Strategic nonlinear income tax competition with perfect labor mobility

Tax competition between two governments who choose nonlinear income tax schedules to maximize the average utility of their residents when skills are unobservable and labor is perfectly mobile is examined. We show that there are no equilibria in which there is a skill type that pays positive taxes to one country and whose utility is larger than the average utility in the other country or in which the lowest skilled are subsidized. We also show that it is possible for the most highly skilled to receive a net transfer funded by taxes on lower skilled individuals in equilibrium. These findings confirm the race-to-the-bottom thesis in this setting.     

Non‐linear Dynamics in the Infinite Time Horizon Model

Using results from the theory of non‐linear dynamical systems, it has been shown that optimal growth theory can provide new explanations for business cycles and for international differences in growth and development. The present survey concentrates on this aspect of optimal growth theory, that is on the possibility of fluctuations and non‐uniqueness in models of optimal capital accumulation. It is a selective survey on non‐linear dynamics in infinite time horizon models of optimal growth.     

Pension benefits, wealth accumulation, and capital market equilibrium: a life cycle hypothesis-based dynamic model

This paper examines the impacts of pension benefits on capital asset pricing in conjunction with wealth accumulation and retirement, and derives and tests a dynamic capital asset pricing model (CAPM) within the framework of a life cycle hypothesis-based dynamic model. The life cycle hypothesis-based dynamic model maximizes the expected utility of the individual's lifetime wealth in a continuous time process. An optimal solution of the individual's wealth path, incorporating the ages of retirement and death, is obtained and, based on the optimal wealth path, an analysis of comparative dynamics is pursued. The dynamic CAPM is then derived from the optimal wealth path; simulation and nonparametric tests are undertaken to evaluate the performance of the dynamic CAPM as compared to the traditional model which does not consider the impacts of pension benefits and the static model that incorporates the effects of pension benefits. The test results suggest that the proposed dynamic CAPM closely states the expected rate of return for a capital asset; that the new dynamic CAPM is preferable over the static model that is preferable over the traditional model; and that the three models considered are statistically distinguishable from one another.     

实验教学型单设施重心法选址系统的设计与实现

为解决物流工程和工业工程专业在重心法选址教学过程中遇到的难题,设计了实验教学型单设施重心法选址系统。该系统引入距离修正系数,突破了直线运输的限制,拓展了重心法选址的适用范围。通过算例验证,证实该系统在求解方面的正确性。在该实验系统的帮助下,可以非常有效地求解出待建设施的最优位置坐标、最小运输成本和算法的迭代次数。该实验系统可以培养学生的实践动手能力,同时学生还可以通过实验数据,观察哪些因素影响到最优位置点坐标和算法的迭代次数;而且利用该系统计算出来的数据,比较第一次改进得到的运输成本与最小运输成本的差异。     

Knightian uncertainty and insurance regulation decision

In contrast to insurance companies, regulatory authorities or regulators can obtain only limited information about the companies’ value. It hence leads to some effects on the regulation design, which is however often overlooked in the literature. This article characterizes the limited/imperfect information as Knightian (Risk, Uncertainty, and Profit, Houghton Mifflin, Boston, 1921) uncertainty (ambiguity). In order to stress the analytical effects of ambiguity on the regulation decisions, we firstly carry out an analysis in a standard immediate bankruptcy regulation where default and liquidation are considered as indistinguishable events. It is noticed that ambiguity-averse regulators require more “ambiguity equity”. We show then that under ambiguity an immediate liquidation policy delivers wrong liquidation with a positive probability. As an illustrative example to fix the wrong liquidation problem under ambiguity, a new regulation rule is developed with a regulatory auditing process. Based on this new model setup, we focus on examining how the riskiness of the firm’s value and the debt ratio affect liquidation probability.      

Uncertainty shocks,precautionary pricing,and optimal monetary policy

Existing studies show that, in standard New Keynesian models, uncertainty shocks manifest as cost-push shocks due to the precautionary pricing channel. We study optimal monetary policy in response to uncertainty shocks when the precautionary pricing channel is operative. We show that, in the absence of real imperfections, the optimal monetary policy fully stabilizes the output gap and inflation, implying no policy trade-offs. Our result suggests that precautionary pricing matters only insofar as expected inflation is volatile. Thus, a simple Taylor rule that places high weight on inflation leads to a stabilized output gap, thereby attaining the “divine coincidence”.     

科技与金融结合对全要素生产率的影响——基于“促进科技和金融结合试点”准自然实验的经验证据

将科技和金融结合试点政策视为一项准自然实验,基于2005—2017年中国283个城市数据,采用双重差分法评估科技和金融结合试点政策对全要素生产率的影响。结果发现：①科技和金融结合试点政策对全要素生产率具有正向影响且通过了显著性水平检验;②科技和金融结合试点政策主要通过提高城市创新水平和融资能力等途径促进全要素生产率增长,创新水平、融资能力在科技和金融结合试点与全要素生产率间起中介作用;③科技和金融结合试点政策对全要素生产率的影响存在异质性,经济发展水平较高、金融发展水平较高的城市,科技和金融结合试点政策对全要素生产率的影响更大。由此建议,加大金融资源支持力度,缓解企业融资约束,加强政府对创新的支持。     

对我国当代农民相对收入水平低的解释

由于我国当代农民的非市场势力低下,其市场势力被削弱,进而使其总体谈判势力低,以至于导致他们相对收入水平明显低于城镇居民的收入水平、其收入增长幅度跟不上经济增长的幅度。要缩小收入分配差距,必须缩小不同利益群体之间的谈判势力差距,而这需要公共权力向弱势利益群体倾斜、同时抑制强势利益群体的谈判势力的膨胀。     

网络效应、动态定价与电脑软件的最佳升级时机

电脑软件存在的网络效应使得厂商定价策略发生一定的变化。本文运用动态最优化理论,分析电脑软件厂商的定价策略和最优更版时机。发现厂商通常会以先低于边际成本的价格定价,然后逐渐提高软件的价格,与不具有网络效应的产品的边际成本定价有一定差异;厂商在升级旧版软件时,存在最佳时机,过早或者过迟推出新版软件都将导致利润损失。     

When Do Large Product Assortments Benefit Consumers? An Information-Processing Perspective

Retailers frequently attempt to attract shoppers by offering large product assortments. The prevailing literature on assortments has recognized that although large assortments benefit consumers by providing many choices, wide choices also challenge consumers to use extensive cognitive processes in making purchase decisions. Therefore when retailers offer extensive product assortments, they may also be adding cognitive costs to consumers—costs that may diminish the assortment's attractiveness. This research draws on the literature related to the Heuristic-Systematic Model (HSM) of information processing and the literature related to optimal stimulation level (OSL) in testing for the presence of two possible processing benefits provided by large assortments: their capacity to aid consumers in achieving decision-making certainty and their ability to provide consumers with desired stimulation. In two experiments, we find support for both models of assortment evaluations and demonstrate that purchase context and individual traits can lead consumers to prefer large assortments from a processing perspective.