对做好“90后”大学生思想教育工作地初探

本文分析了"90后"大学生的思想特点,根据思想特点调整辅导员的思想教育工作策略。使高校的思想政治教育工作不断与时俱进,改革创新,培养出构建社会主义和谐社会的中坚力量。     

Optimal growth and cycles in overlapping generations models

Summary This paper investigates the dynamical properties of optimal paths in one-sector overlapping generations models without assuming that the utility function of the representative agent is separable. When the utility function is separable, the optimal growth paths monotonically converges toward the modified golden rule steady state. In the non-separable case, we show that the optimal growth path may be oscillating and optimal two-period cycles may exist. Applying these results to the model with altruism, we show that the condition of operative bequest is fully compatible with endogeneous fluctuations provided that the discount factor is close enough to one. All our results are illustrated using Cobb-Douglas utility and production functions.We thank C. Blackorby, J. Blot, P. Cartigny and one anonymous referee for helpful comments and suggestions which generally improved the exposition of the paper. We would also like to thank the participants of the Population and demography session of the European Economic Association 10th Annual Congress (Prague, The Czech Republic, September 1–4, 1995).     

Mean-variance hedging for interest rate models¶with stochastic volatility

The mean-variance hedging approach for pricing and hedging claims in incomplete markets was originally introduced for risky assets. The aim of this paper is to apply this approach to interest rate models in the presence of stochastic volatility, seen as a consequence of incomplete information. We fix a finite number of bonds such that the volatility matrix is invertible and provide an explicit formula for the density of the variance-optimal measure which is independent of the chosen times of maturity. Finally, we compute the mean-variance hedging strategy for a caplet and compare it with the optimal stategy according to the local risk minimizing approach. Received: 14 July 2000 / Accepted: 10 April 2001     

Shotgun mechanisms for common-value partnerships: The unassigned-offeror problem

Shotgun clauses are commonly included in the business agreements of partnerships and limited liability companies (LLCs), but the role of offeror typically remains unassigned. In a common-value, one-sided asymmetric information setting, unequal and inefficient outcomes occur with an unassigned offeror. Experimental results are aligned with our theory.     

The Incentive Effects of Inequality: An Experimental Investigation

The effect of inequality on economic growth and efficiency is often debated. Our study investigates a behavioral phenomenon through which inequality might have adverse effects on economic growth. In particular we investigate whether or not individuals exhibit a discouragement effect in the face of inequality that leads to lower work effort. If such an effect exists, it provides a mechanism for converting even idiosyncratic inequality into sustained inequality with adverse consequences for the individuals being affected by the inequality and the economy as a whole. We investigate this phenomenon using an economic experiment to allow us to cleanly vary the nature of inequality and to allow us to directly observe several characteristics of the workers. We find robust support for the existence of a discouragement effect lending credibility to the claims that such an effect would exist in external situations among workers confronted with disadvantageous inequality.     

招投标竞争:汶川地震灾后部分重建专项资金分配运作的探索

汶川灾后重建专项资金的分配应该与重建项目有机契合,部分灾后重建资金可以探索招投标竞争方式分配运作.以招投标竞争方式分配运作部分灾后重建专项资金具有重要的战略意义.以招投标竞争方式分配运作灾后重建专项资金,关键要建立与完善招投标的程序及其相应的比选指标体系.为此,我们应该按照"政府引导市场、市场公开交易、交易规范运作、运作统一监管"的思路,完善灾后重建专项资金招投标竞争分配运作的制度安排.     

Option pricing in the presence of natural boundaries and a quadratic diffusion term

This paper uses a probabilistic change-of-numeraire technique to compute closed-form prices of European options to exchange one asset against another when the relative price of the underlying assets follows a diffusion process with natural boundaries and a quadratic diffusion coefficient. The paper shows in particular how to interpret the option price formula in terms of exercise probabilities which are calculated under the martingale measures associated with two specific numeraire portfolios. An application to the pricing of bond options and certain interest rate derivatives illustrates the main results.