Discussion on the Formation and Trading Mechanism of Art Market Capital Price

Under the market economy system,art is a new investment channel.With the improvement of people's living standards,it has a new understanding of art investment.Based on this,this paper takes the price of art as the research object,and elaborates the price formation and transaction of the art capital market from the aspects of the intrinsic elements of art,the investment of art,the supply and demand of art market,people's boastful consumption and social education.The constraints imposed by the mechanism.

Multi-Blockchain Based Data Trading Markets With Novel Pricing Mechanisms

In the era of big data,there is an urgent need to establish data trading markets for effectively releasing the tremendous value of the drastically explosive data.Data security and data pricing,however,are still widely regarded as major challenges in this respect,which motivate this research on the novel multi-blockchain based framework for data trading markets and their associated pricing mechanisms.In this context,data recording and trading are conducted separately within two separate blockchains:the data blockchain(DChain) and the value blockchain(VChain).This enables the establishment of two-layer data trading markets to manage initial data trading in the primary market and subsequent data resales in the secondary market.Moreover,pricing mechanisms are then proposed to protect these markets against strategic trading behaviors and balance the payoffs of both suppliers and users.Specifically,in regular data trading on VChain-S2D,two auction models are employed according to the demand scale,for dealing with users’ strategic bidding.The incentive-compatible Vickrey-Clarke-Groves(VCG)model is deployed to the low-demand trading scenario,while the nearly incentive-compatible monopolistic price(MP) model is utilized for the high-demand trading scenario.With temporary data trading on VChain-D2S,a reverse auction mechanism namely two-stage obscure selection(TSOS) is designed to regulate both suppliers’ quoting and users’ valuation strategies.Furthermore,experiments are carried out to demonstrate the strength of this research in enhancing data security and trading efficiency.

Pricing Mechanism in Power Market Construction

The reform on electricity pricing mechanism is a critical problem in power market construction in China, and is in mutual supplementation and promotion with the latter. In particular, the pricing mechanism for electricity fed into network and that for electricity transmission and distribution as well as the relationship between coal and electricity prices, etc. have to be studied in depth. This paper presents several solutions and suggestions to these problems.

Study on the roles and acting mechanism of the real estate brokerage in China second-hand housing market

As China housing reform deepens, the second-hand housing transactions become more and more popular and real estate brokerages, as an intermediary of the transactions, become an undeniable important part of this market. This article mainly explores the roles and the acting mechanism of real estate brokerages in the second-hand housing market. The results show that the participation of real estate brokers in the second-hand housing market may have positive and negative influences. On one side, brokers ease the housing transaction process and benefits buyers and sellers by shortening the sale time on the market. On the other side, if brokers are the only participants in the housing transaction, acting as buyer and seller like some firms do, housing prices will increase and this negative effect will become even stronger as the participation of many more brokers increases. Therefore, the regulation and management of the industry is vital for the long and healthy development of the housing market in China.

Comparative Analysis of the Effects of False Low-Price Marketing Strategy on Multiple Platforms

In order to make full use of the characteristics of commodity prices,merchants on e-commerce platforms have adopted the low-price marketing strategy.Regular promotional discounts can bring new vitality to the commodity sales market,but extreme discount marketing methods would lead to serious impacts on the sales of competing products,thus affecting the stable development of the online shopping market.The sales data of four electrical products using the false low-price marketing strategy on three e-commerce platforms(Taobao,JD,and Amazon)were used in this study.The sales data from different e-commerce platforms and different time periods were analyzed,and one-way ANOVA was used on the factors affecting the effect of marketing strategy.The results showed that there is a significant difference between the direct marketing of high-priced products and low-priced products on Taobao;the difference between the marketing effects of high-priced products and mid-priced products on JD and Amazon is significant.This analysis would help businesses formulate reasonable marketing strategies and promote the stable development of the online shopping market.

Price leadership strategy or branding strategy:an empirical test of indigenous Chinese exporters

The effects of price leadership strategies and branding strategies on the export performance of indigenous Chinese exporters with a focus on developing country markets and developed country markets are examined based on the principles of strategy-environment co-alignment and marketing segmentation theory. Findings suggest that when focusing on developing country markets, the use of a branding strategy is more likely to enhance export performance. When focusing on developed country markets, neither the use of a price leadership strategy nor the use of a branding strategy enhances export performance. Finally, theoretical and managerial implications of the findings are discussed.

Bidding Strategy in Deregulated Power Market Using Differential Evolution Algorithm

The primary objective of this research article is to introduce Differential Evolution (DE) algorithm for solving bidding strategy in deregulated power market. Suppliers (GENCOs) and consumers (DISCOs) participate in the bidding process in order to maximize the profit of suppliers and benefits of the consumers. Each supplier bids strategically by choosing the bidding coefficients to counter the competitors bidding strategy. Electricity or electric power is traded through bidding in the power exchange. GENCOs sell energy to power exchange and in turn ancillary services to Independent System Operator (ISO). In this paper, Differential Evolution algorithm is proposed for solving bidding strategy problem in operation of power system under deregulated environment. An IEEE 30 bus system with six generators and two large consumers is employed to demonstrate the proposed technique. The results show the adaptability of the proposed method compared with Particle Swarm Optimization (PSO), Genetic Algorithm (GA) and Monte Carlo simulation in terms of Market Clearing Price (MCP).

Enhancing customers prevention efforts:An incentive feedback mechanism design

To improve the inefficient prevention caused by customers unwillingness to adopt prevention strategies in health management,an incentive feedback mechanism that is based on game theory and contract design theory is introduced.The conditions for making customers and health maintenance organizations(HMOs)willing to participate in the proposed mechanism are given.A dual nonlinear programming model is used to identify the optimal prevention effort of customers and the pricing strategy of HMOs.Results show that to generate increased benefits,HMOs need to consider cost sharing when customers are not familiar with the proposed health services.When health services are gradually accepted,the cost sharing factor can be gradually reduced.Simulation shows that under random circumstances in which the market reaches a certain size,the proposed method exhibits a positive network externality.Motivated by network externality,HMOs only need to make their customers understand that the larger the number of participants,the greater the utility of each person.Such customers may then spontaneously invite others to purchase insurance.

The U.S. Men＇s Shaving Cream Market： A Competitive Profile

Porter identifies high market share with cost leadership strategy which is based on the idea of competing on a price lower than that of the competition. However, in most consumer markets a business should serve the middle class by competing in the mid-price segment, offering quality better than that of the competition at a somewhat higher price. It is this path that can lead to market share leadership： a strategy that can be both profitable and sustainable. The U.S. men＇s shaving cream market consists of two major product-market segments： gel and foam. We test the hypothesis that the best-selling brand is very likely to be a member of the mid-price segment with a price tag that is higher than that of the nearest competition. This study is based on annual U.S. sales data for 2008 and 2007 from discount retail stores, food stores, and drug stores. We performed two separate analyses for 2008 and 2007, using cluster analysis as the main analytic tool. The results were remarkably consistent between the two years. In the gel segment--by far the most important--the price-quality segmentation analysis supported our hypothesis. An interesting finding is that, for both the gel and foam segments, we found the rank order correlation of brand unit price between 2007 and 2008 as highly significant. This means that in this market management considers the price of a brand as a strategic rather than a tactical variable. Although, technically the results for the foam segment were negative, this does not necessarily contradict our hypothesis. Finally, we discovered six strategic groups in the industry and have tried to articulate what their competitive strategy is.

UNIFORM-PRICE AUCTION FOR BANDWIDTH ALLOCATION IN THE INTERNET

It has been widely accepted that auctioning which is the pricing approach with minimal information requirement is a proper tool to manage scare network resources. Previous works focus on Vickrey auction which is incentive compatible in classic auction theory. In the beginning of this letter, the faults of the most representative auction-based mechanisms are discussed. And then a new method called Uniform-Price Auction (UPA), which has the simplest auction rule is proposed and its incentive compatibility in the network environment is also proved. Finally, the basic mode is extended to support applications which require minimum bandwidth guarantees for a given time period by introducing derivative market, and a market mechanism for network resource allocation which is predictable, riskless, and simple for end-users is completed.

Price Discrimination in the Steel Industry:Evidence from Egypt

This paper studies and enlightens mainly price discrimination;which is simply selling products for differentiated prices.First,a literature framework is detailed with all the theories and types of price discrimination throughout the years.It is a strategy that is used worldwide by so many companies and firms,but this paper studies specifically the activity of the major player in the Egyptian steel industry;Ezz steel.The research resulted in;that there is no price discrimination,activities are implied in the industry currently by the companies due to the interference of the government.However,before that,the company applied some strategies that are illustrated in the paper in detail.

基于经济学视角的数据要素定价研究

随着数字化时代的到来,数据作为一种重要的生产要素正在引起越来越多经济学家的关注。数据要素定价作为一个关键议题,涉及数据的价值评估、交易和分配等方面的研究。首先,结合经济学的视角,阐释数据要素的非竞争性、非排他性、外部性、经济增值性、网络效应以及要素的价格决定理论。其次,对比定量评估、综合市场与非常因素评估,并讨论定价协商、拍卖、订阅与授权等市场机制。再次,基于供需分析、边际分析、效用分析、市场结构阐述经济学理论在数据要素定价中的应用。最后,讨论在经济学视角下数据要素定价面临的挑战,并提出优化数据市场的机制设计、考虑非经济因素的影响、重视数据隐私与知识产权保护、结合新兴技术的应用以及积极开展跨学科研究,以期为我国数据要素及其流通理论体系的建立、数据要素市场体系的建立和发展提供理论支撑。

美国加州车网互动政策、标准与市场机制最新进展及其启示

电动汽车与电网互动(简称“车网互动”)可以释放电动汽车作为灵活性资源的潜力,能够有效提升电网调峰能力、促进高比例可再生能源消纳、提升电动汽车用户经济收益,日益受到各方重视。美国加利福尼亚州(简称“加州”)近些年在推动电动汽车与电网互动发展方面做了大量工作,取得了重要进展。首先,文中介绍了加州在电动汽车与电网互动配套政策法规方面的最新动向;之后,从技术标准、市场机制两方面介绍了加州在电动汽车与电网互动相关基础工作方面的最新进展;最后,结合中国电动汽车与电网互动发展实际提出了有关建议。

多市场接触、相互克制战略与企业绩效——基于企业内部机制视角的研究

以往文献对于企业多市场接触进行了深入而广泛的研究,大多数局限于企业外部视角,很少关注企业内部实施机制对其多市场战略的影响。本文主要考察企业内多市场协同与激励机制对企业相互克制战略实施的影响。我们构建了关于多市场接触、相互克制战略、内部协同机制、多市场激励机制等构念的量表,进行了结构方程分析。结果表明:企业间多市场接触促进了相互克制战略的实施,进而会对企业绩效产生积极影响;企业的内部多市场激励机制对多市场战略与企业绩效间关系具有显著的正向调节作用,但是多市场协同机制的调节效果并不显著。本文认为,合理地安排企业内部协同与激励机制,将对企业实施有效的相互克制战略提供重要支持,进而会对企业绩效有较大的提升作用。

市场情绪与基金投资策略:迎合还是修正?

基金投资策略选择是学术界、监管者和市场参与者共同关注的焦点.本文根据行为资产定价理论将基金投资策略量化为组合收益的市场情绪敏感度,首次在微观层面对其按照市场状态分类界定为迎合情绪策略与修正情绪策略,通过理论模型和实证检验探究基金的投资策略选择对其流量、风险和经理努力程度产生的系统影响,从行为委托代理视角剖析基金业绩的影响机制.研究发现:基金采取迎合策略时,对投资者特别是个体投资者更有吸引力,但会对投资者利益造成隐性侵害,表现为基金未来的风险增大、收益降低,且基金经理在无需付出更多努力的情况下可获得更高报酬.进一步分析表明,基金经理为取悦投资者的消极放任行为是其业绩表现不佳的重要原因;基金采取修正策略时,产生的系列影响则完全相反.本研究为中小投资者的投资实践、基金治理与监管,及解释基金市场异象提供了新的思路与启示.

Pricing Decision Support System for Generation Companies in Electricity Market

In order to meet the requirement of separating power plants from power network and that of the competition based power transaction in power market, the pricing decision support system for generation companies (GCPDSS) is built in electricity market. This paper introduces the conception of intelligent decision support system (IDSS) and puts emphasis on the systematical structural framework, work process, design principal, and fundamental function of GCPDSS. The system has the module to analyze the cost, to forecast the demand of power, to construct the pricing strategies, to manage the pricing risk, and to dispatch giving the pricing strategies. The case study illustrates that the friendly window-based user interface of the system enables the user to take full advantage of the capabilities of the system in order to make effective real-time decisions.

发电商合作博弈策略下跨区输电电价优化方法

由于负荷中心与可再生资源在地理位置上分布的不均匀,更大范围的资源合理配置需要跨区输电,而随着电力市场的深化发展,参与跨区电力市场出清的发电商将可能出现通过合作博弈策略行使市场力以争取自身利益最大的行为,此举可能导致跨区输电通道利用率降低,进而影响线路准许收入的稳定回收。为应对上述问题,提出了一种电力市场环境下考虑参与跨区出清的区外发电商合作博弈策略的跨区输电电价三层优化模型,上层为以准许收入稳定回收为目标的输电电价优化模型,中层为由区外发电商组成的跨区出清利益联盟的以联盟收益最大为目标的报量决策模型,下层为计及区外发电商参与的区内电力市场出清模型。为求解所提三层模型,采用了一种改进列和约束生成算法(C&CG)算法,将模型分解为主、子问题迭代求解,其中对于作为双层模型的主、子问题采用卡罗需-库恩-塔克条件(KKT)和大M法转化为等效单层模型后进行求解,而主、子问题模型中的双线性项则采用强对偶定理及变量离散参数化的方法进行线性转化以便于求解。最后通过PJM-5节点系统验证了所提三层优化模型能较好地体现区外发电商因合作博弈策略组成的跨区出清利益联盟的策略性决策和市场力行为,令输电电价的制定能在考虑区外发电商合作博弈策略影响下,实现线路准许收入的稳定回收。

有效市场、有为政府与深化能源体制革命

能源体制革命是能源安全新战略的组成部分。本文从市场建设、价格改革、管理优化、法治完善等方面,梳理了2014年“四个革命、一个合作”能源安全新战略,此战略提出后我国深入推进能源体制改革,本文分析了新形势下深化能源体制改革面临的新要求,对进一步深化能源体制改革进行了探论和建议。

EXISTENCE OF STOCHASTIC EQUILIBRIUM WITH INCOMPLETE FINANCIAL MARKETS

This paper analyzes the aritrage free security markets and the general equilibrium existence problem for a stochastic economy with incomplete financial markets. Information structure is given by an event tree. This paper restricts attention to purely financial securities. It is assume that trading takes place in the sequence of spot markets and futures markets for securities payable in units of account. Unlimited short selling in securities is allowed. Financial markets may be incomplete: some consumption streams may be impossible to obtain by any trading strategy. Securities may be individually precluded from trade at arbitrary states and dates. The security price process is arbitrage free the dividend process if and only if there exists a stochstic state price (present value) process: the present value of the security prices at every vertex is the present value of their dividend and capital values over the set of immediate successors; the current value of each security at every vertex is the present value of its future dividend stream over all succeeding vertices. The existence of such an equilibrium is proved under the following condition: continuous, weakly convex, strictly monotone and complete preferences, strictly positive endowments and dividends processes.

产业政策对企业股价崩盘风险的影响及其作用机制

为进一步厘清宏观政策影响微观企业行为的作用机制,以2007—2021年我国A股上市公司为研究样本,采用固定效应模型分析产业政策对企业股价崩盘风险影响及其作用机制。结果表明,产业政策的鼓励显著降低了企业股价崩盘风险,且政策效应在非高科技行业、信息透明度低和机构投资者持股比例低的样本中更为显著。政府补助和信贷支持增加了股价崩盘风险,而税收优惠的影响不显著。产业政策对企业股价崩盘风险的影响主要通过企业投资效率和市场竞争这两个中介因素来实施,一方面,产业政策会降低企业投资效率,企业低效投资导致股价崩盘风险增高;另一方面,产业政策通过促进市场竞争降低企业股价崩盘风险。建议通过产业政策建立一个有效的产业政策资源减少和退出机制,引导企业合理、适度投资,营造有效竞争、良性竞争的市场环境,平衡政府补助、信贷支持与税收优惠等不同工具的使用,有效发挥公司信息透明度、高科技行业,以及机构投资者持股比例对产业政策实施效果的影响,以增强我国资本市场的内在稳定性,降低企业股价崩盘风险。