Effect of perceived cost on judgments regarding the efficacy of investment

Three experiments examined the effect of costs associated with investments on the judgments of the causal effectiveness of those investments, and on the type of information utilised when making those judgements. Using operant conditioning technology, in an experimental analogue of making economic investments, it was found that greater costs associated with an investment reduced the judgement about the effectiveness of the response (Experiment 1). Greater investment costs tended to bias the subject toward using information integrated over a longer period of time; whereas low costs tended to produce judgements made on the basis of the conditions prevailing immediately prior to the return being acquired (Experiments 1–3). The effect of cost was modulated by the subjects' own financial background. The same absolute cost being treated as “greater” by those from less wealthy backgrounds compared to those from more affluent backgrounds (Experiments 2 and 3). These results suggest that as well as the nature of the schedule relating investment to return, the perceived cost of the investment determines the manner in which it is judged with respect to its efficacy.     

我国创业板市场的规范化问题

我国创业板市场的建立不仅有助于完善我国的资本市场体系，而且还能为极具发展潜力的中小型创新企业提供良好的融资服务，为风险投资提供退出渠道。因此，它的建立必将推动我国中小企业和高新技术企业的迅速发展。但由于创业板市场具有门槛低、风险高等特点，因此必须在创业板市场建立之前就制定出一套完善的规章制度，以使我国创业板市场在规范化、市场化和国际化的基础上有效运行。     

Risk minimization for an insurer with investment and reinsurance via g-expectation

Abstract

This paper is devoted to the study of a risk-based optimal investment and proportional reinsurance problem. The surplus process of the insurer and the risky asset process in the financial market are assumed to be general jump-diffusion processes. We use a convex risk measure generated by g-expectation to describe the risk of the terminal wealth with investment and reinsurance. Under the aim of minimizing the risk, the problem is solved by using techniques of stochastic maximum principles. Two interesting special cases are studied and the explicit expressions for optimal strategies and corresponding minimal risks are derived.     

工业经济增长集聚弹性研究——对中国三大经济圈的实证分析

产业集群理论正在继梯度转移理论、增长极发展理论后成为主导区域经济发展新型区域发展理论。在中国的工业化过程中，珠三角、长三角和环渤海地区随着其地区一体化水平的不断提高制造业都表现为不同程度的产业集聚，其制造业集聚程度与地域经济发展特别是工业经济增长都具有较强的相关性。因此，结合面板数据（panel data）模型的计量方法对中国三大经济圈的工业增长集聚弹性进行估计并就三大经济圈的增长集聚弹性差异的成因进行了分析是十分必要的。     

Foreign Direct Investment in the Caribbean

This article addresses the question of whether the Caribbean is particularly attractive or unattractive to foreign investors, and if it has specific characteristics that attract or deter FDI. An econometric analysis of data from 135 countries for 1980‐2002 shows that the Caribbean does not suffer from low inflows of FDI; on the contrary, Caribbean countries receive more FDI than comparable countries in other regions. This reflects two contradictory effects. On the one hand, FDI inflows may be particularly sensitive to political instability in the region; on the other hand, the absence of regulation appears to have been a particularly beneficial factor in attracting FDI to the Caribbean.     

应对企业人力资本投资风险的对策探析

改革开放以后,随着我国社会主义市场经济的深入发展,越来越多的企业把人才储备看作企业竞争力的核心所在。但同物资资本投资一样,人力资本投资也存在着风险,而且由于人力资本本身的特殊性,人力资本投资还具有许多特有的风险。本文先是简要地介绍了人力资本的内涵及起源,然后从企业的角度分析人力资本投资存在的各类风险,并以此为基础,提出应对这些企业人力资本投资风险的相应措施。     

从投资风险角度分析我国高等教育投资问题及对策

我国高等教育正处于全面改革和发展阶段,在此过程中出现了需求的扩大与资金短缺的矛盾,这成为高等教育进一步发展的制约因素。文章对这一矛盾进行了分析,并从教育投资风险的角度探讨了原因,最后提出一些针对性的措施。     

要素分工与中国开放战略的选择

经济全球化的发展是国际分工不断深化的必然结果。经济全球化发展到当代出现了许多新的特征,其内在动因是当代国际分工形式正在从产品分工向要素分工发展。在要素分工环境中,决定现在和未来中国在国际分工交换中所获利益的,不再取决于进口什么、出口什么,而是参与了什么层次的国际分工,是以什么样的要素、什么层次的要素参与国际分工,对整个价值链的控制能力有多少。中国必须适应要素分工的发展环境,确定合适的发展战略。     

中国加入WTO与东盟的发展

面对中国加入WTO给东盟带来的机遇和挑战 ,东盟国家要积极应对 ,采取“扩大对中贸易”、“增加对中国的投资”、“调整对中策略”等一系列经济措施 ,以增加各国在国际市场上的竞争力。     

房地产功能价值论与中国房地产市场投资

现阶段中国房地产市场呈现的一个突出特点是 :一方面房产总量急剧增加 ;另一方面大量的房产被空置。这个现象一直困扰着人们。中国房地产市场令人瞠目结舌的发展速度 ,使得中国在短短二十余年时间里走完了西方同类市场上百年甚至数百年所走过的历程。也正因如此 ,在中国 ,建筑技术进步已经不再是一个缓慢的过程 ,房地产功能更新换代需要的时间被大大压缩了。多年来 ,西方发达国家在房地产经济领域一直沿用被称为“区位圣典”的区位至上论。然而 ,在中国现实的房地产经济中 ,仅仅从区位的角度来分析房地产市场价值的变化 ,还远远不能解释这一中国独特的经济现象。从时间维度上看 ,在量和实现可能性两个方面 ,房地产功能价值的剧烈变化正十分明显地影响着房地产的市场价值。我们所提出的房地产功能价值论创新性地将房地产功能价值置于和区位价值同等重要的地位。这个新的理论模型能够为揭示和纠正房地产市场投资过程中的诸多误区提供有力的理论依据。