Pareto optimality in continuous-time OLG economies

The aim of this paper is the achievement of a complete characterization of the Pareto optimality of competitive equilibria for deterministic, pure exchange, continuous-time economies with a countable number of overlapping generations, where each consumer’s life-span consists in a bounded interval of time. For such an environment, we obtain separate sufficient and necessary conditions for Pareto optimality in the form of the Cass’ criterion, that is, in terms of the equilibrium prices. However, these conditions are not equivalent in general. Therefore, in order to get that equivalence we are compelled to impose certain restrictions, either on consumers’ lifetimes, assuming that all of them have the same longevity, or on the dynamic behaviour of relative intertemporal equilibrium prices. In both cases, we are able to derive a single condition that is sufficient and necessary for efficiency, thus achieving full characterizations.     

“带权进城”:城镇化进程中农民权益处置的一种思路

随着农村改革深入推进,农民权益不断提升。当前这种不断提升的权益却仍然与农村户籍相绑定,在一定程度上影响了新型城镇化。为了有效破解农民权益保障与新型城镇化发展之间的两难境地,有效提升新型城镇化的质量,在城镇化进程中农民权益的处置需要采取新的思路。本文指出了当前农民和农民权益之间是一种"弱连接",且这种"弱连接"将变得愈发不利于城乡融合发展,并且以增量改革和市场化改革为原则,提出了将农民权益与农民个体相绑定、与农村户籍相分离,从而实现"带权进城"的农民权益处置思路。通过浙江省德清县农村产权改革的案例,本文探讨了"带权进城"在实践中的模式、效果、启示和未尽之处,指出未来"带权进城"实践创新的重点在于农民权益的固化和盘活,最后提出了从富裕地区先行先试,尊重农户意愿,扩大城镇公共服务供给等政策建议。     

Consideration for the Asia＇s Monetary Cooperation Based on the Theory of Optimum Currency Areas

According to the theory and the standard of Optimum Currency Areas, this paper analyzes the possibility of the Asia＇s monetary cooperation. Based on the current study, this paper points out that East Asia does not have the condition for the monetary cooperation and the cooperation can only be conducted in a comparatively low level; furthermore, in order to achieve the monetary integration and to form the Optimum Currency Areas, it is still a long way to go for Asian countries. All the Asia countries should work hard in the political and economic area. However, the common interests will make the monetary cooperation an irreversible trend.     

Joint confidence region for the parameters of pareto distribution

The Pareto distribution is commonly used by economists as a model for the distribution of incomes. Separate confidence intervals or approximate confidence intervals for the parameters of Pareto distribution were discussed by some authors. This paper discusses exact joint confidence region for the parameters of Pareto distribution. The method can be used for both complete samples and type II censored samples.     

The Link between Institutional and Economic Integration: Insights for Latin America from the European Experience

The European experience illustrates that institutional integration interacts with economic integration at the regional level. In this paper we ask how economic and institutional integration are linked and whether there is a causal link between the two. We present an original indicator of institutional integration and study how it developed vis-à-vis diverse measures of economic integration. In particular, we ask what insights can be drawn from the European process of regional integration, which started in the 1950s, for regional integration in Latin America today. We find that Latin America is currently less economically integrated not only than the European Union today, but for certain economic variables even than the European Union in the 1960s. A VAR analysis illustrates that the link between institutional and economic integration has worked both ways throughout the European experience. There is also evidence that stronger institutional integration has indeed led to deeper economic integration.     

OPTIMAL INVESTMENT OF A LIFE INTEREST

We consider the problem of a trustee faced with investing a sum of money, the interest from which will be received by one party (the life-tenant) during his lifetime while the capital will go to another party (the survivor) on the death of the life-tenant. We assume mat there are n + 1 assets in which the trustee may invest— n risky assets of geometric Brownian motion type and one nonrisky asset. Under assumptions as to the utility functions of the two parties, we find the collection of Pareto optimal investment strategies for the trustee together with the corresponding payoffs. We do this by optimizing the payoff of the Lagrangian for the problem. We go on to present the Nash optimal solution for the trustee.     

基于行业差异的企业年金最优个人缴费率研究

借助于两期叠代模型,构建个人效用函数以及政府社会福利函数,测算满足个人生命周期效用最大化和社会福利最大化的最优企业年金个人缴费率.研究表明:全社会最优的年金个人缴费率为6.40％,当前费率水平还有较大提升空间;按各行业最优缴费率征缴年金费用,可以提高年金制度的养老保障程度;把过剩的年金缴费能力转移给个人账户,可以实现帕累托优化效果;给予年金个人缴费5％的税收优惠,可以鼓励和加快年金制度发展.     

团队生产的纳什均衡及合作博弈空间

本文在霍姆斯特姆所做贡献的基础上认为团队生产问题在本质上等同于囚徒困境问题,并指出霍姆斯特姆的实施强制契约的解决方法存在逻辑漏洞,在现实社会中一般是无效的.本文依据社会经济人个人效用最大化的条件定义了团队生产的合作战略博弈空间,合作战略博弈空间的均衡极点(即个人效用最大化点)就是团队生产收益分配博弈的纳什均衡解.如果个人收益的总和等于集体收益的最优值,那么个人理性与集体理性之间就达到统一,处于帕累托最优状态,即不存在道德风险;反之,则说明存在道德风险.并给出了在团队生产中通过改变合作战略博弈空间达到帕累托最优的一个特例,指出了科学合理地改变合作战略博弈空间在社会经济发展中的重要作用     

销售电价政策性调整模型及其分析

销售电价改革呼声日涨,销售电价由市场决定是改革的最终目标,考虑到我国实际情况及电力行业作为国民经济的基础,实现销售电价由政府管制状态向市场化的平稳过渡是改革成功的关键。本文从电价制定者的角度出发,考虑基础产业价格的敏感性与社会福利最大化,设计出基于非线性规划理论和最优控制理论的销售电价静、动态调整模型,使用Kuhn—Tucker定理和Hamilton方法求解模型并给出仿真算例。结果表明：本文设计的静、动态调整模型均能实现电价有效平稳过渡,而基于最优控制的动态调整策略更能有效利用电力资源和充分增加社会整体福利。     

Operational efficiency analysis of Beijing multi-airport terminal airspace

Multi-airport systems are growing in number and size globally, despite being afflicted by known inefficiencies due to the interferences between the flows of neighbouring airports. A macroscopic empirical approach is proposed in this paper to estimate the capacity penalties and demonstrated by a numerical case study for Beijing, which is projected to become one of the busiest metroplexes in Asia. The Pareto envelopes of the theoretical and observed peak hour capacities are statistically analysed to quantify the penalties in a comparable metroplex and are subsequently modulated by a sigmoid correlation function. The analysis predicts the practical capacity of Daxing, the penalty incurred by the pre-existing Capital airport and by the total multi-airport system. Various findings are drawn and discussed, highlighting the needs for further research.