企业理论的起源和发展:一个时间演绎视角

民众、企业、政府是经济社会的三大主体;现在是,以后是,甚至永远都是.正因如此,企业理论成为了过去三十多年间主流经济学中发展最为迅速、也最富有成果的领域之一,它与博奕论、信息经济学、激励机制设计理论、新制度经济学和演化经济学相互交叉,大大丰富了微观经济学内容,改进了人们对市场机制及企业组织制度运行的认识.本文作者以时间为序,搜集、整理了企业理论起源和发展方面的内容,分三个阶段阐述了曾在学界产生一定影响的企业理论观点.     

ROBUST FUNDAMENTAL THEOREM FOR CONTINUOUS PROCESSES

We study a continuous‐time financial market with continuous price processes under model uncertainty, modeled via a family of possible physical measures. A robust notion of no‐arbitrage of the first kind is introduced; it postulates that a nonnegative, nonvanishing claim cannot be superhedged for free by using simple trading strategies. Our first main result is a version of the fundamental theorem of asset pricing: holds if and only if every admits a martingale measure that is equivalent up to a certain lifetime. The second main result provides the existence of optimal superhedging strategies for general contingent claims and a representation of the superhedging price in terms of martingale measures.     

交易费用和制度变迁

“交易费用”、“社会成本”概念的提出是经济学领域的一场革命 ,它们都涉及到经济生活中的具体操作如资源优化配置和效率问题。中国在深化改革过程中 ,不仅必须考虑到资源优化配置、改革成本和经济运行效率 ,而且应以此作为检验改革成效的标尺。上述方方面面又都与一定的制度     

企业发展的六大法则

企业进入新世纪将面临更严峻的考验 ,如何迎接挑战 ?本文提出了企业发展的六大“黄金法则”。     

Learning with noiseless information and payoff-relevant signals

Summary. In models of active learning or experimentation, agents modify their actions to affect the distribution of a signal that provides information about future payoffs. A standard result in the experimentation literature is that agents experiment, if at all, to increase information. This finding is a direct consequence of Blackwell's theorem: one experiment is more informative than another if and only if all expected utility maximizers prefer to observe the first. Blackwell's theorem presupposes, however, that the observed signal only conveys information and does not directly affect future payoffs. Often, however, signals are directly payoff relevant, a phenomenon that we call signal dependence. For example, if a firm is uncertain about its demand and uses today's sales as a signal of tomorrow's demand, then that signal may also directly affect tomorrow's profit if the good is durable or if consumers form consumption habits. Datta, Mirman and Schlee [9] and Bertocchi and Spagat [4] show that, if the signal is payoff relevant, experimentation may indeed reduce information. Here we show that, despite the inapplicability of Blackwell's Theorem, agents always experiment to increase information if the information structure is noiseless: given the true value of the unknown parameter, the signal realization is deterministic. We then apply our framework to analyze Lazear's [16] model of retail clearance sales, a model with both signal dependence and noiseless information. Received: February 19, 1999; revised version: August 11, 1999     

Nash equilibria in ∞-dimensional spaces: an approximation theorem

Summary. We show, by employing a density result for probability measures, that in games with a finite number of players and ∞-dimensional pure strategy spaces Nash equilibria can be approximated by finite mixed strategies. Given ε>0, each player receives an expected utility payoff ε/2 close to his Nash payoff and no player could change his strategy unilaterally and do better than ε. Received: July 15, 1997; revised version: February 6, 1998     

禀赋效应及其对经济学理论的影响

禀赋效应是行为金融学的一个理论分支,指当个人一旦拥有某项物品,那么他对该物品价值的评价要比未拥有之前大大增加。这一现象可以用“损失厌恶”理论来解释。由于禀赋效应的存在,传统经济学中的无差异曲线的性质将被修正,科斯定理的结论也受到了挑战。文章通过试验经济学的方法介绍了禀赋效应,阐述了这一现象对经济学理论的影响,分析了禀赋效应对政府决策的指导意义,并利用这一理论对一些客观经济现象进行了解释。     

Time preference and two-country trade

We present a dynamic two-country model of international trade with endogenous time preference. We show that if the two countries have similar preferences, production technologies and labor endowments, there exists a unique and stable steady state such that both consumption and investment goods are produced in both countries. Unlike the case of constant time preferences, the steady state is independent of the initial international distribution of capital. We prove a dynamic Heckscher–Ohlin theorem such that the labor-abundant country exports the labor-intensive good.     

The Phelps–Koopmans theorem and potential optimality

The Phelps–Koopmans theorem states that if every limit point of a path of capital stocks exceeds the "golden rule," then that path is inefficient: there is another feasible path from the same initial stock that provides at least as much consumption at every date and strictly more consumption at some date. I show that in a model with nonconvex technologies and preferences, the theorem is false in a strong sense. Not only can there be efficient paths with capital stocks forever above and bounded away from a unique golden rule, such paths can also be optimal under the infinite discounted sum of a one-period utility function. The paper makes clear, moreover, that this latter criterion is strictly more demanding than the efficiency of a path.