中国工业制成品出口价格贸易条件变化的影响因素

中国经济增长主要得益于对外贸易的福利,但贸易条件是否出现恶化呢?文章利用相关指数计算了2002年～2010年中国整体和部分行业的贸易条件,发现中国出口产品的价格贸易条件呈现先下降再逐步上升的态势,机电产品的表现更加明显;研究了价格贸易条件变化的影响因素,提出了改善中国贸易条件的对策。     

薪酬激励的效用递减问题探析

本文主要从薪酬激励的概念和目的着手,分析了传统的薪酬激励的弊端,以及传统的薪酬激励中出现的边际效用的现象,从而初步解释了存在这种边际效用的原因,初步提出了一些解决这种现象的渠道。     

Optimal portfolio delegation when parties have different coefficients of risk aversion

We consider the problem of delegated portfolio management when the involved parties are risk-averse. The agent invests the principal's money in the financial market, and in return he receives a compensation which depends on the value that he generates over some period of time. We use a dual approach to explicitly solve the agent's problem analytically and subsequently we use this solution to solve the principal's problem numerically. The interaction between the principal's and the agent's risk aversion and the optimal compensation scheme is studied and, for example, in the case of the more risk averse agent according to common folklore the principal should optimally choose a fee schedule such that the agent's derived risk aversion decreases. We illustrate that this is not always the case.     

Utility valuation of multi-name credit derivatives and application to CDOs

We study the impact of risk-aversion on the valuation of credit derivatives. Using the technology of utility-indifference pricing in intensity-based models of default risk, we analyse resulting yield spreads in multi-name credit derivatives, particularly CDOs. We study first the idealized problem with constant intensities where solutions are essentially explicit. We also give the large portfolio asymptotics for this problem. We then analyse the case where the firms have stochastic default intensities driven by a common factor, which can be viewed as another extreme from the independent case. This involves the numerical solution of a system of reaction-diffusion PDEs. We observe that the nonlinearity of the utility-indifference valuation mechanism enhances the effective correlation between the times of the credit events of the various firms leading to non-trivial senior tranche spreads, as often seen from market data.     

国外基本医疗保险体系中的商业参与——兼论公共物品供给

本文从国际经验借鉴的角度,根据基本医疗保险体系中的商业参与程度,选取了瑞士、澳大利亚和日本三个国家,对其基本医疗保险体系的特点和商业参与方式进行了阐述和总结。商业参与基本医疗保险这一公共物品的供给,是社会经济发展的必然,也是政府与市场的共同选择。当前,我国需要处理好政府部门与商保机构的衔接和职能分工,以提高基金运行效率、并维护参保者的合法权益。     

比较消费效用、阶层收入差异与需求的三维扇面空间结构研究

通过对消费需求曲线假设争论意义进行回顾,根据人所具有的物质和精神两种基本商品属性需要对商品功能效用需求进行分类说明;从社会学视角,通过牦牛肉的价格变动事例,针对不同收入阶层群体面对商品价格变动产生的收入效应和替代效应进行效用需求解释:消费者的商品效用需求选择,是由生产者的产品功能品质价值创造、消费者的支付能力差异和社会阶层区隔共同作用,在阶层层面上的效用需求具有数量趋多性(基数效用)、在空间结构上具有品质趋优性(序数效用)规律的三维扇面空间需求结构。     

中国能源期货的对冲模型比较研究

本文以中国燃料油期货及现货数据为例,介绍了中国能源市场中对冲实践的一系列流程:从理论框架、模型选择、数据检验、对冲期限到对冲有效性检验。本文遵循该流程,对比了基于最小方差和效用最大化两类理论框架下的四类模型(OLS、VAR和两类不同的误差修正向量GARCH模型)。实证研究发现:(1)对冲效果与对冲期限呈现先上升后下降的倒U型关系;(2)在效用最大化理论框架下,采用基于向量的GARCH模型和15天动态对冲策略的投资组合对冲后修正夏普比率高达2.95,提升风险收益比的效果十分显著。     

奢侈品品牌的线上线下营销对比分析

随着中国经济的快速发展,奢侈品对中国消费者来说已不再陌生。互联网的应用给人们消费方式带来了巨大改变。奢侈品行业也逐渐摒弃了固有偏见,开始利用网络这一新兴手段开展营销活动。本文通过对奢侈品线上线下营销策略现状进行分析,并从价格、产品、营销方式、销售渠道等四方面进行对比分析,总结奢侈品在销售过程中应该以线下营销为主线上营销为辅的营销策略,对奢侈品营销的实践具有重要的指导意义。     

Differentiation,labor market and globalization

We consider two countries with initially one firm in each country and the possibility for each firm to invest in the other country or commercialize its products, and for workers to immigrate (Common Labor Market; CLM). Interestingly, when firms compete on the product market with no competition on the labor market (Goods’ Mobility; GM), they do not differentiate their qualities. However, when competition is introduced in both markets (Foreign Investment; FI) firms differentiate their products. We compare the globalization scenarii and prove that they improve the global social welfare relative to autarky and that a cooperative choice by countries of a globalization scenario would lead to GM.     

论创意产品的价值特征与价值构成——基于市场价值实现视角

文章通过文献研究分析了创意产品的价值内涵,归纳提炼出创意产品具有多维度价值体系、双重产权特征、价值动态与不确定性、价值实现方式多样性等四个显著的价值特征,总结出创意产品的市场价值实现经过了从创意到产品再到产权开发的系统增值过程。从市场价值与非市场价值两个角度深入分析创意产品的价值构成,并提出其市场价值包含了物权价值、知识产权价值、体验价值与文化价值四个特征属性。在Hedonic模型基础上提出基本的创意产品市场价值计量模型,继而对不同类别的创意产品的价值构成形式进行探讨,并对不同创意产品的市场价值进行分类考察,为日后不同类型创意产品市场价值实现路径与价值评估提供理论依据和方法启示。