需求弹性与蛛网理论评介

马歇尔的均衡价格论,以价格代替价值,以市场价格的形成问题取代价值实体和价值决定问题,否认生产价格的价值根源,否认市场需求在本质上决定于商品价值在社会各阶层之间的分配,他的整个均衡理论是要证明资本主义经济可以通过市场机制的自发作用达到全面均衡。其基本观点是完全错误的。因此,当我们进一步重视供求对价格作用的研究时,必须进一步重视对马歇尔以及一切资产阶级庸俗经济学派否定劳动价值学说和鼓吹资本主义经济完美无缺、市场机制万能等错误观点的批判。但是,马歇尔均衡价格论在说明供求作用和市场机制方面,有不少部分是值得我们注意和借鉴的,特别是他对于市场上分商品的需求都是一种在不同价格上有不同需求量的需求状况,因而需求具有弹性的说明,是符合实际的,也是马     

从价格决定的角度加快我国利率市场化改革

马克思政治经济学认为：商品的价格由其内含的价值所决定，并在供求等因素的影响下,围绕价值上下波动。同时，西方均衡价格理论认为：商品价格是由商品供求双方在充分竞争达到均衡状态所决定的。利率是借贷资金的价格，因而，价格决定理论对我国的利率市场化改革具有很强的指导作用。     

论价格理论的分歧

经济学中价格理论的分歧突出表现在对价格决定因素的不同认识,劳动价值论首要的是生产决定论,边际效用价值论是一种消费(需求)决定论,均衡价格论实质是一种供求论。其中只有劳动价值论是一种科学的价值——价格理论。     

马克思论农产品供求与价格运行规律的理论与实践

马克思并没有留给我们专门论述农产品供求与价格的著作。他对这一问题的论述分散在他的主要著作中。农产品价格是农产品供求相互作用的结果。农产品供给与需求弹性较小，决定了农产品价格与价值是由劣等地生产的商品调节的。从影响我国农产品生产与供给诸因素分析，我国农产品（尤其是粮食）供给偏紧的态势将长期存在，潜伏着我国农产品（尤其是粮食）价格上涨的压力。     

论劳动价值论与均衡价格论的同一性

马歇尔认为,商品的价格与价值是同义词。均衡价格是由供给与需求共同决定的,并且随着时间的延伸或供给调节范围的扩大,供给在价格决定中的作用也日益扩大。马克思认为,商品的价值是指凝结在商品中的一般人类劳动,商品的价值量由生产商品的社会必要劳动时间决定。表面上看来,马克思的劳动价值论与马歇尔的均衡价格论似乎是截然不同的。然而,由于决定商品价值量的社会必要劳动时间,无论是第一种含义的,还是第二种含义的,都同商品的供求紧密相关,在很大程度上是由供求决定的。因此,马克思的劳动价值论实质上也是供求决定价值论,与马歇尔的均衡价格论具有同一性。     

价格机制是市场经济的心脏

价格机制是市场机制的核心，一方面由于价格的运动引起竞争、供求等市场机制要素的连锁反映，才能成为市场机制整合调节的动力源，另一方面竞争、供求等市场机制要素的调节作用，必须通过价格机制才能实现，市场机制的一切要素离开了价格机制，就无能为力。价格是价值的货币表现，     

神秘的价格与心理预期

价格的形成和运行，受价值、货币、供求以及其他经济、政治、文化方面等诸因素的影响。由于影响价格的因素众多，使预测未来价格难以做到百分之百的准确，从而给价格带来了神秘的色彩。在诸多因素中，人的心理预期越来越扮演重要的角色。心理预期影响人的行为，进而影响未来价格预测，最终影响价格变动。信息化的出现，加快心理预期改变价格的步伐，增大了市场价格短期大幅度波动的可能性。     

神秘的价格与心理预期

价格的形成和运行，受价值、货币、供求以及其他经济、政治、文化方面等诸因素的影响。由于影响价格的因素众多，使预测未来价格难以做到百分之百的准确，从而给价格带来了神秘的色彩。在诸多因素中，人的心理预期越来越扮演重要的角色。心理预期影响人的行为，进而影响未来价格预测，最终影响价格变动。信息化的出现，加快心理预期改变价格的步伐，增大了市场价格短期大幅度波动的可能性。     

对商品价值和价格理论的新看法

商品的价值不是抽象劳动，而是它所值的贷币数额，即价格。商品的狭义价值是指其公允价格，一般按平均价格确认。广义价值包括一切实际成交价，是商品的个别价值。价格与价值都是货币，只有量上的差异、公平不公平的差别，没有本质区别，因此都是价值。狭义价值与广义价值各有各的用途，计量一个主体创造的总价值量只能用实际成交价。商品价值不仅取决于平均劳动消耗量，还取决于品种的新旧、质量的高低等使用价值状况，还受市场供求、自然气候等非劳动因素影响。     

通货膨胀对我国农产品价格的影响研究

本文基于古典学派劳动价值理论、马克思主义商品价值理论和供求均衡价格理论,对我国农产品价格进行理论分析,分析影响农产品价格波动的影响因素.同时,在现有通货膨胀理论研究的基础上,分析通货膨胀对农产品价格影响的作用机理.     

自由贸易与贸易保护主义——公平与效率问题

当今世界 ,贸易自由化成为世界经济发展的主流 ,降低关税和非关税壁垒成为各国双边和多边谈判的主要议题。自由贸易与贸易保护主义的争论由来已久 ,自由贸易的效率以及产生的不公平问题用“补偿原则”来解决是存在局限性的 ,所以 ,自由贸易和贸易保护主义之间政策的权衡十分必要。解决贸易自由化中不公平的问题应从政府制定规则、完善社会保障和建立社会道德标准三方面加以着手。     

INNOVATION AND GROWTH WITH RICH AND POOR CONSUMERS

This work studies the impact of income inequality on the level of innovative activities in a model where innovations result in quality improvements. In contrast to the standard model of innovations and growth, the equilibrium outcome may be characterized by a situation where not only the quality leader but also producers of worse qualities are on the market. In that case the quality leader sells to the rich, whereas the producer of the second‐best quality sells to the poor. In general, we find that a more equal distribution of income is favourable for innovation incentives. This is consistent with empirical evidence suggesting that countries with a more equal distribution of income have grown faster.     

ENTRY AND EXIT OF FIRMS AND UNDEREMPLOYMENT EQUILIBRIUM

This paper extends the standard Keynesian model of aggregate demand and supply allowing for imperfect competition, variable returns to scale, and entry and exit of firms. It distinguishes three phases of macroeconomic equilibria, stagnant, expansive and contractive, according to whether the number of firms is fixed or endogenously determined by the position of the aggregate demand curve. Using this model we show that a large shift in the aggregate demand affects the structure of the economy irreversibly and that the real wage or labor productivity may move procyclically rather than anticyclically. We also elucidate the asymmetric effects of fiscal and monetary policies on the entry of firms and employment.     

OPTIMAL CONSUMPTION AND PORTFOLIO SELECTION WITH INCOMPLETE MARKETS AND UPPER AND LOWER BOUND CONSTRAINTS

We study an optimal consumption and portfolio selection problem for an investor by a martingale approach. We assume that time is a discrete and finite horizon, the sample space is finite and the number of securities is smaller than that of the possible securities price vector transitions. the investor is prohibited from investing stocks more (less, respectively) than given upper (lower) bounds at any time, and he maximizes an expected time additive utility function for the consumption process. First we give a set of budget feasibility conditions so that a consumption process is attainable by an admissible portfolio process. Also we state the existence of the unique primal optimal solutions. Next we formulate a dual control problem and establish the duality between primal and dual control problems. Also we show the existence of dual optimal solutions. Finally we consider the computational aspect of dual approach through a simple numerical example.     

论货币与金银货币

关于货币产生过程 ,理论界根据马克思的《资本论》 ,普遍认为应划分为四个阶段 ,把货币阶段与金银货币阶段等同起来 ,认为货币即金银货币。本文提出了新观点 :认为根据有关的资料 ,也可以把货币的产生过程划分为五个阶段 ,不把货币与金银货币划等号 ,认为货币的产生应早于金银货币 ,并阐明了提出以上新观点的依据。     

DEFAULT RISK AND DIVERSIFICATION: THEORY AND EMPIRICAL IMPLICATIONS

Recent advances in the theory of credit risk allow the use of standard term structure machinery for default risk modeling and estimation. The empirical literature in this area often interprets the drift adjustments of the default intensity's diffusion state variables as the only default risk premium. We show that this interpretation implies a restriction on the form of possible default risk premia, which can be justified through exact and approximate notions of "diversifiable default risk." The equivalence between the empirical and martingale default intensities that follows from diversifiable default risk greatly facilitates the pricing and management of credit risk. We emphasize that this is not an equivalence in distribution, and illustrate its importance using credit spread dynamics estimated in Duffee (1999) . We also argue that the assumption of diversifiability is implicitly used in certain existing models of mortgage-backed securities.     

SIMPLE PROCESSES AND THE PRICING AND HEDGING OF CLIQUETS

For data on market prices for 246 cliquets we consider pricing these exotic options using a relatively simple path space. The path space is subsequently stressed to market implied stress levels as well as stress levels predicted from contract characteristics. An additive process transitioning from a Sato process to a Levy process is formulated and estimated on vanilla options. Ask prices constructed from predicted stress levels are observed to have an in sample correlation of 92% with market prices. Interestingly, it is observed that capped cash flows have negative stress levels while uncapped products have positive stress levels. We illustrate the effect of hedging cliquet liabilities using call options as hedging assets permitting a 10% reduction in ask prices.     

电子政务与电子商务的同构与协同

本文基于电子政务与电子商务的基本内涵,详细分析了二者的"同构"、交集与关联,阐述了二者协同发展的思路和途径.本文分析了电子政务与电子商务的支撑体系(信用管理体系、法律环境、标准体系、基础管理体系等)的"同构"性、电子政务与电子商务在对外服务方面上的的交叉部分,以及电子政务与电子商务互促互进共同繁荣的发展路径和远景思路.     

INFORMATION AND INTERRELATIONS BETWEEN THE DEALER AND PRIVATE MARKETS

A competitive equilibrium model of the dealer and private markets is constructed where buyers in the private market obtain some but imperfect information about quality by observing some characteristic of the good while those in the dealer market have perfect information. Under some conditions, there may exist two equilibria. It is shown that one equilibrium is unstable and Pareto inferior to the other. Comparative static analysis are made in the Pareto superior equilibrium to conclude that the size of the dealer market is inversely related to the amount of information about quality contained in the observable characteristic.     

OPTION PRICING AND HEDGING WITH EXECUTION COSTS AND MARKET IMPACT

This paper considers the pricing and hedging of a call option when liquidity matters, that is, either for a large nominal or for an illiquid underlying asset. In practice, as opposed to the classical assumptions of a price‐taking agent in a frictionless market, traders cannot be perfectly hedged because of execution costs and market impact. They indeed face a trade‐off between hedging errors and costs that can be solved by using stochastic optimal control. Our modeling framework, which is inspired by the recent literature on optimal execution, makes it possible to account for both execution costs and the lasting market impact of trades. Prices are obtained through the indifference pricing approach. Numerical examples are provided, along with comparisons to standard methods.