Predatory Pricing and the Speed of Antitrust Enforcement

A common complaint is that in certain industries antitrust action against predation istoo slow to ensure that a true victim can survive until the antitrust process has beenconcluded. This paper discusses, in the context of two recent antitrust cases, the sources of delay in the antitrust process, and different policy reforms aimed at speeding up the process or otherwise protecting a true victim.     

Substitution and complementarity in aviation: airports vs airlines

In this paper a model concerning substitution and complementarity on the linkage between airport facilities and airlines from the viewpoint of pricing policy is formulated. This model is used to analyze whether airport pricing policies, e.g. to ensure cost recovery, are compatible with competition for transfer passengers. It is found that airports with a high volume of demand can pursue cost recovery and still be the most preferred hub. Airports with a low level of demand will not be the preferred hub, even if the larger airport charges higher taxes to recover costs.     

Research priorities in park tourism

Park tourism is a large and important activity on which a substantial body of research work has been published. This paper reviews that work in the light of the issues now faced by parks and park tourism, and argues that there are significant research gaps that urgently need additional work. The paper outlines 10 such areas, including: visitor use monitoring; park tourism economic impact monitoring; park finance; professional competencies for tourism management; building public support; visitor satisfaction; licenses, permits, leases, and concessions for tourism; pricing policies; management capacity; and park tourism governance. The paper suggests that work in these areas is so important that the long term political and social relevance, effective management and sustainable future of many parks and protected areas depend on the results. It points to the park creation phase being over after about 150 years of growth, and the need to move more effectively into the long-term management phase. A number of key questions arise. The numerous parks must fulfill their conservation mandate and they must be financially secure. They almost certainly must forge links to tourism, yet not be dominated by tourism's demands, creating, therefore, a new and sustainable research-based relationship.     

我国审计定价研究述评

自2001年上市公司必须公开披露审计费用信息以来,国内学者开始借鉴西方模型对我国审计定价的影响因素进行研究。研究主要有两类,一是审计定价的一般影响因素研究,二是相关因素对审计定价影响的纵深研究。纵深研究中,我国学者主要关注公司治理、声誉溢价、审计师更换、风险因素对审计定价的影响。但现有研究尚未取得一致的结论,且在研究方法、研究深度等方面尚需进一步的拓展。未来研究应当在研究内容、研究视角、数据来源等方面加以改进。     

声誉风险视角下商业银行服务收费问题分析

近年以来,服务收费问题令商业银行面临严峻的声誉风险考验。随着银行市场经济主体地位的转型和强化,实施服务收费已是大势所趋。因此,有必要采取以下措施:加强有关法律与银行服务价格管理办法之间的衔接,引导社会公众树立有偿金融服务理念;增强服务定价机制的科学性与收费行为的公信力,有效保证客户的事前知情权和交易选择权,促进服务收费过程的透明化和合理化;站在公共利益角度切实加强对银行服务收费的外部监督管理,维护良好的市场竞争秩序;将服务收费标准的提高建立在服务增值的基础之上,通过效率的改进实现银行与客户的互惠共赢。     

Deposit AI as the “invisible hand” to make the resale easier: A moderated mediation model

While existing works pay little attention to price setters and the application of artificial intelligence (AI) agents in second-hand trading, the current research examines whether, and how, price setter (AI VS. seller)affects buyers' willingness to pay (WTP)in the case of second-hand trading on P2P platform. 25 interviews and 3 online studies have been conducted to demonstrate the results: (i) compared with goods priced by sellers, buyers are more willing to pay for goods priced by platform AI (Studies 1&2), (ii) buyers' perceived objectivity mediates the relationship between price setter and buyers' WTP (Study 2), (iii) perceived reductionistic of AI eliminates the effect of price setter on WTP (Study 3), and (iv) augmented intelligence (vs. AI)can have equal effect on buyers’ WTP (Study 4). These findings offer considerable implications for practitioners on how to build an AI pricing agent that is superior to humans on P2P second-hand trading platforms while ensuring the well-being of platform traders.     

Shibor利率体系的现实与推进建议

Shibor运行一年多日寸间来，其在提升自身基准利率地位及推进国内利率市场化方面所取得的成绩有目共睹。文章从探讨目前较受关注的中长期Shibor的合理性人手，分析了Shibor定价机理的现实基础及定价分歧的缘由，并从宏观和微观两个层面就完善Shibor利率体系建设提出建议。     

Estimating the structural credit risk model when equity prices are contaminated by trading noises

The transformed-data maximum likelihood estimation (MLE) method for structural credit risk models developed by Duan [Duan, J.-C., 1994. Maximum likelihood estimation using price data of the derivative contract. Mathematical Finance 4, 155–167] is extended to account for the fact that observed equity prices may have been contaminated by trading noises. With the presence of trading noises, the likelihood function based on the observed equity prices can only be evaluated via some nonlinear filtering scheme. We devise a particle filtering algorithm that is practical for conducting the MLE estimation of the structural credit risk model of Merton [Merton, R.C., 1974. On the pricing of corporate debt: The risk structure of interest rates. Journal of Finance 29, 449–470]. We implement the method on the Dow Jones 30 firms and on 100 randomly selected firms, and find that ignoring trading noises can lead to significantly over-estimating the firm’s asset volatility. The estimated magnitude of trading noise is in line with the direction that a firm’s liquidity will predict based on three common liquidity proxies. A simulation study is then conducted to ascertain the performance of the estimation method.     

Risk aversion and the elasticity of substitution in general dynamic portfolio theory: Consistent planning by forward looking, expected utility maximizing investors

Using the measure of risk aversion suggested by Kihlstrom and Mirman [Kihlstrom, R., Mirman, L., 1974. Risk aversion with many commodities. Journal of Economic Theory 8, 361–388; Kihlstrom, R., Mirman, L., 1981. Constant, increasing and decreasing risk aversion with many commodities. Review of Economic Studies 48, 271–280], we propose a dynamic consumption-savings–portfolio choice model in which the consumer-investor maximizes the expected value of a non-additively separable utility function of current and future consumption. Preferences for consumption streams are CES and the elasticity of substitution can be chosen independently of the risk aversion measure. The additively separable case is a special case. Because choices are not dynamically consistent, we follow the “consistent planning” approach of Strotz [Strotz, R., 1956. Myopia and inconsistency in dynamic utility maximization. Review of Economic Studies 23, 165–180] and also interpret our analysis from the game theoretic perspective taken by Peleg and Yaari [Peleg, B., Yaari, M., 1973. On the existence of a consistent course of action when tastes are changing. Review of Economic Studies 40, 391–401]. The equilibrium of the Lucas asset pricing model with i.i.d. consumption growth is obtained and the equity premium is shown to depend on the elasticity of substitution as well as the risk aversion measure. The nature of the dependence is examined. Our results are contrasted with those of the non-expected utility recursive approach of Epstein–Zin and Weil.