The generalized Stackelberg equilibrium of the all-pay auction with complete information

We characterize the equilibrium of the all-pay auction with general convex cost of effort and sequential effort choices. We consider a set of n players who are arbitrarily partitioned into a group of players who choose their efforts ‘early’ and a group of players who choose ‘late’. Only the player with the lowest cost of effort has a positive payoff in any equilibrium. This payoff depends on his own timing vis-a-vis the timing of others. We also show that the choice of timing can be endogenized, in which case the strongest player typically chooses ‘late’, whereas all other players are indifferent with respect to their choice of timing. In the most prominent equilibrium the player with the lowest cost of effort wins the auction at zero aggregate cost. We thank Dan Kovenock and Luis C. Corchón for discussion and helpful comments. The usual caveat applies. Wolfgang Leininger likes to express his gratitude to Wissenschaftszentrum Berlin (WZB) for its generous hospitality and financial support.     

On the Sub-optimality of Entry Fees in Auctions With Entry

We study a variation of Myerson’s (1981) model in which we allow for uncertainty about the number of bidders. In our set-up, an appropriate reserve price in a standard auction maximizes the auctioneer’s expected revenue. However, entry fees can be optimal only under some special conditions. Basically, there must be some homogeneity in bidders’ beliefs about the number of bidders and the auctioneer must know, to some extent, these beliefs.     

拆分招标的供应商数量研究

许多企业在采购时,常常将整笔业务拆分为两个合同:较大的第一合同和较小的第二合同,通过分批二级价格封闭式招标来选择不同的供应商供货。本文通过建立分批招标模型分析了供应商的投标策略和买方的采购策略,得出了当参加第一合同竞标的供应商数目和第二合同新引入的供应商数目满足一个不等式时,拆分招标的采购成本小于整体招标的采购成本,并且指出了拆分比例对拆分招标的采购成本的影响。     

An experimental study of signaling in auctions with a flexible reserve price

This paper presents the results of an experimental study of preemptive jump bidding in English auctions with a flexible reserve price. While one of the possible explanations for jump bidding is based on signaling arguments, the ability of the seller to adjust his decision to accept an offer based on the bidding history makes the existence of a signaling equilibrium questionable. This paper shows that the seller's ability to set the reserve price after observing the opening bid reduces both jump bidding behavior and the use and interpretation of opening bids as a signaling device.     

Tullock and Hirshleifer: a meeting of the minds

We introduce the serial contest by building on the desirable properties of two prominent contest games. This family of contest games relies both on relative efforts (as Tullock’s proposal) and on absolute effort differences (as difference-form contests). An additional desirable feature is that the serial contest is homogeneous of degree zero in contestants’ efforts. The family is characterized by a parameter representing how sensitive the outcome is to contestants’ efforts. It encompasses as polar cases the (fair) lottery and the (deterministic) all-pay auction. Equilibria have a close relationship to those of the (deterministic) all-pay auction and important properties of the latter hold for the serial contest, too.      

Optimal auctions with multidimensional types and the desirability of exclusion

Within the context of a single-unit, independent private values auction model, we show that if bidder types are multidimensional, then under the optimal auction exclusion of a positive measure of bidder types occur. The results complements Armstrong’s (1996) exclusion of types result.     

西部公共资源招标拍卖监管的规制

加入WTO与西部大开发的深入使西部公共资源招标拍卖监管的改革不可避免.面对维护民族经济利益与兼顾WTO规则、"超国民待遇"和"非国民待遇"并存、程序不规范、土地规划科学性不足和腐败滋生等监管中的问题,提出以政府职能转型为监管更新契机,以土地资本和地域空间为监管核心,以城市管理为监管重点,以遏制腐败行为为监管保障.     

企业化政府行为的影响及其法律规范

在分析企业化政府行为涵义的基础上,把企业化政府行为根据目的和功能的不同区分开来并在制度上为其确定可行的划分标准,据以把它归入到相应的竞争法规则中。     

大股东持股、治理环境与信息披露质量

本文以2005～2008年间的深市上市公司为研究样本,选用深市信息披露考评结果衡量信息披露质量水平,构建Logistic回归模型对大股东持股、治理环境和信息披露质量的关系进行实证分析.研究结果发现,提高第一大股东持股比例和增加大股东个数对信息披露质量有正面影响;第二大股东持股状态对信息披露质量影响不显著;在治理环境好的地区,提高第一大股东持股比例有利于改善信息披露质量,而在治理环境较差的地区,增加大股东个数更有利于提高信息披露质量.     

《孙子兵法》中的激励思想及其对我国家族式企业的借鉴

《孙子兵法》是人类智慧的宝库,当中很多军事思想都闪烁着人员激励的光芒。本文对《孙子兵法》当中的激励思想进行了深层挖掘,并针对家族式企业自身固有的具有我国浓厚传统文化色彩的员工激励模式进行了分析研究,旨在建立一套适合我国传统理念和行为特点的人员激励模式,给企业发展提供借鉴和参考。     

《孙子兵法》中“分数”思想及在现代企业中的借鉴

《孙子兵法》是我国古代著名的军事巨著，其思想之精、影响之广、应用之深，历经千年仍经久不衰，特别是蕴含的各种思想渗透到国民经济的每个角落，对我国企业经营管理有积极作用，值得我们思考和借鉴。本文主要是以企业组织结构中的管理层次和幅度为出发点，探讨兵法中的“分数”思想以及对现代企业进行有效组织管理的借鉴作用。     

我国证券市场参与的地区差异及影响因素研究

本文利用我国31个省市(区)2004年的数据,分析我国证券市场参与率的地区差异及其影响因素.研究发现:(1) 我国公众通过直接方式持有股票居民的比例较低;(2) 各省市(区)直接参与率差异较大,呈现出明显的"东高、中西低"特征;(3) 直接参与率与当地人均收入、上市公司数量、证券公司营业部数以及城市化率显著正相关,而与当地人口受教育水平没有显著的正相关关系.这些结论可以为我国证券市场现阶段的改革与发展提供一定借鉴.     

Industry dynamics with knowledge-based competition: a computational study of entry and exit patterns

I propose a computational model of industry evolution capable of matching many stylized facts. It views the firm as a myopic but adaptive entity whose survival depends on its ability to perform various activities with greater efficiency than its rivals. In this model, the shakeout pattern arises naturally in the early stage of industrial development. I provide a full comparative dynamics analysis of how various industry-specific factors determine the numbers and the rates of entries and exits over time as well as the ages of the exiting firms. An earlier version of this paper was circulated and presented under the title, “Non-Equilibrium Industry Dynamics with Knowledge-Based Competition: An Agent-Based Computational Model.” I would like to thank the two anonymous referees, Jason Barr, Ed Bell, Jon Harford, Joe Harrington, Bill Kosteas, Edward Nell, and the conference participants at the EEA-2007 Meetings (New York, NY) as well as the 2007 International System Dynamics Conference (Boston, MA) for their helpful comments and suggestions. I gratefully acknowledge the support of the College of Graduate Studies at Cleveland State University.     

On measures of technical inefficiency and production uncertainty in stochastic frontier production model with correlated error components

Analysis of the behavior of technical inefficiency with respect to parameters and variables of a stochastic frontier model is a neglected area of research in frontier literature. An attempt in this direction, however, has recently been made. It has been shown that in a “standard” stochastic frontier model that both the firm level technical inefficiency and the production uncertainty are monotonically decreasing with observational error. In this paper we show, considering a stochastic frontier model whose error components are jointly distributed as truncated bivariate normal, that this property holds if and only if the distribution of observational error is negatively skewed. We also derive a necessary and sufficient condition under which both firm level technical inefficiency and production uncertainty are monotonically increasing with noise-inefficiency correlation. We next propose a new measure of the industry level production uncertainty and establish the necessary and sufficient condition for firm level technical inefficiency and production uncertainty to be monotonically increasing with industry level production uncertainty. We also study the limiting probabilistic behavior of these conditions under different parametric configuration of our model. Finally we carry out Monte Carlo simulations to study the sample behavior of the population monotonic property of the firm level technical inefficiency and production uncertainty in our model.

The impact of oil prices and the financial market on cost efficiency in the insurance and Takaful sectors: Evidence from a stochastic frontier analysis

The Gulf Cooperation Council’s (GCC) insurance industry, including conventional insurance and Takaful, has witnessed remarkable growth during the last decade. However, the economies of this region rely on oil as the primary stream of revenue and lack development in financial markets. This could affect the insurance industry. For this reason, this paper examines the impact of oil prices and the financial market on the cost efficiency of the insurance and Takaful sectors in GCC countries using a stochastic frontier cost function with data from 2009–2016. The results show that the relationship between oil prices and efficiency changes from positive to negative when the prices increase, whereas the relationship between the financial market and efficiency is negative. No clear evidence of the impact of oil prices on efficiency arises from the differences between conventional insurance and Takaful. However, there are differences regarding the financial market, with a negative impact on conventional insurance and a positive one on the Takaful business. The results of this study have implications for regulators and management. The Takaful industry is rapidly growing compared to conventional insurance in the GCC and, therefore, the financial market may have added benefits for the GCC region. However, caution is required in relation to the impact of the financial market on conventional insurance. Furthermore, management may require the development of strategies to deal with the nature of GCC economies to avoid shocks to oil prices.     

非对称信息下建设市场主体利益冲突的分析解决

从委托-代理关系的角度考察建设市场中业主与承包商之间的利益关系，指出二者发生利益冲突的根本原因在于利益主体追求的最大目标存在差异性，以及二者之间交易的发生具有信息非对称性。解决利益冲突的有效途径是激励-约束机制的设计。     

Marginal Rates and Elasticities of Substitution with Additive Models in DEA

Marginal rates and elasticities of substitution are derived from the optimal slack values obtained from modified versions of additive DEA models. Projection formulas are used to ensure that all points are on the efficient frontier as required for conformance with assumptions in micro-economics. The models used differ from standard versions in that slack values are allowed to be negative as well as positive in these additive models. This makes movement possible on efficiency frontiers, where improvement in some inputs or outputs requires worsening other inputs or outputs. A new definition is therefore introduced in which efficiency is attained only if the value of the worsenings is exactly offset by the value of the improvements. This includes, but is not restricted to, the case in which all slacks must be zero for full attainment of efficiency—as in standard versions of additive models.     

腮腺全叶切除手术患者的护理及体会

目的:加强对腮腺全叶切除手术的护理,提高手术质量及安全性。方法:回顾分析23例因腮腺区病变行腮腺全叶切除手术的临床资料,总结手术的护理体会。结果:23例患者均顺利进行手术,无一例并发症发生;出院后随访6-12个月,无一例复发,创口疤痕不明显,咀嚼功能正常,患者对手术效果满意。结论:对腮腺全叶切除手术的患者予以正确的护理,有助于获得满意的疗效。