房地产市场噪声交易行为分析——基于进化博弈理论的视角

噪声交易是房地产市场长期存在的一种现象,理性交易者与噪声交易者也长期并存于房地产市场。本文运用进化博弈理论研究房地产市场噪声交易者行为,分析噪声交易行为的复制动态,得到了理性投资者不可能利用投机行为把噪声交易者逐出市场的结论,同时给出了当博弈达到稳定均衡时选择理性交易策略和噪声交易策略的比例。     

创业板市场风险探析

在我国设立创业板市场的条件是成熟的,至少在创业板市场设立后的一段时间内,其风险将明显低于A股市场。创业板市场的风险从根本上说取决于政府干预的弱化、市场经济规范的落实和上市公司质量的提高。     

分形及其在证券市场上的应用

比较了有效市场假设与分形市场假设,也即比较了证券市场的线性与非线性的观点,同时还对沪深股指通过比较周收益率与日收益率的分布发现指数的分形特征。     

比较优势与西部开发

落后地区在实现“追赶战略”中有着潜在“比较优势”;西部欠发达地区“比较优势”难以发挥的原因是市场机制不足;西部地区走出困境、重新赢得“比较优势”的内生要求是市场充分运行。     

International Experience,China’s Development and Prospect of Carbon Market Construction

Carbon market, which is capable of scientific quantifying and marked-based pricing of carbon emission, is an important way for countries to achieve the target of carbon emission reduction. The global carbon market, after more than ten years of development, has developed a mature mechanism. China started the trial of carbon market in 2011. After ten years of exploration, the national carbon trading market was officially launched in mid-July 2021. Against the backdrop of carbon neutrality, the national carbon market will shoulder a greater mission of carbon emission reduction and speed up its financialization and internationalization. However, it should take a dialectical attitude toward the opportunities and risks of carbon market financialization. In the future, China can promote the development of carbon market through efforts to develop market participants, clarify the attributes of carbon finance, prevent potential risks of carbon finance, improve the connection mechanism with the international carbon market, and innovate carbon finance services.     

Marketmaking in the Laboratory: Does Competition Matter?

This paper is the first experimental study of the effects of competition and adverse selection on the performance of market maker (MM-) markets. Information distribution may is either symmetric or heterogeneous. MM-markets are either monopolistic (the specialist markets), or competitive (the multi MM-market). Welfare comparisons are with respect to a continuous double auction (DA-) market. Informed subjects receive an imperfect signal of the true state of the world. We find three main results. First, competition among market makers significantly reduces the bid-ask spread, and increases transaction volume. Second, competition among market makers induces competitive undercutting, yielding net trading losses for market makers as a group in most periods. Third, from the perspective of uninformed traders, a competing MM-regime is optimal, since it minimizes their expected trading losses.     

旅游市场秩序刍论

随着我国旅游业的迅速发展，旅游市场出现了不利于我国旅游业健康发展的现明，诸如利用行政权力乱收费，假冒、低于成本价格倾销等，坚决取缔和严厉制止这些不利于我国旅游业健康发展的行为，整顿和规范旅游市场秩序是保障旅游经营利益，维护旅游权益的必然要求。     

世界各国社会保障制度改革及其对我国的启示

我国目前正处于经济转型时期,社会保障制度的改革也正处于关键时刻,国外如美国、英国、新加坡等社会保障制度改革的经验和教训,对我国社会保障制度的改革起到很好的借鉴作用。我国社会保障模式,应该是分层次的而不是统一的社会保障模式;只有建立公平的社会保障制度,才能确保制度的效率。     

建立健全社会保障体系的思考

建立健全社会保障体系,是社会稳定和国家长治久安的重要保证,是全面建设小康社会的必然要求,也是实践”三个代表”重要思想的充分体现。文章分析了建立健全社会保障体系的必要性,指出了我国社会保障体系存在的问题,提出了建立健全社会保障体系的对策建议。