Determinacy with nominal assets and outside money

Summary. We build a finite horizon model with inside and outside money, in which interest rates, price levels and commodity allocations are determinate, even though asset markets are incomplete and asset deliveries are purely nominal.Received: 2 July 2003, Revised: 1 December 2004 JEL Classification Numbers: D50, E40, E50, E58.Correspondence to: J. Geanakoplos     

Market clearing and derivative pricing

Summary. We develop a method of assigning unique prices to derivative securities, including options, in the continuous-time finance model developed in Raimondo (2001). In contrast with the martingale method of valuing options, which cannot distinguish among infinitely many possible option pricing processes for a given underlying securities price process when markets are dynamically incomplete, our option prices are uniquely determined in equilibrium in closed form as a function of the underlying economic data.Received: 14 April 2003, Revised: 7 January 2004, JEL Classification Numbers: G13, D52.This paper is dedicated to Birgit Grodal, whose strength and character we greatly admire. We are very grateful to Darrell Duffie, Steve Evans, Botond Koszegi, Roger Purves, Jacob Sagi, Chris Shannon, Bill Zame and an anonymous refereee for very helpful discussions and comments. The work of both authors was supported by Grant SES-9710424, and Andersons work was supported by Grant SES-0214164, from the National Science Foundation.     

Extensive-form games and strategic complementarities

I prove the subgame-perfect equivalent of the basic result for Nash equilibria in normal-form games of strategic complements: the set of subgame-perfect equilibria is a nonempty, complete lattice—in particular, subgame-perfect Nash equilibria exist. For this purpose I introduce a device that allows the study of the set of subgame-perfect equilibria as the set of fixed points of a correspondence. My results are limited because extensive-form games of strategic complementarities turn out—surprisingly—to be a very restrictive class of games.     

Analysis and Forecast of the State of Environmental Protection in Russia

The main purpose of the present study is to analyse the emission dynamics of atmospheric and water pollutants in Russia and cost of their removal in the 1980s and early 1990s, and to forecast them by means of a Dynamic Input–Output Model according to different scenarios of future economic development till 1998. Main results of the work are:– methodological principles have been elaborated for singling out the environmental protection sector within the national economy;– a method has been offered for including the ecological block into a Dynamic Input–Output Model of the Russian economy;– a method of data preparation has been elaborated for the ecological block of the above-named model, the data base which characterizes the ecological situation in Russia has been formed and analysed;– calculations for 1994–1998 have been executed for forecasting the economic and ecological development of Russia using the above-mentioned model and the results obtained have been analysed. The results showed that if the existing tendencies towards low environmental protection capital costs remain the same, then the negative environmental impact will increase. In order to implement ecological programs and international agreements, to increase the proportion of removed pollutants, it is necessary to increase substantially expenditures on purifying water and air resources. The proportion of environmental protection investments in the total amount of the national economy capital costs should increase by up to 12–40% according to different scenarios of the economic development and different purposes of the environmental protection policy.     

大股东对上市公司掏空与支持的经济学分析

在公司的所有权安排中,大股东拥有公司的控制权,有能力为获取控制权的私人利益而侵占上市公司的资源。但是,当上市公司陷入经营困境时,大股东可能通过减少自己的侵占行为而使公司具有偿债能力,甚至会用自己的资源进行支持以防止公司破产。如果上市公司的投资回报率低于大股东的预期水平,或者预期上市公司无法继续生存下去时,大股东会以公司外部股东和债权人的利益为代价而对上市公司进行掠夺。     

基于博弈理念构建和谐税收制度的基本思路

本文阐述了和谐税收制度对建设和谐社会的重要性,指出和谐的税收制度应是一种纳什均衡的制度.运用博弈理念,从税种结构博弈均衡、税收负担博弈均衡、税收征管博弈均衡及稽查监督博弈均衡四个方面给出构建和谐税收制度的基本思路.     

制度与经济增长

以诺斯为代表的新制度经济学把制度因素引入到经济增长理论之中,并认为制度是经济增长的决定因素,从而打破了新古典经济增长理论制度既定的假设条件,使经济增长理论更趋成熟和完善。但制度对经济增长起主要作用是有条件的,即在制度不均衡的条件下,制度对经济增长起主要作用,而在制度均衡的条件下,对经济增长起主要作用的是技术而不是制度。     

国有产权改制中政府与投资人的均衡策略研究

本文简要回顾了国有产权改制的研究背景与意义，利用动态博弈的思想构建了政策与投资者博弈的动态均衡模型，并对双方博弈均衡应采取的策略进行了分析，进而提出推进国有产权改制的相关政策建议。     

基于主成分分析法的人类发展指数替代技术

在本文中,我们采用基于协方差的主成分分析法来分析1990年以来UNDP发布的中国人类发展数据,然后采用Spearman秩相关系数来分析获得的主成分与HDI之间的关系。研究表明,主成分分析法不仅能够有效地替代传统的人类发展指数编制方法,其形成的动态权重结构还可以有效地透视人类发展差距模式的历史演进过程,以及人类发展的各个方面(如预期寿命、知识教育和体面的生活等)在整体发展进程中的角色变化。对中国人类发展数据的分析结果也表明,尽管1990年以来中国各地区在经济、教育和健康方面均取得了重大进步,但三项发展之间存在着严重的不协调,地区发展差距也越来越多地体现为经济发展差距,这些反映了改革开放以来中国各级政府过分强调经济增长而带来的片面、不协调的人类发展。实现经济社会的协调发展,是时代的要求,也是当前我国各级政府面临的主要任务。而强调公共服务职能、推动地方政府的服务型转型,是消除不平衡发展的关键。     

基于社会责任的企业环境信息披露博弈分析

企业的生产经营活动对人们赖以生存的环境产生着重大影响，所以企业应承担向社会公众披露有关环境信息的责任。目前,企业的环境信息披露情况不容乐观．为了促使经济健康发展．本文通过建立模型来分析企业与相关入之间的博弈关系，试图达到一种经济学上的“帕累托最优”状态。