A reformulation of the theory of demand by compensated demand functions

We present a formal approach to consumer demand by compensated demand functions. In accordance with the integrability theory or with the theory of revealed preference, we do not require the existence of a utility function, but we do assume certain hypotheses concerning functions describing rational behavior. In view of their properties, these functions can be interpreted as compensated demand functions. According to traditional neoclassical consumer theory, Shephard's lemma and the symmetry and negative semidefiniteness of the Slutsky-Hicks matrix can be shown. We shall also see that a convex, continuous, and monotonic preference ordering, which is representable by income compensation functions, can be introduced. It can also be shown that the existence of a compensated equilibrium can be derived within this approach by compensated demand functions. In order to obtain the existence of a compensated equilibrium under less stringent conditions we finally generalize the axioms assuming that a compensated demand correspondence is given.     

Using survey data to test market efficiency in the foreign exchange markets

The paper uses cointegration methods to test the market efficiency hypothesis (MEH) in the foreign exchange markets. Four exchange rates are considered-all relative to the US dollar: BP, DM, SF and JY. Survey data on expectations are used to see whether the violation of the MEH is due to expectational errors or risk premia. The results differ for the one-week ahead and the one-month ahead forecasts. With the weekly data we conclude that it is risk premia, and with the monthly data it is both expectational errors and risk premia that account for the violation of the MEH. Given the volatility of the exchange markets, it appears that forecasts over an extended period fail tests of rationality, but one-week ahead forecasts do not fail such tests.     

逆合成孔径雷达图象的旁瓣清除技术

<正> 随着改革开放的扩大和深入,我国以吸收利用外资为重点的三资企业发展迅速。到1992年一季度,共批准外商投资企业32000多家,吸收外资230亿美元,年递增率达30％以上。1992年,全国合资企业出口创汇可望达到100亿美元。三资企业不仅发展速度比较快,而且走势也在发生新的变化。总结分析外商投资走势,引导三资企业向高新层次递进,对于加大我国开放力度,促进外向型经济的良性发展,是十分必要的。     

支持物流系统的智能化方向

介绍了ＣＡＬＳ在物流领域的应用前景，论述了物流技术发展及其智能化方向的理想，概念等有关问题，最后介绍了假想物流系统技术的概念和发展及其应用的意义。