碳金融市场下基于模糊测度和Choquet积分的碳期权估值

基于投资者对投资财富和风险的偏好研究碳期权定价模型。运用λ-可加模糊测度表示投资者对碳期权价值模糊度量的差异性，借助Choquet期望积分构建投资者的期望收益效用函数；根据投资财富效用最大化推导无约束条件下碳期权的最优价；结合现实约束条件，构建投资财富效用最大化下的碳期权定价模型；通过数值计算分析效用函数、模糊参数和现实约束对碳期权定价的影响。研究结果表明:效用函数的选择会体现投资者对碳期权投资风险态度的变化，模糊测度参数的取值能够反映碳期权投资者个体的主观情绪和市场信息获取程度，现实约束会迫使碳期权投资者放弃部分投资隐含价值。     

Trust and Estate Planning: The Emergence of a Profession and Its Contribution to Socioeconomic Inequality1

This article offers a new perspective on the connection between socioeconomic inequality and occupations by examining the impact of trust and estate planners on global wealth stratification. While many studies treat the professions as mirrors of inequalities in their environments, this article looks at the ways professionals participate in the creation of stratification regimes. Trust and estate planners do this by sheltering their clients' assets from taxation, thereby preserving private wealth for future generations. Using tools such as trusts, offshore banks, and shell corporations, these professionals keep a significant portion of the world’s private wealth beyond the reach of the state. Trust and estate planning thus contributes to creating and maintaining socioeconomic inequality on a global scale. The significance of the profession has grown as wealth itself has become more fungible, spurring innovation in legal, organizational, and financial strategies, and thwarting a myriad of laws and policies designed to limit enduring inequality in modern, democratic societies.     

Economics,psychotherapy and politics

The paper explores the application of ideas derived from psychotherapy to questions of economic and social policy. It is argued that disputes concerning human nature underlie many debates on economic theory. Class is reviewed from internal and emotional perspectives. Psychological obstacles to the achievement of economic inequality are explored and ways of overcoming them critically discussed. Particular attention is paid to the operation of economic sadism in the behaviour of individuals and societies. A range of possible gender differences in relation to money is reviewed. Inherited wealth is explored from the perspective of ‘therapy thinking’. The paper proposes that we reconsider what is deemed to be realistic and what is deemed to be (hopelessly) idealistic in thinking about economics. The paper concludes by proposing a deeper discussion of the problematic of sacrifice in connection with sustainable economics.     

论市场竞争法通则的创制——以确认、设定和保护市场竞争力权为核心

市场经济是以社会化生产为基础的交易竞争型经济。竞争法在市场经济中发挥着重要的作用，但由于市场经济的发展和现有竞争法的局限性，导致了竞争法制的不统一和调整市场竞争关系社会效果不显著，因此需要制定一部规制市场竞争行为的基本法律——市场竞争法通则，以解决当前市场竞争中存在的问题。市场竞争法通则以确认设定和保护市场竞争力权为核心，并贯彻市场竞争力自由发展、市场竞争自由和共同发展权绝对原则。     

论虚拟时代的“财富创造”

传统经济以＂理性人＂的假设为前提,虽然在某种程度上满足了人＂自我实现＂的要求,但人的发展是片面的,物的增长与人的发展是相互分离的,甚至是对立的。随着虚拟时代的到来,财富创造获得了新的发展空间：第一,走出＂以人为手段＂的巢臼,注重人的发展和完善,强调人的目的性与财富的人属性,在实现财富创造的同时实现人的发展目标;第二,实现把每个个体看成最为可贵的社会财富,人的才能在创造财富的智力劳动中得到尽可能自由的发挥和发展。     

Separate and Unequal: The Housing Act of 1968 and the Section 235 Program

In recent years scholars have identified racial disparities in wealth and home ownership as crucial factors underlying patterns of racial inequality and residential segregation in American metropolitan housing markets. While numerous federal housing policies have been identified as responsible for reinforcing residential segregation and racial inequalities in home ownership, little research has focused on the segregative effects of the Section 235 program. As one component of the 1968 Housing Act, Section 235 was designed to shift the focus of federal housing policy away from dispensing aid to local housing authorities for building public housing to providing direct supply-side subsidies to the private sector to stimulate home ownership for nonwhites and the poor. Archival and census data, government reports and housing analyses, and oral histories and interviews are used to examine the segregative effects of the Section 235 program in Kansas City, Missouri from 1969 through the early 1970s. Findings indicate that while the housing subsidy program allowed a vast majority of participating white families to purchase new housing in suburban areas, most participating African American families purchased existing homes located in racially transitional neighborhoods in the inner city. These findings corroborate recent research showing how the market-centered focus of federal housing policy has impaired the ability of African Americans to accumulate wealth through home ownership and reinforced racially segregative housing patterns.     

"三个代表”重要思想是中国共产党的世纪宣言

中国共产党领导中华民族在21世纪要完成现代化建设、祖国和平统一以及维护世界和平、促进人类进步三大任务,面临着知识经济、文明冲突和政治对抗三大挑战.江泽民提出"三个代表”重要思想,就是对挑战的回应,表明中国特色社会主义的经济发展维度是知识化、市场化和国际化,文化发展维度是民族化、科学化和大众化,政治发展维度是民主化、法制化和现代化.因此,这是中国共产党在新世纪向全世界的郑重宣言.     

政府的公共补贴对风险投资的促进作用

结合信息不对称条件下的契约设计和存在双边道德风险的激励问题,考虑在风险投资者和创业者之间的最优契约关系中,政府的公共补贴对风险投资者和创业者之间的收益关系的影响。发现在风险投资者和创业者之间存在着一种"财富传递效应",即政府对风险投资者投资损失的补贴可以增加创业者的期望收益,因此这种补贴政策可以激励更多的科技人才和管理人才投入到创业活动中来。在没有政府公共补贴时,一些因投资价值相对较小而无法获得风险资本投资的项目,在有政府公共补贴后能够获得风险资本的投资,即政府的公共补贴不仅能增加风险资本的供给,也能增加创业企业对风险资本的需求。     

住房市场系统模型研究

从宏观层面建立了包含银行、地产商及消费者在内的住房市场系统模型,重点考虑了信贷对住房市场供需双方的金融支持,构建了住房市场系统的定量分析框架,该框架对于银行主导的住房市场具有一般性。通过中国住房市场的实证分析,证实了模型的有效性。     

论通谋虚伪意思表示——从虚构房屋交易贷款案件说起

虚构房屋交易贷款案件涉及合同的效力在实践中争议较大，主要原因是未认识到该案件的性质属于通谋虚伪的意思表示，通谋虚伪意思表示在当事人之间无效，但不能对抗善意第三人。通谋虚伪意思表示在我国现行法中没有明确的规范，未来制定民法典时应明确虚伪意思表示在当事人之间的效力、针对善意第三人的效力，并对隐藏行为进行规范，特别应强调虚伪意思表示的当事人不得获益的原则。