Good News and Bad News: Search from Unknown Wage Offer Distributions

The largest market in national economies is the labor market. Labor market contracting is characterized by job search, often from unknown wage offer distributions. This paper reports experimental tests of finite horizon models of job search in which the wage offer distribution is unknown. Theoretically-optimal search from an unknown wage offer distribution can have the seemingly paradoxical property that some offers will be accepted that are lower than other offers that will be rejected in the same period of the search horizon. Thus the reservation wage property (or lowest acceptable wage path) may not exist. This can occur because an offer that is a priori relatively high (good news) can imply that it is highly probable that search is from a favorable distribution, and such an offer can look unattractive when it is an a posteriori relatively low offer from a favorable distribution (bad news). This paper reports results from experimental treatments for search from unknown distributions in which the reservation wage property does exist and treatments in which it does not exist. We find that the consistency of search behavior with search theory reported in earlier papers is robust to the presence or absence of the reservation wage property and to whether the draws come from known or unknown distributions.     

林业物权制度解析

林业物权是权利人对森林、林木、林地等森林资源享有的直接支配和排他的权利,包括森林、林木、林地所有权,以及与森林、林木、林地有关的用益物权和担保物权。《物权法》、《农村土地承包法》和《森林法》是构建我国林业物权制度体系的主要法律依据。     

中国财产保险公司资本结构的影响因素

利用1998-2009年中国大陆地区财产保险公司的业务数据和财务数据,通过差分GMM方法实证研究中国财产保险公司资本结构的影响因素发现:中国财产保险公司的目标负债水平与公司规模、再保险利用、公司成熟度的关联显著为正,与利润波动性的关联显著为负,而与产品分散化、地理分散化、产品收支间隔期的关联不显著.     

“交易外部性”:外部性的重新理解及系统整合

基于对外部性和交易本质的理解,当前生产外部性和消费外部性两分的观点有失偏颇。研究提出交易外部性概念,即产权交易过程中,交易一方或交易以外的行为主体的权利(束)或权利部分职能被交易另一方强制利用而未被定价或实现对等补偿的现象。据此,按照发生领域和作用主体的不同,外部性可以划分为生产外部性、消费外部性和交易外部性三类,其中,交易外部性进一步包含一类交易外部性、二类交易外部性和三类交易外部性。此处的二类交易外部性与史普博的内部性具有相同的本质内涵,即内部性实质是交易外部性范畴下的一个子分类。     

Spatial Evolution of Social Norms in a Common-Pool Resource Game

We study the conditions for the emergence of cooperation in a spatial common-pool resource (CPR) game. We consider three types of agents: cooperators, defectors and enforcers. The role of enforcers is to punish defectors for overharvesting the resource. Agents are located on a circle and they only observe the actions of their two nearest neighbors. Their payoffs are determined by both local and global interactions and they modify their actions by imitating the strategy in their neighborhood with the highest average payoffs on average. Using theoretical and numerical analysis, we find a large diversity of equilibria to be the outcome of the game. In particular, we find conditions for the occurrence of equilibria in which the three strategies coexist. We also derive the stability of these equilibria. Finally, we show that introducing resource dynamics in the system favors the occurrence of cooperative equilibria.      

高阶梯队理论视角下控制权对不同背景领导者与研发投入间关系的调节机制

从高阶理论和委托-代理理论出发,利用2007—2015年中国沪深两市上市公司公开披露的数据,考察了实际控制人的控制权、具有不同专业背景的领导者与研发投入的关系,厘清了控制权对具有不同专业背景的领导者对研发投入影响的作用机制。实证结果表明,控制权是具有不同专业背景的领导者与研发投入之间的调节变量。具体而言:具有技术背景的领导者对研发投入的影响随着实际控制人控制权的增大而减小;具有社科背景的领导者对研发投入的影响随着实际控制人控制权的增大而增大。     

企业合并会计方法国际趋同及其启示

为了实现购买法企业合并会计实施的趋同,FASB和IASB会计准则趋同的阶段性成果是双方于2005年6月30日共同发布的企业合并准则指南征求意见稿.该征求意见稿将对今后的企业合并会计发展产生重大的影响.本文将通过对比来发现企业合并会计处理的趋势,从而为我国企业合并准则具体实施提供参考.     

基于交易费用理论的企业边界纵向一体化研究

交易费用理论认为，企业的最优边界在市场费用等于企业协调成本那一点，交易费用中的企业规模实质上是企业的纵向规模即纵向边界，企业纵向规模的扩张主要通过纵向一体化来实现。虽然纵向一体化能够有效地削弱人的机会主义和有限理性，克服不确定性，降低交易成本，但它并不必然是企业发展的一种好办法，企业发展到一定阶段，纵向分拆策略是有效的。企业的纵向边界呈现扩张与收缩交互进行的局面。     

排污权初始配置国内研究综述

环境容量资源的诸多属性决定了环境容量使用权——排污权的初始配置的复杂性。环境污染防治的综合性和系统性也使排污权的初始配置成为众多学科研究的对象。环境科学、环境经济学、管理学和环境法学等不同领域的学者基于不同的学科背景从不同的视角关注和思考着排污权的初始配置问题。但总体而言,尚处于初步的探索和研究阶段,研究成果总量偏少,现有研究领域仍需进一步深入。在＂大科学＂时代,应该加强＂排污权初始配置＂不同学科研究的对话、交流和沟通,使之在观念碰撞中不断完善和提高。     

Do Institutions Cause Growth?

We revisit the debate over whether political institutions cause economic growth, or whether, alternatively, growth and human capital accumulation lead to institutional improvement. We find that most indicators of institutional quality used to establish the proposition that institutions cause growth are constructed to be conceptually unsuitable for that purpose. We also find that some of the instrumental variable techniques used in the literature are flawed. Basic OLS results, as well as a variety of additional evidence, suggest that (a) human capital is a more basic source of growth than are the institutions, (b) poor countries get out of poverty through good policies, often pursued by dictators, and (c) subsequently improve their political institutions.