Iterated VaR or CTE measures: A false good idea?

The purpose of this paper is twofold. Firstly, we consider different risk measures in order to determine the solvency capital requirement of a pension fund. Secondly, we illustrate the impact of the time horizon of long-term guarantee products on these capital. We consider a financial market modelled by a common Black–Scholes–Merton model. We neglect the mortality and underwriting risks by assuming that the pension fund is fully hedged against these risks, which allows us to keep understandable and tractable formulæ (the longevity risk will be a part of future researches). A portfolio is built in this market according to different strategies and the pension fund offers a fixed guaranteed rate on a certain time horizon. We begin with well-known static risk measures (value at risk and conditional tail expectation measures) and then we consider their natural dynamic generalization. In order to be time consistent, we consider their iterated versions by a backward iterations scheme. Within the dynamic setting, we show that solvency capital can be expensive and that attention must be paid to the safety level considered.     

中国新能源企业创新绩效的影响因素——基于产业政策视角

以国家层面发布的、与新能源产业创新相关性最强的408条创新政策为研究对象,采用负二项回归模型,利用2007—2014年中国沪深两市中从事新能源产品生产的上市企业的数据,研究了产业政策(政策力度和政策连续性)对中国新能源企业创新绩效的影响。结果显示:环境保护政策力度和技术创新政策力度显著抑制了新能源企业的创新绩效,而产品创新政策力度显著激励了新能源企业的创新绩效;政策执行不连续会抑制新能源企业的创新绩效。最后提出了改进新能源产业创新政策体系的相关建议。     

Feasible implementation of taxation methods

This paper studies implementation of taxation methods in one-commodity environments in which the incomes of the agents are unknown to the planner. Feasibility out of equilibrium imposes that the mechanism depend on the environment. We present two mechanisms. The first one, which requires complete information, implements every taxation method in Nash, strong and coalition-proof equilibrium. The second, where informational requirements are relaxed, implements a large class of consistent and monotone methods in subgame perfect equilibrium. Neither mechanism employs the off-equilibrium devices used by the general theory. Under fully private information no method is implementable. Received: 12 March 1997 / Accepted: 21 July 1998     

大学生心理和谐研究

本研究以《自我和谐量表》为测量工具,分析了大学生自我和谐的特点,得出结论如下:大学生的自我和谐水平在性别、是否为独生子女和不同生源地方面无显著性差异。理科学生的自我概念的灵活性显著高于文科学生。不同年级的大学生自我经验和谐水平有显著差异等结论。     

区域技术相容性及其经济收益指标分析--兼谈西部投资收益的技术水平结构差异

文章提出了区域技术相容性的概念,并着重讨论了这一概念中的经济收益指标。从西部区域技术相容性经济收益指标的度量入手,通过对统计数据的计算和整理,分析了这一指标与技术含量成正比等四个特征,研究了形成这些特征的原因,并对我国西部开发中投资收益的技术水平结构差异中的若干问题提出了建议,认为在西部投入技术含量较高的项目更为经济;加大西部大开发的科技投入,不仅必需,而且合算。     

Mechanism design goes to war: peaceful outcomes with interdependent and correlated types

In this paper, we consider the possibility of identifying peaceful mechanisms such as bargaining protocols, international institutions, or norms that can enable countries to settle disputes in the absence of binding contracts. In particular, we are interested in the existence of mechanisms with zero probability of war. Here, we focus on situations where the countries’ payoffs to war are interdependent or correlated and where efficient settlements are not required but subsidies are unavailable. Most importantly, countries can choose to go to war at any time and can use information learned from the negotiation process in making this choice. We characterize the conditions under which no peaceful mechanisms exist and discuss how weakening our war consistency condition can change this result. We thank Massimo Morelli, Adam Meirowitz, Hein Goemans and two anonymous reviewers for helpful advice and comments and John Duggan and Dan Bernhardt for encouraging this direction of inquiry.     

青藏铁路沿线旅游资源开发利用与可持续发展的一致性研究

在深入分析青藏铁路沿线旅游资源开发利用现状的基础上,对青藏铁路沿线旅游资源开发利用与可持续发展的一致性指标进行分析评价,提出了相关政策建议。     

基于属性约简与AHP法的卷烟消费市场综合评价研究

本文运用模型对贵州省卷烟消费市场进行综合评价研究。首先运用粗糙集属性约简算法进行初始指标筛选,继而运用层次分析法构建评价指标体系,获取各指标权重并计算综合评价值,得出贵州省卷烟消费市场的地区差异划分。该应用实例表明两种方法相结合将提高综合评价的准确性。     

The Independent Sales Contractor and Relationship Quality: An Exploratory Study of Relational Attitudes and Behavioral-Intention

Since the turn of the century, independent sales contractors have emerged as an important and growing sales and distribution channel. This study, guided by theories of attitude-behavior relation, constructs and tests a conceptual independent sales contractors (ISC) relationship quality scale. The findings support the proposition that relationship quality is a composite of attitudes and behavioral intentions. The work provides theoretical and practical implications, as well as suggestions for future research.     

Exploring antecedents of attitudes and skepticism towards pharmaceutical advertising and inter-attitudinal and inter-skepticism consistency on three levels: an international study

Abstract

Given the increasing relevance of over-the-counter (OTC) drugs to individuals’ health and well-being, this study explores whether selected health variables, as well as consumers’ attitudes and skepticism towards advertising in general, influence their attitudes and skepticism towards pharmaceutical advertising. It extends previous research by building on the theory of inter-attitudinal consistency, examining how three different levels of attitudes and skepticism are interrelated. A field study was conducted on three continents (727 subjects; non-student sample). Results reveal that consumer attitudes and skepticism towards advertising in general, influence attitudes and skepticism towards pharmaceutical advertising in particular, which positively impact the attitudes and skepticism towards four different ad appeal types. The study extends the theory of inter-attitudinal consistency to inter-skepticism consistency. Results further indicate that attitudes and skepticism towards advertising in general can be considered as key antecedents, but that several additional health-related factors also influence consumers’ attitudes and skepticism towards pharmaceutical advertising. Moreover, attitudes and skepticism towards advertising in general, towards pharmaceutical advertising, as well as towards specific pharmaceutical ads, are negatively related. Reasons explaining these results are addressed, as are study limitations and implications for future research.