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1.
The comparative static predictions of the Baron and Ferejohn [Baron, D.P., and Ferejohn, J.A., (1989). Bargaining in legislatures, American Political Science Review 83 (4), 1181-1206] model better organize behavior in legislative bargaining experiments than Gamson's Law. Regressions similar to those employed in field data produce results seemingly in support of Gamson's Law (even when using data generated by simulating agents who behave according to the Baron-Ferejohn model), but this is determined by the selection protocol which recognizes voting blocks in proportion to the number of votes controlled. Proposer power is not nearly as strong as predicted in the closed rule Baron and Ferejohn model, as coalition partners refuse to take the small shares given by the continuation value of the game. Discounting pushes behavior in the direction predicted by Baron and Ferejohn but has a much smaller effect than predicted. 相似文献
2.
Massimo Costabile 《Decisions in Economics and Finance》2006,29(2):139-153
Abstract
We consider the problem of pricing European lookback options when the underlying asset price is driven by a constant elasticity
of variance (CEV) process. The evaluation model is based on the binomial approximation developed by Nelson and Ramaswamy (1990)
and we show how to apply it in the case of such options. We develop simple pricing algorithms that compute accurate estimates
of the option prices. 相似文献
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We examine a variety of preference-based definitions of ambiguous events in the context of the smooth ambiguity model. We first consider the definition proposed in Klibanoff et?al. (Econometrica 73(6):1849?C1892, 2005) based on the classic Ellsberg two-urn paradox (Ellsberg Q J Econ 75:643?C669, 1961) and show that it satisfies several desirable properties. We then compare this definition with those of Nehring (Math Soc Sci 38(2):197?C213, 1999), Epstein and Zhang (Econometrica 69:265?C306, 2001), Zhang (Econ Theory 20:159?C181, 2002), and Ghirardato and Marinacci (J Econ Theory 102:251?C289, 2002). Within the smooth ambiguity model, we show that Ghirardato and Marinacci (J Econ Theory 102:251?C289, 2002) would identify the same set of ambiguous and unambiguous events as our definition while Epstein and Zhang (Econometrica 69:265?C306, 2001) and Zhang (Econ Theory 20:159?C181, 2002) would yield a different classification. Moreover, we discuss and formally identify two key sources of the differences compared to Epstein and Zhang (Econometrica 69:265?C306, 2001) and Zhang (Econ Theory 20:159?C181, 2002). The more interesting source is that these two definitions can confound non-constant ambiguity attitude and the ambiguity of an event. 相似文献
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6.
Concentration and public policies in the broadcasting industry: the future of television 总被引:2,自引:0,他引:2
New technologies are deeply transforming the broadcasting industry. What we have seen so far is only the beginning of a long story. Inevitably, industry regulations must adapt, which means that a wide-ranging rethink of current practices is required. In order to assess the likely evolution of the industry, this article decomposes it into a number of components, from conception of programmes to their broadcasting, including distribution, storage and licensing. Contrary to popular expectations, the analysis suggests that the current high degree of concentration will, if anything, increase. The policy implication is that regulation, so far driven by now obsolete technological constraints, should increasingly emphasize promoting competition. 相似文献
7.
Gaffeo Edoardo Gobbi Lucio Molinari Massimo 《Journal of Economic Interaction and Coordination》2019,14(3):595-622
Journal of Economic Interaction and Coordination - Can the netting of on-balance-sheet interbank assets and liabilities be useful in thwarting financial contagion during a systemic crisis episode?... 相似文献
8.
This paper introduces a non-cooperative game-theoretic model of sequential network formation, in which players propose links and demand payoffs. Payoff division is therefore endogenous. We show that if the value of networks satisfies size monotonicity, then each and every equilibrium network is efficient. The result holds not only when players make absolute participation demands, but also when they are allowed to make link-specific demands. 相似文献
9.
Elisa Borghi Chiara Del Bo Massimo Florio 《Oxford bulletin of economics and statistics》2016,78(2):170-196
Firms' productivity is influenced by internal and external institutions. Ownership is the core internal institutional feature of the firm, while the most important external institutional feature is the quality of government, which shapes the environment in which firms operate. We explore the relative role of these factors and their interaction in determining total factor productivity of electricity distribution firms in 16 EU countries. Using data from the Amadeus database of balance‐sheet information and from the Quality of Governance database, we find that when the quality of government is poor, public ownership is associated with lower productivity levels; however, public ownership is associated with higher productivity in countries characterized by higher quality of the institutional environment. 相似文献
10.