论市场因素对保险产品定价的影响

基于精算技术的保费厘定实际上是用一种成本定价方法,未考虑市场因素对价格的影响。即单个投保人之间对保险产品价格变化的容忍程度、价格空间的大小变化对顾客需求的影响以及不同组群的潜在投保人的需求差别。分析市场因素对保险产品定价的影响,保险产品差别定价的策略是保险业产品定价之良策。而保险业只有精算技术与市场分析结合起来才能挖掘保险产品深层次的潜力。     

Market Potential Estimation in International Markets: A Comparison of Methods

ABSTRACT

Marketers use various market potential estimation techniques in international markets. These include method of analogy, proxy indicators, chain ratio method, time series analysis, and multiple regression modeling. This study shows how demand or market potential can be estimated using these methods and compares the findings. The study should be useful to both managers and academics interested in the theory and practice of demand estimation. Although emerging markets and durables are used as examples, the methods discussed are universal and can be applied in any country market.     

资本资产定价模型的扩展及其在保险中的应用

传统的资本资产定价模型是在一系列过于严格化、理想化的条件下建立起来的。针对现实资本市场情况,通过对资本资产定价模型的应用条件的部分修改,如增加保险公司存在违约风险、交易费用和税收的条件,并且讨论交易费用分别为固定值和保费的函数时的情形以及税收分为固定值和变量的情形,对保费定价问题进行模型扩展。理论推导结果显示,在存在违约风险情况下,保险公司所收保费应该更低;承保费用越少,所需保费就越少;存在税负条件下的公平保费与税收水平有关。     

Pricing corporate bonds in Brazil: 2000 to 2004

This paper analyzes the factors that influence the issuing price of debentures in Brazil in the period from year 2000 to 2004, applying a factor model, in which exogenous variables explain return and price behavior. The variables in this study include: rating, choice of index, maturity, country risk, basic interest rate, long-term and short-term rate spread, the stock market index, and the foreign exchange rate. Results indicate that the index variable, probability of default and bond's maturity influence pricing and points out associations of long-term bonds with better rating issues.     

Pricing of New Securities in an Incomplete Market: the Catch 22 of No-Arbitrage Pricing

There are two distinctly different approaches to the valuation of a new security in an incomplete market. The first approach takes the prices of the existing securities as fixed and uses no-arbitrage arguments to derive the set of equivalent martingale measures that are consistent with the initial prices of the traded securities. The price of the new security is then obtained by appealing to certain criteria or on the basis of some preference assumption. The second method prices the new security within a general equilibrium framework. This paper clarifies the distinction between the two approaches and provides a simple proof that the introduction of the new security will typically change the prices of all the existing securities. We are left with the paradox that a genuinely new derivative security is not redundant, but the dominant pricing paradigm in derivative security pricing is the no-arbitrage approach, which requires the redundancy of the security. Given the widespread practice of using the no-arbitrage approach to price (or bound the price of) a new security, we also comment on some justifications for this approach.     

Huge Business Potential in China and Brazil

Brazil has the largest economy in Latin America, and the world＇s tenth largest economy in terms of purchasing power parity. In recent years, Brazil has become a well developed nation and its exports are increasing, with major export industries that include aircraft, coffee, automobiles, soybean, steel, textiles, and electronics. Its biggest investment boom in history is still under way as it continues to focus on attracting investment from foreign countries.     

中国区域节能潜力估算及节能政策设计

很多研究认为,中国中西部地区能源效率较低,与东部地区相比,中西部地区的节能潜力更大。因此,适度提高中西部地区的节能减排目标,将有助于实现全国整体节能目标。事实上,中西部地区能源效率水平很难在短期内赶上东部地区,其节能潜力仅仅是理论节能潜力,不能作为中国制定区域节能减排政策的依据。因此,本文尝试以中国各省份所在区域的能效最高值作为基准值,利用DEA的方法对全国不同区域的节能潜力进行估算。结果显示:一是与全国平均节能潜力相比,中西部地区节能潜力较低;二是从测算结果来看,中国推进节能减排的重点区域仍然是东部发达省份,而不是中西部地区。基于此,本文提出应正确看待东中西部地区节能减排的实际能力,科学地制定减排目标。为此,本文提出中国在"十二五"期间,应实施差异化的节能政策设计,即差别化的节能目标管理、差别化的节能产业政策、差别化的节能投融资政策,以及差别化的节能财税政策。     

浅析电子商务市场中的虚拟产品定价策略

随着网络和电子计算机技术的发展和普及,电子商务的发展蓬勃兴起,原有企业纷纷建立自己的网站,开始网上销售,一些新型企业也纷纷诞生,希望在电子商务市场中能占有一席之地,一时之间,电子商务市场中的虚拟产品定价问题变得突出,因为虚拟产品与传统产品存在完全不同的特征,因此决定了虚拟产品的营销方式和定价策略都会有别于传统的方式。     

Agency Model and Wholesale Pricing: Apple versus Amazon in the E-Book Market

Apple’s choice of the agency model (i.e., Apple demands a share from the retail price set by the publishers) when entering the e-book market was surprising because: (i) the upstream firms can accrue all rents in a simultaneous move game if it determines the retail price; and (ii) the incumbent, Amazon, used wholesale pricing arrangements. This paper compares the two different contract types, pure and mixed: one retailer opts for wholesale, the other for the agency model. Departing from a standard and symmetric oligopolistic setup of Bertrand competing retailers and producers, the model accounts for retailers having (a) a significant contribution to the final value and (b) a strategic first-mover advantage. Both conditions combined are necessary (but not sufficient) in order to explain Apple’s choice and the possibility of an asymmetric equilibrium.     

History of microfinance in Bangladesh: A life cycle theory approach

This study aims to conceptualise and document the historical evolution of microfinance in Bangladesh using the life cycle theory (LCT). Based on the LCT nomenclature, the microfinance sector in Bangladesh shows characteristics broadly consistent with the saturation phase (2006–2015) – which potentially has adverse impacts on both microfinance clients and institutions. The maturity phase (1996–2005) of microfinance has corresponded with competition and several innovations (financial and non-financial). However, the saturation phase sees increasing presence of uncoordinated microfinance institutions and expansion of multiple borrowing, as well as commercialisation and ‘mission drift’, which constitute important challenges for the regulatory authority and management of microfinance institutions.     

Pricing and return strategy of online retailers based on return insurance

With the development of e-commerce, online shopping has become increasingly common, and as a result, consumers inevitably encounter the problem of returns. Therefore, pricing, return policy and return insurance strategy have attracted considerable research attention. In this paper, we construct four models to study pricing, return policy and return insurance strategy. We show that when a product's net residual value is greater than or equal to zero, online retailers should offer a money-back guarantee (MBG) return policy; however, they do not have to offer free return insurance because the latter does not increase their market share and profit, nor does it increase consumer surplus. The optimal strategy of insurance providers is unaffected by whether the policyholder is an online retailer or a consumer and should be neutral, which helps insurance providers gain the trust of policyholders. Consumers should buy products only when online retailers offer an MBG return policy; however, consumers should not do so if the online retailer provides free return insurance.     

互惠性金融创新:我国农村小额信贷可持续发展研究

运用博弈论、行为经济学对我国农村小额信贷的可持续发展进行分析,从中可以发现小额信贷的可持续发展不仅是基于农户的"理性人"假设,机构与农户之间的"互惠性"也是重要因素之一。其发展的关键在外部环境(宏观、中观、微观层面)的影响而并非农户本身。     

跨国家电企业在华市场导入及其价格战略研究

探讨跨国家电企业如何将家电产品导入中国市场以及相应的价格战略,总结跨国家电企业通过产品导入和价格战略维护其世界品牌并获得较高利润的成功经验,从而得到有益的启示。     

有色金属期货市场不完善程度定价模型及其验证

运用套利机制的不完全性及价格期望因素,拓展了期货市场不完善程度定价模型,并运用这个模型检验了国内有色金属期货市场的不完善程度。研究发现沪铜期货市场完善程度最好,沪铝期货市场的完善程度最差,沪锌期货市场的完善程度居中。     

Potential Market Opportunities in Hungary,Poland and Bulgaria

Central European economies are undergoing radical reforms changing from central planning to free market economies. If these changes are to be successful, there is a need for their govemments to liberalise legislation to allow privatisation to take place and to allow and encourage foreign investment in the countries. Potentially the most effective form of foreign investment is the participation of Western companies in the business of the country enabling development of the market and the local understanding of the methods of business in free market economies. Whether and to what extent this participation takes place depends on the macro-environmental climate and the specific market environments in the countries. This paper addresses both of these issues and is based on a twelve month study of marketing conditions in Hungary, Poland and Bulgaria. In the first part the macro changes taking place are explored and the overall attractiveness assessed by comparison with the published literature on the market entry strategies. The conclusion is that Hungary is the most attractive of the three countries concerned for Western company investment in terms of political stability, economic development and performance, cultural unity, and lower legal and geo-cultural similarity.     

中国股票市场交易成本的估计

采用上证180指数成分股票的分笔交易数据,分析估计了反映中国股票市场交易成本的报价价差、有效价差和交易价差,并对它们进行了比较和相关分析。实证结果表明,我国股票市场的总交易成本约为0.25%,除指令处理成分外,还有其他的交易成本成分,而且它们会随时间的变化而增加。交易成本不仅表现出共同变动的趋势,而且还与股票的特征有关。     

混合动力车在中国具有巨大的市场潜力

<正>中国预期会在十年内成为全球最大的汽车市场,但汽车行业的不断壮大也会不可避免地带来严峻的环境问题。究竟该如何协调行业发展和环境保护之间的矛盾?世界领先市场研究咨询公司TNS中国最新调研揭示,混合     

The Effect of Pricing and Advertising on Customer Retention in a Liberalizing Market

This study investigates the drivers of customer retention in a liberalizing market. The authors address key retention issues that allow them to contribute to existing retention research in several critical ways. They (1) examine the effects of pricing and mass advertising, (2) account for (new entrants) competitors' actions, (3) investigate the dynamic impact of marketing tactics, and (4) study the proposed relationships in a market recently opened to competition. Using longitudinal data for a sample of 650 mobile phone consumers and a split-population hazard model that accounts for the notion that some customers are never at risk of defection, the authors show that both the focal firm's (incumbent) and the competitors' price and mass advertising exert a significant influence on the probability of terminating an existing incumbent relationship. They find that the relationships between marketing variables and retention are not static but vary over time. Price is generally less effective in the early stages of market liberalization, which suggests that customers become more price sensitive in later stages. Finally, the study findings can have important strategic implications on designing customer management and marketing resource allocation strategies, as well as on providing a competitive regulatory framework in liberalizing markets.     

诉讼财产保全责任保险承保风险分析及对策建议

诉讼财产保全责任保险是一种新型的责任保险,其承保风险也较一般责任保险有所不同,在心理风险、道德风险、逆选择风险、法律风险等方面表现出特殊性。保险公司应以立法机关完善法律法规为前提,以监管部门引导诉讼财产保全保险体系建设为方向,采取发展业务渠道、建设核保团队、积极参与另诉维权等具体措施,实现对诉讼财产保全责任保险的承保风险的有效管控。     

消费行为与企业战略的融合——不同零售业态的价格定位及其市场细分战略

现代零售业态发展趋于多元化,零售企业针对不同消费者的价格敏感程度来定位零售商品的价格,从而选择不同的销售渠道即经营业态,通过不同产品线的组合来满足不同层次消费者的需求。以此来体现企业的市场细分战略,形成顾客忠诚,实现其经济效益的最大化。