城乡差异和人口流动中的收益与风险机制

本文根据城乡差异导致农村人口流向这一社会现象出发,利用社会收益与风险进行比较分析,表明城乡社会收益与风险的分配不均是人口流动的根源所在,通过人口流动这一再分配过程减少收益与风险梯度差,使城乡收益与风险的分配达到Pareto最优状态,从而不断推动我国城市化发展进程。     

面向帕累托最优的零售资产优化模型

当前国内银行业受利率市场化和互联网金融崛起挑战,面临利差持续收窄、经营成本上升等风险。零售银行业务因为风险分散、可以提供稳定低成本的资金而逐渐受到重视,银行业纷纷发力零售经营转型。聚焦零售业务常见的客户资产配置场景,提出一种在客户资产配置中可平衡银行和客户的价值分配和优化的方法,以客户价值度量零售客户通过持有银行的金融产品而获得的价值,以关系价值度量零售客户给银行带来的价值,给出客户价值和关系价值处于帕累托最优状态的资产配置方案。结果表明,该优化方案可以在满足客户或银行一方利益的前提下,实现另一方的收益最大化,有助于提升客户满意度,降低零售业务成本收入比,实现银行与客户双赢。     

村级财务治理新机制:村务(财务)监督委员会及其制度的学理解析——基于浙江武义县后陈村的调查

本文从浙江武义县后陈村财务监督个案出发,以财务学、制度经济学与法学为主要分析工具,对后陈村村务（财务）监督委员会组织及其制度进行学理解析,最终提出一般性结论与建议.     

组织间关系:价值界面与关系租金的获取

价值界面与关系租金概念的提出大大地拓展了获取企业内生性成长中各种资源的空间。本文通过价值界面、关系租金的模块化生产范式和关系型交易范式的分析,指出了价值界面与关系租金对于帕累托边界外推、埃奇沃思方盒改进的经济学意义,并进一步得出了价值界面构成与关系租金获取的四维模型,为网络创新提供了积极的研究视角。     

欧盟碳交易市场收益率厚尾特征与极端风险度量研究

选取欧盟碳金融市场收益率数据作为研究对象,基于极值理论通过对数据建立区组极大值模型(BMM)和超阈值模型(POT)来拟合收益率数据的尾部。结果表明:正态分布不能很好地描述欧盟碳金融市场收益率数据特征,而基于极值理论地的BMM和POT模型可以较好地拟合数据尾部;基于正态性假定下计算的风险度量指标,在高置信水平下会低估尾部数据的风险水平;基于极值理论的模型可以更好地拟合碳金融市场收益率数据,由此得到的风险度量指标可以更好地帮助风险管理者们监控和应对风险。     

Wealth inequality and financial inclusion: Evidence from South African tax and survey records

Theoretical models show that financial inclusion reduces wealth inequality. Existing empirical models are restricted to estimates using income inequality because of a lack of cross country wealth inequality data. We used 2010-11 and 2014-5 waves of the National Income Dynamics Study combined with South African tax records to estimate wealth and income inequality. Using Re-centered Influence Function regressions on the micro-level records, we confirmed the negative cross-country relationship between financial inclusion and income inequality. Wealth inequality is different. Financial inclusion improved wealth shares of only the middle class. Because of predatory lending, expansion of credit reduced the wealth share of the poor. Improved savings by the middle class, providing better oversight over financial services targeted at the poor and removing impediments to the small business sector are pre-conditions for financial inclusion to reduce wealth inequality.     

A supply chain coordination mechanism with suppliers’ effort performance level and fairness concern

The interest conflict is an important factor affecting the supply chain (SC) performance, so it is very important to set up a reasonable coordination mechanism to eliminate the SC conflicts. Considering the fact that suppliers' effort performance level and fairness concern behavior are important factors affecting SC performance, we can develop SC models to analyze and compare SC decisions under the centralized decision and decentralized decision, and then we design a SC coordination mechanism through cost sharing. The results show that the designed coordination mechanism can effectively solve the conflict problem of SC, mobilize SC members’ motivation and initiative without damaging their profits, and realize the long-term cooperation between the retailer and multi-suppliers. It also can achieve the Pareto improvement and the sustainable development of SC.     

The fallacy of the heavy buyer: Exploring purchasing frequencies of fresh fruit and vegetable categories

‘Avocado lover,’ ‘banana lover,’ or ‘berry lover’ – these words are starting to dominate the contemporary marketing campaigns for fresh fruit and vegetable categories. Such campaigns assume that there are sizable buyer segments who purchase a particular fresh category more frequently, who are contributing a larger portion of sales, and who will continue to do so into the future. Yet, an established body of empirical evidence from consumer packaged goods (CPG) categories suggests that these assumptions could be false. The current study empirically examines fresh category purchasing behavior (through a large Nielsen US panel data) by applying three known models: the Negative Binomial Distribution, the Pareto share, and the stability over time analysis (buyers and sales contribution). This study compares the results and finds that despite many differences between fresh and CPG categories, buyers' purchasing behavior follows the same established benchmarks patterns as those observed in CPG contexts. There are many more infrequent or light buyers than heavy ‘lovers’; the heavy buyers contribute roughly 60% of sales; they are purchasing less frequently, and contributing fewer sales as time goes by. These findings carry important implications for marketers, retailers, and farmers of fresh categories. Specifically, the results show which marketing campaigns (i.e., those highly targeted at ‘lovers’ or those with a mass marketing appeal) are better grounded in the empirical evidence about buyer behavior which has the highest probability of increasing consumption.     

Returns of Education in the Czech Republic

Prepared for presentation at the Congress of the International Institute of Public Finance (IIPF) in Seville, Spain, 28–31 August 2000, for the session on the opportunity-equalising effects of fiscal systems.University education is nowadays provided as public goods in the Czech Republic. Due to economic pressure on public finance the trend of the 90s became the internalisation of costs associated with university education.The generally accepted hypothesis is that nowadays the returns from the costs of university education are achieved in a shorter time than before economic transition. Additionally, it is thought that the return on university education is differentiated by professions. We aim to test these hypotheses. That is why the cornerstone of our study is the deeper analysis of the differentiation of selected professions in the current state in comparison to the period before transition.After 1989, due to the economic transition and development of the market economy, wage differentiation accelerated in the Czech Republic. An important factor in differentiation seems to be the level of human capital, represented above all by university education. Education significantly increased the chance of finding a job, as another analysis has proven. However, these positive effects of education have been paid for by considerable monetary and non-monetary costs.The paper provides an economic analysis at the level of an individual and his point of return between costs and revenues from university education. To achieve an exact but still simple analysis we take into account only quantifiable monetary costs and revenues. The calculation of the point of return is done with the use of the construction of a cumulated whole-life income and its interpolation. The analysis uses data for the Czech Republic in 1988 and 1997.     

The theory of monetary integration

Research dealing with the theory of monetary integration is reviewed. After briefly describing the genesis of the theory as foreshadowed in work on optimum currency areas, the paper assesses two main areas of recent research — the analysis of the effects of disturbances on participating countries in a currency area, and reputational considerations. With regard to disturbances, the paper finds that it is difficult to draw clear-out inferences from theoretical work on the optimal degree of exchange rate management and from empirical studies on the effects of shocks. Work on reputational issues is found to suffer from conceptual problems and has generated empirical results that have not supported the hypothesis that participation in a currency area is a sufficient condition to enhance reputation.