Aggregate play and welfare in strategic interactions on networks

In recent work by Bramoullé and Kranton (2007), a model for the provision of public goods on a network was presented and relations between equilibria of such a game and properties of the network were established. This model was further extended to include games with imperfect substitutability in Bramoullé et al. (2014). The vast multiplicity of equilibria in such games along with the dramatic changes in equilibria with small changes in network structure, makes it challenging for a system planner to estimate the maximum social welfare of such a game or to devise interventions that enhance this welfare. Our main results address this challenge by providing for arbitrary networks, close approximations to the maximum social welfare and the maximum aggregate play in terms of only network characteristics such as the maximum degree and independence number. For the special case when the underlying network is a tree, we derive formulas which use only the number of nodes and their degrees. These results allow a system planner to assess aggregate outcomes and design interventions for the game, directly from the underlying graph structure, without enumerating all equilibria of the game, thereby significantly simplifying the planner’s problem. A part of our results can be viewed as a logical extension of Pandit and Kulkarni (2018) where the maximum weighted aggregate effort of the model in Bramoullé and Kranton (2007) was characterized as the weighted independence number of the graph.     

Trade development between China and countries along the Belt and Road: A spatial econometric analysis based on trade competitiveness and complementarity

This paper empirically analyses the effect of trade competitiveness and complementarity on the trade development between China and the countries along the Belt and Road (B&R). The study first measures the trade competitiveness and the complementarity between China and the countries along the B&R by using the trade competitiveness coefficient (TCC) and the trade complementarity index (TCI). Then a spatial gravity model is constructed to analyse the effect of trade competitiveness and complementarity on trade development between China and the countries along the B&R. We use generalized method of moments (GMM) and spatial filtering technology to verify the robustness of the model. The results show that the GDP of China and the countries along the B&R, the land area of countries along the B&R, trade complementarity, common language, free trade agreements (FTA), and the B&R Initiative significantly promote the trade development between China and the countries along the B&R, whereas the geographical distance between countries and trade competitiveness significantly inhibit it. Finally, to promote the trade development between China and the countries along the B&R, the present paper puts forward suggestions including improving trade promotion policies between China and the countries along the B&R and vigorously expanding cooperation with complementary industries in the countries along the B&R to enhance trade dependence.     

Relations between technological and non-technological innovations in the service sector

In the economic literature, there is a debate on whether technological and non-technological innovations share the same determinants. As a result of this debate, two opposing views have emerged: the distinctive view argues that the determinants of both technologies are different; on the contrary, the integrative view considers that both types of technologies share determinants. The main objective that we pursue in this study is to test which of the two views is prevalent in the service sector of the Spanish economy. Analyses were performed using data from Spanish Technological Innovation Panel for the period 2008–2012. To perform hypothesis tests, the approach of complementarity was used. Our findings indicate that neither of the two approaches has been fully accredited, although the distinctive view is more prevalent. However, this radiography of relations tells us that companies can achieve further increases in productivity if technological innovation and non-technological innovation are implemented simultaneously.     

Implicit contracts and the cyclicality of the skill-premium

To examine the cyclical behavior of the skill-premium, this paper introduces implicit labor contracts in a DSGE model where production is characterized by capital-skill complementarity and the utilization of capital is endogenous. It is shown that this model can reproduce the observed cyclical patterns of wages and the skill-premium. The feature of capital-skill complementarity coupled with variable capital utilization rates does not come at odds with the acyclical behavior of the skill-premium. The paper argues that the skill-complementarity of capital is not a quantitatively significant factor at high frequencies. The key aspects are the contracts and the capital utilization margin.     

关于“管辖错误”作为再审事由的思考

新修订的《民事诉讼法》第179条将＂管辖错误＂规定为再审事由之一有其合理性。但考虑到再审制度的本质,应将＂管辖错误＂限定在违反专属管辖规定、违反专门管辖和下级法院违反级别管辖的规定受理案件等几种严重违法同时又侵害当事人程序性权利的情形。从减少以＂管辖错误＂为由申请再审的案件的数量和诉讼经济的角度考虑,宜设立再审补充性原则作为当事人提起再审的程序限制,与此相配套,在国内民事诉讼中应承认默示协议管辖。     

Atoms,Bits, and Wits: A New Economics for the Twenty-First Century—Part I

Part I: Three elementary components of economics are atoms, bits, and wits. The economics of atoms is familiar to economists, in the production of physical outputs treated as substitutes in consumption. The relation of value to scarcity with atoms is that abundance reduces the worth of material goods. The realm of bits is less understood; the issues appear in network effects, where abundance augments the worth of intangibles. The economics of networks is social: conflicts of interest (substitution) are balanced with concerts of value (complementarity) in combination. But in information networks—the realm of bits—substitution cedes to complementarity and competition defers to cooperation as efficient.     

Asset specificity and complementarity and MNE ownership strategies: The role of institutional distances

This study integrates transaction cost economics and institutional theory to propose a contingency model of multinational enterprises' design of ownership control. We posit that asset specificity and complementarity influence the design of ownership control, which is further affected by the institutional environment. Furthermore, we argue that regulatory distance and normative distance display differentiating moderations on the main effects. Regulatory distance strengthens the positive effect of asset specificity on ownership control while normative distance enhances the negative effect of asset complementarity on ownership control.     

城乡旅游互动发展探讨

城乡旅游具有很强的互补性，应利用互补优势，相互促进，共同发展。在分析城乡旅游互补性的基础上提出了城乡旅游互动的概念，探讨了城乡旅游互动的内涵。然后分析目前城乡旅游发展存在的问题，提出了促进区域城乡旅游互动发展的对策，以期解决城乡旅游发展相对隔离的问题。     

Intensity-based framework and penalty formulation of optimal stopping problems

Financial derivatives commonly contain premature termination clauses, which are embedded rights held by the holder or writer. Well known examples of these stopping rights include the early exercise right in American options, the callable right in callable securities and the prepayment right in mortgage loans. In this paper, we show how to model the mortgagor's prepayment in mortgage loans and the issuer's call in the American warrant as an event risk using the intensity based approach, where the propensity of prepayment or calling is modeled by the intensity of a Poisson process. We illustrate that the corresponding pricing formulation resembles the penalty approximation approach commonly used in the solution of the linear complementarity formulation of an optimal stopping problem. We obtain several theoretical results on the prepayment strategies of mortgage loans and calling policies of American warrants. We also propose robust second order accurate numerical schemes for solving the penalty formulation of an optimal stopping problem.     

区域主义与多边主义——冲突还是互补

当今世界范围内的区域贸易协定数量激增,给多边主义带来严峻的挑战。区域主义与多边主义是相互冲突还是并行不悖,这个问题值得探讨。本文阐述了区域贸易协定的现状和利弊,并从市场准入、贸易救济、技术性贸易壁垒、服务、投资以及竞争政策等6个方面对世界上主要的区域贸易协定进行评述,并在此基础上得出区域主义与多边主义之间的关系。