中国A、H股市场分割的根源分析

按照投资者的身份不同,中国的股票市场可分为A、B、H股三个市场,三个市场处于严重的分割状态,其最显著的表现就是A、B或A、H股双重上市公司股票的价差现象。本文拟以A、H双重上市股票为例,深入分析价差产生的原因,揭示中国股票市场分割产生的根源。     

Patience moderates the class cleavage in demand for redistribution

Previous studies on class voting have yielded mixed results linking income and demand for redistribution. Why do some poor people oppose redistribution, while some rich people support it? This article argues that an individual's level of patience, an important personal characteristic that influences how people calculate immediate and distinct outcomes, may moderate the effect of class on redistributive preference. In a one-shot game, redistribution between the rich and the poor is zero sum. When people extend their time horizons, however, the poor see the possibility of upward mobility, while the rich emphasize future losses, such as unemployment and economic instability. Consistent with the hypotheses, analyses of the 2014 Cooperative Congressional Election Study and a representative Taiwanese dataset from 2016 reveal a clear class cleavage in demand for redistribution among impatient poor and rich respondents, but the cleavage between their patient counterparts diminished. This pattern of convergence extends previous studies on upward mobility and risk perception theory.     

降价表述方式与消费者感知的降价幅度和购买意愿

降价的表述方式通常有相对于原价的百分比降幅和绝对减让幅度两种.本研究分析了这两种降价表述方式对消费者感知的降价幅度和购买意愿的影响,结果表明:在不同的产品价格水平和降价幅度下,这两种降价表述方式对感知降价幅度的影响是不同的.此外,对低价格产品,消费者对价格信息关注的程度会影响他们感知两种降价表述方式下的降价幅度.     

A multiple-item budget-constraint newsboy problem with a reservation policy

In contrast to the classical newsboy-style problem, this paper develops a model for the multiple-item budget-constraint newsboy problem considering a reservation policy to meet marketing needs. A discount rate is provided to those customers who are willing to make a reservation. In addition to the demand from the original customers, extra demand is also included in the model due to the motivation of the discount rate. A solution algorithm, namely the MCR algorithm, is proposed to solve the problem. The proposed algorithm can actually be considered as a generalization of the classical newsboy-style problem. The MCR algorithm not only provides a business unit with the optimal order quantity, but also the discount rate necessary to achieve the maximal total expected profit under a limited budget. From the illustrated example, it is shown that the expected profit from the proposed model is greater than that from the classical model, due to the consideration of reservations, even though the budget constraint is tight. The increase in the expected profit could be treated as an information value from the willingness function. Although the proposed model is developed for multiple-item problems, it also can be applied to single-item ones. From the sensitivity analysis, the application of the single-item problem to the proposed model can still obtain greater expected profit than the classical model under different budgetary levels.     

Eliciting Risk and Time Preferences

We design experiments to jointly elicit risk and time preferences for the adult Danish population. Since subjects are generally risk averse, we find that joint elicitation provides estimates of discount rates that are significantly lower than those found in previous studies and more in line with what would be considered as a priori reasonable rates. The statistical specification relies on a theoretical framework that involves a latent trade‐off between long‐run optimization and short‐run temptation. Estimation of this specification is undertaken using structural, maximum likelihood methods. Our main results based on exponential discounting are robust to alternative specifications such as hyperbolic discounting. These results have direct implications for attempts to elicit time preferences, as well as debates over the appropriate domain of the utility function when characterizing risk aversion and time consistency.     

How car dealers adjust prices to reach the product efficiency frontier in the Spanish automobile market

This paper investigates the relationship between the dynamics of price discounts at the dealership level and product efficiency in the Spanish auto market. Using data envelopment analysis (DEA), product efficiency scores are estimated for 2092 different vehicles commercialized during 2010, using an innovative database that accounts for more than 75 technical attributes of each model. By alternating official and discounted prices on the DEA specification, we are able to propose a measure of competitive improvement in the retailing stage. We also introduce a decomposition of this measure into two indices that account for the “commercial effort” made by the dealer and the “intensification of competition” that results from the discounting efforts of the other dealers. Finally, we explore the importance of a number of drivers of dealer discounts. As expected, the results confirm the existence of an inverse relationship between product efficiency and dealer discount. Also as expected, discounts are significantly larger for generalist brands, aged models and gasoline engines.     

A note on uncertainty and discounting in models of economic growth

The implications of uncertainty for appropriate discounting in models of economic growth have been studied at some length, notably, (Review of Economic Studies, 36:153–163; 1969) and (Journal of Public Economics, 85:149–166; 2002). A detailed account has now appeared in Journal of Risk and Uncertainty, 37:141–169; 2008, sections 4 and 5 (pp. 160–166). One interesting, if perhaps minor, aspect is that under certain circumstances, there appeared to be no solution or at least no satisfactory one. More importantly, the formulas are usually given for the log normal case and are somewhat complicated and hard to interpret intuitively. I show here that assuming a general distribution for returns to capital gives simpler and more understandable results.      

价格促销的折扣量影响品牌资产的实证研究

品牌资产是企业最宝贵的无形资产，其来源是企业的营销组合策略。价格促销对品牌资产有着重要的影响作用。本文以实证研究的方法，从感知质量、购买意向和品牌忠诚三个维度研究了价格促销的折扣量对品牌资产的影响。研究结果发现：深度折扣的价格促销对消费者的感知质量和品牌忠诚有负面的影响，但对提高购买意向有一定的积极作用。同时，深度折扣的价格促销使得消费者对品牌资产的评价明显降低。最后，进一步讨论了研究结论和今后研究的方向。     

伦敦概念店(Idea Store)对城市公共图书馆可持续发展的启示

通过对伦敦概念店进行研究,探寻其发展的可鉴之处,并结合当前公共图书馆的发展现状,为未来城市公共图书馆的可持续发展给予一些启示。     

供应链中捆绑式数量折扣合约探讨

在由一个供应商和一个销售商构成的供应链系统中,构建了两种产品的捆绑式数量折扣合约数学模型,探讨了产品在市场需求为独立均匀分布和正态分布情况下销售商订货策略的解析解,并通过数值模拟验证了模型的正确性。