Choosing the right instrument

This paper analyses the optimal choice of second-best optimal environmental policies. Using a partial equilibrium model, the paper first reconfirms the well-known result that the existence of a double dividend (in its weak definition) favours environmental policy instruments which maximise tax revenues for a given improvement in environmental quality. Additional revenues can be used to reduce the distortion of existing taxes such as taxes on labour and capital income. Without uncertainty, environmental taxes and auctioned permits are equally appropriate. In the presence of uncertainty, however, the optimal choice of taxes or tradable permits depends on the relative magnitudes of the marginal environmental damage and the marginal benefit from consuming a polluting good. In the second part, the paper, therefore, analyses how the revenue capacity affects the optimal choice of environmental policy instruments in the presence of uncertainty. The paper shows that the first-best choice rule between price and quantity regulation (Weitzman, 1974) remains valid in a second-best world with distortionary taxation.     

Choosing Democracy

In an autocracy, the ruling elite allocates resources to unproductive contest activities in order to protect its power. This paper establishes that a flatter income distribution, a slow-growing or shrinking capital stock, and a decrease in the relative size of the workforce increases the likelihood of a decision by the ruling elite to negotiate a transition to democracy. In a model of economic cooperation and political conflict, the losses from ceding control over the tax rate may be lower than the costs of defending minority privilege. These predictions are evaluated in the light of the South African and other recent transitions.     

关于机构投资者选股与选时的理性探索

盲目有余，谨慎不足，凭感觉选股与选时，并非股市中的个别现象：而做到正确选股与选时，必须树立科学、合理的选择理念，从运用“阳光、绿洲、植物”系统分析的新视角、新观点揭示股市投资各层面的内涵及相互关系，对股票投资中选股与选时进行理性探索。     

Choosing and sharing

Implementing a project, like a nationwide nuclear waste disposal, which benefits all involved agents but brings major costs only to the host is often problematic. In practice, revelation issues and redistributional concerns are significant obstacles to achieving stable agreements. We address these issues by proposing the first mechanism to select the efficient site (the host with the lowest cost) while simultaneously allowing for the implementation of any individually rational division of the whole hosting cost. The subgame perfect Nash equilibria of our simple mechanism are efficient, budget-balanced and individually rational. Moreover, the truthful equilibrium is immune to coalitional deviations.     

Privatization: Choosing the Optimal Time Path

We consider a government that wishes to choose the optimal time path of privatization. The government is concerned with maximizing output over some specified period while taking into account (1) the level of unemployment that will be attained as the end of that period, (2) the improvement in labor productivity of workers in the nationalized enterprises as a consequence of growing competition from privatized firms, and (3) the reemployment rate of the redundant workers displaced as their firms become privatized. We present a model exhibiting these features and derive the optimal policy that characterizes the rate of privatization within the period. When all of the elements noted above are present, we show it is never optimal to privatize instantaneously. We also show the relationship of the optimal rate of transition to the underlying objectives of the government. J. Comp. Econom., December 1993, 17(4), pp. 715-736. Stern School of Business, New York University, New York, New York 10012.     

发展主导产业路径选择

主导产业在经济发展中处于战略地位,它发展的好坏直接影响整个地区经济命脉,所以,主导产业的发展是事关国家、地方、企业强盛的头等大事。而主导产业发展过程有不同的路径选择,不同的发展路径会有完全不同的风险和结果。因而选择何种路径是发展主导产业的重要选择。本文从经济行为、产业发展次序、主导产业发展次序三个方面探讨主导产业发展的路径。     

Choosing wisely: the natural multi-bidding mechanism

Pérez-Castrillo and Wettstein (Am Econ Rev 92:1577–1587, 2002) propose a multi-bidding mechanism to determine a winner from a set of possible objects. Each agent announces a vector of bids and a project, which is used as a tie-breaking rule for the case where several aggregate bids finish first in the bidding. We show that removing the (non-intuitive) project announcement and using instead the projects which received some agent’s highest bid to break ties, severely hinders the performance of the mechanism. Specifically, a Nash Equilibrium exists only if there are at least two individually optimal projects and all individually optimal projects are efficient. I am grateful to an anonymous referee for his detailed suggestions and comments and to the SSHRC (Canada) for financial support.     

资源配置的路径选择

资源配置方式直接决定着一国经济运行情况,经验证明以追求利益最大化为目标的单一的配置方式会导致资源配置的失效。多种资源配置方式的组合存在规则,对规则的存在和探索是当前宏观调控的理论基础。     

福利政策选择的博弈分析

自奈特的不确定性经济学问世和纳什对博弈论的发展以来,人们多在微观经济层面使用博弈论方法。文章侧重从宏观层面使用博弈论方法来探讨经济福利政策。针对我国目前存在的问题,提出改善国民福利状况的福利政策制定的粗浅建议,与同仁们共同讨论。     

Choosing Children’s Environmental Risk

A model of endogenous risk provides a foundation to study a parent’s child care decisions when the child could be exposed to an environmental hazard (e.g., toxic substance, foodborne pathogen). The parent invests in childcare quality and quantity to reduce the likelihood of a hazard exposure occurring and to reduce its severity if the exposure is realized. We supply conditions to sign unambiguously the effects on a child’s hazard exposure of an increased probability a parent fails to access or have command over a technique of exposure prevention or that a technique is ineffective in preventing exposure. Also, we consider these effects when the parent is unsure what a technique can do to reduce the child’s probability of exposure. We conclude public policies designed to encourage use of a particular childcare technique, if childcare quality and quantity are stochastic substitutes, can reduce parental use of other techniques. The net impact of the policy could increase the chance the child suffers. Although the U.S. Environmental Protection Agency provided financial support through Grant #R82871601, this research has not been subjected to the Agency’s required peer and policy review and does not necessarily reflect the views of the Agency. Thanks to the Economic Research Service of the U.S. Department of Agriculture for their funding support as well. Thanks to David Finnoff, Michael Caputo, the reviewers, and participants at the conference on Risk Perception and Valuation at University of Central Florida for their helpful comments. All views remain our own.     

扩大消费需求的瓶颈因素与路径选择——基于江苏省的实证分析

最终消费率不断走低、居民消费增长滞后是目前江苏经济发展中面临的突出问题。其形成根源既有收入增长缓慢、收入分配差距过大等收入因素,也有人口结构老龄化趋势、储蓄率过高以及社会平均消费倾向弱化等非收入因素。本文运用大量省内外统计资料,在客观分析江苏消费需求增长现状及其制约因素的基础上,有针对性地提出了进一步提升消费需求的六大着力点。     

Choosing Among Regulatory Options in the United States Telecommunications Industry

We examine the determinants of the choice between rate-of-return regulation and incentive regulation in the United States telecommunications industry. We find that a state is more likely to select incentive regulation in any year: (1) when it has employed incentive regulation in the past; (2) when the Republican party controls both the executive and the legislative branches of the state government, but the Democratic party has controlled these branches historically; and (3) as the firms earnings under rate-of-return regulation increase toward the industry average. We also find that appointed regulators are more likely than their elected counterparts to revert to rate-of-return regulation.     

制药企业选择CRO的指标分析

本文提出了制药企业选择CRO的指标,并简述了指标权重确定的步骤,为制药企业选择CRO提供指标上的参考。     

中小房产中介企业的管理和战略选择

随着中国住宅产权市场化改革进程的加快,房地产业得到了前所未有的发展,并一跃成为中国经济的支柱产业。同时也催生了一大批中小房产中介代理企业的产生,这些企业在市场繁荣的时候发展起来,没有丝毫的生存压力。然而随着房地产泡沫的兴起以及国家开始对经济,尤其是房地产市场的宏观调控,加上金融危机的爆发,势单力薄的中小房产中介企业面临着关门或者是被大中介企业兼并的危险。从管理和战略选择的角度展开分析和探讨,希望能给这些中小房产中介企业一些启示,以便能够更好的适应激烈的和不确定的市场竞争。     

Choosing to keep up with the Joneses and income inequality

We study a variant of the conventional keeping-up-with-the-Joneses setup, in which heterogeneous-ability agents care both about consumption and leisure and receive an utility premium if their consumption exceeds that of the Joneses’. Unlike the conventional setup in which all agents are assumed to want to participate in the rat race of staying ahead of the Joneses, our formulation explicitly permits the option to drop out. Mean-preserving changes in the spread of the underlying ability distribution, via its effect on the economy-wide composition of rat-race participants and drop-outs, have important consequences for induced distributions of leisure and income, consequences that are unobtainable using conventional keeping-up preferences.     

跨国公司选择并购投资的因素分析

并购是跨国公司在全球范围内搜寻、更新和扩展资源基础的重要方式,但这种方式深受跨国公司自身资源基础、公司总部资源整合能力以及目标企业资源状况、资源特征等影响。在对跨国公司选择并购投资因素分析基础上,该文从资源基础理论视角,对跨国公司竞争优势提升策略进行了探讨,其主要是以并购获得互补性资源的资源获取方式,以促使双方优势资源转移和扩散的资源整合策略,以塑造企业核心资源为资源优化路径的策略思维。     

DCF模型中自由现金流量的合理估算

投资理财已成时尚的当今社会,人们更关注所投资的企业的价值.DCF模型作为评估企业价值的一种主流方法,已被广泛运用于实践.但现实中的问题是,DCF模型被滥用、泛用现象严重,特别是在估算企业价值的重要驱动因素-FCF时评估者的主观随意性太大,从而影响到价值结果的客观性.本文着重阐述了对FCF的分析、理解、合理选择和估算时应注意的重要问题,以期在评估实践中能起到一定的指导作用.     

住房抵押贷款-中国证券化资产选择的切入点

资产证券化以其创新的融资结构和高效率的资本利用等突出特点,满足了经济社会发展以及不同投融资者的要求,因而成为当今各国资本市场上极具活力的金融产品。中国自90年代以来也尝试进行过一些资产证券化方面的实践,如海南三亚地产投资证券化及珠海高速公路证券化等,但我国在资产证券化方面主要还处在理论研究阶段。一个突出的探讨热点就是证券化资产的选择切入点问题,即在多种可进行证券化的资产中,我国应首先选择哪一类资产进行证券化操作。