质量信号的选择与潜在替代压力--对专业服务跨国公司进入中国市场初期策略的分析

专业服务跨国公司在市场进入初期,以质量信号作为歧异化战略的具体实施方式之一。文章在分离均衡条件下对其质量信号的选择策略进行了研究。选择何种质量信号,受到服务成本差异程度、来自相邻市场的替代压力和重复购买性等因素的制约。如果专业服务跨国公司提供服务的替代程度较低时,高价格会成为最优的质量信号。相反,如果相邻市场对细分市场有一定的替代压力时,花费性广告更有可能作为质量信号出现。文章据此对专业服务跨国公司的未来的质量信号策略和市场渗透方式作出了预测。     

Strategic pricing of equity issues

Summary. Consider a general equilibrium model where agents may behave strategically. Specifically, suppose some firm issues new shares. If the primary market price is controlled by the issuing institution and investors' expectations on future equity prices are constant in their share purchases, the share price on the primary market cannot exceed the secondary market share price. In certain cases this may imply strict underpricing of newly issued shares. If investors perceive an influence on future share prices overpriced issues may occur in equilibrium. This provides an example of strategic price manipulation in general equilibrium models with sequential markets. Received: March 14, 2000; revised version: May 15, 2001     

Existence and Welfare Properties of Equilibrium in an Exchange Economy with Multiple Divisible and Indivisible Commodities and Linear Production Technologies

In this paper we consider a class of economies with a finite number of divisible commodities, linear production technologies, and indivisible goods and a finite number of agents. This class contains several well-known economies with indivisible goods and money as special cases. It is shown that if the utility functions are continuous on the divisible commodities and are weakly monotonic both on one of the divisible commodities and on all the indivisible commodities, if each agent initially owns a sufficient amount of one of the divisible commodities, and if a “no production without input”-like assumption on the production sector holds, then there exists a competitive equilibrium for any economy in this class. The usual convexity assumption is not needed here. Furthermore, by imposing strong monotonicity on one of the divisible commodities we show that any competitive equilibrium is in the core of the economy and therefore the first theorem of welfare also holds. We further obtain a second welfare theorem stating that under some conditions a Pareto efficient allocation can be sustained by a competitive equilibrium allocation for some well-chosen redistribution of the total initial endowments. Journal of Economic Literature Classification Numbers: D4, D46, D5, D51, D6, D61.     

Nash equilibrium in games with incomplete preferences

Summary. This paper investigates Nash equilibrium under the possibility that preferences may be incomplete. I characterize the Nash-equilibrium-set of such a game as the union of the Nash-equilibrium-sets of certain derived games with complete preferences. These games with complete preferences can be derived from the original game by a simple linear procedure, provided that preferences admit a concave vector-representation. These theorems extend some results on finite games by Shapley and Aumann. The applicability of the theoretical results is illustrated with examples from oligopolistic theory, where firms are modelled to aim at maximizing both profits and sales (and thus have multiple objectives). Mixed strategy and trembling hand perfect equilibria are also discussed.Received: 22 September 2003, Revised: 24 June 2004, JEL Classification Numbers: D11, C72, D43.I would like to thank Jean-Pierre Benôit, Juan Dubra, Alejandrio Jofre, Debraj Ray, Kim-Sau Chung and the seminar participants at NYU and at the Universidad de Chile for their comments. I am most grateful to Efe Ok, for his comments, criticism, suggestions and questions.     

要素跨区域流动对区域经济增长和波动的影响探讨

要素跨区域流动对区域经济增长和波动的影响应是多方面的.首先是区域间贸易和要素流动规模的扩大,提高了国内区域经济发展的一体化程度,分散了区域性供给或需求波动对区域经济发展的整体冲击力并进而进一步强化了区域经济波动周期延长与强度下降的趋势.其次是要素流动规模的扩大不仅进一步拓宽了经济波动的区域间的传导渠道,而且也提高了区域间经济增长与波动的相互解释力,增强了彼此间的因果关系和减弱了彼此间的同步性.     

The potential for underinvestment in internet security: implications for regulatory policy

With the continuing growth of the use of the Internet for business purposes, the consequences of a possible cyber attack that could create a large scale outage of long time duration becomes a more and more serious economic issue. In this paper, we construct a game-theoretic model that addresses the economic motivations for investment in added Internet security and makes a case for a possible market failure in the form of underinvestment in the provision of Internet security. This result relies on the fact that the social value derived from consumption (which is at least equal to a fraction of the surplus derived from e-commerce) greatly exceeds the revenue at stake associated with the telecommunications companies’ and ISP’s security levels. If the ratio of social value to revenue at stake to Internet providers continues to grow, the likelihood of underinvestment in security becomes higher and some form of regulation may become necessary. We discuss the difficulties associated with designing and enforcing a regulatory scheme based upon mandatory security standards.      

CO2-Stabilization May Be a 'No-Regrets' Policy

Restricting CO₂ emissions requires changing today's consumption pattern away from energy and emission intensive commodities towards cleaner goods. The cost of stabilizing CO₂ emissions at the 1990 level by the year 2000, say, as compared to a business-as-usual trend, is estimated by several researchers to be on the order of 1% of GNP. We will argue that the cost may be overestimated because of a too simple model describing the working of the economic system and the evaluation of welfare. We demonstrate that by expanding a model to include the actual tax system and negative externalities, the cost to present generations from restricting emissions by a CO₂ tax may be negative. That is, some reduction may actually correspond to a 'no-regrets' policy. The reasons are inefficiencies in today's tax system and non-optimal handling of negative externalities. Our analysis suggests that a CO₂ tax and reduced emissions will lessen such inefficiencies.     

集中战略的博弈分析

企业的经营战略可分为成本领先战略、差异化战略以及集中战略。集中战略最突出的特点是企业专门服务于总体市场的一部分,对某一类型的顾客或某一地区性市场作密集性经营。本文拟运用博弈论的相关模型对集中战略进行分析。     

企业会计组织:分离、整合与系统优化

企业会计组织演进与优化公司治理具有内在联系。本文认为:财务会计机构为外部利益相关者记录反映内部利益相关者主导下的企业经营活动,独立审计提高了外部利益相关者的监督效率,两者共同解释利益的形成和分配过程,在维系相关者利益均衡方面发挥重要作用;管理会计机构提高了管理效率,内部审计机构提高了内部监督和执行效率,两者在实现相关者利益最大化方面发挥重要作用;CFO与董事会级的会计监督组织则从战略规划和控制方面保护利益相关者利益均衡基础上最大化。国有企业会计组织的改革应确立以利益相关者利益均衡基础上最大化为目标,进行系统优化设计。     

Controlling a dam to environmentally acceptable standards through the use of a Decision Support Tool

We aim to establish a simple mathematical tool that could be used to set an appropriate level for the environmental levy which would allow a dam operator to remain profitable, yet also to ensure that the operator's policy is environmentally acceptable. We shall use Bellman's principle of optimality to solve an optimal control problem which will simulate the Station Operator's behaviour. The problem of the Regulatory Authority is multi-criteria and will be solved through aDecision Support Tool. The degree of fulfilment of the criteria will be a function of the target lake level, target extraction rate, and the level of the environmental levy. We will investigate the extent to which the targets are satisfied when the levy is altered.Research supported by VUW Graduate School of Business and Management.