城镇水价收费制度研究

基于调研数据,对影响城镇水价收费制度改革的诸多因素进行了order probit模型的计量分析。研究发现,居民水费支出、收入水平和住房面积等因素,对收费制度改革具有显著的影响关系,而环保宣传、地区因素和居民个体特征因素的影响关系不显著。在此基础上,提出了城镇水价收费制度改革的对策建议。     

水污染与城市供水安全

城市供水安全已成为社会关注的焦点,在分析影响城市供水安全因素的基础上,提出了解决城市供水安全问题的对策.     

约束理论与长江水运系统优化分析

从运用约束理论和比较分析方法,分析长江水运系统瓶颈问题,并针对其所受约束,提出相应的优化方法。     

The institution efficiency of stock price limits： An experimental analysis on the two stocks market with continuous bid

Price limits in product market have been discarded in classic microeconomics. However, price limits affect the trade behavior of the same agent, since agents in the stock market change their trade status frequently. Due to the controversy on the institution effectiveness of the price limits in stock market, this paper design an experimental market with two stocks with continuous bid, in which we investigate the impact of the price limits on the stock market. The results show that the price limits moderate the price volatility within and between the trades periods, thus can stabilize stock price. In addition, price limits, when measured by traditional approach, restrain the fluidity of the market, reduce the volatility of transaction shares and maintain durative of fluidity. While volatility-based fluidity measurements show that the fluidity is enhanced significantly in stock market with price limits.     

城市水资源承载力与城市规模研究——以玉州—福绵—北流一体化概念规划方案为例

水资源承载能力对于一个国家、地区、城市的综合发展及发展规模至关重要,社会经济发展必须控制在水资源承载能力之内,才能通过以水资源的可持续利用实现社会经济的可持续发展。在玉州-福绵-北流一体化概念规划中,通过引入水资源承载力、生态需水量等概念,重点探讨研究了以水资源约束为特征的资源环境承载力,并以之为前提确定合理的城市规模。     

基于成本补偿的水权定价模型研究

为缓解水资源短缺危机,我国开始尝试水权交易,但在交易中存在价格扭曲的现象,挫伤农民节水积极性。因此,解决水权交易中的价格问题意义重大。结合我国水权和水权交易性质,提出水权定价的原则,分析水权交易涉及的各种成本,主要包括工程成本、风险补偿成本、生态补偿成本和经济补偿成本。在此基础上,采用完全成本法进行水权定价,并且区分水权交易期限不大于节(输)水工程的使用寿命与交易期限大于节(输)水工程的使用寿命两种情况讨论,给出水权定价模型。为水权交易中的价格制定提供理论基础和方法,有利于水权市场的完善和水资源的高效利用。     

Stock exchange competition in a simple model of capital market equilibrium

This paper uses a simple model of mean-variance capital markets equilibrium with proportional transactions costs to analyze the competition of stock markets for investors. We assume that equity trading is costly and endogenize transactions costs as variables strategically influenced by stock exchanges. Among other things, the model predicts that increasing financial market correlation leads to a decrease of transaction costs, an increase in cross-border trading activity, and to a decrease in the home bias of international equity flows. These predictions are consistent with the recent evolution of international stock markets.     

Dispersed Trading and the Prevention of Market Failure: the Case of the Copenhagen Stock Exchange

With augmented demands on power grids resulting in longer and larger blackouts combined with heightened concerns of terrorist attacks, trading institutions and policy makers have widened their search for systems that avoid market failure during these disturbing events. We provide insight into this issue by examining trading behaviour at the Copenhagen Stock Exchange during a major blackout. We find that although market quality declined, markets remained functional and some price discovery occurred during the blackout period suggesting that the NOREX structure of interlinked trading systems combined with widely dispersed trading locations may be a viable means of protection against market failure during massive power disruptions or terrorist attacks.     

A computational study on general equilibrium pricing of derivative securities

This paper analyses the accuracy of replicating portfolio methods in predicting asset prices. In a two-period, general equilibrium model with incomplete financial markets and heterogeneous agents, a computational study is conducted under various distributional assumptions. The focus is on the price of a call option on an underlying risky asset. There is evidence that the value of the (approximate) replicating portfolio is a good approximation for the general equilibrium price for CRRA preferences, but not for CARA preferences. Furthermore, there is strong evidence that the introduction of the call option reduces market incompleteness, but that the price of the underlying asset is unchanged. There is, however, inconclusive evidence on the welfare effects of the option. The author thanks Dolf Talman, Andrew Somerville, an anonymous referee, and an Associate Editor for helpful comments. Research funding from the Irish Research Council for the Humanities and Social Sciences is gratefully acknowledged.