"道学"与汤显祖的文体选择

汤显祖的思想相当驳杂,“道学”是最值得重视的因素。“道学”形而上的内在精神超越,赋予了汤氏独特的“思想者”气质,并进而影响他的文体选择。其古文理想和曲体价值观,均显示出重道德理性的传统“杂文学”观念在晚明时期的回潮。     

风险投资与地方政府财政的作用定位

发展风险投资是推动高新技术产业加快发展、实现产业结构优化升级的重要途径。鉴于风险投资业在我国刚刚起步的现实 ,强调地方政府介入风险投资意义重大。近期地方政府介入风险投资应在资本配置中发挥重要作用 ;从长远来讲 ,地方政府应致力于相关制度环境建设 ,这方面的内容包括政策引导、制度环境支持以及法律保障等 ,以此创造有利于风险投资业大发展的社会环境     

民族地区县级政府竞争：路径选择与制度安排

我国地方政府竞争的趋势将愈演愈烈,地方政府竞争带来了不同的竞争效应。文章对地方政府竞争模型的反思入手,分析了民族地区政府竞争的特征和存在问题的基础上,提出了民族地区提升政府竞争力的路径选择:以提升制度竞争力为先,推进市场、产品等要素建设;并对民族地区政府竞争提出相应的制度和政策安排。     

我国地方政府制度创新的路径选择

从分析我国地方政府制度创新的动因入手，着重从三个方面讨论了我国地方政府制度创新的路径，即地方政府应履行自己的产权职能，以制度创新促进产权的多元化，并通过产权保护，解决微观主体的动力激励问题；以制度化规范中央与地方的制度创新关系；退出市场职能领域，实现制度创新的范式转换。     

社会保险与家庭金融风险资产投资

社会保险是否影响家庭在金融风险资产中的投资决策呢?本文使用两期家庭最优决策模型得到的理论分析结果表明,社会保险不仅能够提高家庭在风险资产中的投资广度和深度,而且对于不确定性更大、风险承受更强家庭的影响更为显著.基于省级层面得到的宏观实证检验结果和基于2011年家庭金融调查数据得到家庭层面的微观实证检验结果都支持了上述理论结论.本文的发现对于协调社会保险发展和建立多层级金融市场具有很强的政策意义.     

Let's Call it Quits: Break‐Even Effects in the Decision to Stop Taking Risks

“Chasing” behavior, whereby individuals, driven by a desire to break even, continue a risky activity (RA) despite incurring large losses, is a commonly observed phenomenon. We examine whether the desire to break even plays a wider role in decisions to stop engaging in financially motivated RA in a naturalistic setting. We test hypotheses, motivated by this research question, using a large data set: 707,152 transactions of 5,379 individual financial market spread traders between September 2004 and April 2013. The results indicate strong effects of changes in wealth around the break‐even point on the decision to cease an RA. An important mediating factor was the individual's historical long‐term performance. Those with a more profitable trading history were less affected by a fall in cash balance below the break‐even point compared to those who had been less profitable. We observe that break‐even points play an important role in the decision of nonpathological risk takers to stop RAs. It is possible, therefore, that these nonpathological cognitive processes, when occurring in extrema, may result in pathological gambling behavior such as “chasing.” Our data set focuses on RAs in financial markets and, consequently, we discuss the implications for institutions and regulators in the effective management of risk taking in markets. We also suggest that there may be a need to consider carefully the nature and role of “break‐even points” associated with a broader range of nonfinancially‐focused risk‐taking activities, such as smoking and substance abuse.     

Stochastic Choice and Consistency in Decision Making Under Risk: An Experimental Study

This paper reports the results of an experiment designed to uncover the stochastic structure of individual preferences over lotteries. Unlike previous experiments, which have presented subjects with pair-wise choices between lotteries, our design allowed subjects to choose between two lotteries or (virtually) any convex combination of the two lotteries. We interpret the mixtures of lotteries chosen by subjects as a measure of the stochastic structure of choice. We test between two alternative interpretations of stochastic choice: the random utility interpretation and the deterministic preferences interpretation. The main findings of the experiment are that the typical subject prefers mixtures of lotteries rather than the extremes of a linear lottery choice set. The distribution of choices does not change between a first and second asking of the same question. We argue that this provides support for the deterministic preferences interpretation over the random utility interpretation of stochastic choice. As a subsidiary result, we find a small proportion of subjects make choices that violate transitivity, but the level of intransitive choice falls significantly over time.     

The Legal Regulation of Irrational Elements in the Operations of Boards of Directors

The operating processes of boards of directors are delicate and complex, so corporate legislation cannot simply equate board structure law with board governance law. It is therefore necessary to start from China’s actual conditions and grasp the operating processes of Chinese boards with a sober appreciation of the irrational elements in their operating mechanisms. Board governance has entered a new stage of institutionalization, and the law should shift from its emphasis on structure to give equal attention to structure and process in optimizing institutional structure. In the construction of board operating mechanisms, we should treat differently such “living laws” as customs, experiences and traditions, give full play to the functionality of boards’ strategic choices, and provide legal regulation of irrational elements, so as to distinguish between different roles, develop consensus, select strong points and improve efficiency. We should build control over board operational procedures, improve the system of functional allocation, correct assessment mechanisms, develop a mechanism for judicial scrutiny of the affective relationships in society and curb such behavioral tendencies as relational identity, structural bias and group polarization, with a view to controlling such “living laws” within the framework of the basic values and principles of board governance.     

The optimism trap: Migrants’ educational choices in stratified education systems

Immigrant children's ambitious educational choices have often been linked to their families' high level of optimism and motivation for upward mobility. However, previous research has mostly neglected alternative explanations such as information asymmetries or anticipated discrimination. Moreover, immigrant children's higher dropout rates at the higher secondary and university level suggest that low performing migrant students could have benefitted more from pursuing less ambitious tracks, especially in countries that offer viable vocational alternatives. We examine ethnic minority's educational choices using a sample of academically low performing, lower secondary school students in Germany's highly stratified education system. We find that their families' optimism diverts migrant students from viable vocational alternatives. Information asymmetries and anticipated discrimination do not explain their high educational ambitions. While our findings further support the immigrant optimism hypothesis, we discuss how its effect may have different implications depending on the education system.     

农业产业化:作为一种契约型组织的效率及其决定

通过契约来联结的经营组织是农业产业化的主要形式。从制度经济学的角度讲 ,农业产业化经营的效率源泉是“交易费用”的节约和“专业化”效应的扩散。作为一种契约型组织 ,契约的完备性和组织内部结构的变化是其效率的决定因素。从组织创新的角度讲 ,提高农业产业化运行效率的路径选择应是促进公司和农户增加专用性资产投资 ,“龙头”企业吸收农户入股或将股份合作制引入农业产业化经营之中 ,推进农业产业化经营组织的创新 ,建立良好的合作机制