APPLICATION OF CHANCE-CONSTRAINED PROGRAMMING TO CAPITAL RATIONING PROBLEMS WITH ASYMMETRICALLY DISTRIBUTED CASH FLOWS AND AVAILABLE BUDGET

Most applications of chance-constrained programming are based on either normally distributed random variables or random variables with symmetric distributions such as uniform, which can be approximated rather accurately by the normal distribution. In this paper we study pure capital rationing with selection of the best project mix when cash flows and available budget are random variables with asymmetric distributions. We show that solutions obtained by chance-constrained programming using normality approximation for asymmetrically distributed random variables fail to satisfy budget constraints when cash outflows are skewed to the left, indicating that realized cash outflows are more likely to be higher than expected.     

BUDGET CONSTRAINTS AND DEMAND REDUCTION IN SIMULTANEOUS ASCENDING‐BID AUCTIONS*

The possibility, even if arbitrarily small, of binding budget constraints in simultaneous ascending bid auctions induces strategic demand reduction and generates significant inefficiencies. Under mild conditions on the distributions of the bidders' values, unconstrained bidders behave as if they were liquidity constrained, even as the probability that bidders are budget constrained goes to zero.     

ON THE VALUE OF A LARGE CUSTOMER BASE IN MARKETS WITH SWITCHING COSTS*

It is usually acknowledged that firms benefit from a large customer base in markets with switching costs. However, Klemperer [1995] argues that this may not be true if an increase in the size of a firm's customer base induces fierce price competition, making the firm worse off. This paper shows that such an outcome can be obtained under standard assumptions, such as homogeneous goods and uniformly distributed switching costs. In the model, firms have very limited incentives to fight for market shares, and the notion that switching costs make markets less competitive is stronger than previously shown.     

以现有所有者权益入股合资的经济评价问题探讨

探讨了“中文以现有所有者权益入股,外方按相应股比投入资金和技术,合资双方以现有生产装置为基础建立合资企业”的技术经济评价方法及其评价中的具体问题,为此类合资项目的技术经济评提供依据,使该类合资项目的技术经济评价方法,指标和结论更具真实性,科学性,客观性,可靠性。