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51.
We consider a model of bargaining by concessions where agents can terminate negotiations by accepting the settlement of an
arbitrator. The impact of pragmatic arbitrators—that enforce concessions that precede their appointment—is compared with that
of arbitrators that act on principle—ignoring prior concessions. We show that while the impact of arbitration always depends
on how costly that intervention is relative to direct negotiation, the range of scenarios for which it has an impact, and
the precise effect of such impact, does change depending on the behavior—pragmatic or on principle—of the arbitrator. Moreover
the requirement of mutual consent to appoint the arbitrator matters only when he is pragmatic. Efficiency and equilibrium
are not aligned since agents sometimes reach negotiated agreements when an arbitrated settlement is more efficient and vice
versa. What system of arbitration has the best performance depends on the arbitration and negotiation costs, and each can
be optimal for plausible environments.
相似文献
52.
We investigate the extent to which the pronatalism of religions impedes growth via the fertility/education channel. Using Southeast Asian censuses, we show empirically that being Catholic, Buddhist, or Muslim significantly raises fertility, especially for couples with intermediate to high education levels. With these estimates, we identify the parameters of a structural model. Catholicism is strongly pro‐child (increasing total spending on children), followed by Buddhism, whereas Islam is more pro‐birth (redirecting spending from quality to quantity). Pro‐child religions depress growth in its early stages by lowering savings and labor supply. In the later stages of growth, pro‐birth religions impede human capital accumulation. 相似文献
53.
Scope of improvement in water usage efficiency in manual dishwashing: A multicountry study by questionnaire survey 下载免费PDF全文
Writi Maitra Lara Belke Rainer Stamminger Bert Nijhuis Clara Presti 《International Journal of Consumer Studies》2017,41(3):253-263
Over recent decades, water conservation have become increasingly an utmost important issue for debate, and this includes the domestic sector. Reducing demand water by improving the efficiency of water use in domestic sector requires an understanding of how water is used and in what ways water savings can be realized. The focus of this global, web‐based, consumer questionnaire survey was to analyze individual consumer attitudes towards using water in manual dishwashing and understand the likelihood of a prospect of changing the daily manual dishwashing method resulting to a more efficient domestic usage of water. This study was designed to investigate the manual dishwashing technique used in the 5249 households of nine different countries ‐ China, Germany, Italy, Russia, Indonesia, Brazil, India, South Africa and Argentina. Besides socio‐demographics, technical questions like cleaning steps, hygiene questions motivational question, environmental awareness questions, questions on payment for water and electricity, questions on information sources about household work were included in the study. It was found that the awareness to conserve water was common among the Asian participants but it necessarily was not practiced in the households as individual washing of dishes was found to be quite high. Among the many outcomes, important one was that ‘running tap method’ was found to be most prevalent (86%) among Russian participants, complimenting their detached approach towards conserving domestic water usage. In South American countries like Brazil (66%) and Argentina (51%), high occurrence of ‘running tap rinse’ was found to be a common practice, confirming the lack of conscious use of water in manual dishwashing in the subcontinent. Based on the overall responses, awareness of a new and efficient technique of manual dishwashing could be propagated through the most voted mediums of Internet (81%) and TV (69%). 相似文献
54.
A dynamic optimization model is developed in whichuncertainty about future preferences is endogenous,namely depending on the state of the environment atthe time the change in preferences occurs.Endogeneizing preferences not only provides economicintuition to previous results but also implies thatoptimal policies are less conservative. 相似文献
55.
Lara Belke Writi Maitra Bert Nijhuis Clara Presti Rainer Stamminger 《International Journal of Consumer Studies》2019,43(5):471-479
In dishcleaning automatic dishwashers do clearly win over manual cleaning when it comes to efficiency: Resources can be saved without compromising on hygiene. But mistakes in the usage behaviour can equalize saving advantages. Consumers in nine countries, covering different regions of the world, were asked about their dishcleaning behaviour to identify if this household work is done in a resource saving way. By analysing mistakes in the current behaviour, the potential of water savings shall be estimated. 相似文献
56.
Quality & Quantity - It is widely recognized that the design and application of suitable and robust science, technology and innovation (STI) policies and appropriate STI institutions promote... 相似文献
57.
Board Efficiency and Internal Corporate Control Mechanisms 总被引:1,自引:0,他引:1
We analyze the interactions between internal and external control mechanisms in a framework in which the board selects the CEO and then decides whether to retain or dismiss him after observing a signal regarding his ability. The novel aspect of our paper is that we consider both the hiring and the firing of the CEO by the board. The type of board is defined by its ability to select a good CEO, so that the quality of the CEO depends on the type of board. Then, the dismissal-retention decision provides information not only on the quality of the CEO but also on the board's type. We show that the board's behavior depends on the pressure from the takeover market and on whether its type is publicly known. When the pressure from the takeover market is high and the type of board is private information, the board prefers not to dismiss the manager even if it has received a very low signal regarding his quality. Hence, our model endogenously derives a collusion between board and CEO in which the board does not fire a bad CEO. This behavior emerges as an attempt to hide the board's inability to accomplish the first task, CEO selection, by distorting the second task, the CEO retention-dismissal decision. 相似文献
58.
Torben G. Andersen Tim Bollerslev Francis X. Diebold Clara Vega 《Journal of International Economics》2007,73(2):251-277
Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics are linked to fundamentals. Equity markets, moreover, react differently to news depending on the stage of the business cycle, which explains the low correlation between stock and bond returns when averaged over the cycle. Hence our results qualify earlier work suggesting that bond markets react most strongly to macroeconomic news; in particular, when conditioning on the state of the economy, the equity and foreign exchange markets appear equally responsive. Finally, we also document important contemporaneous links across all markets and countries, even after controlling for the effects of macroeconomic news. 相似文献
59.
A vector autoregressive model for I(2) processes which allows for trend-stationary components and restricts the deterministic part of the process to be at most linear is defined. A two-step statistical analysis of the model is derived. The joint test of I(1) and I(2) cointegrating ranks is shown to be asymptotically similar with respect to the drift terms and the asymptotic distribution is tabulated. The cointegrating parameters are shown to be mixed Gaussian and an application for UK monetary data illustrates the proposed analysis. 相似文献
60.
This paper examines the hypotheses that liquidity improves corporate governance, and better governance enhances valuation of Russian firms. We find a positive causal relationship between measures of liquidity and corporate governance. Additionally, we document the strong positive impact of corporate governance on valuation. Our results are economically significant. For example, we document that a 10% decrease in the proportion of zero return days implies a 0.34% increase in transparency and disclosure, which in turn leads to a 9.6% increase in firm valuation. Our research findings shed light on the important role of liquidity in improving corporate governance and valuation. 相似文献