垄断限价、代理商进入与社会福利--兼评中国民航市场价格维持政策

自从中国民航总局于1999年实施“国内民航机票禁止打折”政策以来，不少民航公司仍在暗中通过机票中间代理商低价倾销机票。本试图从社会福利角度出发，分析在卡特尔组织实行垄断定价政策情况下，中间代理商的进入对社会福利的影响，简要评价了中国民航市场现行价格维持政策的福利效应，并提出若干相应建议。     

IPO限价发行与新股二级市场价格泡沫——论股票市场“弹簧效应”

本文通过对比2009年7月1日至2014年6月30日IPO市场化定价发行阶段与2014年7月1日至2018年6月30日IPO限价发行阶段共1950个IPO样本,发现IPO限价发行对于新股在二级市场股价表现具有\"弹簧效应\":即抑制股票一级市场发行价格会造成新股在二级市场价格短期内超涨,限价发行新股的二级市场定价显著高于市场化定价发行新股的二级市场定价。限价发行引起的过高二级市场定价最终导致股票长期回报率低下。另外,创业板公司\"弹簧效应\"显著强于主板公司。这些实证结果都可以被本文提出的一级市场价格压抑造成二级市场非理性投资者上涨预期一致、盲目追涨的理论模型所解释。本文的研究指出抑制股票一级市场定价虽然形式上可以解决新股发行价过高问题,但是却造成二级市场更大的价格扭曲。这一发现为进一步完善我国IPO发行定价机制提供了依据。     

从镀金时代的美国看垄断对社会矛盾的激化

“镀金时代”即美国19世纪后期,这是美国从自由资本主义向垄断资本主义过渡的时期。美国资本主义从自由竞争到垄断的过程,是经济发展和市场竞争的结果,总体上看利大于弊,应视为历史的进步。但与此同时,垄断导致了诸多社会问题,工人、农民和消费者受害尤深,反抗运动此起彼伏,是镀金时代美国社会矛盾激化的最主要原因之一。目前,中国经济中的垄断现象也很突出,而且同样在激化社会矛盾,镀金时代的美国经验可资借鉴。     

The Welfare State in a Changing Environment

We analyse how the welfare state, i.e., social insurance that works through redistributive taxation, should respond to increases in risks and to increases in the cost of operating the welfare state. With respect to risks, we distinguish between risks that can be insured and such that cannot (background risks). Insurable risks can be reduced by costly individual self-insurance and by costly social insurance. We show: (i) Self-insurance will be higher the more costly is the welfare state and the larger are background or insured risks. (ii) Full social insurance can only be optimal in a costless welfare state. (iii) The optimal welfare state is not necessarily larger the less costly it is. (iv) The welfare state need not optimally expand when risks increase that it insures. (v) It should, however, expand when risks increase that it does not insure.     

Intertemporally Dependent Preferences and the Welfare Cost of Capital Income Taxation

The welfare cost of capital income taxation is analyzed utilizing intertemporally dependent preference operationalized using a variable rate of time preference. It is shown that if households exhibit increasing marginal impatience, then the welfare cost of capital income taxation is inversely related to the elasticity of the rate of time preference with respect to consumption. Therefore, the welfare cost of capital income taxation reported using time additive preferences may not be robust. Numerical examples show that the use of time additive preferences could result in the welfare cost of capital income taxation to be overestimated by as much as 25%.     

Pricing of non-redundant derivatives in a complete market

We consider a complete financial market with primitive assets and derivatives on these primitive assets. Nevertheless, the derivative assets are non-redundant in the market, in the sense that the market is complete,only with their existence. In such a framework, we derive an equilibrium restriction on the admissible prices of derivative assets. The equilibrium condition imposes a well-ordering principle restricting the set of probability measures that qualify as candidate equivalent martingale measures. This restriction is preference free and applies whenever the utility functions belong to the general class of Von-Neumann Morgenstern functions. We provide numerical examples that show the applicability of the restriction for the computation of option prices.We are indebted to the editor Marti Subrahmanyam and two anonymous referees for very constructive comments. We have also benefitted from conversations with Nour Meddahi. We would like to thank seminar participants at Université de Montréal, Washington University, HEC Montréal, Ecole Polytechnique de Tunisie, Institut Henri Poincaré, Trento Mathematical Finance Conference (1997), Aspet (FIQUAM) Conference (1998) as well as the participants at the Quantitative Methods of Finance Conference, Australia, 1997.This author gratefully acknowledges the financial support of INQUIRE-Europe.     

Tax Deductions and the Marginal Welfare Cost of Taxation

Recent work emphasizes the efficiency costs of tax deductions that distort the pattern of household spending. Using evidence on the sensitivity of taxable income to tax rates, this work suggests that the marginal welfare cost (MWC) of income taxes in the United States could be dramatically higher because of tax deductions, and might exceed unity. This paper develops an alternative approach for assessing the MWC using evidence on underlying parameters (e.g., labor supply elasticities, the demand elasticity for tax-favored goods). A MWC of around 0.3 to 0.5 seems more consistent with these parameter values, though this estimate is still significantly higher because of tax deductions.     

公共福利支出视角下的农村社会保障体系建设

对于我国现行的农村社会保障体系,本文基于财政福利支出的视角提出了相关问题,主要包括：支出导向单一化、支出监督管理存在多方面的问题。随后,本文介绍了福利支出项目在社会保障体系中的分配功能及其政策效应。最后,根据农村公共福利支出多样化的发展要求,基于提高农民素质、发挥农民劳动力优势的目标,本文提出了完善我国农村社会保障体系的相关政策建议。     

我国反垄断的经济理论基础--马克思主义垄断理论

近年来许多学者在研究和探讨反垄断的经济理论基础时,往往选择西方经济学的竞争理论而忽视马克思主义的垄断理论。而实际上,马克思主义的垄断理论作为反垄断的经济理论基础更具有科学性和合理性。     

社会养老保险福利效应研究述评

提高国民福利是政府建立社会养老保险的最终目标。国外研究主要运用一般均衡方法构建代际交叠模型,从养老保险收入分配功能及其对经济增长(储蓄率和资本积累)的影响两个角度对不同养老保险模式的福利效应进行综合研究,研究成果十分丰富。然而,国内对如何在现有约束条件下实现国民福利最大化的探讨不够系统和深入。发展型福利思想为未来养老保险福利效应研究及政策改革提供了新的视角。     

FDI、金融结构与福利分析

通过构建一个古诺竞争的扩展模型,分析FDI对国内金融结构的反射作用机制,并运用动态GMM估计方法实证检验了FDI作用于国内金融结构对社会福利的影响。结果表明,FDI对金融结构存在弥补作用,但不存在优化作用;FDI作用于金融结构对社会福利的影响是不确定的,此取决于国内金融融资和FDI两种手段的融资成本等多种外部因素。