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71.
We extend the classical results on the Walras–core existence and equivalence to an ambiguous asymmetric information economy; that is, an economy where agents maximize Maximin Expected Utility (MEU). The interest of considering ambiguity arises from the fact that, in the presence of MEU decision making, there is no conflict between efficiency and incentive compatibility (contrary to the Bayesian decision making). Our new modeling of an ambiguous asymmetric information economy necessitates new equilibrium notions, which are always efficient and incentive compatible. 相似文献
72.
关于收益法的经济价值论及其基础之研究 总被引:1,自引:0,他引:1
收益法是资产评估中最基本的一种方法,本文对资本价值理论及其价值论基础--效用论、边际效用论以及理论应 用(收益法)进行全面系统的研究。 相似文献
73.
城市空间扩张与土地集约利用 总被引:2,自引:0,他引:2
我国自1996年已经进入城市化快速发展时期,城市化快速发展使得大量农村人口涌入城市,经济总量的提升加速城市空间的扩大,大量占用非城市建设用地,而现有自然承载力的限制使得城市化快速发展与城市空间的扩张对土地集约利用提出了更深层次的要求。文章构建了城市化与土地集约利用模型,分析动态城市化对不同行为主体的影响,提出低成本、集约型城市化模式概念,以推动和促进我国城市经济的健康、科学发展,构建社会主义和谐社会。 相似文献
74.
Christian Reichlin 《Mathematical Finance》2016,26(1):51-85
We consider a sequence of financial markets that converges weakly in a suitable sense and maximize a behavioral preference functional in each market. For expected concave utilities, it is well known that the maximal expected utilities and the corresponding final positions converge to the corresponding quantities in the limit model. We prove similar results for nonconcave utilities and distorted expectations as employed in behavioral finance, and we illustrate by a counterexample that these results require a stronger notion of convergence of the underlying models compared to the concave utility maximization. We use the results to analyze the stability of behavioral portfolio selection problems and to provide numerically tractable methods to solve such problems in complete continuous‐time models. 相似文献
75.
We consider the problem of partial hedging of derivative risk in a stochastic volatility environment. It is related to state-dependent utility maximization problems in classical economics. We derive the dual problem from the Legendre transform of the associated Bellman equation and interpret the optimal strategy as the perfect hedging strategy for a modified claim. Under the assumption that volatility is fast mean-reverting and using a singular perturbation analysis, we derive approximate value functions and strategies that are easy to implement and study. The analysis identifies the usual mean historical volatility and the harmonically averaged long-run volatility as important statistics for such optimization problems without further specification of a stochastic volatility model. The approximation can be improved by specifying a model and can be calibrated for the leverage effect from the implied volatility skew. We study the effectiveness of these strategies using simulated stock paths. 相似文献
76.
王秀明 《湖北商业高等专科学校学报》2014,(4):18-24
期望效用理论(EUT)出现后,成为主流经济学和管理学中研究不确定性环境下决策活动的理论基础。但近50年特别是最近20多年来,随着行为科学的发展以及实验经济学的崛起且逐步融入主流,与EUT相抵触的经验证据大量涌现,因此其作为不确定性决策活动的理论根基正在被广泛质疑,各学科寻找EUT替代者的努力催生了多种不同的非期望效用理论。本文在对经典期望效用理论批判的基础上,对国外正处于进展中的非期望效用理论文献进行全面回顾和简单评价,以期为国内从事这一领域理论和应用研究的学者提供一些线索和思路。 相似文献
77.
Jeong-Dong?LeeEmail author Seogwon?Hwang Tai-Yoo?Kim 《Journal of Productivity Analysis》2005,23(1):65-83
In this study we propose a mathematical definition of the consumption efficiency of multi-attribute products in the price–quality space. A new model, the discrete Range Adjusted Measure (RAM) model, is suggested as an empirical tool to measure the level of consumption efficiency. We further discuss the effect of consumption efficiency on the innovation incentive. Empirical work is made for the mobile phone market. We expect that the consumption efficiency concept will contribute to the extension of the traditional framework of production efficiency analysis on the one hand and to the understanding of the nature of innovation in a technology-intensive market on the other hand.JEL Classification: C67, D11, D12, D21 相似文献
78.
托达罗人口流动模型的改进——基于风险升水的视角 总被引:1,自引:0,他引:1
农村劳动力的迁移决策是一个理性的经济决策行为,迁移者在做出迁移决策时不仅仅要考虑预期的城乡收入差异,理性的迁移者还会考虑到不确定性带来的效用损失,文章用一个风险升水值来度量这种效用损失,并认为应该从托达罗模型的预期收入差异中剔除这个损失额度。因而,实际预期的城乡收入差异会比托达罗模型所表述的更小,一些风险规避的迁移者可能就会因此退出迁移。 相似文献
79.
Elias L. Khalil 《De Economist》1997,145(4):491-520
There are two competing definitions of economics. One, exemplified in Etzioni's work, stipulates that economics is the study of one kind of ends, the pursuit of material benefits (welfare). This definition entails that material ends are incommensurable with moral ends. The other, expressed in Becker's work, registers that economics is the analysis of one aspect of all ends, optimization. This definition implies that material and moral ends are commensurable. The paper finds that each definition has its own shortcomings. The paper outlines an alternative view, illustrated by the difference between gifts and grants, which promises to supplant the shortcomings of each definition. 相似文献
80.
SELMA KARUAIHE JONATHAN YODER 《The South African journal of economics. Suid-afrikaanse tydskrif vir ekonomie》2012,80(2):264-286
For water policy to be effective, policy makers must know how water users perceive and respond to changes in water prices. However, it is not uncommon for water prices faced by consumers to be unclear. In Windhoek, Namibia, the marginal and average water price is difficult to calculate from the information provided in users' utility bills. This paper applies a hedonic pricing approach to investigate price perceptions of water users in a setting with cryptic price information. Using self‐reported water charges as the dependent variable, the pricing model utilises reported utility characteristics and other factors that may affect perceived price. Low‐income standpipe water users report a weighted average monthly charges of N$24.68, whereas users in high income segments report N$521.34. This reflects differences in service levels, possible subsidies to low‐income users and potential errors in respondents' understanding of their water price. Average price per litre (N$11.78 for the low‐use segment; N$1.89 for the highest segment of Tier 1 water use) tends to be perceived as higher by those with lower water use even though average prices in the relevant range should generally be identical. 相似文献