Learning-by-doing and input demand of a rate-of-return regulated firm

The significance of learning by doing to input demand of a cost-minimizing rate-of-return-regulated firm is examined. Using a panel data, the results indicate that the firm's cost and input demand decisions are both influenced by learning-by-doing. The firm's cost and the rate-base (capital) input requirements decline as learning-by-doing measured by cumulative production expands. However, LBD may have different effects on the non-rate-base inputs (labor and fuel) considered in this study. While LBD ambiguously reduces fuel usage, it moderately increases labor employment. In addition to changing input intensity, LBD also influences returns to scale and elasticity of substitution.     

International Economies of Scale and the Gains from Trade

In this paper, we present a two-country trade model with external economies of scale that emerge on an international level but are partially localized in each country. First, we show that the larger country exports the good produced in an industry with external economies of scale in the trading equilibrium. Second, we investigate the welfare effects of trade for the following two cases: (I) the case where external economies are completely localized in autarky; (II) the case where external economies are internationally effective in autarky. In case (II), it is shown that trade can be welfare-decreasing for both countries.     

基于成本的网间互联结算研究

目前,我国电信业网间互联结算存在的较大缺陷,造成了网间互联互通的不畅。本文分析了我国及国外目前网间互联结算的现状,指出应以成本为基础确定网间互联费用,提出了完善我国电信业网间互联结算的几点建议。     

CREDIBILITY, MACROECONOMIC FUNDAMENTALS AND MARKOV REGIME SWITCHES IN THE EMS

The main objective of this paper is to use the Markov regime‐switching modelling framework to describe and analyse the credibility of a number of countries participating in the European Monetary System during 1980–1998. Our credibility indicator, based on Hughes Hallet et al.'s (1997) methodology, is subject to discrete regime shifts and is made dependent on macroeconomic fundamentals. We carry out extensive testing to assess the specification of the Markov regime‐switching model and the potential existence of permanent breaks. A contribution of our paper is the specification of a multivariate Markov switching model that allows us to examine whether macroeconomic variables have asymmetric effects on credibility. Another contribution is the specification of a regime‐switching model with time‐varying transition probabilities, which enables us to determine whether changes in macroeconomic variables can trigger switches between the low and high credibility regimes. We find strong evidence of regime switching behaviour in all countries. Both the level of credibility and the transition probabilities display an asymmetric response to changes in macroeconomic variables, with the stance of fiscal policy exerting the most systematic influence in all countries.     

东部地区农业结构变动与政策变量之间的相关性研究

本文通过农民收入变量、农民受教育程度、农村人均固定资产投资额、政府用于农村人均文教娱乐用品及服务支出和政府用于农村财政支出等政策变量与东部地区农业结构变动的相关性分析,再根据未来若干年我国及东部地区农业政策变化趋势,从而预测未来我国东部地区农业结构的变化趋势。     

A model of the origins of basic property rights

This paper studies the origins of one of the most basic of property rights, namely, the right of an individual or an organization to the fruits of its labour. My objective is to address the questions of why, when and how this property right can emerge and be made secure. I develop a model of the strategic interaction between two players in the state-of-nature, which is an environment characterized by the absence of any laws and institutions (including property rights and the state). My analysis explores, in particular, the roles of the players' fighting and productive skills on the emergence and security (or otherwise) of this property right.     

西方现代股利政策理论及实证研究回顾

本文对西方现代公司股利政策方面的理论和实证研究进行了一个综合性的回顾和分析。其中包括主流的股利行为模型、股利的信息内涵、代理成本、追随者效应,也包括国内研究中较少涉及的债务约束、声誉学说、成长机会和交易成本问题,以期对国内相对落后的股利政策研究和随意性较强的股利政策制定带来一定的借鉴意义。     

A consumer education programme based on the Transtheoretical Model of Change

MONEY 2000? is a successful consumer education programme that was implemented by Cooperative Extension personnel in over two dozen states of the USA between 1996 and 2002. One of the unique features of this programme is that it was based on the Transtheoretical Model of Change (TTM), a framework that has been widely used to study health‐related behaviour changes such as smoking cessation. This paper first describes how the MONEY 2000? programme was developed around major constructs contained within the TTM. Findings are reported from a survey conducted with participants in the first two states that delivered the programme. The findings suggest that several change processes used by MONEY 2000? participants are associated with specific stages of change. In addition, there may be differences in behavioural changes between participants who increased their savings and those who reduced their debts.     

Are We Better Off if Our Politicians Have More Information?

The model of public policy studied in this paper has heterogeneous citizens/voters and two public goods: one (roads) chosen directly by an elected policy‐maker, and the other (pollution) stochastically dependent on the amount of roads. Both a one‐country and a two‐country version of the model are analyzed; the latter displays externalities across the countries which create incentives for free riding and strategic delegation. The welfare effects of providing the policy‐maker with information about the relationship between roads and pollution are investigated, and it is shown that more information hurts some—sometimes even all—citizens. In particular, the opportunity not to create an institution for information gathering can serve as a commitment device for a country, although with the unfortunate effect of making the overall outcome even worse. Implications for the welfare effects of “informational lobbying” are also discussed.     

The application of Operation and Technology Roadmapping to aid Singaporean SMEs identify and select emerging technologies

In order to aid Singaporean SMEs identify and select emerging technologies for business benefit, a modified process of the Cambridge T-Plan methodology has been introduced and applied to a pilot sample of 30 companies in a variety of manufacturing sectors. This fast and simple process takes the company through five key steps to enable them to create their first Operation and Technology Roadmap (OTR). The paper explains the background to the approach and focuses on the initial benefits identified by a survey of the pilot companies.