Existence of Equilibria in Economies with Bads

We consider an exchange economy in which there are infinitely many consumers and some commodities are bads, that is, cause disutility to consumers. We give an example of such an economy for which there is no competitive equilibrium or its variants (quasi‐ or pseudo‐equilibrium), and an example of the failure of the so‐called uniform integrability condition of equilibrium allocations of increasingly populous finite economies.     

我国资本市场融资方式再选择

从我国资本市场融资格局出发,介绍了企业融资方式选择原理,分析了我国资本市场融资股权偏好的成因及其不利影响,提出了从严掌握股权融资条件、提高资本配置效率等矫正市场融资格局及融资方式的政策建议.     

Sex Composition of Children and Marital Disruption in India

Although it has been suggested that parents of sons are less likely than parents of daughters to divorce, few studies have explored this relationship in societies characterized by a strong preference for sons, where such an effect should be most pronounced. Using data from 116,498 once‐married female respondents to the 1992–1993 and 1998–1999 Indian National Family Health Surveys, we found that at lower parities, having at least one son is associated with a significantly lower risk of divorce or separation. Moreover, with few exceptions, the effect of children's sex composition on the risk of divorce holds for subgroups of Indian women across categories of education, religion, location (urban vs. rural), caste, cohort, and region.     

对扩大税收间接优惠的思考

企业所得税的税收优惠手段主要是两种形式:间接优惠与直接优惠。我国的企业所得税优惠普遍使用直接优惠形式,国外使用较多的是间接优惠政策。提出对扩大间接优惠的思考,主要措施为对限额性扣除费用要放宽标准、对资产缩短折旧摊销年限、延长亏损弥补期限等。     

Valuation of Multiple Environmental Programs

We examined sequence effects on willingness-to-pay (WTP) when people evaluate a series of environmental goods. Each respondent evaluated five different environmental goods using WTP and four evaluative attitude ratings. There was a strong sequence effect: WTP was much larger for the first good than for goods evaluated afterward. Also, total WTP for the bundle of five goods depended on which good was evaluated first: the more highly valued the first good, the higher the total WTP for the bundle. The attitude ratings are shown to be more statistically efficient than WTP in measuring the relative importance of different environmental goods.     

代际公平与社会偏好视角下优势金属矿产定价权分析——基于古诺均衡模型的分析框架

我国优势金属矿产定价权的缺失对我国经济增长及经济安全产生了重要影响,这让很多学者构建相应的模型来解释定价权缺失。基于此背景,本文把代际公平均衡、社会偏好均衡与古诺模型相结合,解决代际价值补偿与策略性价值补偿计量的技术难题;并通过计量分析优势金属矿产市场的需求状况和开发税费科目,获得开发补偿的相关数据,展开理论模型结论的算例验证分析。理论模型与数值模拟结论表明,代际公平均衡与社会偏好均衡由于代际价值与策略性价值的产生,提升了我国金属矿产国际贸易市场势力,但社会偏好对市场势力影响路径并非一致,利他古诺均衡、互动公平古诺均衡变动具有一致的结果,非公平厌恶的古诺均衡具有损失厌恶特征,即在考虑非公平厌恶的古诺竞争时,古诺纳什均衡随非公平厌恶的同情和嫉妒偏好单调变换。这些结论与构建的理论模型实现了可持续发展理念与价值评价思维的有效结合,拓展了矿产资源定价权缺失的理论分析框架,为相关商品贸易的定价权解释提供了新的思路。     

A Parsimonious Macroeconomic Model for Asset Pricing

I study asset prices in a two‐agent macroeconomic model with two key features: limited stock market participation and heterogeneity in the elasticity of intertemporal substitution in consumption (EIS). The model is consistent with some prominent features of asset prices, such as a high equity premium, relatively smooth interest rates, procyclical stock prices, and countercyclical variation in the equity premium, its volatility, and in the Sharpe ratio. In this model, the risk‐free asset market plays a central role by allowing non‐stockholders (with low EIS) to smooth the fluctuations in their labor income. This process concentrates non‐stockholders' labor income risk among a small group of stockholders, who then demand a high premium for bearing the aggregate equity risk. Furthermore, this mechanism is consistent with the very small share of aggregate wealth held by non‐stockholders in the U.S. data, which has proved problematic for previous models with limited participation. I show that this large wealth inequality is also important for the model's ability to generate a countercyclical equity premium. When it comes to business cycle performance, the model's progress has been more limited: consumption is still too volatile compared to the data, whereas investment is still too smooth. These are important areas for potential improvement in this framework.     

西部地区电能与环境协调发展系统中政府规制偏好研究

电力产业作为重要的能源部门之一,对整个国民经济发展起到巨大的基础性支撑作用,但其中的火力发电行业所造成的环境污染也给社会带来一系列问题,我国西部地区也不例外。通过将污染物减排过程对经济产生的正的外部性考虑进电能与环境发展系统,并对政府进行理性人的假设,设计电能与环境协调发展系统中的政府规制效用函数,运用计量经济学方法和微观经济学中理性人效用最大化的条件,对我国西部地区1995~2005年电能与环境协调发展系统中的政府规制偏好进行了定量分析。发现在环境法规逐渐完善的基础上,政府对于电能生产的偏好有所下降,对污染物减排的偏好逐渐上升。     

密歇根州民权动议与美国少数族裔高等教育优惠政策

密歇根州民权动议是反对＂肯定性行动＂的一个成功案例,它强化了加州＂209提案＂的示范作用,必将对美国少数族裔高等教育产生重要影响。作为妥协的产物,＂肯定性行动＂旨在纠正美国社会长期存在的种族歧视现象,其不可避免地会走向终结。     

积极利用税收政策推进农业发展方式转变

税收政策是推进农业发展方式转变的重要政策措施,为促进农业发展方式加速转变必须完善涉农税收优惠政策和措施。税收政策是一种利益向导,对转变农业发展方式具有激励和约束的双重作用：它既能够激励各类经济主体积极采用先进的农业生产、经营和管理方式,又能够约束各类经济主体逐渐放弃落后的农业生产、经营和管理方式。当前的涉农税收政策对农业及其相关产业的发展产生了极大的促进作用,但仍然存在许多问题急需解决。完善涉农税收优惠政策必须明确涉农税收优惠的目标、途径和方向,选择合适的税种和税率,并进行相关体制的配套改革。