On large games with bounded essential coalition sizes

We consider games in characteristic function form where the worth of a group of players depends on the numbers of players of each of a finite number of types in the group. The games have bounded essential coalition sizes: all gains to cooperation can be achieved by coalitions bounded in absolute size (although larger coalitions are permitted they cannot realize larger per-capita gains). We show that the utility function of the corresponding "limit" market, introduced in Wooders (1988, 1994a) , is piecewise linear. The piecewise linearity is used to show that for almost all limiting ratios of percentages of player-types, as the games increase in size (numbers of players), asymptotically the games have cores containing only one payoff, and this payoff is symmetric (treats players of the same type identically). We use this result to show that for almost all limiting ratios of percentages of player-types, Shapley values of sequences of growing games converge to the unique limiting payoff.     

论战略成本管理

随着我国市场经济体制的逐步确立,企业越来越强烈地意识到传统的成本管理已经不能适应新经济形势的需要。与此同时,战略成本管理作为一种全新潮的,具有全面性与前瞻性的现代化的管理方法于20世纪90年代兴起,倍受西欧、美国和日本等发达国家管理界、企业界的高度重视和极大关注,在现代企业求生存谋发展中的作用越来越大,地位越来越重要,是现代企业发展步入良胜循环的关键之一。本文就战略成本管理谈几点粗浅的认识。一、战略成本管理战略成本管理是根据市场需求状况,企业的实际经营情况,以市场竞争价格导向,一定的目标利润为中心,运用量、、…     

2008年北京奥运会商业化发展刍议

奥运会和经济的结合,是适应现实社会发展的客观需要。然而,过分地商业化会严重影响奥运会的正常举行,给奥林匹克精神造成了扭曲。2008年北京奥运会,我们将如何把握商业化的尺度尤为重要。所以我们应该积极进行改革,在精神和利益之间构建互动的桥梁,努力维护经济与奥林匹克运动的协调发展,尽可能从法制、组织、制度上消除商业化所带来的负面影响。     

制药企业落败战略因素解析

回顾近20年中国企业发展的历史,我们发现有些企业寿命很短,衰落很快,有人概括说,“巨人”倒下了,“太阳”落山了,“爱多”失恋了,“三株”入土了,“飞龙”折翅了,“秦池”酒干了。相比之下,国外有些公司寿命却很长。如劳力士至今己有220年的历史,杜邦也有200多年的历史,宝洁、麦当劳、雀巢这些企业也都有100多年的历史。当然,也不是说国外企业个个长寿,国内企业家家命薄。但总的是,我国规模大的、知名度高的企业,长寿的还真是寥若晨星。姜伟、吴炳新、怀汉新等创业者昔日曾经光芒四射,     

论战略业绩评价体系的构建

根据价值链理论,将企业作为整体无法判断其竞争优势,竞争优势来自于企业在价值链基础活动和辅助活动中所进行的许多相互分离的活动。本文将企业价值链划分为研究开发、生产、市场营销、售后服务几个战略相关的环节,并对这些环节的关键成功因素逐一进行了评价,建立了一套财务指标与非财务指标相结合的战略业绩评价体系。     

谈北京奥运会酒店营销策略

随着我国旅游业快捷、健康的发展,酒店得到了蓬勃发展。2008年北京奥运会为我国酒店业带来了巨大的商机,针对在奥运期间,如何做好酒店产品的营销,如何及时调整营销计划、改进营销组合策略,获得更高的市场占有份额,以及开创新的营销模式,如关系营销的深化,服务营销,品牌与文化营销,网络营销等,提出若干建议和想法。     

关于我国企业战略联盟的发展研究

本文首先回顾了中国企业战略联盟的发展历程,并概述了各种联盟形式的发展现状;最后分析了目前中国企业战略联盟发展中存在的问题,并提出推进其发展的政策建议。     

论广东金融强省的四大战略抉择

广东省主要金融总量指标一直位居全国各省市之首,是名副其实的金融大省。但与经济发展要求相比,广东金融产业大而不强,表现在：①金融产业地位低。2003年广东省金融业占第三产业增加值和GDP的比重分别为8．3％和3．3％,比最高的上海低12．5和6、8个百分点,甚至比江苏、浙江也低。②金融增量小。2003年末,广东地区人民币各项存、贷款比上年末增长18．5％和18．2％,分别比浙江低12．8百分点和21．3个百分点,低于全国平均水平3．2个百分点和2．9个百分点。③金融开放程度低。上海外资银行在全市商业银行外汇贷款中的比率已达50％,而外资银行相关业务量在广东只占15％左右。④广东金融产业还存在金融机构规模小、历史包袱沉重、地方中小金融机构风险大、直接融资比重偏低、上市公司整体质量和效益不高、保险业发展速度缓慢等不足。⑤从单个城市比较,深圳、广州金融地位比上海、北京要低。     

试论战略性品牌定位的决定因素及基本模式

20世纪80年代特劳特和里斯的“定位”论曾使营销理论耳目一新,然而,传播媒介的变化,消费群体的多重化,竞争压力的不断加大,单维度定位的品牌已越来越难以适应市场,为在复杂多变的市场环境下形成持续品牌力,企业必须对品牌进行战略性定位。     

Mixed strategy equilibria in repeated games with one-period memory

Infinitely repeated games is the pre-dominant paradigm within which economists study long-term strategic interaction. The standard framework allows players to condition their strategies on all past actions; that is, assumes that they have unbounded memory. That is clearly a convenient simplification that is at odds with reality. In this paper we restrict attention to one-period memory and characterize all totally mixed equilibria. In particular, we focus on strongly mixed equilibria. We provide conditions that are necessary and sufficient for a game to have such an equilibrium. We further demonstrate the exact set of payoffs that can be generated by such equilibria.     

The Paris financial market in the nineteenth century: complementarities and competition in microstructures1

This article sets out to explain why the Paris Bourse was highly successful in the nineteenth century in spite of the supposedly inefficient monopoly of the official market, the Parquet. The literature argues that the official monopoly was sidelined by a free, innovative market known as the Coulisse, but it fails to explain how the Coulisse emerged despite the monopoly and how the two markets persisted alongside each other during the entire century. We provide a detailed history of how these two markets emerged and interacted. The Parquet increasingly developed as a high‐end market, providing security, transparency, and effective settlement‐delivery to unsophisticated investors trading on the spot market. The Coulisse provided liquidity, immediacy, and opacity to professional investors trading mostly forward. In line with recent theoretical developments, we argue that the juxtaposition of heterogeneous organizations had important virtues for market participants, since it allowed the exchanges to specialize in different investors and services and made the exchanges complementary to each other. We demonstrate our claim by looking at both the formal rules and the actual functioning of the Parquet, drawing on its archives which we have recently classified.     

Unemployment with trade and firm heterogeneity

By specifying the setting of the footloose capital model with firm heterogeneity, this paper examines the effects of trade liberalization on unemployment through two different mechanisms: firstly, we embed search frictions into the labor market; and secondly, we consider fair wages as the source of unemployment. In the model with search frictions, we find that both the expected wage and employment rate could be higher for a small country with better search technology. In the fair wage setting, the results show that an increase in trade freeness increases the unemployment rate of the large (small) country when the trade freeness is sufficiently high (low). Finally, we try to compare the welfare levels under different scenarios and discover that unemployment may lead to a deterioration in the welfare gains from trade.     

Conduct in narrativized trust games

We “narrativize” a basic extensive form trust game by placing participants in a story that contextualizes the interaction with an unforeseeable future. In our narrative experiment, participants consider each decision as a character, advancing the story with their choices for salient payoffs. Our interest is in understanding how participants apply Adam Smith's rules of beneficent and just conduct in our narrativized games with epistemic conditions of an unknown future, conditions which aren't possible in extensive form. We invite our readers to participate in the story of the results, making meaning as participants in a narrative that unfolds with their choices.     

Skill complementarities and returns to higher education: Evidence from college enrollment expansion in China

We find that the increased supply of college graduates resulting from college enrollment expansion in China increases college premiums for older cohorts and decreases college premiums for younger cohorts. This finding is inconsistent with the canonical model that assumes substitution among workers of different ages. We subsequently build a simple model that considers complementarities among workers of different ages and different skill levels. Our model predicts that the college premium of senior workers increases with the supply of young college graduates when skill is a scarce resource. The model's predictions are supported by empirical tests.     

Growth led by human capital in big cities: Exploring complementarities and spatial agglomeration of the workforce with various skills

In cities, complementarity between a low-skilled and a high-skilled workforce can promote each other to improve labor productivity. In this study, we used earlier census data and 1% population survey data to examine the distribution of the skilled workforce in cities in the People's Republic of China (PRC) along with its changes, and drew the following three conclusions. First, a highly skilled workforce is the engine of urban development, increasing urban wages and population. Second, big cities can promote complementarity between skill sets so that there are greater numbers of high-skilled and low-skilled workers in those cities. This explains why both low-skilled and high-skilled workforces agglomerate in big cities. Last, complementarity between the low-skilled and high-skilled workforce is inhibited in the PRC's cities because of the biased household registration system (HRS) toward the high-skilled workforce, resulting in limited supply of low-skilled labor. This policy is not conducive to enhance labor productivity in big cities and to carry out its leading role of economic growth.     

Microcredit games with noisy signals: Contagion and free-riding

The advent of microcredit financing has remarkably improved access to credit for the poor in many developing countries. Although several microcredit programs have adopted the joint liability scheme, economic theory suggests that joint liability could increase strategic default through contagion and free-riding. This paper aims at studying the extent of free-riding and contagion in joint liability lending. By using data from experimental repayment games conducted in Vietnam, with noisy signals that resemble actual microcredit programs, we found that subjects were motivated to free-ride under the joint liability scheme. While most empirical research in this area has focused on the problem of contagion, our findings point to the significance of investigating free-riding behavior under joint liability schemes. Analyses reveal that the free-riding tendency may be led by the irresponsiveness of repayment and shouldering behavior to the partner’s seemingly strategic default in the previous round.     

Conflict heterogeneity in Africa

The economic development literature widely concurs that conflicts have adverse economic consequences that contribute to poverty, disinvestment and lower human capital leading to widespread inequality and lower economic growth. As such, understanding the nature of conflict has been an important focus for political leaders, policymakers and researchers alike. However, the existing literature does not typically distinguish between the effects of conflict determinants on conflicts by type of actor or aggressor (i.e. state, group and civilian-based). Using panel data analysis for 46 African countries from 1997 to 2017, and a comprehensive geo-referenced Armed Conflict Location and Event Data (ACLED) conflict dataset, we find evidence of variation in the determinants' effects on conflicts by actor types. For the full sample of countries, we find that military expenditure decreases civilian-based conflicts; globalisation increases both state- and civilian-based conflicts while state fragility increases group-based conflicts. On the other hand, income per capita increases all three types of conflicts. At regional level, we find variation in the effects of military expenditure and globalisation on state- and civilian-based conflicts. However, we find little variation in the effects of the determinants on group-based conflicts across the regions. The findings highlight the nuances in conflicts by actor types and their causes which need to be accounted for when formulating conflict resolution policies.     

Perfect foresight dynamics in binary supermodular games

The present paper considers equilibrium selection in binary supermodular games based on perfect foresight dynamics. We provide complete characterizations of absorbing and globally accessible equilibria and apply them to two subclasses of games. First, for unanimity games, it is shown that our selection criterion is not in agreement with that in terms of Nash products, and an example is presented in which two strict Nash equilibria are simultaneously globally accessible when the friction is sufficiently small. Second, a class of games with invariant diagonal are proposed and shown to generically admit an absorbing and globally accessible equilibrium for small frictions.