Adam Smith on lotteries: an interpretation and formal restatement

The paper concerns a neglected aspect of the Wealth of Nations (with the notable exception of D. Levy 1999 Levy, D. M. 1999. “Adam Smith’s Katallactic Model of Gambling: Approbation from the Spectator.” Journal of the History of Economic Thought 21 (1): 81–91. doi:10.1017/S1053837200002868.[Crossref] , [Google Scholar]), dealing directly with decision under risk. In a few pages from book I, chapter 10, Adam Smith explicitly named “lotteries” various objects of choice (possible occupations, or investment opportunities, for instance) and provided an analysis which standard expected utility glasses would hardly fit. Taking this into account allows a better understanding of the part played by typical characters like the “projector” or the “sober man”, in such matters as Smith’s conception of entrepreneurship or of the credit market. The use of some modern concepts in decision analysis (inverse stochastic dominance, rank dependent utility, prudence toward risk), is a means to show the existence, in Smith’s work, of an original theory from decision under risk, where his analysis of lotteries in the Wealth of Nations is consistent with statements from his moral philosophy on asymmetric sensitivity to gains and losses and to the regulating part played by the impartial spectator.     

上海近期发展风险资本市场支撑科技创新的政策路径

国家自主创新能力的提升离不开多层次资本市场的支撑,资本市场是自主创新的引擎和推进器,任何科技创新成果的产业化都需要与资本有效结合才能实现。因此,加快构建一个全方位支撑科技创新的风险资本市场体系,是我国当前的一项紧迫任务,也是上海市"创新型城市"建设的迫切要求。本文在分析存在问题的基础上,进一步提出了上海市近期发展风险资本市场支撑科技创新的可行性政策路径。     

提高大型商业银行公司治理效率的思考

银行公司治理改革取得了明显成效,但效率仍十分低下。应强化董事会的战略决策功能,提高决策效率。科学定位党委的角色,为公司治理各主体发挥作用创造条件。取消监事会,把内审部门划归董事会领导,强化董事会的监督功能,提高监督效率。加强分支行治理,提高公司治理的执行效率。加强企业文化建设,提升公司治理的效率基础。     

中国金融业专利的发展特征及影响因素分析

本文通过对1985年以来国内金融业专利状况的统计分析,发现其发展具有以下特征:第一,申请数量2000年以来发生了大幅波动;第二,申请者结构发生了改变;第三,主要集中在传统银行业务的电子化和网络化方面;第四,国外申请者的申请数量接近一半,并且在发明专利的占比上远远超过内地金融机构。本文的实证部分利用多元回归和主成分分析方法,发现中国金融业竞争程度和金融业对外开放程度所代表的需求性因素是影响金融业专利发展的主要原因。     

北京艾克斯特人的骄傲

历史即将跨入二十一世纪,知识经济正在大踏步向我们走来."科学是第一生产力",它愈来愈显出其无可替代的巨大作用,因此科学技术的竞争已成为全球经济竞争的焦点和未来发展的主旋律.对此,我国政府早已认识到其重要性,于是一系列促进经济发展的政策相继出台,为国内的高新企业提供了一个良好的用武之地,北京艾克斯特工业自动化技术有限公司,就是新下放下发展起来的典型企业之一.该公司成立时间虽然不是很长,但她以新疑的思维方式和多变的经营策略,从众多的企业中脱颖而出,令人刮目相看.     

Risk-Sensitive Asset Management in a Wishart-Autoregressive Factor Model with Jumps

Risk-sensitive asset management problems, both those with a finite horizon and those with an infinite horizon, are studied in a financial market model that has a Wishart autoregressive-type jump-diffusion factor, which is a positive-definite symmetric matrix-valued process. The model describes the stochasticity of the market covariance structure, the interest rates, and the risk-premium of the risky assets. We obtain explicit representations of the solutions to the problems.     

On the Samuelson–Etula Master Function and the capital controversy

Abstract

The paper addresses the ambiguity that surrounds the conception of capital and its role in neoclassical price-and-distribution theory. The difficulties encountered in the various attempts to define the marginal product either of capital or of a capital good are recalled and the conclusion is drawn that neither concept appears theoretically sound. This historical reconstruction is combined with critical discussion of the recent attempt by Paul Samuelson to determine income distribution by means of the “Master Function”, a device previously developed and presented by Samuelson himself with Erkko Etula, and its “non-neoclassical” marginal products. Rather than the existence of a continuum of alternative technical possibilities, this construction assumes the simultaneous use of a discrete number of methods of production for the same commodity. Even though each technique employs the inputs in fixed proportions, the coexistence of various techniques permits the full employment of an arbitrarily given vector of input endowments. As is shown here, however, the coexistence of methods required for the differentiability of the Master Function can take place, if heterogenous capital goods are used in production, neither in the case with stationary relative prices nor in the non-stationary Arrow–Debreu framework.     

试论VE在国防装备建设中的应用

国防装备建设是国防建设的重要组成部分,在有限的国防经费条件下,如何提高国防装备的军事经济效益,这是当前质量建军中的重大课题.为此,本文简要介绍价值工程(VE)的基本原理,分析外军应用VE的经验,论述我国在国防装备建设中应用VE的时机,同时提出建议,以期使VE在国防装备建设中得到推广和应用.     

商品品牌价值的研究

本文从分析消费者的购买心理开始,描述商品品牌可给企业带来的效益,名牌的培育与花费.进而论述对品牌本身价值的评估和举例说明评估方法.最后指出,对商品品牌的评价,应该遵循价值观、企业整体效益去进行.同时还论述了在评价品牌和策划树名牌时,应该考虑的诸因素.