我国碳交易市场配额机制研究

2013年覆盖全国大部分省份的雾霾,加速了现代碳交易市场的建立——即以市场机制促进节能减排.2013年也因此成为我国碳交易的元年.有必要从碳交易市场产生的理论基础出发,分析出碳交易市场运行的核心——配额机制,了解我国碳交易的配额总量的确定方法以及配额激励约束机制,借鉴欧盟成熟碳交易市场、配额机制的经验和教训,以完善我国碳交易市场配额分配.     

A laboratory assessment of the choice of vessel size under individual transferable quota regimes

This paper examines the effect of individual transferable quota regimes on technology choice, such as choice of vessel size, by using the laboratory experiment method. We find that even if vessel sizes change over time, the quota price can converge to the fundamental value conditioned on the vessels chosen. We also find that subjects choose their vessel type to maximise their profits based on the quota trading prices in the previous period. This result implies that the efficiency of quota markets in the beginning period is important because any inefficiency in quota markets may affect vessel sizes in ensuing periods. Moreover, we find that the initial allocations may significantly influence vessel sizes through two channels: first, a higher initial allocation to a subject increases the likelihood that the subject invests in a large‐sized vessel; second, the quota price may be higher and more unstable under unequal allocation than under equal allocation; thus, whether the allocation is equal influences subjects' choice of vessel type.     

我国养老保险个人账户基金投资运营机制改革研究

随着我国个人账户的逐步做实,如何确保基金安全和保值增值面临极大挑战。本文在借鉴国内外养老金改革经验的基础上,提出了构建个人账户基金市场化投资运营机制的思路:即采取信托模式、坚持分散化投资、引入生命周期投资策略,并建立最低收益担保机制。     

Strategy-proof contract auctions and the role of ties

A contract auction establishes a contract between a center and one of the bidders. As contracts may describe many terms, preferences over contracts typically display indifferences. The Qualitative Vickrey Auction (QVA) selects the best contract for the winner that is at least as good for the center as any of the contracts offered by the non-winning players. When each bidder can always offer a contract with higher utility for the center at an arbitrarily small loss of her own utility, the QVA is the only mechanism that is individually rational, strategy-proof, selects stable outcomes, and is Pareto efficient. For general continuous utility functions, a variant of the QVA involving fixed tie-breaking is strategy-proof and also selects stable outcomes. However, there is no mechanism in this setting that in addition also selects Pareto efficient outcomes.     

信贷约束对住宅市场的影响效应——基于动态面板模型的研究

本文通过构建消费者—开发商两部门的房地产市场局部均衡模型,研究信贷约束对住宅市场的影响效应。本文利用1999～2009年中国35个大中城市的面板数据,采用动态面板GMM估计方法考察银行信贷对住宅消费和住宅价格的影响。实证结果显示:银行信贷对房地产价格产生显著的正向影响,表明信贷约束是当前房价增幅下降的重要因素之一;个人住房贷款和房地产开发贷款对房价的正向影响效应存在差异,前者的作用小于后者;个人住房贷款对居民住宅消费产生显著的正向影响,是影响居民住宅消费的最重要因素。