机会成本、历史成本和固定成本* ——基于主观主义经济学的解释

新古典经济学在成本的论述上，并没有坚持机会成本观，与其“个人选择”的逻辑起点冲突。而主观主义经济学在成本观阐述上，坚持了“个人选择”。本文以主观主义经济学的思想为前提，采用逻辑演绎的方式系统论证了如下命题：（1）如果“机会成本”等同于效用，那么，非货币性收益是如何从证券定价函数中消失的？（2）记录企业过去行为结果的历史成本制度，在什么前提下，能够传递出对证券定价有用的信息？（3）固定成本和变动成本是否会导致个体决策上的差异？本文得到如下结论：（1）陌生人社会的崛起，委托人和代理人之间非货币性收益的不可转让性，导致对证券的定价，无需考虑非货币性收益；（2）在企业的最终产出受到人力资本异质性和外部资源冲击，而这两者无法直接定价时，记录企业过去一段时间的行为结果，将有助于间接预测不同证券持有的机会成本；（3）受制于要素交易契约形式的外生性和市场按类别交易，固定成本与变动成本将会带来不同的决策风险，进而需要对其做出区分。     

Microfoundations of network exploration and exploitation capabilities in international opportunity recognition

While international entrepreneurship (IE) recognizes opportunity recognition (OR) as a central activity and the prominent role of network capabilities in OR, it is not informative as to how different network capabilities influence OR in international markets. We utilize dual network capability through the lens of exploration-exploitation to better understand how these two different capabilities influence the identification of international opportunities. Given that microfoundations perspective and prior experience in IE are under-developed and under-theorized, we explore founder’s prior experience as an essential microfoundation for the dual network capability. By employing structural equation modeling on a sample of 647 early internationalizing firms from a developing country, the study demonstrates that founders’ prior experience is a significant microfoundation of dual network capability in international OR. However, both exploration and exploitation capabilities fail to bring new opportunities in a changing market environment. A post-hoc analysis reveals that at a higher level of market change, younger firms benefit more from network exploration, whereas older firms achieve greater success when leveraging benefits from network exploitation. The study concludes with implications and future research avenues.     

EQUALITY OF OPPORTUNITY: EAST VS. WEST GERMANY

The case of German reunification has been subject to extensive research on earnings inequality and labour market integration. However, little is known about the development of equality of opportunity (EOp) in East and West Germany after 1990. Using German micro data, we empirically analyse how circumstances beyond the sphere of individual control relate to inequality in East and West Germany. Our results show that EOp is larger in East than in West Germany. However, despite increasing income inequality, EOp remained surprisingly constant.     

Identifying business opportunities for sustainable development: Longitudinal and experimental evidence contributing to the field of sustainable entrepreneurship

Which factors facilitate the identification of business opportunities for sustainable development? To answer this question, we develop a process model of sustainable opportunity identification. We argue that sustainable opportunity identification is a process with transitions from problem to solution identification and from solution to sustainable opportunity identification. Moreover, the transitions are facilitated by two factors—awareness of adverse consequences and entrepreneurial attitude—providing motivation and direction in the process. We tested our model in a field study (N = 107) and two experiments (N = 53 and N = 69). Our findings show that awareness of adverse consequences and entrepreneurial attitude influence the process of sustainable opportunity identification, explaining under which conditions people are more likely to identify business opportunities for sustainable development. Our study thus contributes to the field of sustainable entrepreneurship.     

A gramscian perspective on field dynamics. The case of the privatization of Italian steel industry

Institutional fields are not static, they undergo times of fragmentation and times of settlement. Neo-institutional research has long explained the settlement of fields as either the effect of political manoeuvring of actors, or of discursive activity influencing cultural codes, narratives and symbols. But can these processes really be considered in isolation? In this paper, we propose to adopt a comprehensive view on fields’ dynamics, one that embraces the interaction of political and discursive manoeuvring to explain how fragmented fields manage to settle. To do so, we build on the Gramscian concept of hegemonic practices as discursive and political processes that integrate cultural equivalence among actors with political alliances based on aligned interests. Hegemonic practices align actors in a new historical bloc (a new settlement). Through this lens, we interpret the case of the Italian State steel privatization (1984–1995) and propose a process model explaining what yields fields’ dynamics from fragmentation to settlement. The model highlights the action of diffused agency in field dynamics, thus overcoming the obsolete challenger/incumbent view, and the need of becoming a historical bloc for alliances to stabilize a field.     

The untold story of commodity futures in China

We investigate the behavior of commodity futures risk premia in China. In the presence of retail-dominance and barriers-to-entry, the term structure and momentum premia remain persistent, whereas hedging pressure, skewness, volatility, and liquidity premia are distorted by time-varying margins and strict position limits. Furthermore, open interest, currency, and inflation premia are sensitive to institutional settings. The observed premia cannot be attributed to common risks, sentiment, transactions costs, or data-snooping, but are related to liquidity, anchoring, and regulation-induced limits-to-arbitrage. We highlight the distinctive features of Chinese futures markets and assess the challenges posed to theories of commodity risk premia.     

贵州的脱贫和发展：基于三因子耦合的解析

贵州的脱贫和发展案例表明，欠发达地区的脱贫和发展是集合“核心设施、骨干领域、环境机遇”三大因子共同发力的结果。这一发现挑战了当代主流发展理论，并在落后国家或区域具有广泛复制的价值。这种新发展观不只是一种自洽且连贯的学说，还可作为引导明智行动的机制对待，因而深具实践意义。可以把这三个强关联性词汇转换为规范且符合逻辑的陈述以激发洞见，充实当代发展理论，同时为其他不发达地区的贫困治理和经济发展提供经验和借鉴。     

The formation and interplay of social capital in crowdfunded social ventures

The multi-levelled processes taking place in Crowdfunding (CF), when tapping a large heterogeneous crowd for resources, and the often fundamentally different intentions of individual crowd members in the case of highly desirable social ventures with little prospect for economic gains, may lead to a different logic and approach to how entrepreneurship develops. Using this under-institutionalized sphere as both, context and subject, the author seeks evidence and a new understanding of entrepreneurial routes by using the sociological perspectives of Bourdieus' four forms of capital as a lens on 36 cases of social ventures. In the cases, opportunity recognition, formation and exploitation could not be distinguished as separate processes. CF and sourcing help form the actual opportunity and disperse information at the same time. In addition, the ‘nexus’ of opportunity and entrepreneur is breached in CF of social causes through the constant exchange of ideas with the crowd, leading to norm-value pairs between the funders and the entrepreneurs. Issues of identification and control are thus not based upon any formal relationship but based on perceived legitimization and offered democratic participation leading to the transformation of social capital (SC) into economic capital (EC). Success is based upon the SC of the entrepreneurial teams, yet the actual resource exchange and transformation into EC is highly moderated by cultural and symbolic capital that is being built up through the process.     

Design and development of inventory knowledge discovery system

Inventory management (IM) performance is affected by the forecasting accuracy of both demand and supply. In this paper, an inventory knowledge discovery system (IKDS) is designed and developed to forecast and acquire knowledge among variables for demand forecasting. In IKDS, the TREes PArroting Networks (TREPAN) algorithm is used to extract knowledge from trained networks in the form of decision trees which can be used to understand previously unknown relationships between the input variables so as to improve the forecasting performance for IM. The experimental results show that the forecasting accuracy using TREPAN is superior to traditional methods like moving average and autoregressive integrated moving average. In addition, the knowledge extracted from IKDS is represented in a comprehensible way and can be used to facilitate human decision-making.     

Tracking Can Be More Equitable Than Mixing

Parents and policy‐makers often wonder whether and how the choice of a tracked or mixed educational system affects the equality of opportunity. I answer this question by analyzing the influence of peers on future educational results. I define an equal opportunity policy as one that maximizes the average lifetime income of the worst‐off type of individuals in society (i.e., students from disadvantaged backgrounds). I find that tracking maximizes average lifetime income if the opportunity cost of college attendance is sufficiently high.