欧盟共同金融政策的发展与调整

欧盟共同金融政策成型于1986年开始的欧共体单一市场计划,其目标是建立高效、富于竞争性的共同体单一金融市场,促进区域经济增长.其发展经历了区域内金融开放以及金融服务行动计划下的规则和谐化两个阶段,推动了欧盟金融一体化程度的提高,金融服务业市场竞争与效率的改善.但是,欧盟单一金融市场建设中还存在一体化程度不均衡等诸多问题,欧盟当局将在金融服务行动计划的基础上,推动金融部门欧盟内的动态重组进程,调整金融监管思路,以全球性视野处理内部金融问题,实现既定的金融发展目标.     

Common Value Auctions with Insider Information

Bidding is studied in first-price common value auctions where an insider is better informed than other bidders (outsiders) about the value of the item. With inexperienced bidders, having an insider does not materially reduce the severity of the winner's curse compared to auctions with a symmetric information structure (SIS). In contrast, super-experienced bidders, who have largely overcome the winner's curse, satisfy the comparative static predictions of equilibrium bidding theory: (i) average seller's revenue is larger with an insider than in SIS auctions, (ii) insiders make substantially greater profits, conditional on winning, than outsiders, and (iii) insiders increase their bids in response to more rivals. Further, changes in insiders' bids are consistent with directional learning theory (Selten and Buchta (1994)).