Background Risk and the Performance of Insurance Markets under Adverse Selection

Background risk can influence the performance of insurance markets that must deal with adverse selection when applicants are risk vulnerable, since they are more averse to bearing the insurable risk as a result of their exposures to background risk. We show that background risk always results in a lower deductible for the incentive constrained contract, and that a broader range of markets attains the stable sequential equilibrium cross-subsidized pair of separating contracts. We conclude that background risk always improves the performance of markets for coverage against (insurable) foreground risks that must deal with adverse selection. We also find, however, that these improvements are never sufficient to offset the cost to insureds of bearing the background risk.     

Are Expected Inflation Rates and Expected Real Rates Negatively Correlated? A Long‐Run Test of the Mundell‐Tobin Hypothesis

Some empirical evidence suggests that the expected real interest and expected inflation rates are negatively correlated. This hypothesis of negative correlation is sometimes known as the Mundell‐Tobin hypothesis. In this article we reinvestigate this negative relation from a long‐term point of view using cointegration analysis. The data on the historical interest rate on T‐bills and the inflation rate indicate that the Mundell‐Tobin hypothesis does not hold in the long run for the United States, the United Kingdom, and Canada. We also obtain similar results using the real interest rate on index‐linked gilt traded in the United Kingdom.     

论普通商事仲裁管辖对法院管辖的排除

有效的仲裁协议是仲裁机构受理商事纠纷的前提，也是排除法院管辖权的依据。当事人有关仲裁协议有效性的争议将会动摇仲裁管辖的基础。本文从分析仲裁管辖的依据入手，探讨了仲裁管辖与法院管辖之间的界限，结合国际上仲裁管辖制度的最新发展，提出我国应进一步放宽对仲裁管辖权的限制，以促进仲裁事业的发展。     

企业竞争中的博弈分析

竞争对消费者有利,对企业不利;竞争者越多对消费者越有利,对企业来说则相反.同时,竞争对消费者和企业的影响程度可以量化.     

Reduced Form Auctions Revisited

This note uses the Theorem of the Alternative to prove new results on the implementability of general, asymmetric auctions, and to provide simpler proofs of known results for symmetric auctions. The tradeoff is that type spaces are taken to be finite.     

我国区域竞争力的差异与对策

本文对我国区域竞争力的区位差异进行分析,指出东、西部地区区域竞争力差异的原因,提出提高西部区域竞争力的途径。