STOCK PRICE VOLATILITY,NEGATIVE AUTOCORRELATION AND THE CONSUMPTION–WEALTH RATIO: THE CASE OF CONSTANT FUNDAMENTALS

Based on infinite horizon models, previous theoretical works show that the empirical stock price movement is not justified by the changes in dividends. The present paper provides a simple overlapping generations model with constant fundamentals in which the stock price displays volatility and negative autocorrelation even without changes in dividend. The horizon of the agents matters. In addition, as in recent empirical works, the aggregate consumption–wealth ratio ‘predicts’ the asset return. Thus, this framework may be useful in understanding different stylized facts in asset pricing. Directions for future research are also discussed.     

GENERAL EQUILIBRIUM ANALYSIS OF HOLD‐UP PROBLEM AND NON‐EXCLUSIVE FRANCHISE CONTRACT

In this paper, we develop a general equilibrium model that examines the emergence of non‐exclusive franchise contracts in the presence of the franchisor hold‐up problem. Our model of an endogenous franchising network underscores the trade‐off between the cost associated with specifying and enforcing the contractual terms and the cost associated with broadening the relationships with multiple franchisors. We show that when the contracting cost relative to the relational cost is high and when the economies of specialization is low, a non‐exclusive franchise contract is an optimal contractual arrangement to mitigate franchisor opportunism.     

基于土地发展权配置的国土空间用途管制央地事权演化博弈分析及政策优化

研究目的：挖掘国土空间用途管制中蕴藏的两级土地发展权，引出央地政府存在根本性目标偏差下的行为逻辑差异并将其可视化，观察央地政府稳定策略及其对重要参数的敏感性，提出国土空间用途管制央地政府事权优化的相关政策建议。研究方法：演化博弈模型和Matlab数值仿真模拟。研究结果：（1）事权清晰是央地政府有效管制的前提。（2）中央政府行为较地方政府行为而言，对寻租程度、监管地方成本、监管失灵风险参数更为敏感，且寻租程度对中央政府行为选择影响更大。（3）地方政府行为较中央政府行为而言，对奖励参数、保障粮食和生态安全产生的收益以及交易费用参数更为敏感，且奖励参数对地方政府行为选择影响更大。研究结论：中央政府需进行选择性集权以实现“检查次数最小化”，并强化对地方政府的政治和财政激励，以期推动地方政府去严格落实中央用途管制目标，实现治理能力和治理水平提升。     

经济集聚、人口流动与住宅价格空间溢出效应研究

基于省级面板数据,利用空间计量模型考量经济集聚、人口流动和住宅价格间的空间溢出效应关系.结果发现:中国省际住宅价格间存在着显著的正向空间相关性,即某一地区住宅价格的波动会受到周边地区或经济特征类似地区住宅价格波动的影响;人口流动在经济集聚和房价的关系中发挥着中介作用;经济集聚与住宅价格在空间上存在着显著的相关关系,经济集聚不仅会推高集聚中心住宅价格,还会通过"虹吸效应"和"涓滴效应"对周边住宅价格产生影响,而经济集聚对周边住宅价格的影响取决于人口净流入率的大小.