针对需求对价格和交货时间的敏感性,价格与交货时间呈线性关系,构建了寡头市场下按单生产(make to order(MTO))企业的产品最优交货时间的决策模型,关注产品之间的替代性以及面临的不同市场竞争环境,使模型更贴近现实情况.首先对模型的...针对需求对价格和交货时间的敏感性,价格与交货时间呈线性关系,构建了寡头市场下按单生产(make to order(MTO))企业的产品最优交货时间的决策模型,关注产品之间的替代性以及面临的不同市场竞争环境,使模型更贴近现实情况.首先对模型的最优性进行分析,其次通过数值算例,探讨了顾客偏好系数和替代率对最优决策的影响,以及寡头企业在竞争与合作机制下的最优选择.结果表明顾客的不同偏好将带来不同的决策结果,企业应根据顾客类型进行市场细分并采取不同的决策;在两企业之间存在替代性的情况下,缺乏合作的动机,竞争普遍存在.但如果两企业想保持稳定的交货时间和价格,应采用合作机制.相关结论可以为企业科学进行市场竞争提供有益的指导.展开更多
Based on a time-varying parameter structural vector autoregression with stochastic volatility(TVP-SVAR-SV)model,the time-varying effects and country differences of economic policy uncertainty(EPU)on gold prices from A...Based on a time-varying parameter structural vector autoregression with stochastic volatility(TVP-SVAR-SV)model,the time-varying effects and country differences of economic policy uncertainty(EPU)on gold prices from August 2006 to December 2017 were examined.The results show that the effects of global economic policy uncertainty(GEPU)shock on gold prices change over time.The changes were positive during 2006-2008 and 2013-2017,while the impacts were negative during 2009-2012,implying that the efficiency of gold as a safe haven is not stable and depends on economic conditions.There are significant country differences regarding the impact of EPU on the price of gold,particularly during the international financial crisis,European debt crisis and Trump election.During the international financial crisis,EPU exerts a positive impact on gold prices in most countries.During the European debt crisis,the impact of EPU on gold prices is mainly negative in the examined countries.While during the Trump election,the impact displays positive and negative alternating in most countries.展开更多
In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. I...In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. It is found that, the non-trivial Hurst exponent and the fat-tailed distribution of transaction prices can be observed at any ratio of the noise traders. Analyses on the price variation properties, including the Hurst exponent and the price variation region, show that these properties are stable when the ratio is moderate. However, the non-price variation properties, including the trading volume and the profitability of the two kinds of agents, do not keep stable untrivially in any interval of the ratio of noise traders.展开更多
The vertical price transmission is generally considered as the relationship between two markets of the same production chain However, we can expand this concept to another relation which has not been deeply investiga...The vertical price transmission is generally considered as the relationship between two markets of the same production chain However, we can expand this concept to another relation which has not been deeply investigated： the joint products. They are the products which are produced in a single production process, but not correspond to the same chain. An especial case is the beef and milk markets in Costa Rica. Even if these products usually correspond to disconnect chains, in Costa Rica farms make use of cattle to produce both meat and milk. The cointegration framework is applied in order to indentify the price transmission among these markets. In addition, the asymmetric behavior and structural breaks are taken into account. Price transmission between each market pair was found. First, the cattle prices adjust in the milk-cattle relationship, second, beef meat prices adjust in the cattle-beef meat and in the milk - beef meat relationship. Finally, the equations allowing for structural breaks affect the estimates in the following three ways： after the break the elasticities became higher than 1, there is more evidence of cointegration, and the adjustment coefficients are significant only when a change in the long run is allowed.展开更多
文摘针对需求对价格和交货时间的敏感性,价格与交货时间呈线性关系,构建了寡头市场下按单生产(make to order(MTO))企业的产品最优交货时间的决策模型,关注产品之间的替代性以及面临的不同市场竞争环境,使模型更贴近现实情况.首先对模型的最优性进行分析,其次通过数值算例,探讨了顾客偏好系数和替代率对最优决策的影响,以及寡头企业在竞争与合作机制下的最优选择.结果表明顾客的不同偏好将带来不同的决策结果,企业应根据顾客类型进行市场细分并采取不同的决策;在两企业之间存在替代性的情况下,缺乏合作的动机,竞争普遍存在.但如果两企业想保持稳定的交货时间和价格,应采用合作机制.相关结论可以为企业科学进行市场竞争提供有益的指导.
基金Projects(71633006,71874210,71874207,71573282) supported by the National Natural Science Foundation of China
文摘Based on a time-varying parameter structural vector autoregression with stochastic volatility(TVP-SVAR-SV)model,the time-varying effects and country differences of economic policy uncertainty(EPU)on gold prices from August 2006 to December 2017 were examined.The results show that the effects of global economic policy uncertainty(GEPU)shock on gold prices change over time.The changes were positive during 2006-2008 and 2013-2017,while the impacts were negative during 2009-2012,implying that the efficiency of gold as a safe haven is not stable and depends on economic conditions.There are significant country differences regarding the impact of EPU on the price of gold,particularly during the international financial crisis,European debt crisis and Trump election.During the international financial crisis,EPU exerts a positive impact on gold prices in most countries.During the European debt crisis,the impact of EPU on gold prices is mainly negative in the examined countries.While during the Trump election,the impact displays positive and negative alternating in most countries.
基金Supported by National Natural Science Foundation of China under Grant Nos.60973152 and 60573172Doctoral Program Foundation of Institution of Higher Education of China under Crant No.20070141014Natural Science Foundation of Liaoning Province of China under Grant No.20082165
文摘In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. It is found that, the non-trivial Hurst exponent and the fat-tailed distribution of transaction prices can be observed at any ratio of the noise traders. Analyses on the price variation properties, including the Hurst exponent and the price variation region, show that these properties are stable when the ratio is moderate. However, the non-price variation properties, including the trading volume and the profitability of the two kinds of agents, do not keep stable untrivially in any interval of the ratio of noise traders.
文摘The vertical price transmission is generally considered as the relationship between two markets of the same production chain However, we can expand this concept to another relation which has not been deeply investigated： the joint products. They are the products which are produced in a single production process, but not correspond to the same chain. An especial case is the beef and milk markets in Costa Rica. Even if these products usually correspond to disconnect chains, in Costa Rica farms make use of cattle to produce both meat and milk. The cointegration framework is applied in order to indentify the price transmission among these markets. In addition, the asymmetric behavior and structural breaks are taken into account. Price transmission between each market pair was found. First, the cattle prices adjust in the milk-cattle relationship, second, beef meat prices adjust in the cattle-beef meat and in the milk - beef meat relationship. Finally, the equations allowing for structural breaks affect the estimates in the following three ways： after the break the elasticities became higher than 1, there is more evidence of cointegration, and the adjustment coefficients are significant only when a change in the long run is allowed.
