A green experience with eco-friendly cars: A young consumer electric vehicle rental behavioral model

Considering climate change and global warming, a transition from gasoline cars to electric vehicles (EVs) can progress toward reducing the carbon footprint and improving air quality. As young consumers prepare to become future automobile users, this research focuses on their EV perception, attitude, and cost considerations in a car-rental setting. Consumer confidence and affordability are the main barriers to the widespread adoption of EVs. Consumers remain skeptical about the functional and service quality of these new eco-friendly vehicles. The use of rental EVs can help consumers deal with these barriers because the stakes are relatively lower in a car-rental decision as compared to a vehicle purchase. Therefore, this study investigates the role of environmental protection attitude, subjective norms, perceived functional quality, post-rental service quality, price value, and willingness-to-pay regarding consumers rental intentions for EVs. Based on 502 survey respondents, this study tests the hypotheses using a covariance-based structural equation model. The results show that young consumers who are conscious of their environmental responsibilities, social norms, and quality are likely to rent an EV. The result also shows that price value does not directly impact the rental intention of young consumers, but rather indirectly through the mediating effect of willingness to pay. This finding is likely attributable to the fact that for this segment of the consumers, their household income determines their perceived price value and propensity to spend on eco-friendly vehicles.     

Integration in the Norwegian pulpwood market: domestic prices versus external trade

Pulpwood from Norway spruce (Picea abies (L.) Karst) traded domestically in Norway, imported to Norway, or exported from Norway is investigated with respect to commodity homogeneity and market integration. The prices imply that pulpwood from Norway spruce is a homogenous commodity, and the three price series are analyzed with respect to market integration. Using the cointegration estimator two cointegrating vectors are found within the system, and the weak Law of One Price can be imposed on domestic- and import prices. Imports are weakly exogenous to the two other variables, indicating that international pulpwood prices leads the domestic market.     

Coupled economic-ecological systems with slow and fast dynamics — Modelling and analysis method

The purpose of this article is to contribute to the exploration of non-convex dynamics in coupled human-nature systems. We study welfare issues associated with the management of a human-nature complex adaptive system with a threshold and a stochastic driver. We exemplify with a specific system where we link changes in the number and diversity of birds to the abundance of a pest (insects) that causes damages to goods and services valuable to human beings. We present a method that simplifies the analysis and helps us discuss different management models that combine direct and indirect controls of the pest. This allows us to show that 1) the choice of control method depends in a highly non-linear way on biodiversity characteristics and 2) the socially optimal outcome may not be reachable using price instruments. Hence the price vs. quantity debate needs to be revisited using a complex adaptive system lens.     

我国期货价格风险管理研究——基于VaR方法与GARCH-t模型的视角

本文利用我国商品期货及金融期货2010年9月份合约数据采用VaR方法对其收益率序列的波动性进行了检验。研究结果发现:首先,应用GARCH-t模型的方法对期货商品的价格风险进行管理具有显著的有效性和适用性,特别是在95%的置信水平下对收益率波动性的拟合效果最佳,同时该方法对期货商品正收益率的拟合效果比负收益率更好。其次,我国股指期货正式推出后,收益率波动性较模拟交易时期显著变小,表明改进后的交易制度及政府监管等措施可能限制了市场上的过度投机行为。最后,农副产品期货的风险暴露程度比股指、金属和能源化工等期货品种要小。     

真是过剩流动性引发了中国的通货膨胀吗

2010年7月以来,中国的CPI屡创新高,面临越来越大的通胀压力。社会普遍认为,此次通胀的形成归结于2009年以来中国人民银行流动性的过度投放,故而为控制通胀需紧缩流动性的呼声很高。本文基于1998年1月到2011年4月的月度同比数据,利用SVAR模型分析了中国通货膨胀增长率、国际大宗商品价格和过剩流动性之间的关系。结果表明,流动性过剩对中国通货膨胀增长的冲击非常小,而国际大宗商品价格变动对通胀增长有更大、更持续的正向冲击。国际大宗商品价格变动对中国通胀增长率的影响,远远大于过剩流动性对通胀的影响。     

物价稳定与房价：货币政策视角

住房价格变化是货币政策需要关注的重要指标。本文在梳理现有文献的基础上,研究了物价稳定与房价变动的关系,发现房价是物价变动的重要原因,而M1和贷款利率是房价变动的格兰杰原因。通过进一步建立结构性VAR模型,我们发现房价受到贷款利率影响最大,而物价受到货币供应量的影响最大。针对房价与物价变动的三个场景可以采取不同的货币政策操作：1、房价过快增长,物价保持稳定。此时为了避免房价对未来物价的冲击,又不影响到当前物价的稳定,可以提高贷款利率,并保持相对宽松的货币供给以对冲房价下跌对物价的不利影响,达到抑制房价而不影响物价的效果。2、房价和物价双双过快增长。此时,应调整贷款利率、准备金率和货币供应量,三管齐下加以治理。3、物价过快增长,而房价较为稳定。为了避免打压房价,可以不调整贷款利率、准备金率,仅控制货币供应量。     

机构投资者、现金股利政策与股票市场稳定性研究——来自2005—2009年中国A股上市公司的经验证据

论文基于2005—2009年中国A股上市公司年报数据的实证研究发现,当投资于发放现金股利的公司股票时,机构投资者持股比例与上市公司股票换手率、股票收益波动率、股价同步性等反映和衡量股票市场稳定性的三个渐次递进维度的指标都显著负相关;而当投资于不发放现金股利的公司股票时,机构投资者持股比例与衡量股票市场稳定性的指标显著正相关抑或不具有显著影响关系。这些结果表明上市公司的现金股利政策直接影响着机构投资者是选择长期的价值投资行为还是进行短期频繁的投机炒作,进而影响机构投资者稳定股票市场功能的有效发挥。论文的研究结论对于股票全流通时代发展机构投资者、引导投资者的长期价值投资行为以促进中国资本市场的健康稳定发展具有重要的启示和政策意义。     

英文摘要

LI Cheng, LI Ke-jun, MA Wen-tao （School of Economics and Finance, Xi＇an Jiaotong University, Xi＇an 710061, China） Abstract： This paper applies the simulation method on the basis of Dynamic Stochastic G...     

企业降价与总收益关系的新认识

随着环境的变化,企业有时候要调低产品价格。本文针对一些企业错误地应用关于降价与总收益关系的传统结论的现象,结合数学和经济学,提出了很多命题,对降价与总收益之间的关系揭示得很清楚,对于传统的需求价格弹性理论关于降价与总收益之间关系的不完全准确认识的一种修正,也是对需求价格弹性理论应用的拓展;且本文分别用图形形象地表示出降价与总收益之间的关系,结合企业在调低价格后给予一定的指导——企业降价后还要进行跟踪调查、还要根据效果采取相应措施、要关注客户需求量的变化、降价不是拍脑袋的事情,这具有一定的现实意义。     

电信产业默契合谋的存在性与稳定性分析

合谋是产业组织理论研究的重要问题之一,它易出现于寡头垄断行业中。合谋的出现会降低消费者剩余,对整个社会福利造成损失,因此应当尽量去除。电信产业是一个典型的寡头垄断产业,电信运营商之间具有很强的相互依赖性,易出现合谋,特别是默契合谋。所谓默契合谋是指寡头垄断厂商以一种纯粹“非合作”的方式进行的合作。本文首先应用古诺模型对电信产业默契合谋的存在性进行理论分析,并举出实例予以佐证。在此基础上,从理论上进一步证明了电信产业默契合谋具有不稳定性,指出运营商之间的合谋是一个“囚徒困境”。进而应用冷酷策略,研究了电信产业默契合谋维持的激励条件,并从成本对称性、市场信息透明度、产品差异性、卖方集中度和技术进步程度等方面分析了影响电信产业默契合谋的相关因素。并指出现实中,默契合谋和价格竞争往往是交替出现的。