Rich Nations, Poor Nations: How Much Can Multiple Equilibria Explain?

This paper asks whether the income gap between rich and poor nations can be explained by multiple equilibria. We explore the quantitative implications of a simple two-sector general equilibrium model that gives rise to multiplicity, and calibrate the model for 127 countries. Under the assumptions of the model, around a quarter of the world’s economies are found to be in a low output equilibrium. We also find that, since the output gains associated with an equilibrium switch are sizeable, the model can explain between 15 and 25% of the variation in the logarithm of GDP per worker across countries.     

Poverty Traps, Indeterminacy, and the Wealth Distribution

We consider a one-sector growth model in continuous time with a production externality and endogenous labor supply. There is a continuum of households who have identical preferences but differ with respect to their initial wealth. We show that there exist economies such that an indeterminate steady state exists for some wealth distribution but not for others. A second result is that a redistribution of wealth may drive the economy from a steady state with strictly positive output to a poverty trap in which output converges asymptotically to zero. These results indicate that differences in the wealth distribution may be responsible for drastic differences in the long-run standard of living. Journal of Economic Literature Classification Numbers: D31, D50, O41.     

顾客需求的非对称性和动态性对新产品开发的影响

在分析顾客需求的非对称性和动态性的基础上，把产品的属性划分为必备、单向、吸引三类，结合客户需求变化、竞争产品策略和产品生命周期理论，为企业的产品创新提供了全新的视角：     

中国企业内部资本市场的功能、陷阱及其法律规制

中国现阶段内部资本市场具有优化融资渠道、催化产业整合以及改进公司治理的功能,但由于信息不对称及代理问题而存在利益侵占、过度投资、风险扩散以及低效率补贴等诸多潜在陷阱。完善的法律规制体系将有助于减少机会主义的内部资本市场运作所带来的负面效应。     

股票期权激励陷阱研究

理论上讲我国实施股票期权可以有效解决经理人长期激励不足和经营者道德风险问题,也有利于上市公司降低委托成本,吸引并稳定人才.但由于我国股票市场不完善及股东与管理者的信息不对称等问题的存在,股票期权激励机制在我国的运用效果欠佳,从而产生了激励陷阱.文章通过对股权激励陷阱表现形式及形成原因的分析,提出了规避此类陷阱的具体措施.     

公司境外上市八大陷阱及对策研究

本文通过对公司境外上市所遭遇的困难和问题进行深入研究,总结出了境外上市程中容易出现的八大陷阱,并针对这些陷阱提出了极具操作性的对策建议。本文具有较强的实际指导意义,旨在帮助企业在上市过程中有效规避各种陷阱,少走弯路,少交学费,从而最终实现在境外资本市场的成功上市。