Consumption paths under prospect utility in an optimal growth model

This paper studies the Cass-Koopmans-Ramsey model of optimal economic growth in the presence of loss aversion and habit formation. The representative agent's preferences for consumption can be gradually varied between the standard constant intertemporal elasticity of substitution (CIES) case and Kahneman and Tversky's prospect utility. We find that the transitional dynamics of optimal consumption paths differ distinctly from the standard model, in particular consumption smoothing is more pronounced. We also show that prospect utility can cause the economy to remain in a steady state with low consumption and low capital.     

内蒙古中小物流企业竞争力分析

中小物流企业是我国物流产业的主体,是我国物流企业发展的中坚力量,企业的发展与壮大,将直接影响到我国物流企业的发展和物流管理水平的提高。文章运用波特的五力竞争模型分析法,通过分析内蒙古地区中小物流企业在竞争中所处的环境,来具体说明内蒙古的中小物流企业如何去提升自己在行业的竞争力,进而在激烈的市场竞争中的获得成功。     

基于云模型的动态物流过程知识表示

以提高物流过程管理实时优化调度的智能性和科学性为突破口,引入云模型和知识工程的知识表示理论,提出一种基于云模型的物流过程的知识表示法。通过云模型的期望值、熵和超熵三个数字特征有效地表达定性概念,并实现定性和定量的不确定转换,从而描述具有动态特点和一定非确定性的物流过程知识。     

第三方物流企业成本竞争力综合评价研究

客户在选择第三方物流服务的时候,成本控制是第一位的考量。提出了第三方物流企业成本竞争力的概念,构建出了基于成本管理与控制的第三方物流企业成本竞争力评价指标体系,引入模糊综合评价模型,全面地对我国第三方物流企业的成本竞争进行量化评判和分析。     

上市公司财务困境的回归预测

在合理选择财务指标的基础上,利用因子分析计算个体综合因子得分,并在综合因子得分与财务指标之间建立回归预测模型;最后,择取2003年“财务状况异常”的上市公司来检验模型的合理性,证明了模型对陷入财务困境的公司有较高的预测准确性。判断财务困境的回归模型引入和其较方便的操作性,可以使证券市场及时发现财务失败公司,市场监管者可以减少公司违规、违法的监督成本,证券投资者可以缩小择股范围、加大投资的准确性。同时,通过上市来融资的股份公司也可以利用其预警作用,提前采取对策,防止出现因财务进一步恶化而被退市的命运。     

Is Private R & D Spending Sensitive to Its Price? Empirical Evidence on Panel Data for Italy

In this paper empirical evidence is presented on theelasticity of private R & D spending on its price. Acensored panel-data regression model with random effectsis applied to a balanced panel of 726 Italian firms overthe 1992–1997 period. Implied estimates point out thatItalian firms' response to policy measures (including taxcredits), aimed at reducing the user cost of R & D capital,is likely to be substantial (1.50–1.77). Furthermore, wealso find that the elasticity of R & D spending is higherin recession (2.01) than in expansion (0.87).     

绿色经济视野下商业模式创新的价值取向

商业模式创新作为当代一种新型创新形态,对于发展绿色经济具有不可或缺的重要性,能充分适应绿色市场的需求及其变化,有效应对绿色市场竞争的挑战,并促进绿色技术创新走向市场。绿色商业模式创新应以经济发展与环保、节约资源的双赢为价值取向,实现生态化与市场化的统一,主要包括:将节省生产成本与节能减排要求相结合,将绿色技术创新与蓝海战略相结合,联系国情实际进行创新,将绿色文化建设与市场营销相结合,实施绿色品牌战略等。     

Bounding the benefits of stochastic auditing: The case of risk-neutral agents

Summary. In the context of a costly-state-verification model with a risk-neutral agent having limited liability, it has been postulated that allowing stochastic auditing reduces the asymmetric information problem to a trivial one: i.e., the first best can be approached arbitrarily closely with feasible contracts. This paper proves the postulate to be false: the surplus from feasible contracts is bounded strictly below the first-best surplus level. The bound is straightforward to compute in examples. The paper thus removes a justification for the restriction to deterministic auditing commonly made in the literature. Received: July 18, 1997; revised version: February 23, 1998     

中国金融市场开放度——基于两类模型的比较研究

本文引入两类分析一国金融市场对外开放程度的模型:基于投资与储蓄关系的F-H条件模型和基于利率平价理论的利率平价条件模型,并结合中国的实际情况,选取美国、日本、巴西等具有代表性的国家,以这两个模型作为实证模型分别研究这四个国家的金融市场对外开放程度。从实证分析的结果看,与其他三个国家相比,中国金融市场对外开放程度仍然较低,其原因在于资本市场的管制程度较高,国内利率还无法与国际市场建立较强的关联性等。     

Aid,policies and growth: a nonlinear reassessment

ABSTRACT

The association between foreign aid and growth has been controversial for decades and the evidence is quite mixed with results sensitive to data samples and modelling approaches. We reassess the relationship between aid, policy and growth implementing a novel semiparametric estimation method that allows for nonlinearities and controls for endogeneity. The results show that the aid-policy-growth relationship is complex. Aid inflows do not seem growth-enhancing, except at very high levels (above 7% of Aid/GDP), whereas the effect may arrive with a lag at lower levels. Policy improvements are positively correlated with growth at high policy levels (above the median value) but better policies do not increase aid effectiveness.