Collusion Proof Transfer Payment Schemes with Multiple Agents

Most of the current studies on transfer pricing under asymmetric information focus on a single principal and a single agent. Under a separating management and ownership assumption, transfer pricing is at minimum a three-person problem involving one principal and two agents. This paper considers a transfer pricing problem with two agents who possess private information and seek to maximize their net cash flows, instead of divisional accounting profits. The objectives of this paper are: (1) to derive a direct-revelation mechanism that induces truth telling and efficient allocation; (2) to study the agents' collusion behaviors under the direct-revelation mechanism. The findings indicate that when agents have the option to quit after contracting, it is optimal for the center to produce less than the first-best output level unless the costs for both divisions are at their lowest levels. The optimal amount of underproduction varies according to the demand condition. In addition, two sets of transfer functions, named as identical and nonidentical functions, are derived to induce truth-telling and yield optimal equilibrium output. The two sets of transfer functions are subject to collusion. However, the functions induce different collusion behaviors among agents, that is, the collusion sets for both functions are not common sets. This property enables us to eliminate any collusion between agents, particularly prior to their observation of private information.     

产品材料基价系数定价法

本文介绍一种简单、易懂、可操作性强的产品定价数学模型 (材料基价系数定价法 ) ,着重解决产品单位成本 (制造成本 )与产品单价、增值税之间的关联问题 ,并阐述其在企业产品市场定价中的应用。     

期权定价与金融监管模式的理性分析

本文通过分析期权定价中信息的作用以及最优投资问题 ,阐述了金融市场的管制和放松管制是在投资者的最优收益和市场的稳定程度两者之间进行权衡的。如果金融市场的管制增加 ,投资者的最优收益将减少。在开放经济条件下 ,公司的国际竞争力将处于劣势。相反 ,放松金融市场的管制     

Relative Price Level of 99-Ending Prices: Image Versus Reality

Consumer research has indicated that the use of the 99 ending in a retail price creates the impression of a price that is relatively low. A comparative price survey of a wide assortment of general merchandise products indicates that this impression does not match marketplace reality. On the contrary, the price survey showed that retail prices with 99 endings were less likely than prices with other endings to be among the lower prices for an item. The finding of this discrepancy has implications for consumers, public policy-makers, and our understanding of how consumers make inferences from price information.     

对生产资料价格指数作为先行指标的有效性分析

风险项目投资常常采用分阶段投资的形式 ,它为项目创造了一个追加投资的机会 ,本文引入期权理论、利用B—S期权定价模型来评估这个机会的价值 ,从而有效克服了传统净现值法的局限 ,增加了风险项目投资决策的合理性和科学性。     

Price or quantity setting under uncertain demand and capacity constraints: An examination of the profits

This article considers price formation and quantity setting of a capacity-constrained risk-neutral firm facing uncertain demand. It is shown that the optimal price of a price-setting risk-neutral monopolist decreases with demand uncertainty. With a strictly convex demand function expected profits increase with uncertainty for a quantity-setting monopolist whereas expected profits decrease for a price-setting monopolist. Furthermore, similar results on the effect of uncertainty are derived for a differentiated goods industry.     

Making urban road pricing acceptable and effective: searching for quality and equity in urban mobility

Urban Road Pricing has been proposed many times as a powerful instrument to fight congestion in urban traffic, but has systematically faced a hostile political envirionment, due to lack of confidence on its promised (traffic) results and fear of its political consequences. Lack of action in this front is contributing to stable or even growing congestion problems in most large cities.This paper tries to address the problem with a fresh look at the objectives of road pricing and at the reasons for that political hostility. For managing and developing the urban mobility system, efficiency and equity are normally taken as the basic economic objectives. Sustainability objectives may be integrated in the efficiency objective if we are able to represent adequately the costs of the resources consumed in the process. Political hostility is normally based on having to pay for what was freely available, and on the risk of exclusion for those with little revenue available for the extra cost of driving into the city.Pursuit of efficency leads to suggestion of marginal social cost pricing but this is hard to explain to the public and application of this principle is fraught with pitfalls since some components of that cost get smaller as traffic grows (noise related costs for example). Pricing is still a good option but the objective has to be something easier to understand and to serve as a target for mobility managers. That “new” objective is quality of the mobility system, with a meaning similar to that of “level of service” in traffic engineering, and prices should be managed to across space, time and transport modes in such a way that provision of service is made with good quality in all components.Pursuit of equity leads to some form of rationing, which has often been associated with high transaction costs and abuse by the administrators. But the use of electronic road pricing should allow easy ways to address the rationing process without such high costs. The basic proposition is that all local taxpayers receive as a direct restitution of their tax contribution a certain amount of “mobility rights”, which can be used both for private car driving in the tolled areas and for riding public transport.These principles are easily applicable with a variety of technical solutions for road pricing, from the simplest cordon pricing to the more sophisticated “pay-as-you-go” schemes. The paper addresses this question of implementation and argues for increasingly sophisticated schemes, as people get accustomed to the principles and finer targeting of demand segments may be needed.     

保健品会议营销模式利弊探讨

目的会议营销是保健品在经历了广告营销之后的一种新型的营销方式,在保健品营销中发挥了巨大的作用,但是同时会议营销的发展也进入了停滞,通过对会议营销模式进行探讨,充分发挥会议营销的优势,促进会议营销以及保健品行业的健康发展,方法结合实际,分析研究了近几年会议营销的成功和失败的案例以及运用营销学的基本原理。结果会议营销有着定位准确,运营成本低、风险小以及易与其他营销方式整合的优势,但目前存在的一些问题有待解决。结论保健品会议营销和广告营销以及店铺结合等营销方式相结合,将会促进保健品行业以及会议营销的健康发展。     

试析优化生产要素的投入结构

本文认为,转变经济发展方式是当前我国全面建设小康社会一项极为重要的战略,其最根本的内容之一是优化生产要素投入结构,即经济发展要由当前主要依靠物质资源和简单劳动的投入逐步转变为主要依靠科技进步、提高劳动者素质和管理创新。文章提出,要切实全面贯彻建设资源节约型社会这一基本国策,最重要的是在明确自然资源所有权和使用权的基础上,着力建立自然资源市场,推行资源价格改革,运用影子价格、机会成本、替代价格和补偿价格等方法给自然资源确定价格,真正做到自然资源的有偿开发和使用。同时要加强政府宏观调控,推进科教兴国战略的实施。     

Vehicle currency use in international trade

We explore the major driving forces for currency invoicing in international trade with a simple model and a novel dataset covering 24 countries. We contrasts a “coalescing” effect, where exporters minimize the movements of their prices relative to their competitors', with incentives to hedge macroeconomic volatility and transaction costs. The key determinants of invoice currency choice are industry features and country size, with some role for foreign-exchange bid-ask spreads. The coalescing effect also goes a long way to explaining the well-known dominance of the dollar. Trade flows to the United States are predominantly invoiced in dollar, as foreign exporters face competition with U.S. firms. The use of the dollar in trade flows that do not involve the United States reflects trade in homogeneous products where firms need to keep their price in line with their competitors'.