A New Method to Evaluate the Corporation——Experimental Research on the Example of NetEase Company

Most of the Internet or e-commerce corporations have few earnings or even none. The traditional corporation valuation methods don not work well when encountering these types of corporations. Just in these backgrounds, a new method called CVBC model is brought forward to evaluate these types of corporations in our article, which is based on the customer lifetime value. In essence, it extends the concept of customer lifetime value and combined with the traditional financial methods, then creates a new valuation method. It can work well to the corporations, which have been said before. The principle, mathematical model of the method and the effect of the practical application are discussed in detail.     

Output dynamics,flow equilibria and structural change—A prolegomenon to evolutionary macroeconomics

In an evolutionary approach to macroeconomics, the market disequilibrium dynamics resulting from structural change need to be properly represented at the aggregate level. As suggested by the late F.A. Hayek, a suitable equilibrium concept required to this end as a frame of reference, is that of a flow equilibrium. The paper explores the corresponding flow dynamics that draw attention to variables not usually considered in macroeconomic theorizing. Using statistical estimates for these new variables for the West German manufacturing sector during the German unification process allows some important new insights on the relationships between structural change and macroeconomic performance.

Households＇ Cognition and Willingness to Pay for Village Public Spaces——A Case Study of Shuanggou Village,Henan Province

通过对河南省双沟村75家农户的深入访谈,运用Logistic二元选择模型对影响农户公共空间的支付意愿进行分析。结果表明,所有农户都认为公共空间受到不同程度的破坏,大多数农户认为无论是破坏还是改善都存在政府不作为。农户对公共空间的支付意愿受个体特征、农户特征和认知特征的共同制约,支付意愿普遍较低。年龄和学历与支付意愿负相关;职业与之呈显著正相关;农户家庭农业收入和非农收入与之具有统计上的正相关,但系数较小,实际意义并不明显;农户认为公共空间破坏越严重,越易产生支付意愿。农户对村域公共空间的认知及其支付意愿对村域治理有重要的政策含义,社会主义新农村建设应重视公共空间在村庄的稳定和发展中的作用。     

A panel data approach to price–value correlations

Resorting to stationary and nonstationary panel data econometrics, we offer tests for “Ricardo’s 93% theory of value” for ten OECD countries over different time ranges. The theory does not find empirical support.     

Error or absurdity? A non-cognitive approach to commodity fetishism

Abstract

Karl Marx presented his theory of commodity fetishism as an explanation of the mysterious appearance of social relations in a system of commodity production as natural phenomena. The standard interpretation of this as a failure to perceive capitalist social relations correctly depends on a particular modern sense of ‘natural’. If classical political economy and Marx used ‘natural’ in the Aristotelian sense, commodity fetishism appears quite differently: not as a cognitive error but rather as a manner of living under commodity production, one that is not wrong but absurd, the word fetishism tying commodity production to pre-Enlightenment, preliterate peoples.     

A—U模型与流通产业

文章介绍了A—U模型创新分布模式,系统地分析了建立在一定技术起点上的流通产业演化创新模式具有与A—U模型同向的规律,指出竞争是推动流通业特别是零售业发展的源泉动力。     

Non-point source regulation — A self-reporting mechanism

Information feasible regulatory mechanisms (that do not require the regulator to acquire firm level information) have been proposed long ago for stochastic non-point emission problems. These mechanisms do not take polluter cooperation and firm entry–exit incentives simultaneously into account, nor are these issues addressed in an informationally efficient way. In this paper we propose an informationally feasible self-reporting mechanism that is robust to cooperation among polluters while giving participating firms correct abatement incentives as well as giving entry–exit incentives that are correct to a first order approximation.     

China＇s Exchange Rate System——A Policy Perspective

Like most developing countries, China has been adopting a multiple exchange rate regime in its attempt to maintain control and order while liberalizing transactions in the sphere of trade, non-trade and crossborder fund flows. From a very rigid, highly centralized regime in 1979, China has by now advanced to a relatively flexible system under which the official rate, the swap rate, and the ＂free＂ market rate coexist. The tight control of international transfer of funds has also been progressively relaxed, as different parties gain increasing freedom to acquire foreign exchange. The Chinese economy has been reasonably stable during the Asian financial crisis. Although China maintains the exchange rate stability, in near future a real appreciation of the RMB must be necessary element in global adjustment. More flexible exchange rate will give more advantages for Chinese economy.     

Which Gender Wage Gap Estimates to Trust? A Comparative Analysis

The aim of this paper is to compare estimates of the adjusted wage gap from different methods and sets of conditioning variables. We apply available parametric and non‐parametric methods to LFS data from Poland for 2012. While the raw gap amounts to nearly 10 percent of the female wage; the adjusted wage gap estimates range between 15 percent and as much as 23 percent depending on the method and the choice of conditional variables. The differences across conditioning variables within the same method do not exceed 3pp, but including more variables almost universally results in larger estimates of the adjusted wage gaps. Methods that account for common support and selection into employment yielded higher estimates of the adjusted wage gap. While the actual point estimates of adjusted wage gap are slightly different, all of them are roughly twice as high as the raw gap, which corroborates the policy relevance of this methodological study.     

What brings your subjects to the lab? A field experiment

This paper reports a field experiment involving manipulation of invitations to register in an experimental economics subject database. Two types of invitations were sent out: one emphasizing pecuniary and the other non-pecuniary benefits of participation. The former resulted in higher response rate and the strength of this treatment effect was comparable in different groups defined by gender and academic major. In a follow-up test conducted about a year later it was found that individuals recruited by invitations emphasizing monetary benefits were less willing to make an effort to participate in a non-paid survey. The very same survey also showed that they were marginally less altruistic in general.     

A subjectivist’s solution to the limits of public choice

In light of Wittman (1995) and Caplan (2007) this paper contends that the rational-choice approach to political science (“Public Choice theory”) has reached a dead end. By critiquing their treatment of rationality, knowledge assumptions, and views of the democratic process, an alternative is presented based on the core insight of the “Epistemic Primacy Thesis”. This subjectivist approach to political economy is introduced in light of an existing debate between the compatibility (or otherwise) of Austrian economics and Public Choice theory.     

Anyone? Anyone? A Guide to Submissions on Classroom Experiments

The true method of knowledge is experiment. – William Blake