Distributional aspects of the divisibility of money: an example

Summary. I highlight the importance of the distributional aspects of moneys divisibility by comparing a search-theoretic model with random transfers of indivisible money balances, to one with deterministic transfers of partially divisible balances. Randomization allows price flexibility, as if money were fully divisible. Partial divisibility does not, but allows money redistributions. An example of the relevance of such extensive margin aspects of divisibility is provided.JEL Classification Numbers: D30, D83, E40.I thank Dean Corbae and seminars participants at the Federal Reserve Bank of Richmond, University of Texas at Austin, Purdue University, the Midwest Macroeconomics Meetings, the Central Bank Institute of the Federal Reserve Bank of Cleveland, and the meetings of the Society for the Advancement of Economic Theory, where this work has been presented during the years 2002 and 2003.     

Voting in assemblies of shareholders and incomplete markets

Summary. An economy with two dates is considered, one state at the first date and a finite number of states at the last date. Shareholders determine production plans by voting - one share, one vote - and at -majority stable stock market equilibria, alternative production plans are supported by at most percent of the shareholders. It is shown that a -majority stable stock market equilibrium exists if where S is the number of states at the last date and J is the number of firms. Moreover, an example shows that -majority stable stock market equilibria need not exist for smaller s.Received: 23 December 2002, Revised: 14 June 2004, JEL Classification Numbers: D21, D52, D71, G39. Correspondence to: Hervé CrésThe authors are grateful to an anonymous referee for helpful comments and suggestions. Financial support from the Danish Research Councils and hospitality of HEC is gratefully acknowledged by Mich Tvede and support from Fondation HEC is gratefully acknowledged by Hervé Crés.     

Social learning with private and common values

Summary. We consider an environment where individuals sequentially choose among several actions. The payoff to an individual depends on her action choice, the state of the world, and an idiosyncratic, privately observed preference shock. Under weak conditions, as the number of individuals increases, the sequence of choices always reveals the state of the world. This contrasts with the familiar result for pure common-value environments where the state is never learned, resulting in herds or informational cascades. The medium run dynamics to convergence can be very complex and non-monotone: posterior beliefs may be concentrated on a wrong state for a long time, shifting suddenly to the correct state.Received: 6 January 2005, Revised: 5 May 2005, JEL Classification Numbers: C72, D82.Jacob K. Goeree: Correspondence toFinancial support from the National Science Foundation NSF (SBR-0098400 and SES-0079301) and the Alfred P. Sloan Foundation is gratefully acknowledged. We thank Richard McKelvey posthumously for insights and conjectures about information aggregation that helped shape our thinking about the problem. We also acknowledge helpful comments from Kim Border, Tilman Börgers, Bogachen Celen, Luis Corchon, Matthew Jackson and seminar participants at University College London, the University of Arizona, Universitat Autonoma de Barcelona, the California Institute of Technology, the 2003 annual meeting of ESA in Pittsburgh, the 2003 Malaga Workshop on Social Choice and Welfare Economics, the 2003 SAET meetings in Rhodos, and the 2003 ESSET meetings in Gerzensee.     

基于行为决策理论的投资决策研究：发展及实践意义

以“理性人”假设为基础的传统财务决策理论将决策者独立于投资决策过程之外，认为决策者完全能够依据理性决策模型做出最优的决策，但现实并非如此。本文对行为决策理论中关于投资决策的研究文献进行了梳理，揭示了决策者的行为特征会影响到投资决策及投资回报率的设定，展望了行为决策理论在我国的发展前景及实践意义。     

Trees and decisions

Summary. The traditional model of sequential decision making, for instance, in extensive form games, is a tree. Most texts define a tree as a connected directed graph without loops and a distinguished node, called the root. But an abstract graph is not a domain for decision theory. Decision theory perceives of acts as functions from states to consequences. Sequential decisions, accordingly, get conceptualized by mappings from sets of states to sets of consequences. Thus, the question arises whether a natural definition of a tree can be given, where nodes are sets of states. We show that, indeed, trees can be defined as specific collections of sets. Without loss of generality the elements of these sets can be interpreted as representing plays. Therefore, the elements can serve as states and consequences at the same time.Received: 23 January 2003, Revised: 2 November 2003, JEL Classification Numbers: C72, D70. Correspondence to: Klaus RitzbergerWe are grateful to Larry Blume, Ariel Rubinstein, Jörgen Weibull, an anonymous referee, and seminar participants at the universities of Vienna, Salamanca, and Heidelberg for helpful comments. Financial support from the Austrian Science Fund (FWF) under project P15281 is also gratefully acknowledged.     

改革以来中国农村发展地区差距分析

本文在扩展农业部门新古典经济增长模型的基础上,构建了基于农业生产率指数和农村地区劳动力就业结构的农村发展指标,以此来衡量农村发展水平及其变化状况.为了考察中国农村发展地区差距的变化趋势,我们采用面板数据单位根检验的不同方法对其收敛性进行了严格的计量检验.检验结果显示,在考虑了时间和省份特殊效应、序列相关等因素的影响后,中国各省农村发展差距以及东中西部地区农村发展的内部差距均存在条件性β收敛.     

网上购物行为影响因素实证研究

本文在创新接受理论的基础上，从渠道特性和个体特性的角度建立我国网络购物行为影响因素假设模型，并通过网上调查，运用结构方程建模进行实证研究。研究表明，感知网络购物有用性、感知网络购物容易使用、消费者网络经验、收入和体验型购物导向是决定消费者网络购物的关键因素。     

家族企业的优劣势分析及发展对策

在中国,随着家族企业的兴起和蓬勃发展,许多学者也开始重视对家族企业的研究。但是中国大部分学者都简单地 将家族企业宣判为低效率和没有前途的,认为家族式组织作为一种企业模式必然要被所谓的现代企业制度所代替。本文分 析了中国家族企业的优势及存在的问题,并对中国家族企业发展提出一些对策建议。     

Timing of Public Information and Cost Reduction

Received July 31, 2000; revised version received July 18, 2001     

Testing for Seasonal Fractional Roots in German Real Output

Abstract. This paper examines the seasonal structure of German real GNP per capita by using a version of Robinson's (1994) tests which is suitable in the context of seasonality. This method has several advantages over alternative approaches when testing for seasonal unit roots. First, unlike standard tests, which are nested in AR alternatives, it is embedded in fractional alternatives. Second, it allows testing at the zero frequency and at each of the seasonal frequencies separately. Third, it makes it possible to test for different orders of integration at each of the frequencies simultaneously. The empirical analysis suggests that the real output series may have a unit root at the zero frequency, and fractional rather than unit roots at the seasonal ones. This is in contrast to the findings reported by Lutkepohl et al. (1999) in their study on German money demand, and shows the importance of modelling the seasonal features of the data in alternative ways.