Prioritarian Poverty Comparisons with Cardinal and Ordinal Attributes

The ethical view of prioritarianism holds that if an extra bundle of attributes is to be allocated to either of two individuals, then priority should be given to the worse off among the two. We consider multidimensional poverty comparisons with cardinal and ordinal attributes and propose three axioms that operationalize the prioritarian view. Each priority axiom, in combination with a handful of standard properties, characterizes a class of poverty measures.     

Status Quo Bias in Bargaining: An Extension of the Myerson-Satterthwaite Theorem with an Application to the Coase Theorem

We generalize the Myerson-Satterthwaite theorem to study inefficiencies in bilateral bargaining over a divisible good, with two-sided private information on the valuations. For concave quasi-linear preferences, the ex ante most efficient Bayes equilibrium of any mechanism always exhibits a bias toward the status quo. If utility functions are quadratic every Bayes equilibrium is ex post inefficient, with the expected amount of trade biased toward the disagreement point. In other words, for the class of preferences we study, there is a strategic advantage to property rights in the Coase bargaining setup in the presence of incomplete information. Journal of Economic Literature Classification Numbers: C78, D23, D62, D82.     

A New Solution to the Random Assignment Problem

A random assignment is ordinally efficient if it is not stochastically dominated with respect to individual preferences over sure objects. Ordinal efficiency implies (is implied by) ex post (ex ante) efficiency. A simple algorithm characterizes ordinally efficient assignments: our solution, probabilistic serial (PS), is a central element within their set. Random priority (RP) orders agents from the uniform distribution, then lets them choose successively their best remaining object. RP is ex post, but not always ordinally, efficient. PS is envy-free, RP is not; RP is strategy-proof, PS is not. Ordinal efficiency, Strategyproofness, and equal treatment of equals are incompatible. Journal of Economic Literature Classification Numbers: C78, D61, D63.     

云南省农业水资源利用效率评估

农业在云南省占有重要的地位,农业部门是主要的用水户,农业用水管理对于解决云南省水资源问题具有重要意义。在传统水资源利用效率评估方法基础上研究去除气象因素对农业用水量的影响,因为不同的气候条件以及水肥条件是引起不同区域间农业产出差异的主要原因。改进后的评估方法使得平行比较成为可能,按照计算结果将云南省各州市的农业水资源利用效率分为三个梯队。使用面板数据中的随机效应模型研究影响水资源利用效率的因素。针对不同的水资源利用效率及影响因素,提出相应的节水护水措施。     

科斯三定理的新表述与新证明

科斯第二定理指出,在交易费用大于零的现实世界,产权的不同界定会对资源配置效率产生影响。政府(或法院)的基本原则应该是把权利界定给能以较低交易费用解决外部性问题的一方。科斯第三定理的准确含义是,在交易费用大于零的现实世界,制度安排的生产本身是有成本的,净收益最大的制度安排就是最佳的选择。科斯第二、三定理为市场经济中普遍存在的外部性问题提供了新的解决措施和科学的决策原则,间接意味着科斯并非政府干预的完全反对者,科斯定理也不足以成为有些学者把新制度经济学定性为新自由主义的充分理由。     

对"项目投资关联优化定理"的质疑与修正

文献[9]建立了项目投资关联优化模型,提出了相互等价的定理3和定理6,本文证明了定理3和定理6存在无法判别方案优劣的区间,杨氏定理难以成立;利用文献[9]中的案例进行的实证分析,证明纯经济效益最大化才是互斥方案选优决策的科学准则。     

中国金融资源配置效率不均衡对地区经济差距的影响——基于南北视角分析

为探究金融资源配置效率不均衡对地区经济差距的影响,采用我国2001—2020年间的省级数据对金融资源配置效率进行测算,基于Dagum基尼系数测度了金融资源配置效率的空间非均衡特征,通过二次指派程序（QAP）从全样本期和不同时期考察了金融资源配置效率对地区经济差距的影响,并尝试从南北视角对上述结果进行解释。本文的研究表明：我国金融资源配置效率具有明显的空间不均衡特征,表现为南高北低的“阶梯式”分布格局。全国金融资源配置效率对地区经济差距在全样本期考察和分期考察中均存在明显影响,在南北地区中,影响强度存在差异,南方地区虽更早的享受到了金融资源配置效率提高促进经济协调发展的红利,但其影响强度整体低于北方地区。     

An Experimental Study of the Effect of Private Information in the Coase Theorem

We investigate, in an experimental setting, the effect of private information on the Coase theorem's predictions of efficiency and allocative neutrality. For a two-person bargaining game, we find significantly more inefficiency and allocative bias in the case of private information compared with the case of complete information. We also find substantial bargaining breakdown, which is not predicted by the Coase theorem. For the case of private information, we reject the Coase theorem in favor of the alternative of a generalized version of the Myerson—Satterthwaite theorem, which predicts inefficiency, allocative bias in the direction of the disagreement point, and some bargaining breakdown.     

对近年来关于效率与公平问题不同意见的评析

效率与公平历来是学术界争鸣最多的一个问题,也是老百姓最关注的一个问题.本文首先归纳了近年来关于效率与公平问题的五种不同意见: (1)效率与公平并重论; (2)效率与公平统一论; (3)市场管效率,政府管公平论; (4)公平优先,兼顾效率论; (5)坚持"效率优先,兼顾公平"论.在此基础上,本文对以上五种意见进行了评析,并提出了"生产重效率,分配重公平,两者并重和统一"的观点.     

The Efficiency of China's Banking Industry and the Determinants

The recent global financial crisis highlights the importance of a sound financial sector for economic development. This paper evaluates the economic efficiency of China's banking industry and investigates the determinants of this efficiency. Our analysis shows that the average economic efficiency of joint-stock commercial banks is highest, followed by the ‘Big Four’ state-owned commercial banks and city commercial banks. The economic inefficiency of these banks during the past 15 years was mainly caused by technical inefficiency, and this technical inefficiency was mainly caused by scale inefficiency. Using the scores of efficiency as dependent variables, the paper also comprehensively studies the impact of (1) the characteristics of individual banks, (2) the characteristics of the whole banking industry and (3) macroeconomic factors on banking efficiency. The results suggest a number of factors that banks can work on to improve efficiency and lend support to deepening reforms in the Chinese banking industry, including regulatory reforms that require capital adequacy in a more strict way, reforms that introduce more competition and, more broadly, reforms that aim at establishing institutions that can truly commercialize Chinese banks. Last but not least, the efficiency of banking depends on healthy growth of the overall economy.     

A Theorem on the Gains from International Factor Mobility

This paper proves that for the case of a small country, which cannot influence world factor prices, an expansion in the scope of international factor mobility can never reduce its real national income. [F11, F20]     

政府效率与要素市场深化

政府作为"公共人"在要素市场培育过程中,发挥作用的程度取决于政府效率本身.从政府效率的重要性与紧迫性、政府效率的特殊性、政府效率的层次性三个方面进行了必要的界定与分析,并揭示了其内在的规定性.     

效率和公平关系的再认识

十七大报告对于收入分配问题有了新的提法“初次分配和再分配都要处理好效率和公平的关系,再分配更加注重公平”,回顾中国处理公平与效率关系问题的历程,使我们了解到：在社会主义市场经济条件下,效率问题由市场机制来解决,而公平问题应当由政府来解决,不仅要注重效率的问题,而且要注重公平问题,更加注重公平是我们对效率和公平关系认识的深化和完善。     

On the Optimality of the Competitive Process: Kimura's Theorem and Market Dynamics

This paper considers the optimality properties of a market economy in terms of three propositions that evaluate the outcomes of and the process of competition between a population of firms working within a given economic environment. We show that when firms differ in more than one competitive characteristic then competition does not select in general the most efficient firm nor does it always result in increases in the average efficiency with which resources are utilized. Drawing upon a theorem of Kimura, however, we show that competition has the property of maximizing the rate of change of the average selective characteristics in the population. We conclude that a more nuanced appraisal of the institutions of the competitive process is surely necessary. From an evolutionary standpoint, the outcomes of competition are always contingent on the nature of the selection environment and the characteristics of the whole population of firms that are being selected. This revised version was published online in July 2006 with corrections to the Cover Date.     

Aggregation of Directional Distance Functions and Industrial Efficiency

Three main objectives are pursued in this paper. First, we intend to analyze the aggregation problem of directional distance functions from a constructive viewpoint. We provide necessary and sufficient conditions concerning the structural properties of the production technology and of the nature of groups of firms. Indeed, exact additive aggregation holds for a linear technology and for a direction solely defined in the output space. Second, since these conditions are somewhat restrictive, we are interested in providing a measure for the aggregation bias through the relationship between industrial and structural technical efficiency. Finally, we show that this aggregation bias is a lower bound for industrial allocative efficiency.     

行业集中度与公司控制权市场效率

本文考察了公司控制权市场与行业集中度的关系,提出了行业集中度可以反映公司控制权市场效率的观点,并在此基础上根据对中国行业集中度的研究,探讨了中国公司控制权市场的发展趋势。     

保险市场风险与效率探析

从国外文献看,无论从数量还是从研究的系统性及深度和广度上,对保险市场风险与效率的研究都相对滞后于商业银行和资本市场风险与效率的研究,而国内保险界对保险市场风险与效率的研究更是少见,但是保险业高速的规模扩张伴随着保险业低效率是阻碍我国保险业发展的重要问题。鉴于此,试图将我国保险市场的风险与效率结合起来研究,从保险市场存在的风险与低效率的表现入手,分析对外开放风险、信息不对称风险、诚信缺失风险、系统性风险导致的保险业的低效率运行,以求找到提高效率的途径。     

略论公有制是公平与效率统一的基础

公平与效率在公有制范围内是有机统一的。其统一的经济基础就是公有制;我国以公有制为主体、多种所有制共同发展的经济制度,决定了我国公平与效率的一致性占主导地位,矛盾对立性占次要地位。     

提高董事会治理效率

董事会既是资本所有者的代言人,又是公司经营管理的决策者,在公司治理中处于核心地位。董事会治理直接关系到公司和股东的利益,其主要内容就是促使董事会更有效的行使其权力,进行科学决策,以满足公司业务和投资者不断变化的需求。本文从董事会权力与责任、激励机制和运作机制三方面入手。为董事会提高治理效率提出建议。