Road pricing

Summary Under conditions of congestion, the social costs of motoring will exceed the private costs. The formula is: Social Cost=Private Cost (1+the elasticity of cost with respect to traffic flow). Thus the optimum tax under these conditions is equal to this elasticity coefficient×100 per cent of the private cost. A fluid-dynamic model, borrowed from physics, is used to develop a simple formula for the elasticity ofvelocity with respect to traffic flow. By postulating a relationship between cost and speed, this elasticity is convertedinto an estimate of the elasticity coefficient. And so one can obtain, for any specified speed, a value of this coefficient and cost; the product of these two then gives an estimate of the difference between social and private cost. In practice one cannot determine the speed independently; it emerges from the demand-supply interactions and so one must also postulate a demand function; but data problems are severe on the demand side. Lastly, some developments are considered — including network models and dynamic demand models. Lecture delivered in the Faculty of Economics of the University of Groningen, The Netherlands, on 21st May 1968. The author is Professor of Econometrics and Social Statistics at the University of Birmingham, and Advisor on Research, Graduate Centre for Management Studies.     

房地产市场中的土地价格问题——土地价格刚性探讨

一、地价越高越好吗?——一个价值判断问题主流(目前政府部门所采纳)的观点认为:随着我国城市建设的飞速发展,城市基础设施、配套服务及周边环境的改善使土地价值日益凸显,地价作为土地价值的反映,理应有所提升。地价的上涨反映了市场供求状况,有利于土地这种稀缺资源的优化配置。另外,较高的地价有利于筹集更多的城市建设资金,城市的发展与地价之间会形成一种良性互动。反对者(主要是房地产企业)从宏观经济发展的角度出发,认为:地价的不断上涨催升了房价上涨,一方面形成了房地产泡沫,另一方面提高了城市居住和土地资源利用的成本,不利于吸…     

浅析天然气管道运输定价

天然气管道运输定价对于天然气市场的发展有着重要的作用,我国传统的天然气定价机制不能够适应天然气管输的特性,与我国天然气市场的需求已不相适应,本文将我国现阶段的一部制天然气定价方法与国外成熟的两部制天然气定价方法相比较,为我国的天然气管输定价机制的改革提出了合理性建议。     

Agricultural pricing policy in Kenya

This paper examines Kenya's agricultural pricing policy, its role in the development of key sectors of the agricultural economy during the 1970s and its impact on different classes of producers. Toward this end, the paper describes the process of agricultural price determination in Kenya, and examines trends in real producer price indices for selected crop groupings and by size of holding.The most important finding of the paper is that agricultural pricing policy has been used in Kenya to create incentives for the growth of marketed agricultural production. In addition, the paper shows that the Government of Kenya has also used pricing and marketing policy instruments to achieve its goal of promoting the agricultural development of smallholders, who constitute the dominant mode of agricultural production in Kenya. Significantly, these findings are contrary to the widely accepted notion that pricing policy in developing countries has uniformly been biased in favor of the urban sector and against agricultural producers.     

最有性格的街道—山大路 VS 马鞍山路

在济南的路中,马鞍山路和山大路算是比较有个性的,总让人有过目难忘的感觉,虽然二者属于截然不同的风格.马鞍山路条属于慵懒的、休闲的,东西方的文化都在这条街上融合,既有欧洲的格调,又有复古的气息;山大路则是紧张的、忙碌的,车来车往,川流不息,年轻人在这里交流最时尚的科技信息,荡漾着一种别样的文化风情.     

最繁华的街道——花园路 VS 泉城路

许多外地人来济南探访,会问道:"济南有典型的繁华街道么?"这时,济南人心里会油然升腾出"泉城路"和"花园路"来不禁很骄傲地说:"当然!" 泉城路的繁华,眉宇间带有着一种历史的沧桑感;而花园路则浑身都透着朝气蓬勃的时尚感.     

从天路到旅游路

山凿一尺宽一尺,路修一丈长一丈,就算我们这代人穷十年苦十年,也一定要让下辈人过上好日子.今年我市举行脱贫攻坚总结表彰大会的时候,现场播放了一部专题片——《绝壁上的天路——巫山县竹贤乡下庄村的变迁》.不破楼兰誓不还的雄心壮志,死而后已的大无畏精神,一幕幕、一桩桩,让在座的观众震撼、泪流.下庄村党支部书记毛相林当时就坐在会场,看着这部专题片,思绪再次飘回24年前……     

我国跨国公司转移定价问题探讨

随着改革开放的深入,中国企业对外贸易迅速发展。与此同时,各国政府的反避税行动变得越来越积极。中国企业想要在国际市场获得成功,必须解决转移定价这一税收问题。根据调查,我国跨国公司已经对转移定价有一定认识,但认识上仍存在偏差,并且实际应对能力还有所欠缺。本文在作出对转移定价问题进行深入研究必要性分析的基础上,阐述了我国跨国公司目前在转移定价方面存在的问题,并提出解决措施。本文旨在探讨通过针对性强、具有实际应用价值的企业转移定价策略,增加企业经营行为与东道国政府税收政策的匹配度,减少国际贸易税款支出。     

Uncertainty and the arbitrage pricing theory

This paper tests the economic importance of income uncertainty in the context of a measured factor arbitrage pricing theory model. This provides a test of the importance of uncertainty using a different methodology and data set than are traditionally used. If income uncertainty affects the investment climate, a statistically significant risk premium will be associated with assets that are affected by uncertainty. The empirical work in this essay finds that a generalized autoregressive conditional heteroskedasticity measure of income uncertainty is a priced factor in a model of the arbitrage pricing theory. The risk premium between a baa-rated 10-year corporate bond and a 10-year government bond, as well as the term structure, also are priced factors.     

浅析不同依据下的合理对价——以苏宁电器的股改预案为例

本文探讨了苏宁电器两类股东对价结果分歧严重的原因,归纳概括了股改中最有代表性的两种对价补偿论,在此基础上推导了不同依据下的合理对价,分别计算了苏宁电器相应的合理送股率,据此认为苏宁电器的股改方案不太合理。     

On access pricing with network externalities

It has been argued that access charges may be set optimally by applying the Efficient Component Pricing Rule (ECPR). The paper analyzes the optimality properties of the ECPR in the presence of network externalities in the telecommunications sector. It is assumed that network externalities in the fixed telephony, which is operated by an incumbent monopoly, may arise from the increase in the number of subscribers of a mobile carrier that seeks interconnection to the fixed network. It is shown that the optimality properties of the ECPR that may exist under some restrictive assumptions, do not hold in the presence of network externalities. Specifically, the ECPR may take into account the social opportunity cost with the entry of the competitor, but it fails to incorporate the social benefit accrued to consumers of the fixed telephony when network externalities are present. Presented at the Fifty-First International Atlantic Economic Conference March 13–20, 2001, Athens, Greece. The author would like to thank participants of the Conference, in particular, Michael Pickhardt and Neil Rickman and an anonymous referee for useful comments and suggestions.     

证券投资咨询产品的定价选择

一般而言，证券投资咨询产品的生产过程可以划分为：智力的创造性劳动和机械性的复制两个阶段。在成本构成上，证券投资咨询产品与传统产品相比具有显著特征：巨大的初始固定生产成本和很低的边际生产成本。证券投资咨询产品的成本构成与实物产品的显著区别。在第一阶段，产品提供者需要大量的固定成本投入并面临巨大的风险；在第二阶段，产品的生产则主要是机械性的复制，亦即产品的规模化生产阶段。从管理经济学的角度来看，生产数字化产品的固定成本非常高，而再生产的变动成本非常低。固定成本和可变成本的巨大差异还不是证券投资咨询产品的成本构成特殊的唯一原因。证券投资咨询产品的固定成本和可变成本还有各自的特殊性。其固定成本的主要部分是沉淀成本（sunkcost），即一旦第一份拷贝的制造过程因故中止就不能收回的成本。可变成本也有不同于传统的物理商品的独特性。     

A simple American option pricing model

Binomial tree model was published in 1979, but it is impossible for hands to value American options with the model, and the result is imprecise. Using properties of continuous-time Martingale and Ito＇s theorem, the paper advances a concise model for valuing American option. The model is more simple and reliable than binomial tree model.     

Efficient interconnection charges and capacity-based pricing

Capacity-based interconnection (CBI) prices vary exactly with the costs a network provider incurs when supplying an interconnecting party. That is, they equal incremental costs, rather than being averaged over any output measure. We argue such prices (1) are as practicable and more efficient than per minute rates based on long run incremental cost, (2) are more efficient than bill and keep, and (3) with mark-ups for cost recovery, are a practical and relatively efficient means of pricing wholesale interconnection services, being well-suited to both circuit and packet-based networks.

Transfer pricing rules and competing governments

The literature on the regulation of multinationals' transferprices has not considered the possibility that governments mayuse transfer pricing rules strategically when they compete withother governments. The present paper analyses this case andshows that, even in the absence of agency considerations, anon-cooperative equilibrium is characterised by above-optimallevels of effective taxation. We then derive conditions underwhich harmonization of transfer pricing rules lead to a Paretoimprovement, and show that harmonization according to the ‘arm'slength’ principle—the form of harmonization advocatedby the OECD—may not be Pareto improving.     

我国可转换债券定价方法研究

可转换债券是一种较为复杂的金融衍生产品。本文对我国可转债的理论价格与市场价格的差异进行了实证分析,认为在我国资本市场无法满足做空套利机制下,可转债理论价格要远高于市场价格。为了解决这个问题,本文提出用偏最小二乘回归方法进行可转债的定价预测。     

中关村之路：变革之路 创新之路

中关村走过的这条路,是不断创新、发展,变化的路.1988年,国务院批准建立中关村科技园区,这是党中央国务院推进经济体制改革的一项重大战略决策.八十年代初,在党的十一届三中全会精神的鼓舞和世界新技术革命浪潮的影响下,中关村一大批科技人员以一往无前的巨大勇气投身科技变革,在中关村地区下海创办科技企业.为科技成果商品化和产业化作出了重要贡献,为我国高新技术产业的发展闯出了一条新路.从全国首家民营科技机构,到以两通、两海为代表的、由众多科技群形成的中关村电子一条街,再从全国首家科技园区--北京市新技术产业开发试验区,到1999年在此基础上建立的中关村科技园区.如今的中关村已成为世界闻名的中国硅谷.成为世界高新技术产业发展的战略高地.