贷市边际效用与需求曲线再认识

基数效用理论通常用边际效用递减来解释需求规律,但存在令人感到困惑的地方,即“货币边际效用不变”假设与边际效用递减规律相矛盾,而后者所支持的“货币边际效用递减”也常被广泛认同,这就影响了基数效用理论的解释力。本文通过分析,解释了这一矛盾,让读者全面认识货币边际效用和需求曲线。     

关于边际效用递减规律和边际分析的思考

本文首先给出边际效用递减规律和边际分析的内容,接着解释了边际效用递减规律,最后分析了它和边际分析的重要意义。     

网络经济与边际效用递增

网络经济与传统经济在运行机制与发展规律上存在着若干重大区别,其中之一便是网络经济中的边际效用递增规律取代了传统经济中的边际效用递减规律。本文对边际效用递减规律与边际效用递增规律的作用原理、形成原因和重大区别进行了分析。     

网络经济与边际效用递增

网络经济与传统经济在运行机制与发展规律上存在着若干重大区别，其中之一便是网络经济中的边际效用递增规律取代了传统经济中的边际效用递减规律。本文对边际效用递减规律与边际效用递增规律的作用原理、形成原因和重大区别进行了分析。     

供求不对称性质的新解释与当今世界经济危机

当今世界经济危机根源于市场经济中的供求不对称性质,而市场经济中长期普遍存在的供大于求不对称现象。其内因是需求动力弱而供给动力强。这可用两种新论点来解释：一是在货币“价格”不变的条件下．物品专用性边际效用递减较快,同货币通用性边际效用递减较慢之间产生矛盾所致;二是将历来分开研究的供求关系和公私产权性质结合起来研究发现,不同的产权性质由于产生不同的交易价格而同供求动力的强弱存在密切关联。只有不断地产业创新。才能克服上述不断出现的供求不对称矛盾以及专用性物品边际效用递减的趋势。     

激励机制的数量经济分析

为了进一步理清激励的相关原理,需要运用数量分析方法加以分析探讨。要运用函数与效用两大工具提出动力激发函数,构建现代激励机制;再进一步运用效用、偏好、边际递减规律,提出激励效用、激励效用偏好、激励的边际效用值(简称Mu激)递减规律;并根据边际效用递减规律,得到总效用最大化公式,从而求出激励效用最大化的可能与条件。     

基数效用论的逻辑缺陷和对基数效用论经验验证的探讨

按照西方主流微观经济学效用理论的内在逻辑,消费者均衡的条件是在边际效用递减规律的基础上推导出来的,而需求曲线向右下方倾斜又是用这两个规律来进行解释的。这个推理的过程是有缺陷和漏洞的:首先,在流行的微观经济学教科书中前两个规律的限制条件和需求曲线的限制条件是不一致的,这导致由这两个规律根本就推导不出需求定律;其次,如果按照以前经济学家对边际效用递减规律的理解,有许多人类的需求和影响人类选择行为的因素因没有得到应有的考察而被遗漏,所以由此得出的分析结论就是片面的。研究表明,消费者均衡的条件是一个消费计划的约束规律,而不是一个消费行为的约束规律;这样就可以把这一规律和消费者的消息计划有效对接,从而在理论和现实的消费行为之间达建起了一座桥梁,极大地提高了基数效用论的可验证性和对经验事实的解释能力。     

旅游电子商务的经济学分析

从全球范围来看,旅游电子商务已经成为旅游业发展的趋势.本文基于传统经济学中的效用、成本因素分析旅游电子商务,发现旅游电子商务的特性决定了无法用传统经典的效用理论、成本理论分析这一独特的经济现象,文章提出"边际效用递增"、"边际成本递减"的经济学规律,并对这些现象加以解释,指明旅游电子商务将是电子商务发展的亮点所在.     

中职学生管理中边际效用递减规律的现象分析

将边际效用递减规律引入职业学校班级管理中，可以揭示学生诸多行为中所存在的边际效用递减现象，启发教师提高班级管理艺术，追求最佳的管理效果。     

科学应对边际激励效用递减规律——关于建筑企业人力资源管理的思考

本文将经济学中的边际效用理论与建筑企业人力资源管理相结合,分析了当前建筑企业人力资源管理的特点,提出了应对边际激励效用递减规律的关键在于选择合适的物质激励方式,建立灵活多样的薪酬激励机制以及严格依据考核结果进行薪酬分配。     

试论差异化商品消费的福利效应

相比无差异化商品,消费者从差异化商品的消费中可以获得更大的福利效应。商品差异化可以通过弱化边际效用递减规律的作用增进消费者福利,可以通过丰富消费者的选择行为增进消费者福利,还可以通过激发消费者新的欲望与想象增进消费者福利。伴随着人均收入水平的提升,差异化商品种类的丰富及其与消费者需求匹配结构的优化,正在成为持续增进社会福利的重要路径。     

OPTIMAL INVESTMENT WITH AN UNBOUNDED RANDOM ENDOWMENT AND UTILITY-BASED PRICING

This paper studies the problem of maximizing the expected utility of terminal wealth for a financial agent with an unbounded random endowment, and with a utility function which supports both positive and negative wealth. We prove the existence of an optimal trading strategy within a class of permissible strategies—those strategies whose wealth process is a super-martingale under all pricing measures with finite relative entropy. We give necessary and sufficient conditions for the absence of utility-based arbitrage, and for the existence of a solution to the primal problem. We consider two utility-based methods which can be used to price contingent claims. Firstly we investigate marginal utility-based price processes (MUBPP's). We show that such processes can be characterized as local martingales under the normalized optimal dual measure for the utility maximizing investor. Finally, we present some new results on utility indifference prices, including continuity properties and volume asymptotics for the case of a general utility function, unbounded endowment and unbounded contingent claims.     

资本市场化与经济发展——中国改革的经验(1980-2003)

探讨资本市场化与经济增长的关系,发现其中存在的问题,对于经济可持续发展具有十分重要的意义。本文通过实证分析发现,资本对经济的影响不仅有当期的,还有滞后两期的效应;资本边际效率与市场化水平及资本存量有关,反映资本市场化水平的指标间存在替代效应。在此基础上,针对资本边际效率低位波动现象,本文提出了两个有益的政策性建议:完善投融资制度,提高资源利用效率;建立先行指标体系,提高宏观调控效果。     

论民营银行成长的逻辑——一个基于国家效用函数的分析框架

中国金融制度变迁具有政府强制性与渐进式等特征,因此从国家金融方面的效用函数结构变动的视角来探究中国民营银行的成长逻辑,无疑是关键和有益的。运用规则经济学中的国家理论与制度变迁原理,在已有研究的基础上构建一个国家效用函数,并从此效用函数的动态变化,论证中国民营银行成长的内在动机与逻辑。     

Brand death: A developmental model of senescence

Drawing on literature underpinning brand management in marketing, product life cycles in economics, fads in sociology and aging in biology, this paper argues that brand demise is inevitable and not necessarily caused by managerial incompetence. Rather, this demise is a natural part of a brand's developmental process, instigated by consumers seeking to satisfy not only their material needs (constitutive utility), but also their self-image (symbolic utility). This paper presents a model of brand senescence to explain this phenomenon and concludes with a discussion of the implications for managerial practice and marketing theory.     

Simulated Negotiations in the Hiring of a Salesforce Manager: Tests of Two-Person Bargaining Solutions

This paper examines the ability to predict bargaining outcomes consistent with Nash, Kalai-Smorodinsky, and Gupta-Livne bargaining models as well as two heuristic solutions based on interpersonal (cardinal) comparisons of utility. Equal earning and equal loss solutions are developed from bargainers' multi-attribute utility functions. An experimental test of these bargaining solutions is conducted for simulated negotiations between a representative of sales force management and a representative of sales force employees over the hire of a regional sales manager. Results show that proportional (Kalai-Smorodinsky) solutions are generally more likely when bargaining is conducted in attribute space, and equal loss solutions are more likely in utility space.     

DYNAMIC INDIFFERENCE VALUATION VIA CONVEX RISK MEASURES

The (subjective) indifference value of a payoff in an incomplete financial market is that monetary amount which leaves an agent indifferent between buying or not buying the payoff when she always optimally exploits her trading opportunities. We study these values over time when they are defined with respect to a dynamic monetary concave utility functional, that is, minus a dynamic convex risk measure. For that purpose, we prove some new results about families of conditional convex risk measures. We study the convolution of abstract conditional convex risk measures and show that it preserves the dynamic property of time-consistency. Moreover, we construct a dynamic risk measure (or utility functional) associated to superreplication in a market with trading constraints and prove that it is time-consistent. By combining these results, we deduce that the corresponding indifference valuation functional is again time-consistent. As an auxiliary tool, we establish a variant of the representation theorem for conditional convex risk measures in terms of equivalent probability measures.     

中国货币需求差异变动研究综述

货币需求是否稳定是宏观经济理论和政策实践中经常关注的重要问题,稳定的货币需求函数是中央银行制定宏观经济政策的重要参考依据.通过系统介绍1994年以来学者有关分析目前中国货币需求差异变动的测度方法、产生差异原因,以及制定中国宏观货币政策的思路等研究成果,以期为中国货币政策的实施提供理论依据.     

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.