农村公共事业发展对农户农业生产性投资的影响——基于地区面版数据的实证分析

本文结合农村公共事业发展,采用1990-2004年我国25个省份面板数据,分地区对影响我国农户农业生产性投资的因素进行了实证分析。结果表明:农户农业生产性投资存在显著地区差异;农村道路、通讯、水利等公共事业发展,农户耕地规模,农户投资能力等对农户的农业生产性投资有显著影响;分析期间,农村道路、水利事业的发展对东部地区农户农业生产性投资存在显著影响,农村水利、通讯事业的发展对中部地区农户农业生产性投资存在显著影响,农村通讯事业的发展对西部地区农户农业生产性投资存在显著影响。     

农村公共事业管理创新探讨

农村公共事业管理制度创新是推进农村公共事业又好又快发展的根本保障。本文分析了我国农村公共事业管理滞后的原因,论述了实现公共事业管理创新的必要性,探讨了实现农村公共事业管理创新的实现途径。     

Where Are the Utilities Going Next?

This provocative article suggests that the utilities in countries where restructuring has been succesfully completed are poised to steal a march on many companies in more glamorous industries. Partly for historical reasons, utilities are exceptionally strong in particular competencies. With successful competitive strategy increasingly based on competencies, and because privatisation and liberalisation were such a baptism of fire,the author argues that utilities are "way ahead of their time".     

Trustee decisions in investment and finance

When a trustee makes a decision for a client, a standard objective is to decide as the client would if he had the trustee's information. How can this objective be attained when, given the trustee's information, there is still uncertainty about the consequences of alternative courses of action? A promising approach is to apply the rule to maximize expected utility using the client's utilities for consequences and the trustee's probabilities for states. But taking utilities and probabilities from different sources causes a problem that has to be resolved. Briefly, the problem is that the client's utilities for consequences involve assessments of risks that are uninformed because he does not have informed probabilities. And the resolution of the problem is to reconstruct his utilities for consequences using a component due to risk that the trustee supplies for the client, and a component due to other consequences that the client supplies for himself.     

城市公用事业民营化改革中的政府责任

本文在评述城市公用事业相关研究成果的基础上,重点讨论城市公用事业民营化改革中需加强法规政策的制定与实施、城市公用事业的整体规划与实施、城市公用事业基础设施的投资、维护社会公众利益、安全保障和应对突发事件、对特殊群体和事件的政策性补贴、实行有效政府管制等七个方面的政府责任,并据此提出了实现城市公用事业民营化中政府责任的若干政策建议。     

黑龙江省城市公用事业发展现状分析

随着城市化水平不断提高,黑龙江省市政公用事业得到了长足发展。城市公用事业水平不断提高,使人民的日常生活得到了一定保障,但是由于城市公用设施改革起步晚,投资主体单一,造成了市政公用设施的严重落后,今后需要通过体制、投融资、监管各方面的改革促进黑龙江省市政公用事业的快速进步。     

论公用事业产品的市场供给

传统理论认为公用事业产品是不能通过市场有效提供的,但随着社会技术的发展和制度的创新与完善,越来越多的私人投资涉及公用事业产品领域。公用事业产品私人供给的必要性在于可以增强竞争意识,有利于经济和社会效益的提高,有利于解决基础性项目的资金短缺,消除社会经济的“瓶颈”障碍。政府应采取合约出租、政府购买、特许经营、经济资助、政府参股等方式利用市场提供公用事业产品。     

Capital structure and abnormal returns

This paper examines the relation between capital structure and abnormal returns for UK equities. A firm's industry matters when examining this relation. Abnormal returns decline in firm gearing, however, abnormal returns increase as the average industry gearing in a risk class increases. Separating the average level of external financing in an industry from that in a particular firm is important. This study focuses on industry characteristics. Firms in nonregulated and competitive industries with low concentration ratios exhibit this behavior. In contrast, in the utilities risk class, abnormal returns increase in firm gearing which is similar to the findings of Modigliani and Miller (1958) which was unique to the utilities sector.     

Do market prices correspond with consumer demands? Combining market valuation and consumer utility for extra virgin olive oil quality attributes in a traditional producing country

The objective of this research is to examine whether there is a relationship between the value of attributes based on the market price and on consumer utilities. To address this objective, the results from a hedonic price (HP) approach are combined with the actual consumer utilities from a real choice experiment (RCE) for extra virgin olive oil (EVOO) attributes. The results indicate that the origin of production attribute positively influences consumer utility and it is also positively related to market EVOO prices. Conversely, the PDO quality certification positively influences consumer utility and willingness to pay, although it is not related to EVOO prices in the real market.     

Accounting for operating environments in measuring water utilities’ managerial efficiency

In this paper adjusted input-specific scores of technical efficiency are computed for a sample of Spanish water utilities. Performance is adjusted by netting out efficiency scores from the effect of operating environments and statistical noise. The results show that computation of adjusted efficiency scores at the input level manifestly improves the assessment of utilities’ performance in our sample of water utilities. In addition, several environmental variables capable of affecting input-specific technical management are discovered, ownership or demand seasonality among them. Finally, distributions of conventional and adjusted scores of technical performance are found to be statistically different for some inputs.     

公用事业民营化进程中的政府规制重构

民营化逐渐成为西方国家公用事业改革以及政府治理模式变革的基本潮流，并对后发展中国家的行政改革产生了巨大的示范作用。转型中国的公用事业民营化在约束条件、目的、绩效评估等方面与发达国家有所区别；对政府合理边界的确定是民营化改革成功的关键，要以破除行政性垄断为突破口、依法规制为核心、适当放松规制为原则、建立相对独立的规制机构为保障重构政府规制体系，促进公用事业的发展。     

Electric utility returns and the market model

Use of estimates of the single factor market model has been criticized on a number of fronts including the allegedly poor empirical “fit” of the characterization for regulated firms. Countervailing evidence is presented here that indicates the market model is a better characterization of electric utilities than of unregulated companies     

BEHAVIORAL PORTFOLIO SELECTION: ASYMPTOTICS AND STABILITY ALONG A SEQUENCE OF MODELS

We consider a sequence of financial markets that converges weakly in a suitable sense and maximize a behavioral preference functional in each market. For expected concave utilities, it is well known that the maximal expected utilities and the corresponding final positions converge to the corresponding quantities in the limit model. We prove similar results for nonconcave utilities and distorted expectations as employed in behavioral finance, and we illustrate by a counterexample that these results require a stronger notion of convergence of the underlying models compared to the concave utility maximization. We use the results to analyze the stability of behavioral portfolio selection problems and to provide numerically tractable methods to solve such problems in complete continuous‐time models.     

STABILITY OF THE EXPONENTIAL UTILITY MAXIMIZATION PROBLEM WITH RESPECT TO PREFERENCES

This paper studies stability of the exponential utility maximization when there are small variations on agent's utility function. Two settings are considered. First, in a general semimartingale model where random endowments are present, a sequence of utilities defined on converges to the exponential utility. Under a uniform condition on their marginal utilities, convergence of value functions, optimal payoffs, and optimal investment strategies are obtained, their rate of convergence is also determined. Stability of utility‐based pricing is studied as an application. Second, a sequence of utilities defined on converges to the exponential utility after shifting and scaling. Their associated optimal strategies, after appropriate scaling, converge to the optimal strategy for the exponential hedging problem. This complements Theorem 3.2 in [Nutz, M. (2012): Risk aversion asymptotics for power utility maximization. Probab. Theory & Relat. Fields 152, 703–749], which establishes the convergence for a sequence of power utilities.     

Using Policy Modeling to Describe the Negotiation Exchange

This is a study of the points of view in a negotiation. Policy modeling, a new method for understanding utilities, is discussed. With policy modeling, the importance weights, subjective values, and a trade-off strategy were estimated from prenegotiation ratings. With these parameters, the values of unfamiliar offers made during a negotiation then also could be estimated. The utility models of the individual negotiators allowed display of the pattern or dance of offers of a particular negotiation. These graphs showed a surprising stability of utilities prior to and during the negotiation. Individual negotiator's offers and perceptions of the opponent's offers during negotiation were consistent with the utility predicted from the policy model. Results are discussed in terms of the important role of utilities in negotiation and the potential for this new method to examine variables that may influence, or cause a departure from, the stability of utilities during negotiation.     

OPTIMAL DEMAND FOR CONTINGENT CLAIMS WHEN AGENTS HAVE LAW INVARIANT UTILITIES

We consider a class of law invariant utilities, which contains the rank‐dependent expected utility (RDU) and the cumulative prospect theory (CPT). We show that the computation of demand for a contingent claim when utilities are within that class, although not as simple as in the expected utility (EU) case, is still tractable. Specific attention is given to the RDU and to the CPT cases. Numerous examples are fully solved.     

我国城市公用事业政府监管绩效评价研究：综述和建议

政府对城市公用事业监管水平的高低关系到城市居民的生活质量,关系到城市社会的安全和稳定,关系到城市经济的持续健康发展。科学地评价城市公用事业政府监管绩效是提高监管水平的必要前提。文章分别从指标体系的构建、评价方法的选取以及评价角度三个方面对我国城市公用事业政府监管绩效评价的研究现状进行回顾,总结现阶段的研究特点,并针对现存问题提出相应的建议。     

The Influence of Price-Based Measures on Perceived Service Value

Abstract

An investigation of perceived service value was conducted with specific reference to hospitality services. The influence of price-based measures on perceived service value was examined within the framework of the utilitarian theory. It was argued that price based measures of acquisition and transaction utilities may provide reasonable representation of perceived service value. The operationalization of acquisition and transaction utilities was elaborated upon and it was argued that within a service exchange context, acquisition utility may outperform transaction utility in explaining variance in the perceived value model. The results provided support for the argument. Managerial implications and future research directions are discussed.     

The role of brand utilities: application to buying intention of fair trade products

The authors focus on the ethical consumption and propose a model of buying intention of fair trade products, including the utilities of the fair trade generic brand as direct determinants. The authors measure the functional and symbolic utilities provided by this brand, together with the attitude towards the commercialising organisations, consumer concern and perceived knowledge about fair trade issues. The model is tested through a structural equation model on a sample of members (students, lecturers and staff) of a ‘Fair trade University’. The results confirm that perceived functional utility is the most important antecedent of the buying intention, while the symbolic dimension has a significant but weaker explanatory power. Conversely, the consumer attitude towards the organisation has no influence. The authors also highlight the importance of communication and concern to stimulate consumer behaviour.     

Inflation and west African sectoral stock price indices: An asymmetric kernel method analysis

Our work puts into perspective the relationship between inflation and West African sectoral indices between November 2001 and January 2020 using the asymmetric kernel method. The sectoral indices considered for the analysis include retail, finance, industry, utilities, agriculture, transportation, and other sectors. Our work reveals that while all sectors are sensitive to inflation, the utilities and agriculture sectors are more sensitive to changes in inflation. Moreover, we discover that the relationship between inflation and sectoral stock market indices is rather non-linear to support the hypothesis that the relationship between inflation and stock market indices varies across different inflationary economies. These results imply that investors modify the structure of their investment portfolio according to the variation in the levels of inflation to the extent that this variation ultimately affects future dividends.