotonicity in uniform-price auctions

Except for well-studied special cases in which bidders have single-unit demand or bidders are risk-neutral with independent private values, equilibria of uniform-price auctions with private values need not possess familiar monotonicity properties. In particular, equilibria in weakly undominated strategies may exist in which some bidders bid strictly less on some units when they have strictly higher values for every unit.     

The limitation of monotonicity property of option prices: an empirical evidence

Many option pricing models are based on the assumption that the underlying asset price follows one-dimensional diffusion process. An alternative approach is to test the properties that should hold for all models based on a given stochastic process for the underlying asset. Following Pérignon (2006 Pérignon, C. 2006. Testing the monotonicity property of option prices. Journal of Derivatives, 14: 61–76. [Crossref] , [Google Scholar]), we test the empirical validity of the monotonicity property for option prices by collecting all transaction data from 1 July 2006 to 31 December 2006 for option contracts traded on the Taiwan Futures Exchange (TAIFEX). We find that sampled intraday option prices violate the monotonicity property between 29.97% and 57% of the time, and that call and put prices often increase, or decrease, together. We also find evidence to show that the frequent violations of the monotonicity property are to a large extent attributable to microstructure effects and that they arise from rational trading tactics.     

On the monotonicity of the labour-capital ratio in Sraffa's model

Work done in part while visiting (1988–1989) the Department of Mathematics, University of Virginia, Charlottesville, U.S.A. One of the authors (E. S.) wishes to thank Paolo Caravani for bringing the subject matter of Caravani and DeLuca (1987), in an earlier version, to his attention; and David Rosenblatt for illuminating correspondence on aggregation.     

Individual monotonicity and the leximin solution

Summary. Most axiomatic treatments of bargaining do not give a substantive role to individually irrational points. We show in this paper that it can matter greatly whether axioms and solutions are formulated with respect to the entire feasible set or with respect to only the individually rational portion. In particular, a principle of individual monotonicity becomes much more powerful when all feasible points are considered. We characterize the n-person Leximin solution as the only solution that satisfies Pareto efficiency, symmetry, individual monotonicity, and independence of individually irrational points.     

A note on the monotonicity of Vn

We give an example of a repeated game with incomplete information, lack of information on one side, and non-standard information, in which the value V₃, of the three-fold repeated game, is greater than V₂.     

论管理的生产力属性

现代社会管理在社会生产劳动中充分体现出生产力属性。现代管理与科学技术相互渗透、相互促进,共同构成生产力要素,井决定生产力发展水平。管理是社会生产力可持续发展的重要保障。随着经济全球化和社会信息步伐加快,我国应更加重视管理在生产劳动中的地位和作用。     

Existence of a continuous utility function with path monotonicity: the Wold approach

Summary This paper uses the approach of Wold to prove the existence of a continuous utility function on a subset ofR ⁿ with a path monotonicity assumption. This result is then extended to a Banach space.The research for this paper was begun while visiting the University of Cambridge and the London School of Economics in 1988. I should like to thank Dr. A. Beardon, Professor M. Desai, Professor L. Foldes and Dr. A. Horsley for their hospitality. Also, I am grateful to an anonymous referee for comments that led to an improvement in the exposition.     

On preserving the reservation wage property in a continuous job search model

The purpose of this article is to examine a continuous model of job search. Job offers are received randomly over time according to a renewal process. The wage offers are assumed to be positive, independent, and identically distributed random variables. There is a search cost of c monetary units per unit time. The only decision the searcher must make is when to stop searching and accept an offer. It is shown that the optimal stopping strategy which maximizes the searcher's expected net return over the class of all stopping times possesses the reservation wage property, provided that the interarrival time between two successive job offers in NBUE (new better than used in expectation).     

On the dual nature of weak property rights

In the natural-resource literature, conventional wisdom holds that weak property rights will cause a resource to be over-exploited. This is because weak property rights are typically perceived as a problem of input exclusion – or theft of un-extracted resources. We present evidence to the effect that weak property rights often take the form of contestable outputs – or output theft – and that this has an impact on resource use. We propose a model of resource use under generally weak property rights – or weak state presence – when resource users face the dual problem of input exclusion and output appropriation. We show that introducing the possibility that outputs be contested acts as an output tax, with the added twist that resource users effectively determine the tax level. This tax has a depressive effect on input use. Whether the resource is under- or over-exploited depends on the relative severity of output appropriation and input exclusion problems. Increasing enforcement measures against theft may lead to severe resource overuse. Efficiency considerations require to account not only for direct resource input use, but also for thieves’ efforts and gains as well as the costs of enforcement against theft and trespass.     

On the dual nature of weak property rights

In the natural-resource literature, conventional wisdom holds that weak property rights will cause a resource to be over-exploited. This is because weak property rights are typically perceived as a problem of input exclusion – or theft of un-extracted resources. We present evidence to the effect that weak property rights often take the form of contestable outputs – or output theft – and that this has an impact on resource use. We propose a model of resource use under generally weak property rights – or weak state presence – when resource users face the dual problem of input exclusion and output appropriation. We show that introducing the possibility that outputs be contested acts as an output tax, with the added twist that resource users effectively determine the tax level. This tax has a depressive effect on input use. Whether the resource is under- or over-exploited depends on the relative severity of output appropriation and input exclusion problems. Increasing enforcement measures against theft may lead to severe resource overuse. Efficiency considerations require to account not only for direct resource input use, but also for thieves’ efforts and gains as well as the costs of enforcement against theft and trespass.     

论环境污染中的产权和利益分配

厂商的经济活动产生污染，危害了社会福利。如果环境质量产权为污染源附近的居民所有，他们通过与厂商的谈判达成一定的协议，可以维护自己的社会福利，但实际操作中存在一定的困难。政府主导下的污染控制措施，改变了产权关系，使污染源附近的居民承担了经济发展所带来的社会成本，他们应得到补偿。     

On the real voting power index

Both formal and real voting power indices completely disregard the significance of voting methods to processes of coalition formation. This may result in misleading figures of voting strength if estimated probabilities of certain coalitions are utilized in the indices. It is shown that application of the real voting power index of Stenlund, Lane and Bjurulf (a measure closely related to the Banzhaf index) to parliaments using the amendment voting procedure, is problematical. If a parliament votes upon three or more alternatives, the winning coalition on the issue depends more or less on the order of voting. The measurement of real voting power is distorted both if the formation of the voting order is based on application of general voting order rules, or if it is totally unregulated.     

论行业产权的存在与运作

产权不同于所有权,所有权是财产权,产权是利益权,经济学从研究所有权到既研究所有权又研究产权,是现代社会经济发展的反应,是现代经济学进步的表现,展现了现代经济学比传统经济学更为广阔的研究视野。行业不同于企业,并不是归属谁所有的,但是,有行业利益的存在,就有行业产权的存在。行业产权代表了行业的整体利益,这种产权是具有集合性的公共产权,不是可以分散给行业内的各个企业的,而是相对于行业的存在而存在的。行业协会依据行业产权维护行业利益,是通过行业协会的社会中介作用实现的,是表现为有组织的行业自律和企业自律达到目的的,不是依靠政府作用对于企业进行更强制的约束,更不是运用法律手段制止本行业企业的不当行为的。     

On the martingale property of economic and financial instruments

The solutions to many economic and financial instruments are stochastic processes that are required to be arbitrage-free or martingale under an equivalent probability measure known as martingale measure. The main vehicle to verify the existence of an equivalent martingale measure is the Girsanov theorem. This study shows that some of the usual assumptions regarding the underlying stochastic base often employed in applied literature could nullify the theorem and its applications. Further, it is shown that the infinite-horizon Girsanov setting may not contain an equivalent martingale measure.