Implementing Arrow-Debreu equilibria by trading infinitely-lived securities

Summary. We show that Arrow-Debreu equilibria with countably additive prices in infinite-time economy under uncertainty can be implemented by trading infinitely-lived securities in complete sequential markets under two different portfolio feasibility constraints: wealth constraint, and essentially bounded portfolios. Sequential equilibria with no price bubbles implement Arrow-Debreu equilibria, while those with price bubbles implement Arrow-Debreu equilibria with transfers. Transfers are equal to price bubbles on initial portfolio holdings. Price bubbles arise in sequential equilibrium under the wealth constraint if some securities are in zero supply or negative prices are permitted, but cannot arise with essentially bounded portfolios.Received: 19 November 2003, Revised: 24 February 2004, JEL Classification Numbers: D50, G12, E44.Correspondence to: Jan WernerWe acknowledge helpful discussions with Roko Aliprantis, Subir Chattopaydhyay, Steve LeRoy, Manuel Santos, and seminar participants at Brown University, University of Pennsylvania, NBER Workshop in General Equilibrium Theory, SITE 2000, the 2000 World Congress of the Econometric Society, and Federal Reserve Bank of Kansas City. The views expressed herein are those of the authors and do not necessarily reflect the views of Federal Reserve Bank of Kansas City or the Federal Reserve System.     

乌昌经济一体化中昌吉市的发展取向研究

乌昌经济一体化给昌吉市的社会经济发展带来了前所未有的机遇，如何通过合理取向来发展经济．是昌吉市面临的一项重大课题。本文在昌吉市与周边城市的比较分析基础上，对昌吉市进行初步定位，并提出了乌昌经济一体化中昌吉市的发展取向。     

ON TECHNOLOGY LICENSING IN A STACKELBERG DUOPOLY

This paper finds that in a linear Stackelberg duopoly model, the follower is more likely to license a cost-reducing innovation to the leader than the leader is to the follower, regardless of whether licensing is in the form of a fixed fee or royalty per unit of output. Under fixed-fee licensing, the follower gains more from small innovations while the leader gains more from large non-drastic innovations. Under royalty licensing, the follower always gains more than the leader from an innovation.     

人居环境绿地系统的结构与形态模式研究

人居环境绿地系统是人居环境中发挥生态平衡功能并与人类生活密切相关的绿色空间.本文指出人居环境绿地系统规划中基本的"三力",向心力、线性力、不确定力,包括与人居环境相关的自然要素和人文要素等各种力的共同作用形成人居环境绿地系统布局的各种结构和形态,可归结为:整体与中心形态模式、环城卫星形态模式、带形形态模式.编制绿地系统规划时需要因地制宜地加以分析、调节和确定绿地的结构和形态,以达到保护和改善城乡生态环境、优化城乡人居环境、促进城乡可持续发展的目标,并使人居环境各系统组成部分之间的功能耦合关系更为细密、合理.     

区域能源消费总量控制方法述评

相对于提高能源利用技术和发展清洁能源而言,控制能源消费总量具有操作简单且快速有效的优势。本文对现有的有关研究文献进行梳理、比较各种目前应用较为广泛的区域能源消费总量控制方法,总结目前已经得到的研究成果、讨论现存的争议、分析进一步的研究方向。分析发现:部分现行的节能政策难以取得预期效果,且目前关于能源消费总量控制手段的研究多集中于价格、优化产业结构和提高能源效率等方面,且没有取得统一的结论。     

Environmentally sustainable or economically sustainable? The effect of Chinese manufacturing firms' corporate sustainable strategy on their green performances

Environmentally and economically sustainable strategies are predicted to influence the public perception of a firm's green performance in terms of environmental protection as well as corporate social responsibility as a whole. We empirically tested this prediction with the data from 214 Chinese manufacturing firms. Our empirical findings showed that firms' environmentally sustainable strategies are more important compared with the economic ones in shaping firms' green performances. Moreover, we also found a significant moderating effect of employees' education on the relationship between the two sustainable strategies and firms' green performances. We explain the findings and conclude with a discussion of the implications of our findings for academic researchers and practitioners.     

An institutional perspective on consumers' environmental awareness and pro-environmental behavioral intention: Evidence from 39 countries

We adopted an institutional approach to examine the relationship between environmental awareness and pro-environmental behavioral intention at the individual level. We also compared the moderating effects of regulative, normative, and cognitive social institutions on this relationship. Based on survey data representing 42,962 consumers from 39 nations, we found that consumers' environmental awareness promoted their pro-environmental behavioral intention. Moreover, we found that normative social institutions negatively moderated the relationship between environmental awareness and pro-environmental behavioral intention, whereas cognitive social institutions positively moderated this relationship. This paper concludes with a discussion of the implications of these empirical findings.     

Financial development and economic growth in Greece: an empirical investigation with Granger causality analysis

This paper empirically examines the causal relationship between the degree of openness of the economy, financial development and economic growth by using a multivariate autoregressive VAR model in Greece for the examined period 1960:I-2000:IV. The results of cointegration analysis suggest that there is one cointegrated vector among GDP, financial development and the degree of openness of the economy. Granger causality tests based on error correction models show that there is a causal relationship between financial development and economic growth, but also between the degree of openness of the economy and economic growth.     

Asymmetric behavior of inflation differentials in the euro area: Evidence from a threshold unit root test

This paper tests the existence of persistent inflation rate differentials in the euro area by employing linear as well nonlinear unit root tests. Besides linear unit root tests, a two-regime threshold unit root test examines the conjecture that inflation rate differentials follow a nonlinear two-regime process towards a threshold, switching from the persistent regime to the transitory one and vice versa. The results imply that threshold nonlinearity is confirmed in 10 out of the 16 cases. However, we have found unit root regime-switching behavior only in six out of the 16 cases under investigation. This finding implies that these inflation rate differentials were persistent when they were low (regime 1), but transitory when they were high (regime 2). This asymmetric behavior can possibly be explained by the different degree of pressure exercised on governments, which is accompanied with different inflation rate differentials. On the contrary, despite the evidence of nonlinearity, the majority of the inflation rate differentials are found to be monotonically persistent. Our results have strong implications for policy makers. In particular, the documented persistency in the inflation rate differentials might have long-run costs in terms of price and macroeconomic stability.     

Impacts of business environment changes on global manufacturing in the Chinese Greater Pearl River Delta: a supply chain perspective

Business operating conditions have changed substantially in the Chinese Greater Pearl River Delta (GPRD) due to the Chinese currency appreciation, rising labour costs, highly volatile oil prices and new processing trade policies. Such changes have triggered manufacturers to rethink their global operations. This article studies potential global manufacturing trends from a supply chain perspective. A mixed integer programming model suggests that these changes have negatively affected the region's competitive advantages as its labour-intensive production mainly targets at the mass market and competes on low costs. Three production relocation trends are affirmed, i.e. the relocation to lower-cost areas within China, lower-cost Asian countries and areas near end markets. However, it is also discovered that the GPRD region still attracts businesses with its formation of industrial clusters, the enhanced comparative advantage against competing regions in inland China or Asian lower-cost countries under high oil prices, and Hong Kong's being a robust location choice to host trade operations.