MONEY AND PRODUCT QUALITY UNDER ASYMMETRIC INFORMATION

This article examines the effects of money on product quality, as well as the price pattern of heterogeneous quality goods, in a search‐theoretical monetary model with divisible money and divisible commodities. We establish the existence and uniqueness/multiplicity of monetary equilibrium in several different cases. The steady‐state equilibrium of our model displays several properties that are absent or distinct from those of previous studies. In particular, we find that under egalitarian bargaining, the Friedman rule cannot achieve socially efficient allocation due to asymmetric information. We find that the price of informed high‐quality goods is higher than the price of uninformed quality goods. We also find that an increase in inflation can improve product quality. (JEL E40)     

考虑市场细分的零售商自主以旧换新策略研究

在越来越多企业开始自主推行以旧换新业务的背景下,本文从供应链的视角出发,构建考虑市场细分和消费者效用的策略模型,研究零售商自主以旧换新策略选择及相应的供应链决策问题,着重分析市场细分和旧产品折旧程度对策略选择、决策和供应链效率的影响.研究发现:零售商的策略选择除了受产品制造成本影响外,还依赖于外部客户比例和旧产品折旧程度;当老客户占比和旧产品折旧度处于某区域时,自主以旧换新策略优于无以旧换新策略;在某些情况下,制造商的期望策略与零售商的最优策略相悖;供应链效率受客户比例和旧产品折旧度影响.此外,当老客户占比或旧产品折旧度高于某阈值时,老客户对主体的利润贡献大于新客户.本文的研究结论对企业在供应链环境下推行以旧换新政策有一定的理论指导意义.     

Enhancing Estimation for Interest Rate Diffusion Models With Bond Prices

We consider improving estimating parameters of diffusion processes for interest rates by incorporating information in bond prices. This is designed to improve the estimation of the drift parameters, which are known to be subject to large estimation errors. It is shown that having the bond prices together with the short rates leads to more efficient estimation of all parameters for the interest rate models. It enhances the estimation efficiency of the maximum likelihood estimation based on the interest rate dynamics alone. The combined estimation based on the bond prices and the interest rate dynamics can also provide inference to the risk premium parameter. Simulation experiments were conducted to confirm the theoretical properties of the estimators concerned. We analyze the overnight Fed fund rates together with the U.S. Treasury bond prices. Supplementary materials for this article are available online.     

论死刑司法控制的体系化展开——基于适用标准的解释路径

中国现行刑法中的死刑并不是完全意义上的“剥夺生命”,而是一个概念集合,需要在不同条文规范中具体理解.在该种“死刑”规范体系中,中国死刑的适用应当遵循相应的进出分流机制,从而体系性地控制死刑的司法适用,实现罪刑均衡.基于严格限制死刑适用的目标共识,《刑法》第48条第1款中的“罪行极其严重”与“必须立即执行”应当分别是限制广义死刑与死刑立即执行的规范依据.“罪行极其严重”的解释,应当强调“罪行”是分则条款中的罪状表述、不包含人身危险性因素,且“极其严重”必须明确可辨;“必须立即执行”的解释,则应围绕人身危险性因素展开,主要通过罪前与罪后情节评估行为人的再犯可能性.     

微时代视野下提高大学生思想政治教育水平的思考及探索

时代是一个以科技发展、政治局面、文化脉络等因素为依据而划分的时空概念。微时代是以微信微博作为主要传播的媒介代表,以短小精炼作为文化传播特征的时代,微时代信息的传播速度更快、传播的内容更具冲击力和震撼力。它本身表现出自由性和开放性等多种特征,大学生能够从其中获取很多有利于自身进步的优质资源,但是其中的消极因素也会对学生带来不利影响。因此,在微时代的视野下,提高大学生的思想政治教育水平要做到与时俱进,这样才能有效帮助大学生构建正确的世界观、人生观、价值观。     

Multiple-population shrinkage estimation via sliced inverse regression

The problem of dimension reduction in multiple regressions is investigated in this paper, in which data are from several populations that share the same variables. Assuming that the set of relevant predictors is the same across the regressions, a joint estimation and selection method is proposed, aiming to preserve the common structure, while allowing for population-specific characteristics. The new approach is based upon the relationship between sliced inverse regression and multiple linear regression, and is achieved through the lasso shrinkage penalty. A fast alternating algorithm is developed to solve the corresponding optimization problem. The performance of the proposed method is illustrated through simulated and real data examples.     

广东省劳动年龄人口变动特征及其成因分析

本文描述2000年以来广东省劳动年龄人口的变动特征,并探讨了产生变动的人口学因素。研究显示,广东省劳动年龄人口的比例在下降,年龄结构趋于老化,受教育年限在提高,就业人口总量逐年上升,但增速明显放缓。就业人口集中在第二、三产业。省内各区域劳动年龄人口比重处于较高水平,区域内比重的差距在减少,说明人口流动更加合理有序。研究显示,广东省劳动年龄人口的变动受到常住人口规模、人口转变、人口迁移流动和劳动参与率等因素的影响。     

培育当代中国工匠精神的困境与思考

近年来,在全社会弘扬和培育工匠精神已经成为一种广泛的社会共识。随着社会各界对此问题的关注和各类实践活动的开展,一大批具有精益求精、爱岗敬业精神的中国工匠涌现了出来。然而培育新时期工匠精神的瓶颈也日益显现,问题主要存在于三方面:第一,人们对"工匠"与"工匠精神"的认识尚存在偏差;第二,工业化分工过细,导致人的片面发展;第三,理念教育的缺失。针对以上问题,提出四条培育当代工匠精神的有效途径:一是做好宣传工作,营造社会氛围;二是加强工匠精神的文化内涵建设;三是重新认识新时代工匠群体;四是完善职业教育体制。     

汉英思维差异与科技翻译

思维离不开语言,同时也支配着语言。中英思维方式之间存在巨大差异。思维方式的差异导致了语言的差异。翻译本质上是思维方式的转换。研究汉英思维差异对科技翻译大有帮助。     

Identifying key factors in momentum in basketball games

Momentum as elaborated under a recent novel definition has been shown quantitatively to have a significant impact on basketball game outcomes. This paper makes two contributions to the analytical literature on sports momentum: (1) two aspects of the new definition are operationalized so that its practicality becomes evident; and (2) through a dimension-reduction technique (elastic net), key factors associated with momentum are identified. Both technical variables such as field goals, assists, rebounds, etc. and environmental variables such as the spectator attendance rate and player salary dispersion are considered, and the potential for useful real-time analyzes is illustrated.