基于产品差异化和规制条件下的斯坦克尔伯格模型研究

本文研究了产品差异化和规制条件下的斯坦克尔伯格模型,认为跟随企业的定价受主导企业定价的影响,但其定价受主导企业定价的影响的敏感程度随行业内跟随企业数量增加而下降.此外,本文还研究了在完全信息和不对称信息条件下政府对主导企业进行不对称规制时,为实现社会福利最大化对其征税的最优税率的确定.     

Uncertainty,the Lemon Problem,Asymmetric Information and Countertrade

Abstract

A review of the International Trade literature suggests that uncertainty caused by the lack of perfect information and/or asymmetric information provides a motivation for countertrade (Hennart, 1990; Mirus & Yeung, 1986; Yavas & Vardiabasis, 1988). After presenting the most prevalent forms and examples of countertrade, this study shows how uncertainty can lead to some of the most common forms of countertrade; counterpurchase, buyback and offset. The paper compares and contrasts two strategies facing the management team of a profit-maximizing firm. The standard neoclassical mathematical model developed and presented shows that countertrade strategy may be superior to standard money-mediated trade strategy when there is uncertainty. Therefore, countertrade (particularly, buyback, counterpurchase and offset) may be a rational response to conditions that restrict standard trade. As such, countertrade can supplement standard money-mediated trade and contribute to the growth of international business.     

金融危机下国企多级委托代理链的思考与建议

拉动内需是金融危机环境下推动经济发展的可行方法,而国有企业在拉动内需环节上起到中坚作用。由此,国有企业的改革再次引起政府和学术界的重视,本文从委托代理的角度,剖析国有企业存在的问题,并对其问题提出了合理化的建议。     

过度投资影响因素的研究综述

过度投资是导致公司投资效率低下的一个重要因素。近年来，关于公司过度投资行为的研究成为公司治理研究领域的一个热点问题．文章主要对近年来国内外关于公司过度投资产生原因的研究文献进行了综述。     

Self-Selection and Optimal Nonlinear Effluent Charges

This paper proposes an optimal nonlinear effluent-charge system forenvironmental pollution control. This system achieves the first-bestoptimum through a self-selecting mechanism under asymmetric information.The proposed system can also control the level of revenues so as to reducethe excess burden of environmental taxation, and discriminate among thepolluters. The paper also compares this system with the conventional lineareffluent-charge system and discusses some economic implications ofimplementing the system.     

Do Monetary Unions Make Economic Sense? Evidence from the Scandinavian Currency Union, 1873–1913

Popular propositions as to what constitutes a successful single currency area are examined by looking at the Scandinavian Currency Union (1873–1913) formed by Denmark, Norway and Sweden. Applying a frequently used indicator of the desirability of monetary union, we study the symmetry of country-specific structural shocks (measured net of the non-Scandinavian influence) in these three countries. It is found that country-specific shocks are not highly symmetric. This conclusion is also supported by the absence of clear-cut differences between the pattern of structural shocks in Belgium and structural shocks in the Scandinavian countries. This suggests that the three Scandinavian countries did not form an optimum currency area during the period 1873–1913.
JEL classification : F 15; F 33; N 13     

ASYMMETRIC INFORMATION AND EXCHANGE OF INFORMATION ABOUT PRODUCT DIFFERENTIATION

We introduce asymmetric information about consumers’ transportation costs (i.e., the degree of product differentiation) in the model of Hotelling. When transportation costs are high, both firms have lower profits with asymmetric information than with perfect information. Contrarily, if transportation costs are low, both firms may prefer the asymmetric information scenario (the informed firm always prefers the informational advantage, while the uninformed firm may or may not prefer to remain uninformed). Information exchange is ex‐ante advantageous for both firms, but ex‐post damaging if transportation costs turn out to be low. If the information is unverifiable, the informed firm does not represent a reliable source of information, since it always prefers to announce that transportation costs are high and there is no contract that induces truthful revelation.     

International tourism demand and the business cycle

The focus of this study is on presenting causes and hypotheses for the existence of asymmetric income and price effects on tourism demand across business cycles. The theoretical assumptions were tested by analyzing tourism import demand in different source markets, drawing on econometric models that provide for the magnitudes of price and income effects either to vary depending on the phase of the business cycle or to remain stable across the business cycles. The major outcome of this study is that the general assumption in most of the tourism demand studies—i.e. that the income effects are symmetric—should not be expected to be automatically true for every source market.     

The effectiveness of R&D subsidies

In this paper, the effectiveness of R&D subsidies is analyzed in an oligopolistic model that we apply to the cases of international R&D competition and cooperation. We find that the existence of asymmetric information among firms on whether a rival (or partner) is being subsidized or not may play a key role in explaining whether subsidies are effective or not in increasing R&D investments. In particular, it is shown that if the existence of the subsidy is made public (e.g. because strict information release regulation about R&D subsidies is enforced) and depending on the strategic relationship between the firms’ R&D efforts, an R&D subsidy could even hurt the subsidized firm.     

企业规模与货币政策的非对称效应

在金融加速器模型的基础上，本文构建了含有企业异质性的动态随机一般均衡模型，并以此考察了我国货币政策对不同规模企业的非对称效应。研究结果表明，相对于大企业，中小企业更易受到紧缩性货币政策冲击的影响，中小企业产出下降幅度约是大企业的三倍。造成这种非对称效应的主要原因在于中小企业外部融资受到限制。此外，货币政策冲击通过信贷市场放大了经济波动，经济中存在着明显的金融加速器效应现象。因此，央行在制定货币政策时应考虑到货币政策对不同规模企业的非对称效应，并谨慎选择名义利率的调整幅度。