The LeChatelier principle for changes in risk

In this paper, we analyze the comparative statics of changes in risk in the context of problems with multiple decision variables. We demonstrate, in particular, that the Samuelson–LeChatelier principle extends naturally to the comparative statics of changes in risk: in the presence of positive feedbacks between the decision variables, the unrestricted response to an increase in risk is in the same direction and stronger in magnitude than the restricted response (i.e. the choice when other decision variables are fixed). We define the concepts of Nth-degree risk complements and Nth-degree risk substitutes and we show that it is in any one of these two cases (and only in these cases) that we will observe positive feedbacks between the decision variables. We also analyze the extent to which the same principle can be applied to strategic settings under uncertainty.     

Airline mergers and multimarket contact

This paper examines changes in the pricing behavior of airline firms around mergers that occurred during 1985–8. We find that the changes in concentration, a measure of contact within a market, and changes in multimarket contact, a measure of contact with the same firms outside of that market, significantly affect airfares. Further, increases in multimarket contact alone are sufficient to effect an increase in fares. Antitrust policy must consider changes not only in concentration but also in multimarket contact to evaluate more fully the effect of consolidations on consumers.     

The effect of marketing regulations on efficiency: LeChatelier versus coordination effects

Government regulations designed to promote social welfare can have unintended consequences on efficiency. According to the LeChatelier Principle, regulations that effectively limit substitution possibilities among inputs will reduce firm and industry-wide efficiency. In imperfectly competitive markets, however, government constraints on a strategic variable can facilitate coordination. An advertising restriction, for example, would improve efficiency if it enables firms to produce the same level of sales with less advertising spending. We use data envelopment analysis to estimate the effect of marketing regulations on efficiency in the U.S. cigarette industry. Unlike previous studies, we do not assume that marketing and production technologies are separable. Our results demonstrate that coordination effects dominate LeChatelier effects. Cigarette producers have benefited from advertising restrictions, a result consistent with the capture theory of regulation.

Wage and price adjustment in a multimarket disequilibrium model

The estimation of wage and price adjustment equations rests heavily on the use of tension variables that aim at capturing the disequilibria in the labour and goods markets. Disequilibrium models therefore provide a natural way of endogenizing these tension variables. This paper estimates jointly a two-market disequilibrium model and a wage and price adjustment block where price and wage growth react to excess effective demands. The estimation is carried out using the simulated pseudo-maximum-likelihood methods developed by Laroque and Salaniè (1989); the results look promising as regards the estimation of even more sophisticated models.     

Causes and effects of multimarket activity from theory to empirical analysis

In this paper some of the results emerged in the empirical literature on diversification are put into perspective against the background of a simple integrative model of multiproduct firms. By letting diversification strategies depend on the simultaneous play of four factors (demand relationships and technological links between goods, collusion within a market and across markets), the latter provides an illustrative framework which is useful to discuss how effectively the issue of ambiguous findings has been tackled in applied works. In some cases scholars have devoted substantial effort in order to build tests which can successfully discriminate among the different views on the causes and effects of diversification, while in other circumstances empirical investigations have been conducted with much less care. Other then criticising some of the methods used in the past, the paper provides a number of suggestions that can help guiding future empirical work on corporate diversification. Copyright © 2004 John Wiley & Sons, Ltd.     

Matching models with a conservation law: The existence and global structure of the set of stationary equilibria

We study random matching models where there is a set of infinitely lived agents, and in each period agents are pairwise matched to each other and play a stage game. We investigate the basic structure of equilibria in such models: the existence of equilibria and the global structure of the set of equilibria. Specifically, we focus on models with a conservation law, which typically holds in economies having some assets, such as money. In such models, under certain regularity conditions the set of equilibria is one-dimensional and each connected component of it is a piecewise smooth one-dimensional manifold being homeomorphic to either the unit circle or the unit interval. Moreover, in an endpoint of an interval all agents have the same amount of assets.     

The Kreps-Wilson monopoly-entrant game and cautiously rationalizable sequential equilibria

In this paper the α and β characteristic functions are reviewed and a new concept, the credible threat function, is introduced following some tentative remarks on the credibility of threats.     

The set of equilibria of first-price auctions

I specify the class of functions that are equilibria of symmetric first-price auctions. A formula to recover the distribution of valuations for any equilibrium bidding strategy is given.     

The Savanna Principle

Why do microeconomic theories (such as decision theory and game theory) often fail to predict human behavior despite their mathematical elegance and deductive rigor? I suggest that such empirical failures stem from the theory's misconception of how the human brain functions. Drawing on evolutionary psychology, I propose the Savanna Principle, which posits that a hypothesis about human behavior fails to the extent that its scope conditions and assumptions are inconsistent with the ancestral environment, and its experimental corollary, that the Savanna Principle holds (and the hypothesis fails) to the extent that the conditions of the experiment resemble the ancestral environment. I suggest that the Savanna Principle and its corollary might together explain the relative empirical failure of noncooperative game theory and public choice theory, and the relative success of network exchange theory and competitive price theory tested in double auction markets in experimental economics. Copyright © 2003 John Wiley & Sons, Ltd.     

注册会计师审计“保密原则”及其“例外原则”分析

经济环境的日趋复杂,涉及注册会计师的诉讼案件日趋增多,注册会计师审计保密原则的长期粗泛空白,直接影响会计师事务所和注册会计师正当权益的维护和行业的健康发展。笔者拟通过本文对注册会计师审计保密原则的定义、特征及其在审计过程中的运用分析,构建注册会计师审计保密原则的内容框架,明确注册会计师的保密责任。     

Myopia and monetary equilibria

In an infinitely lived, representative individual economy, important properties of competitive equilibria, such as determinacy and the non-existence of monetary equilibria, are not robust to the introduction of myopia. An individual is myopic if, at each date, he plans consumption only for that date and few periods that immediately follow; that is, his planning horizon, n, is finite. Equilibria with myopia can display real indeterminacy and allow for monetary as well as non-monetary steady states; thus, they share some of the features of equilibria in economies of overlapping generation. The equilibrium price dynamics (but not the consumption dynamics) of an exchange economy with extreme myopia, n = 1, are identical to the dynamics of an overlapping generation economy with two-period lives.     

The number of equilibria of smooth infinite economies

We construct an index theorem for smooth infinite economies that shows that generically the number of equilibria is odd. As a corollary, this gives a new proof of existence and gives conditions that guarantee global uniqueness of equilibria.     

When methods and theories collide: Toward a better understanding of improving unit performance in a multimarket firm

Logistics research in the area of performance measurement continues to receive attention from a variety of perspectives. One well-received perspective is that of efficiency. Data envelopment analysis is a well-studied analytical tool to identify best-practicing efficient operating units of the firm. But a theoretical linkage remains absent from the literature. Drawing upon theoretical perspectives of organization search and knowledge transfer, this study identifies conditions in which suitable role models (according to reference set analysis) may be unrealistic and thus warrant refinements. Ironically, it is through the existence of these particular analytical tools that we are able to develop and then test our framework and illustrate the practical implications. Moreover, this study is ideally suited to illustrating how the methodology is widely applicable among the growing number of multi-unit multi-market (MUMM) firms around the world, particularly given the diffusion of sophisticated performance information gathering technologies widely used in today’s information age.     

Uncertain equilibria and incomplete preferences

This paper studies the tendency for incomplete preference structures to be associated with equilibrium price indeterminacies in an Arrow–Debreu–McKenzie state-contingent setting. It is shown that the presence of a sufficiently smooth stochastic production technology is inconsistent with equilibrium price indeterminacies even if all individuals have incomplete preference structures. A particularly convenient characterization of Paretian equilibria in the presence of incomplete preferences, which allows Paretian equilibrium to be characterized using simple principles of convex optimization and (sub)differential analysis, is also developed.     

The hybrid equilibria and core selection in exchange economies with externalities

This paper introduces a hybrid equilibrium concept that combines the elements of cooperative and non-cooperative behaviors in an exchange economy with externalities. For a fixed coalition structure (or a partition of traders), the hybrid equilibrium is a price and consumption bundle such that each coalition chooses a core solution from its budget set and the consumption bundles are feasible. It becomes the competitive equilibrium when the position is the finest, and it selects a core allocation when the partition is the coarsest. The paper provides sufficient conditions for the existence of a hybrid equilibrium for any coalition structure.     

潜孔锤原理与设计

本文首先介绍了潜孔锤钻孔方法的原理和特点,冲击器结构方案的确定等内容,然后对于具有活塞和气缸联合配气的无阀冲击器结构的潜孔锤进行了理论分析和相关参数计算,最后通过有限元的方法对潜孔锤钻头进行了分析,验证了设计的正确性。     

小议粘钢加固技术的原理与施工

结合具体工程实例,对采用外粘钢板技术对钢筋混凝土构件进行加固的技术及施工工艺进行探讨。     

The Common Heritage Principle:

A bstract An effort is underway to apply the common heritage principle to certain unique global resources while promoting economic development Under this precept, property rights to such resources are said to belong to all nations and their citizens rather than being subject to national sovereignty The doctrine is examined in theory and as applied in the outer space and law of the sea treaties Its possible application to Antarctica is explored in relationship to the Antarctic Treaty System (ATS) which is now considering a minerals regime for the continent Assessing the international political situation suggests the powerful bloc of ATS nations will ignore the common heritage principle However, a different outcome is possible, given a convergence of the Antarctic mining and global atmospheric issues of the greenhouse and ozone varieties Under this scenario, the global atmosphere and Antarctica would be common property resources whose property rights are owned by all nations     

Number and definiteness of economic equilibria

The aim of this paper is to show that it is almost equivalent to know with accuracy the equilibria of every economy or simply to know just the number of equilibria of these economies.