Banking with nominal deposits and inside money

Bank runs in the literature take the form of withdrawals of demand deposits payable in real goods, which deplete a fixed reserve of goods in the banking system. That framework describes traditional bank runs based on currency withdrawals as occurred historically in the US and more recently in developing countries. However, in a modern banking system, large withdrawals typically take the form of electronic payments of inside money, with no analog of a depletion of a scarce reserve from the banking system. In a new framework of nominal demand deposits repayable in inside money, pure liquidity-driven bank runs do not occur. If there were excessive early withdrawals, nominal deposits would hedge the bank and flexible monetary prices in the goods market would limit real consumption. The maturity mismatch of short term liabilities and long term assets is not sufficient for multiple equilibria bank runs without other frictions. A key role of the bank is to ensure optimal real liquidity, which allows markets to optimally distribute consumption goods through the price mechanism.     

Mixed up? that’s good for motivation

We show that career concerns can arise in the absence of ex ante uncertainty about an agent’s type, if his unobservable actions influence future productivity. Implementing effort in mixed strategies allows the principal to endogenously introduce uncertainty about the agent’s ex post productivity and generate reputational incentives. Creating such ambiguity can be optimal for the principal, even though this exposes the agent to additional risk and reduces output. This finding for an environment with imperfect commitment contrasts with standard agency models, where implementing mixed strategy actions typically is not optimal if pure strategies can also be implemented.     

关系合约对网络组织经济效率的损害

关系合约为会损害网络组织的经济效率，因为多个关系舍约的相互嵌入可能在网络组织中形成低效率合作；同时，关系合约形成的交易封闭性，降低了网络组织的适应性效率，企业的创新动力被弱化，快速创新难以成为企业的最佳战略选择。网络组织如果过度依赖关系治理，就会抑制制度治理机制的作用，从而增加网络组织的交易成本。     

Financial Markets for Unknown Risks if Beliefs Differ

We consider a general equilibrium model with individual and collective risks. The article builds on a contribution by Chichilnisky and Heal, who show that contingent Arrow–Debreu equilibria can also be supported in economies with Arrow securities and mutual insurance contracts. However, they show this to be true in general only if beliefs are identical, a very restrictive assumption in the context of unknown risks. Moreover, they claim complete insurance in equilibrium to be impossible if beliefs are different. We show that even with different beliefs, firstly, complete insurance is possible in each statistical state, and secondly, contingent equilibrium can still be supported in economies with insurance and securities.     

论倒签提单的法律性质

倒签提单是海上贸易中常见的一种行为，因倒签提单引起的争议案件也常有发生，严重扰乱了正常的国际贸易秩序。虽然倒签提单在我国的司法实践中通常被认定为一种侵权行为，然而在学术界关于倒签提单的性质仍然存在不同的观点。通过对诸多观点的分析与评价，提出对倒签提单法律性质的看法。     

A comparative institutional analysis of agreements on product standards

The WTO and the EU have chosen two different agreements on product standards. While the WTO's approach is primarily based on a “National Treatment” (NT) principle, the EU's approach crucially relies on a principle of “Mutual Recognition” (MR). This paper offers a first look at the comparative performance of these two principles. We show that standards are imposed for levels of externalities that are too low under NT and too high under MR. This suggests that NT should be preferred to MR when the amount of trade in goods characterized by high levels of externalities is large.     

全球价值链中的最优生产组织决策模型研究

为探寻跨国公司对全球价值链实现协调与控制的最优生产组织安排,在不完全契约理论框架下,扩展并构建了基于全球价值链的生产组织决策模型,其中重点考查了跨国公司与产业链上下游企业之间的议价能力及股权决定。研究表明跨国公司在每一生产阶段的最优组织模式选择与其在价值链上所处的生产阶段密切相关,并受到投入品替代弹性、最终产品替代弹性以及总部服务密集度等因素的影响。     

Breaking the letter vs. spirit of the law: How the interpretation of contract violations affects trust and the management of relationships

Contract violations are ubiquitous. There has been little attention, however, dedicated to understanding the mechanisms involved in making sense of and addressing such occurrences. Two experimental studies investigated how people interpret contract violations and how these interpretations affect trust and the management of relationships. By drawing on the distinction between violations of the letter versus spirit of the law, we show that letter violations are more difficult to overcome than spirit violations, due to higher perceived intentionality. These effects generalized across different populations, levels of contracting experience, types of contracting contexts, levels of ambiguity within the contract, and degrees of contract complexity. The results yield important implications for understanding contract violations, trust, and organizational responses as a relationship management capability. Copyright © 2014 John Wiley & Sons, Ltd.     

存货购销中最优期权合约交易量研究

在分析利用期权合约规避价格波动风险的原理的基础上,分别给出存货购销两个环节中可以运用的期权策略,然后利用均值方差模型计算使投资组合达到效用最大化时所对应的最优期权合约交易量及其对经营利润的影响,研究发现：在存货采购环节,企业可以通过购入看涨期权、购入看涨期权同时售出看跌期权两种策略控制采购价格波动的风险,在存货销售环节,企业可以通过购入看跌期权、同时购入看跌期权并售出看涨期权两种策略来稳定销售利润;从最优期权合约交易量及其对企业经营利润的影响来看,期权工具在控制存货采购价格、稳定销售利润中可以发挥良好作用。     

我国旅游资源和景区研究的十个前沿问题

旅游景区是旅游产业发展的核心要素，也是主要的旅游吸引物。有关旅游景区的规划、建设、管理和营销已成为研究重点，但总体上看，旅游景区研究还严重滞后于景区开发建设的实际需求。本文提出了我国旅游资源和景区发展中10个迫切需要研究的问题。