Dissolving a partnership (un)fairly

Summary. In an incomplete information, common values setting with risk-neutral agents, we consider mechanisms for allocating the assets of a dissolving partnership where the mechanism designer has no information about the distribution of signals of the agents. We find that the divide and choose mechanism systematically favors the chooser and hence fails on the grounds of fairness. We also examine the fairness properties of the winning and losing bid auctions and show that they systematically favor winning (resp. losing) bidder in ex post allocation of surplus. Finally, we show that a binding arbitration mechanism implements fair allocations.Received: 17 May 2002, Revised: 5 June 2003, JEL Classification Numbers: D39, D44I thank an anonymous referee for extremely helpful suggestions. I also gratefully acknowledge the support of the National Science Foundation and the Hoover Institution.     

知识经济对社会主义市场经济体制的启示

二十一世纪是以知识经济为显著标志的时代，这一发端于西方的新经济，在各国联系日益密切、经济趋于一体化的背景下，迅速波及了整个世界，中国作为社会主义国家，积极迎接知识经济的挑战，构筑社会主义市场经济体制，而以市场化，知识化为特质的社会经济制度变迁，凸显了知识产业化的发展轨迹，不仅是社会主义国家经济转型的关键，而且是坚持和发展社会主义的必然要求。     

Patent portfolios and knowledge flow(s) of photovoltaic companies

The current trend towards green energy is encouraging manufacturers to invest in photovoltaic technologies. In order to guarantee R&D and optimal operational performance, operators should be able to identify the technological advantages of their competitors for the conduct R&D and to ensure adequate technological knowledge intake. Therefore, from the perspective of patent portfolios and knowledge flow(s) of photovoltaic companies, this study adopted two approaches namely, patent counts and patent citations, to discuss the technical capability of R&D portfolios and the technological knowledge flow. Three patent indices were utilised for the integration of R&D portfolios which include: technology attractiveness, relative patent position, and revealed patent advantage. Technological knowledge flow allows construction of a patent citation network through backward citation of patents. Sources and movement directions of technological knowledge are measured by calculating the relative citation propensity. R&D portfolios and knowledge flow are complementary perspectives of each photovoltaic company.     

The (un)importance of geographical mobility in the Great Recession

Unemployment during and after the Great Recession has been persistently high. One concern is that the housing bust reduced geographical mobility and prevented workers from moving for jobs. We characterize flows out of unemployment that are related to geographical mobility to construct an upper bound on the effect of mobility on unemployment between 2007 and 2012. The effect of geographical mobility is always small: Using pre-recession mobility rates, decreased mobility can account for only an 11 basis points increase in the unemployment rate over the period. Using dynamics of renter geographical mobility in this period to calculate homeowner counterfactual mobility, delivers similar results. Using the highest mobility rate observed in the data, reduced mobility accounts for only a 33 basis points increase in the unemployment rate.     

Labour-market institutions, (un)employment,wages, and growth: theory and data

We analyse the implications of labour-market institutions on wage inequality in favour of skilled labour, on relative unemployment of unskilled labour, and on the economic growth rate in two clusters resulting from 27 OECD countries: Cluster 1, closely related with the Anglo-Saxon model, and Cluster 2, dominated by the Continental-European model. By linking the unskilled wage to the skilled one in Cluster 2, due to the indexation of social benefits to per-capita income, we accommodate the observed paths of the three variables in both clusters between 1991 and 2008: Cluster 1 presents a higher wage inequality in favour of skilled labour, a lower unemployment of the unskilled labour, and a better economic growth rate.     

The (un)reliability of real-time output gap estimates with revised data

This paper investigates the differences between real-time and ex-post output gap estimates using a newly-constructed international real-time dataset over the period from 1973:Q1 to 2012:Q3. We extend the findings in Orphanides and van Norden (2002) for the United States that the use of ex-post information in calculating potential output, not the data revisions themselves, is the major cause of the difference between real-time and ex-post output gap estimates to nine additional OECD countries. The results are robust to the use of linear, quadratic, Hodrick–Prescott, Baxter–King, and Christiano–Fitzgerald detrending methods. By using quasi real-time methods, reliable real-time output gap estimates can be constructed with revised data.     

新产品开发过程中的知识管理

新产品开发是一个复杂的知识运动过程。在该过程中,企业不仅要应用企业已有的各种相关科技知识,而且要从企业外部获取有关的科技知识、市场知识和其它知识,还要创造新的知识。因此,搞好新产品开发过程中的知识管理工作,对于成功开展新产品开发活动具有决定性的意义。本文分析了新产品开发流程中,研发团队与用户、供应商、员工等之间的知识获取、转移和共享。     

高校课堂教学中知识转移影响因素及过程分析

知识转移是近年来企业创新研究的方向之一,课堂教学也是一种知识转移的过程,运用知识转移相关理论对高校课堂教学提高教学效果具有参考意义,教师、学生、转移的知识、教师与学生的距离对提高知识转移的效果、促进教学相长具有重要影响。     

On the mechanisms of achieving fiscal (un)sustainability: the case of Poland

Aim of this paper is to assess empirically the sustainability of budgetary policy in Poland in years 1992–2006. Our results show that structural surplus did respond to fiscal shocks in a way that stabilizes debt. However, the debt-stabilizing mechanism relied entirely on the revenue side, while the expenditures moved independently from debt and in a way that is close to non-stationarity. Given numerous bounds on increasing fiscal revenues, such an asymmetric mechanism of ensuring sustainability of Polish public finances is likely to fail if pressure on increasing public expenditures remains high over prolonged periods.     

Born on the first of July: An (un)natural experiment in birth timing

It is well understood that government policies can distort behavior. But what is less often recognized is that the anticipated introduction of a policy can introduce its own distortions. We study one such “introduction effect,” using evidence from a unique policy change in Australia. In 2004, the Australian government announced that children born on or after July 1, 2004 would receive a $3000 “Baby Bonus.” Although the policy was only announced seven weeks before its introduction, parents appear to have behaved strategically in order to receive the benefit, with the number of births dipping sharply before the policy commenced. On July 1, 2004, more Australian children were born than on any other single date in the past thirty years. We estimate that over 1000 births were “moved” so as to ensure that their parents were eligible for the Baby Bonus, with about one quarter being moved by more than one week. Most of the effect was due to changes in the timing of induction and cesarean section procedures. We find evidence to suggest that babies who were shifted into the eligibility period were more likely to be of high birth weight. Two years later, on July 1, 2006, the Baby Bonus was increased, and we find that this again caused births to be moved from June to July. These birth timing events represent an opportunity for health researchers to study the impact of planned birthdays and hospital management issues.     

锦16(东)块注采结构调整及配套工艺技术

锦16(东)块兴隆台油层1979年全面投入早期注水开发,目前已进入特高含水开发阶段.针对开发中的矛盾,通过室内物理模型研究,结合锦16(东)块的地质特征,实施了具有可操作性的注采配套工艺技术.现场应用表明,这些配套工艺有效地改善了注水驱油效果,提高了区块产量,为同类区块高含水阶段高效开发提供了新的思路.     

近代中国债券市场监管的演进与特点(1894～1949年)

中国近代债券市场监管始于19世纪末20世纪初,历经清末、北洋政府和南京国民政府等不同时期,各种监管机构逐步建立,监管立法日趋完备,政府干预力度日益强化,但从未建立信息披露制度,监管执法效果欠佳。     

股票市场驱动并购研究述评

并购动机理论是并购研究的中心问题之一.从行为金融的角度出发,学者们提出了股票市场驱动并购(SMDA)的并购动机理论模型,这个模型回答了诸如"谁收购谁"、"现金收购还是换股收购"、 "并购浪潮怎么产生"等等问题.本文比较全面地总结了SMDA的理论模型和实证研究两个方面的成果,并做了简要的评述.     

The impact of (un)conventional expansionary monetary policy on income inequality – lessons from Japan

ABSTRACT

This paper analyzes the impact of conventional and unconventional monetary policy on income inequality in Japan, using hitherto unexplored data from the Japan Household Panel Survey. Empirical evidence shows that expansionary monetary policy in Japan has contributed to diminishing the gender pay gap through an increase in working time of women relative to men, but also to increasing the education pay gap. These effects may have materialized via the aggregate demand channel and the labour productivity channel. In contrast, expansionary monetary policy has had no significant impact on the development of the age pay gap.     

Non-storables, Simultaneity and Price Determination: The Australian (Finished) Live Cattle Market

Empirical studies of simultaneous rational expectations (RE) models of spot and futures markets for non-storable commodities, such as finished live cattle, are rare. Indeed, only two countries, the US and Australia, have produced data sets for the study of such markets. This paper develops, and presents estimates of a simultaneous RE model of the live cattle market in Australia, the world's leading beef exporting country. The model contains functional relationships for short hedgers and short speculators, long hedgers and long speculators, and consumers, and is completed with a spot price equation and market clearing identity. Augmented Dickey-Fuller and Phillips-Perron tests for unit roots are executed, and Johansen cointegration tests are employed to investigate whether the I(1) variables are cointegrated. Structural equations are estimated by maximum likelihood when ARCH effects are present, by instrumental variables in the absence of serial correlation, and by non-linear least squares when a correction for autocorrelation is required. The estimates of all structural parameters are significant at the five per cent level. Post-sample, the model forecasts spot and futures prices with per cent RMSE's of 4.4 per cent and 2.5 per cent, respectively. In forecasting the spot price, the model outperforms but not significantly, a random walk, an ARIMA model, and a lagged futures price as a predictor of the spot price. The outcome of this last comparison implies that the efficient markets hypothesis cannot be rejected.     

Market dynamics, dynamic resource management and environmental policy in the context of (strong) sustainability

In this paper, we investigate the relationship between market dynamics, dynamic resource management and environmental policy. In contrast to static market entry games, this paper draws attention to the effects of market dynamics on resource dynamics et vice versa, because (1) we show that feedback processes are necessary for obtaining a better understanding of what drives the dynamics between the evolution of common-pool resources and the number of harvesters and more importantly, (2) this analysis provides an environment discussing sustainability in an appropriate inasmuch dynamic way. The paper makes the following points: based on a co-evolutionary model, which incorporates resource and market dynamics simultaneously, it is shown that an increasing number of harvesters does not necessarily imply a lower stock of the common-pool resource in the long run. Further it is shown that a tax-scheme establish an output-sharing solution for coping with the overuse of common-pool resources. This results is in contrast to the prevailing literature, which mainly discusses tax-schemes and out-sharing as substitutes rather than as complements for solving the commons-problem. This conclusion holds even if we additionally assume harvesting-cost-reducing technological progress. On the other side if policy interventions ceased, strong resource sustainability in the sense of resource conservation is not possible, given technological progress is a relevant issue.     

Exploring the relationships between knowledge sources in the innovation process: evidence from Finnish innovators

Innovation is a costly, risky, and uncertain process, and one of its most central components is knowledge as has been emphasised in the innovation literature. Notably, such knowledge tends to be distributed across different internal and external sources. That is, innovation processes involve diverse relationships between knowledge that originates from a myriad of different sources such as customers, suppliers and universities. While such relationships are distinctive to modern – distributed – innovation processes, little is still known about their implications on the search for new knowledge. This paper proposes that since the innovation process is inherently an uncertain and costly activity, a deeper understanding on the relationships between knowledge sources can help firms to better master the risks and costs related to their search activities. In other words, given that not all knowledge is equally combinable with each other, it claims that complementarities among knowledge sources increase the likelihood (over non-complementarities and substitutes) that such sources encompass mutually combinable knowledge, and hence decrease the uncertainties, risks and costs involved in distributed innovation processes.