Neutrality in arrow and other impossibility theorems

Summary. Although not assumed explicitly, we show that neutrality plays an important role in Arrow and other impossibility theorems. Applying it to pivotal voters we produce direct proofs of classical impossibility theorems, including Arrow's, as well as extend some of these theorems. We further explore the role of neutrality showing that it is equivalent to Pareto or reverse Pareto, and to effective dictatorship for non-null social welfare functions satisfying the principle of independence of irrelevant alternatives. It is also equivalent to Wilson's Citizens' Sovereignty--which is related to the intuition that symmetry over alternatives makes social preference depend only on citizens' preferences. We show that some of these results are more fundamental than others in that they extend both to infinite societies and to considerably smaller domains of preferences. Finally, as an application of Arrow's theorem, we provide a simple proof of the Gibbard-Satterthwaite theorem.Received: 13 April 2000, Revised: 6 December 2002, JEL Classification Numbers: D71, C70.I thank Salvador Barberá, Luis Corchón, Cesar Martinelli, Eric Maskin, Tomas Sjöström, Ricard Torres, José Pedro Ubeda, and an anonymous referee for feedback. The proofs of Arrow's theorem and two Wilson's theorems come from a note I wrote in 1987 at Universitat Autónoma de Barcelona (Ubeda [16]). In 1996 Geanakoplos [7] wrote a proof of Arrow's theorem similar but not identical to mine. All work in this paper is independent of his.     

中石油存续公司财务管理模式初探

文章通过综合分析各类影响因素，并借鉴历史经验教训，考虑其现实条件和管理要求，认为中石油存续公司适宜采取集权式财务管理。并从财务机制、财务制度等方面进行改革和创新，制定并实施相关的保证措施，以确保集权式财务管理体制能够有效运行。     

公有制和其它经济成份并存的效应分析

本文以我国公有制和其它经济成份并存这一重要经济现象为研究对象,从“并存”的一系列纷繁复杂的后果当中提炼出了最突出的问题,并给以多视角的分析,最后给出了“并存”优化的对策建议。     

文化是生产力发服的内在动力

随着人类社会的发展,社会的文明程度越来越高,人们对文化的认识也越来越深刻.特别是文化与生产力之间的关系引起了人们的广泛关注.文化对生产力发展起着巨大的推动作用.     

A comparison of several approximations to the power function of the likelihood ratio test in covariance structure analysis*

In this paper we compare alternative asymptotic approximations to the power of the likelihood ratio test used in covariance structure analysis for testing the fit of a model. Alternative expressions for the noncentrality parameter (ncp) lead to different approximations to the power function. It appears that for alternative covariance matrices close to the null hypothesis, the alternative ncp's lead to similar values, while for alternative covariance matrices far from H_o the different expressions for the ncp can conflict substantively. Monte Carlo evidence shows that the ncp proposed in Satorra and Saris (1985) gives the most accurate power approximations.     

发展我国养老保险的思考

本文分析了现阶段养老保险中人口老龄化的压力日益加剧，覆盖范围明显过窄，已入保群体“空账运行”，养老待遇过低等问题，提出了提高退休年龄、降低缴费比率、将社会统筹基金与个人账户基金实行分账管理、让基金保值增值加快社会保障制度立法等若干相关政策建议。     

Tolerance for uncertainty and the growth of informationally opaque industries

Hofstede's [Hofstede, Geert H. 1980. Culture's consequences: international differences in work-related values. Thousand Oaks, CA: Sage.] cross-country psychological survey of IBM employees finds that some countries (societies) are systematically less tolerant of uncertainty, while uncertainty-tolerance is shown by some theoretic models to be essential to the growth of emerging sectors about which less is known. This paper first uses Durnev, Morck, and Yeung's [Durnev, Art, Morck, Randall, and Yeung, Bernard. 2004. Value-enhancing capital budgeting and firm-specific stock return variation. The Journal of Finance. 59(1): 65–105.] methodology to identify these informationally opaque industries. The hypothesis is then made that countries characterized by high uncertainty aversion (measured by Hofstede's indicator, and two other alternative indicators) will grow disproportionately slower in industrial sectors where information is less available. Using the Rajan and Zingales [Rajan, Raghuram G. and Zingales, Luigi. 1998. Financial Dependence and Growth. American Economic Review. Vol. 88(3): 559–586.] “difference-in-differences” methodology, which is relatively free from the endogeneity problem, the study provides robust evidence of such an industrial growth pattern in 34 countries and 36 manufacturing industries. It also shows that national uncertainty aversion is not driven by underdevelopment of financial sector, inadaptability of civil law systems, lower level of economic or human capital development, labor market inflexibility, or any of many other institutional factors. The results remain robust when religious (Catholic vs. Protestant) composition is used as an instrumental variable for national uncertainty aversion. The international evidence presented helps explain why some countries are slower in embracing “new” (vs. traditional) industries.     

刍议"以德治国"的特殊社会功能

本文道德建设探讨了以德治国的社会功能。阐述了“以德治国”的重要性和必要性。     

Commodity currencies

This paper looks at real exchange rate behavior by focusing on three OECD economies (Australia, Canada, and New Zealand) where primary commodities constitute a significant share of their exports. For Australia and New Zealand especially, we find that the US dollar price of their commodity exports (generally exogenous to these small economies) has a strong and stable influence on their floating real rates, with the magnitude of the effects consistent with predictions of standard theoretical models. However, after controlling for commodity price shocks, there is still a purchasing power parity puzzle in the residual. The results here are relevant to developing commodity-exporting countries as they liberalize their capital markets and move towards floating exchange rates.     

中频逆变电路运行分析

本文主要对中频静止晶闸管逆变电源的逆变部分的运行特点进分析,从原理方面介绍了逆变晶闸管触发、保护的原则。