Production-location decision and free entry oligopoly: A correction

This paper shows that there is no interior solution in Mai–Hwang's 1992 oligopolistic location model with free entry when the production function exhibits constant or decreasing returns to scale. The comparative static results of the impact of a demand change on the location decision only apply to the case where the production function exhibits increasing returns to scale. It re-examines the impact of a demand change on the location decision of an oligopolistic firm and corrects the propositions derived by [C.C. Mai, H. Hwang, Production-location decision and free entry oligopoly, Journal of Urban Economics 33 (1992) 252–271. Reprinted in: M.L. Greenhut, G. Norman (Eds.), The Economics of Location, vol. I: Location Theory, Edward Elgar, Aldershot, 1995].     

完全且完美信息动态博弈在开放式基金风险分析中的应用

本文首先阐述了开放式基金的概念和风险性,然后用完全且完美信息动态博弈理论对开放式基金投资中存在的风险进行了分析,揭示了开放式基金流动性风险的本质,最后给出了一些合理化建议。     

当前中国农民合作社开展信用合作的典型模式、问题与建议

农民合作社开展信用合作是我国新型农村合作金融发展研究的重点。本文结合调研情况，对以赊销为特征的商业信用合作、以资金互助或担保互助为核心的货币信用合作、依托产业链或银政资金的混合式信用合作三种不同模式进行梳理分析，并从政策制度、现实操作、潜在风险点三个层面指出了当前中国农民合作社开展信用合作的主要问题。推动农民合作社信用合作持续健康发展，必须坚持服务“三农”的政策导向、强化对信用合作不同发展模式的分类指导、妥善处理风险防控和内在活力的关系、进一步规范信用合作管理、切实防控信用合作风险、充分发挥信用合作综合带动作用。     

会计计量与企业债券信用评级关系的应用分析——基于2006年新会计准则的思考

企业债券信用评级是企业发行债券的重要步骤,债券评级对会计信息具有依赖性,而会计信息的计量属性会直接影响会计信息,不合适的会计计量属性会对债券评级造成负面影响。本文结合2006年的新会计准则的相关规定和企业债券信用评级的特点,通过分析会计计量对信用评级的误导因素,认为借鉴国际先进经验,可以提高债券评级的可靠性和客观性,促进企业融资市场的公平性和公正性。     

Optimizing the credit term decisions in supply chain finance

We study a credit term determination problem in the context of a supplier-buyer supply chain. The supplier's credit term decision is simultaneously made with its production and inventory decisions, and most importantly, it is impacted by the buyer's order quantity. We present a new game-theoretic framework to model this problem, which captures the interaction between the supplier's credit term decision and the buyer's order decision in a multi-period setting. An exact method based on nonlinear programming is implemented to obtain the optimal solutions. We apply our methodologies on a real world case. The computational results show that our approach significantly outperforms the heuristics with fixed credit terms, and either a short or a long credit term can be sub-optimal for the supplier in profitability. Our work offers the first data-driven model and solution approach that assists purchasing and supply managers to make optimal dynamic credit term decision in conjunction with production, ordering and inventory decisions in a game-theoretic setting.     

Semitractability of optimal stopping problems via a weighted stochastic mesh algorithm

In this paper, we propose a Weighted Stochastic Mesh (WSM) algorithm for approximating the value of discrete‐ and continuous‐time optimal stopping problems. In this context, we consider tractability of such problems via a useful notion of semitractability and the introduction of a tractability index for a particular numerical solution algorithm. It is shown that in the discrete‐time case the WSM algorithm leads to semitractability of the corresponding optimal stopping problem in the sense that its complexity is bounded in order by with being the dimension of the underlying Markov chain. Furthermore, we study the WSM approach in the context of continuous‐time optimal stopping problems and derive the corresponding complexity bounds. Although we cannot prove semitractability in this case, our bounds turn out to be the tightest ones among the complexity bounds known in the literature. We illustrate our theoretical findings by a numerical example.     

市场经济下的政府行为困境:新制度经济学视角

在我国,政府调节行为的合理性与有效性对社会经济的发展有着重要的意义。因此,本文运用新制度经济学的基本原理,结合三个典型的案例,探讨我国政府在社会经济管理过程中所面临的困境,并根据其矛盾所在提出相应的措施,包括增加横向约束机制、强化三道内外监管防线、建立灵活的职能转换机制等,以提高政府"治国而平天下"的能力。     

Challenges faced by world tourism cities – London’s perspective

World tourism cities perform multiple functions and exhibit various characteristics that influence tourism development within their boundaries. They are the main gateway for tourists visiting a country and their success has a direct impact on the visitor economy of that destination. London, the focus of this research, has been one of the world’s top tourism cities for many years, and a key gateway for domestic and international visitors. But despite the important role tourism plays in the economy of the city, there is limited research on the development of this activity in the capital. Using London as an exploratory case study, this paper contributes to better understanding the challenges faced by policy makers when planning and managing tourism in world cities. The adopted research method offers the advantage of gathering insightful information using multiple data collection techniques. Examining this new evidence contributes to expanding the knowledge on the particularities of tourism development in one of the top world cities, which could help policy makers in their efforts to better prepare for potential challenges faced by these complex but important destinations.