LYING ABOUT WHAT YOU KNOW OR ABOUT WHAT YOU DO?

We compare communication about private information to communication about actions in a one‐shot 2‐person public good game with private information. The informed player, who knows the exact return from contributing and whose contribution is unobserved, can send a message about the return or her contribution. Theoretically, messages can elicit the uninformed player's contribution, and allow the informed player to free‐ride. The exact language used is not expected to matter. Experimentally, however, we find that free‐ride depends on the language: the informed player free‐rides less—and thereby lies less frequently—when she talks about her contribution than when she talks about the return. Further experimental evidence indicates that it is the promise component in messages about the contribution that leads to less free‐ride and less lying.     

WHAT MEASURE OF INFLATION SHOULD A CENTRAL BANK TARGET?

This paper assumes that a central bank commits itself to maintaining an inflation target and then asks what measure of the inflation rate the central bank should use if it wants to maximize economic stability. The paper first formalizes this problem and examines its microeconomic foundations. It then shows how the weight of a sector in the stability price index depends on the sector's characteristics, including size, cyclical sensitivity, sluggishness of price adjustment, and magnitude of sectoral shocks. When a numerical illustration of the problem is calibrated to U.S. data, one tentative conclusion is that a central bank that wants to achieve maximum stability of economic activity should use a price index that gives substantial weight to the level of nominal wages. (JEL: E42, E52, E58)     

WHAT GOOD IS WEALTH WITHOUT HEALTH? THE EFFECT OF HEALTH ON THE MARGINAL UTILITY OF CONSUMPTION

We estimate how the marginal utility of consumption varies with health. To do so, we develop a simple model in which the impact of health on the marginal utility of consumption can be estimated from data on permanent income, health, and utility proxies. We estimate the model using the Health and Retirement Study's panel data on the elderly and near‐elderly, and proxy for utility with measures of subjective well‐being. Across a wide range of alternative specifications and assumptions, we find that the marginal utility of consumption declines as health deteriorates, and we are able to clearly reject the null of no state dependence. Our point estimates indicate that a one‐standard‐deviation increase in the number of chronic diseases is associated with a 10%–25% decline in the marginal utility of consumption relative to this marginal utility when the individual has no chronic diseases. We present some simple, illustrative calibration results that suggest that state dependence of the magnitude we estimate can have a substantial effect on important economic problems such as the optimal level of health insurance benefits and the optimal level of life‐cycle savings.     

商场? 赌场?

成功人士之所以成功,并非他们天生没有缺点,而是他们在实践的磨炼中,努力发挥自己的长处,注意克服自己的短处,压抑自己的“赌性“在有的人看来,人生何处没有赌,无论是创业还是选老婆,不管是买房子,还是炒股票,对于不能绝对掌控后果的未来,就     

挣钱?赚钱?

正什么叫挣钱?什么叫赚钱?写写这两个字就知道了。挣钱的"挣"是一个提手旁,加一个市场竞争的"争"。这就是说,创业的第一个阶段都是挣钱的阶段,辛辛苦苦用我的双手到市场去拼搏、去竞争,挣下这一份家业。什么叫赚钱呢?"赚"字左边是一个"贝"字,右边是一个"兼"字,贝就是货币,就是融资,兼就是企业兼并。必须进行资产重组,必须兼并,     

卡策?对策?

儿子的公司早上8点打卡.我每天早上7点半叫他起毕竟.洗漱、吃早点再骑摩托去公司,加之路上可能出一点意外,要赶上打卡不"防患于未然"行么?但有一次儿子贪睡没赶上打卡时间当月奖金就"泡汤"了,所以儿子对打卡抱有"敌意"。我女婿     

怎么说?何时说?

在我们的生活中,往往会有这样一种情况,即:在我们与人交谈时,重要的常常倒不是交谈的内容,而是怎么说,何时说。美国明尼苏达教育学院的罗伯·格林教授曾经做过这样一项有趣的调查,被调查的75名对象均为学有     

Autorität? Führung? Macht?

The topic of education and learning currently being debated with much fervor in the public arena reflects the process of change within postmodern society and its impact on the development of children and adolescents. This discussion grapples with the issue of the authority of parents and teachers as well as their role in the context of family and school. The task of trying out new roles and agreeing on them is of pre-eminent importance, since traditional role models are no longer tenable. In doing so, the relation between hierarchy and discourse is being established anew.     

Wie unabh?ngig sind deutsche Aufsichtsr?te?

Within the German corporate governance system, the supervisory board fulfills several functions: monitoring and consultation of the management board, as well as reconciliation of interests. These divergent tasks might lead to conflicting demands. The agency theory focuses on the control function of the supervisory board and postulates a sufficient degree of independence from management. Following behavioral theories, the same requirement holds for the consultation function. In addition, on the basis of stakeholder theory, the reconciliation of interests emphasizes on the supervisory board’s independence from interests of individual stakeholder groups. Although in sum, the requirement of independence is one of the central corporate governance measures, the results of our empirical study indicate that only 5.9?% of the analyzed 527 DAX supervisory board members meet the examined independence criteria of the German Corporate Governance Code. Nevertheless, a comparison with Italian control committees shows that German supervisory board members fulfill the European Recommendations at a higher rate.     

Zur ?Pr?ferenzabh?ngigkeit“ von Unternehmenswerten bei pers?nlicher Besteuerung

Large parts of firm valuation literature are concerned with the calculation of the so-called ??value of debt tax shields??, i.e., the market value surplus of partly debt-financed firms over operationally identical unlevered firms. In this article, I focus on those papers which employ simple duplication techniques according to Modigliani and Miller (1958). Given asymmetric tax treatment of investments and credits, this procedure is not convincing: Since the results of computations lack uniqueness, the value of levered firms is attributed to be a matter of preferences. In contrast, I try a more profound consideration of market conditions. The results are as follows: The mentioned valuation concept is not compatible with asymmetric taxation, therefore inconsistent outcomes are possible. At most, pricing bounds can be fixed. Proper market-driven valuation by super-replication is more complex, but independent of risk preferences.     

危机?机遇?信心!

主持人:今年全国两会特别引起人们的关注,人们最为关注的是温总理作的政府工作报行,认为是对当前经济形势的一剂强心针,给我们很大的鼓舞和信心.     

能力乎?品德乎?

深圳一家生产摩托车的民营公司,曾引进过一名销售副总经理。公司给其年薪15万元的待遇,还任命他为常务副总经理,且掌握财务大权。这一招确实调动了他的积极性,使之为公司做出了不小贡献,随着业绩的突出和权力的加重,他开始不满子现状,于是,干了一些损坏公司形象的事,给公司经营带来巨大损失。子是,企业用人,是能力优先还是品德优先,就成了企业的两难选择。“大胆起用能人”的用人原则曾经风靡一时,受到许多人的青睐。然而,如果不弄明白“能”与“德”的辩证关系,对“能人’不加具体分析,一律大胆起用,很可能会步入用人误区…     

中国:私有化?民营化?

国有企业的民营化不等于私有化,从实质来说它应是社会化的含义,反映的是生产社会化规律。1997年,"拍卖"成为中国社会的十大流行语之 "拍卖"一词超出了经济范畴,成为有些人攻击"中国在搞私有化"的口实。中国,真的在悄悄地进行着"私有化"吗     

婚姻:契约?制度?

婚姻不是一种契约而是制度。婚姻契约论是特定历史条件下资产阶级反封建斗争的手段 ,但在今天看来有失偏颇。我们应还其本来面目 ,承认婚姻是一种制度     

危机?机遇?信心!

目前,全球经济形势仍不明朗,在一些地区和领域,衰退进一步恶化的态势仍未得到有效控制,好转的迹象尚未出现,诸多国家大规模的经济刺激计划还需要一段时间才能产生更为明显的效果,包括美国、日本、德国在内的全球主要经济体已陷入衰退。在此关键时刻,作为世界经济增长引擎之一的中国经济如能保持平稳较快增长,必将给国际社会带来信心与力量,2009年中国的两会注定是要引起世人关注。本刊特专程访谈参加全国人大二次全会的政府、国企、私营代表,一起探讨——     

收入倍增,什么时候?哪个省?增多少?

2013年2月3日,经国务院同意,国家发改委、财政部、人社部联合发布的《关于深化收入分配制度改革的若干意见》称,"到2020年实现城乡居民人均实际收入比2010年翻一番,力争中低收入者收入增长更快一些,人民生活水平全面提高"。也就是说,2020年将成为全国31个省(区)市(除港澳台地区)居民收入翻番的目标的最后期限。     

管理,管什么?管谁?

小老鼠钻进大象大鼻子里的儿时故事,无意中揭示了一个哲理——管理,就要管住要害,管住命脉,管住进与出的源头。     

语文课堂从何入? 从何出?

在语文课堂上教师惯用"披文入情"之法:从作品中语言文字的读准到读出感情,从分析其表面意思到结合具体语境体悟其深沉情感,领略其言外之意、弦外之音,"文字"俨然成了语文     

地球:变暖? 还是变冷?

新年前后,世界多个地区出现了不同程度的“寒流”。亚太、欧洲纷纷出现灾难性的严寒天气,“最低气温”、“雪”、“冻”之类的字眼频频现于报端。严寒偷袭,让人措手不及;而“厄尔尼诺”、“全球变暖”、“温室效应”这样的说法似乎昨天还在萦绕耳际。人们不禁要问“地球到底怎么了?”全球气候到底是在变暖还是在变冷?亚太:严寒肆虐冻死多人2003年新年第一天,寒流袭击了印度北部地区,印控克什米尔地区和喜马偕尔     

小学生留洋:喜? 忧?

上世纪80年代,中国掀起了第一股留学热潮,大批留学生远渡重洋求知海外。他们大多为国内某高校的学生,在国外攻读硕士、博士。进入新世纪以来,留学主体换成了高中毕业生,留学的目的也变成增长见识、镀金、避开严酷的高考等,留学这