Prudent expectations equilibrium in economies with uncertain delivery

In an economy with private information, we introduce the notion of objects of choice as lists of bundles out of which the market selects one for delivery. This leads to an extension of the model of Arrow–Debreu that is used to study trade ex ante with private state verification. Under the assumption that agents are prudent, equilibrium is characterized by the fact that agents consume bundles with the same utility in states that they do not distinguish. This is a weaker condition than the restriction of equal consumption imposed by Radner (Econometrica 36(1), 31–58, 1968), therefore, some no trade situations are avoided and the efficiency of trade increases.     

Equilibrium in a reinsurance market with short sale constraints

Summary. This paper deals with the existence of equilibrium in a dynamic reinsurance market with short sale constraints, driven by a marked point process, as studied in Bernis and Jouini (2001). We use the set of reinsurance treaties as consumption set, which is the positive orthant of some Banach lattice that can be identified to a space of martingales, . The properness of preferences is a key assumption for us to prove the existence of an equilibrium. We provide a sufficient condition for the preferences to be proper in term of loading factor of the reinsurance premium. Received: June 15, 2000; revised version: May 17, 2001     

出口退税、贸易盈余和外汇储备的一般均衡分析与中国的实证

本文构建了一个简单的大国开放经济一般均衡模型,从理论上探讨了外汇储备从贸易盈余时的短期均衡到贸易平衡时的长期均衡的动态变化过程,并在此基础上量化分析了降低出口退税率对长期均衡时的外汇储备的影响。研究表明,降低出口退税率在短期内对减少贸易盈余和控制外汇储备增量有一定的帮助,但长期来看则与出口产品的价格弹性密切相关,只有降低那些价格弹性较大的产品的出口退税率,才能够有效地减少长期均衡时的外汇储备,否则可能产生适得其反的效果。中国数据的实证研究支持了理论模型的结论。由于中国的出口产品总体缺乏价格弹性,因此,近年来实行的一系列出口退税政策改革在长期内使国家外汇储备出现了一定程度的增加。本文最后提出了相关的政策建议。     

The effect of general counsel prominence on the pricing of audit services

We investigate the effect of corporate general counsel (GC) ascension to the senior management team on the pricing of audit services. Prior research suggests that the GC position may have a significant influence in setting the tone at the top by promoting corporate integrity, ethics, and serving as a governance and monitoring mechanism, but also recognizes that prominent GCs may face ethical dilemmas, causing them to disregard professional responsibilities to curry the favor of the CEO and other executives. Using audit fees to proxy for audit engagement risk, we find a negative association between GC ascension to top management and audit fees. We investigate the mechanisms behind this relation and find GC ascension is associated with a reduction in both default risk and financial misstatement risk, which supports auditors’ perceived reduction in client business risk and audit risk, respectively.     

交易成本对易货经济的影响——瓦尔拉斯均衡“不成立”的一种情形

本文首先用一种新的解析几何方法在易货经济 (即两种商品的纯交换经济 )条件下的一般均衡框架下揭示了价格与消费者的马歇尔需求之间的函数关系。在此基础上 ,由个人承担的交易成本被直接置入。然后 ,本文证明 :如果交易成本的固定项不为零 ,供、求函数将不连续 ;如果同时有非无穷小比例的人口进行同步化决策 ,那么瓦尔拉斯均衡将会被破坏     

Market clearing and derivative pricing

Summary. We develop a method of assigning unique prices to derivative securities, including options, in the continuous-time finance model developed in Raimondo (2001). In contrast with the martingale method of valuing options, which cannot distinguish among infinitely many possible option pricing processes for a given underlying securities price process when markets are dynamically incomplete, our option prices are uniquely determined in equilibrium in closed form as a function of the underlying economic data.Received: 14 April 2003, Revised: 7 January 2004, JEL Classification Numbers: G13, D52.This paper is dedicated to Birgit Grodal, whose strength and character we greatly admire. We are very grateful to Darrell Duffie, Steve Evans, Botond Koszegi, Roger Purves, Jacob Sagi, Chris Shannon, Bill Zame and an anonymous refereee for very helpful discussions and comments. The work of both authors was supported by Grant SES-9710424, and Andersons work was supported by Grant SES-0214164, from the National Science Foundation.     

论著作权法对“创作者特权”的确认与限制——以“鬼吹灯”案中的作者续写权利主张为切入点

“创作自由”与“创作者的自由”是一对容易混淆的概念,《著作权法》对于这两类自由采取了不同的确认方式,不宜仅基于“创作自由”的话语扩张“创作者特权”,乃至将其主张为著作权法上的专有权利。“鬼吹灯”同人作品案中被控侵权人主张的“系列故事续写权”实为一种积极权利,不同于一审判决和既有研究中确认的消极权利,因而违背了《著作权法》第1条和第10条中对于“创作者特权”及其专有权利化主张的限制。该类主张的背景是两大法系中作品观融合导致了对于作者权益的挤压,作者权理念在法律实践中出现了反弹。从现代社会中创新的复合属性、版权利益分配格局的自发形成、我国社会中通行的权利观念等角度出发,应当坚守《著作权法》对于创作者自由的既有确认与限制机制。民法典对于一般人格权的保护则能够提供外部的制度协同。     

湖南水污染税的税制设计及征收效应的一般均衡分析

湖南省"两型社会"的深化建设、首批环境税的开征试点、湘江污染的重点治理等事件将湖南省水污染税改革推向了历史的舞台。借鉴国外水污染税开征经验,文章系统地设计了湖南省水污染税征收的基本框架,运用可计算一般均衡(CGE)模型模拟征收水污染税对宏观经济、产业结构、污染物减排等产生的影响。结果表明:开征水污染税宏观经济受损的长期影响要大于短期;对绝大部分行业都带来了不同程度的负面影响,其中短期合成材料制造业产出下降最大,而长期毛纺织和染整精加工业受损最大;然而征收水污染税减少重金属等污染物排放,氨氮、化学需氧量下降尤为显著。     

流转税制与所得税制的比较研究--中国税收CGE模型的应用

本文建立了一个静态税收可计算一般均衡（CGE）模型,模拟中国的经济运行情况。在此基础上,从流转税制和所得税制两种不同类型的税制模型入手,分析了包括增值税、消费税和营业税在内的中国绝大部分工商税种,并模拟几种征税方案进行比较研究,得到“我国应尽快改现行流转税制更有利于经济发展”重要结论。同时,本文也实现了CGE模型定量分析在中国财税政策的应用。     

当前启动内需与宏观经济政策的着重点

要通过启动内需而保增长,就必须有效调整货币政策和财政政策,实行积极的财政政策和适度宽松的货币政策。本文通过多方面分析,指出当前在我国启动内需的宏观经济政策调控中应该更多地注重运用财政政策,慎用货币政策,并就如何更加有效地运用财税政策提出相关建议。