Valuation, optimal asset allocation and retirement incentives of pension plans

We provide a framework in which we link the valuation and assetallocation policies of defined benefits plans with the lifetimemarginal productivity schedule of the worker and the pensionplan formula. In turn, we examine the retirement policies thatare implied by the primitives of the model and the value ofpension obligations. Our model provides an explicit valuationformula for a stylized defined benefits plan. The optimal assetallocation policies consist of the replicating portfolio independentof the pension liabilities. We show that the worker with retirewhen the ratio of pension benefits to current wages reachesa critical value which depends on the parameters of the pensionplan and the discount rate. Using numerical techniques we analyzethe feedback effect of retirement policies on the valuationof plans and on the asset allocation decisions.     

某大坝坝顶水平位移监测系统更新改造方案论证

根据某大坝的具体情况比较了真空激光准直系统和引张线系统的优劣,在此基础上结合丹江口、葛洲坝、潘家口的工程事例分析了某大坝原引张线测值不稳的原因,提出了采用不分段引张线方案的具体理由,可供基层水库运行单位参考.     

The economics of land transfer and title insurance

In the presence of uncertainty over the title of land (due to fraud or error), a legal system can protect either the current (innocent) owner, or a previous owner who claims title. The predominant system in the United States generally awards title to the latter in the event of legitimate claim. Thus, current owners frequently purchase title insurance to provide indemnification in the event of a loss. In contrast, the Torrens system awards title to the current owner, but provides for indemnification of any legitimate claimants. We evaluate these two systems and argue that if transaction costs are low, both promote efficient assignment of title (according to the Coase Theorem), but if transaction costs are high, the Torrens system is more likely to award title to the party that values it the most (namely, the current possessor).     

A conceptual framework of anonymity in Group Support Systems

As the development and use of automated systems for collaborative work grows, the need for a better understanding of these systems becomes more important. Our focus is on one type of system, a Group Support System (GSS) and, in particular, on one important aspect of a GSS—anonymity. A conceptual framework for the study of anonymity in a GSS is presented, which describes the general classes of variables and their relationships. These variables include the factors that influence anonymity in a GSS, types of anonymity, and the effects of anonymity on a message sender, receiver, group process, and outcome. Each of these variables is discussed with working propositions presented for important group process and outcome measures. The objectives of this article are to highlight the importance and complexity of anonymity, to act as a guide for empirical investigations of anonymity, and to influence future GSS development and use.     

Classification and aggregation: An application to industrial classification in cps data

In this paper we offer a method for deciding how to aggregate a set of elementary industries. The method is then applied to the problem of estimating a wage equation that allows for industry-specific effects. Our method explicitly formalizes the trade-off between goodness-of-fit and parsimony implicit in an aggregation problem. By varying the parameter of the assumed loss function, one obtains a whole sequence of aggregation levels. Further, the resulting sequence is consistent; that is, groupings formed at one level of aggregation will never be undone when one aggregates further.     

On the Role of Futures Trading in Spot Market Fluctuations: Perpetrator of Volatility or Victim of Regret?

We examine the role of index futures trading in spot market volatility. We use the exponential generalized autoregressive conditional heteroskedasticity (EGARCH) approach to measure volatility, analyze causality and feedback relations between volatilities in the spot and futures markets, and test various hypotheses in the context of a multivariate model that incorporates other macrostate variables. Our empirical results suggest index futures trading may not be blamed for the observed volatility in the spot market. Rather, we find stronger and more consistent support for the alternative posture that volatility in the futures market is an outgrowth of a turbulent cash market. We use the regret (cognitive dissonance) theory to explain our results.     

西安市政府开发农村人力资源的举措

西安市农村人力资源总体素质偏低是制约西安县域经济快速发展的原因之一,要变人口包袱为人力资本,西安市政府可采取如下举措:转变观念,提高对农村人力资源开发重要性和必要性的认识;建立健全农村人力资源开发的政策法规;发展各类教育及培训;多渠道吸引县域外的人力资源。     

调控房地产外国怎么干

21世纪中国的房地产市场是个充满想象力和有待开拓的新领域,但不可讳言的是,这个领域也充满了许多风险和挑战,同时也存在着咨讯与法律方面的欠缺.2005年我国房地产业的重要特点之一就是开始走向国际化,2006年我国房地产开发及营销模式国际化的趋势将更加明显.更多的境外企业和基金将关注介入我国的房地产市场,而国内房地产区域发展的不平衡性也带来了房地产发展的新的契机和平台.     

中国邮政改革要注意解决的几个关系问题

为积极稳妥地推进邮政改革,文章分析并阐述了邮政深化改革与邮政发展的关系、邮政体制改革与保障机制改革的关系、邮政体制改革与企业内部改革的关系、邮政改革与企业内部稳定的关系,并就如何处理好这些关系进行了探讨。