The Equilibrium Allocation of Diffusive and Jump Risks with Heterogeneous Agents
equilibrium position 化学
equilibrium position 化学英文版Equilibrium position in chemistry refers to the state in which the rates of the forward and reverse reactions are equal, resulting in no net change in the concentrations of the reactants and products. This dynamic state is represented by the equilibrium constant, K, which is the ratio of the concentrations of products to reactants at equilibrium.At equilibrium, the system is stable and there is a balance between the forward and reverse reactions. This means that the concentrations of reactants and products remain constant over time, even though the reactions are still occurring. The position of equilibrium can be influenced by factors such as temperature, pressure, and concentration.Le Chatelier's Principle can be used to predict how changes in these factors will affect the equilibrium position. For example, if the concentration of a reactant is increased, the system will shift to the right to consume the excess reactant and establish a new equilibrium position. Similarly, if the temperature is increased, the system will shift in the direction that absorbs heat to counteract the change.Understanding equilibrium position is crucial in the field of chemistry as it allows scientists to predict the behavior of chemical reactions under different conditions. By manipulating the factors that influence equilibrium, researchers can optimize reaction conditions to maximize product yield or minimize unwanted byproducts.Overall, equilibrium position plays a vital role in chemical reactions and is essential for achieving desired outcomes in various chemical processes.中文翻译在化学中，平衡位置指的是前进和反应速率相等，导致反应物和生成物的浓度没有净变化的状态。
机械工程学专业词汇英语翻译（D）1
d layer d 层 d'alembert lagrange equation 达朗贝尔拉格朗⽇⽅程 d'alembert's operator 达朗贝尔算符 d'alembert's paradox 达朗贝尔悖论 d'alembert's principle 达朗贝尔原理 dalton law 道尔顿定律 dam 堤 dam break 溃坝 dam crest 坝顶 dam with lifting gates 具有提升式闸门的坝 damage curve 损坏曲线 damage line 损坏曲线 damage mechanics 损伤⼒学 damage of composite materials 复合材料损伤 damage of rock 岩⽯损伤 damped 阻尼的 damped frequency 阻尼频率 damped oscillation 阻尼振荡 damped periodic instrument 阻尼周期仪表 damped system 阻尼系统 damped vibration 阻尼振动 damped wave 阻尼波 damper 阻尼器 damping 阻尼 damping capacity 阻尼能量 damping coefficient 衰减系数 damping constant 阻尼常数 damping decrement 衰减率 damping exponent 阻尼指数 damping force 阻尼⼒ damping function 阻尼函数 damping matrix 阻尼矩阵 damping parameter 阻尼参数 damping period 阻尼时间 damping ratio 阻尼率 damping resistance 衰减阻⼒ dangerous cross section 危险断⾯ dangerous diagram 危险线图 dangerous surface 危险⾯ dap 切⼝ darcy equation 达谓程 darcy friction factor 达桅擦因数 darcy impact pressure tube 达喂⼒管 darcy law 达谓程 darcy law for porous flow 达硒哩律 darcy's law 达唯律 dashed curve 短划线 dashed line 短划线 datum level 基准平⾯ datum line 基准线 datum plane 基准平⾯ datum point 基准点 davis gibson color filter 船斯吉布森滤⾊器 de/dx counter de/dx 计数器 dead angle 死⾓ dead load ⾃重 dead point 死点 dead water 死⽔ dead weight ⾃重 deaeration 除⽓ deborah number 狄勃拉数 debris 碎⽚ debris flow 泥⽯流岩屑流 debye force 德拜⼒ debye temperature 德拜温度 decalage 翼差⾓ decalescence 吸热 decametric wave ⼗⽶波 decay 衰减 decay curve 衰减曲线 decay law 衰减定律 decay rate 衰减率 decay time 衰减时间 decaying turbulence 衰变湍流 decelerated motion 减速运动 deceleration 减速度 deceleration energy 减速能 deceleration force 减速⼒ decelerometer 减速计 deci 分 decibel 分贝 deck bridge 上承式桥 deck girder 上承式⼤梁 deck structure 甲板结构 declination angle 偏⾓ declination tide ⾚纬潮 decomposition 分解 decomposition pressure 分解压⼒ decompressor 减压器 decoupling 退耦 decrease 减少 decrement 衰减 decrescence 减⼩ deep 深⽔区 deep beam 深梁 deep current 深层流 deep drawing 深拉 deep water circulation 深⽔环流 deep water wave 深⽔波 defect 缺陷 defectoscope 探伤仪 deficiency 筐 deficit 筐 deflagration 爆燃 deflagration pressure 爆燃压⼒ deflagration speed 爆燃速率 deflagration wave 爆燃波 deflation 风蚀 deflecting force 偏转⼒ deflecting torque 致偏转矩 deflection 挠度 deflection angle 挠⾓ deflection constant 偏转常数 deflection curve 挠度曲线 deflection efficiency 致偏效率 deflection function 偏转函数 deflection of plate 板的挠度 deflection of the needle 指针偏转 deflection sensitivity 偏转灵敏度 deflection superposition 挠曲叠加 deflection surface 挠曲⾯ deflectometer 挠度计 deflector 偏转器 deformability 变形性 deformable medium 可形变介质 deformable surface 可弯曲⾯ deformation 形变 deformation band 变形范围 deformation deviator 形变偏量 deformation effect 形变效应 deformation energy 变形能 deformation energy density 形变能量密度 deformation equation 变形⽅程 deformation gradient 变形梯度 deformation hypothesis 形变假说 deformation loss 形变损耗 deformation matrix 形变矩阵 deformation measure 应变量度 deformation method 变形法 deformation of convective type 对镣形变 deformation of media 介质变形 deformation parameter 形变参数 deformation period 形变周期 deformation potential 形变势 deformation rate 应变率 deformation rate tensor 变形速率张量 deformation relaxation 应变弛豫 deformation resistance 抗变形性 deformation tensor 形变张量 deformation tensor invariant 形变张量不变量 deformation test 变形试验 deformation texture 形变织构 deformation vector 形变⽮量 deformation velocity 变形速度 deformation vibration 形变振动 deformation work 形变功 deformational behavior 变形⾏为 deformed bar 变形钢筋 deforming force 变形⼒ degassing by cavitation 依⽳去⽓ degeneration 退化 degradation of energy 能量衰减 degree fahrenheit 华⽒温度 degree kelvin 开⽒温度 degree of accuracy 准确度 degree of consolidation 固结度 degree of deformation 形变率 degree of dispersion 分散度 degree of dryness ⼲度 degree of filling 填充度 degree of fluidity 怜度 degree of freedom ⾃由度 degree of freedom of robot 机扑⾃由度 degree of hardness 硬度 degree of humidity 湿度 degree of instability 不稳定度 degree of overlap 重叠度 degree of permeability 渗透度 degree of reliability 可靠程度 degree of saturation 饱和度 degree of sensitiveness 敏感度 degree of sensitivity 敏感度 degree of shear 剪变度 degree of stability 稳定度 degree of statical indeterminancy 静不定度 degree of symmetry 对称度 degree of turbulence 湍寥 degree of vacuum 真空度 degree of wear 磨损度 dehumidification 减湿 delay 滞后 delay time 延迟时间 delayed coincidence 延迟符合 delayed deformation 延迟形变 delayed elasticity 延迟弹性 delayed fracture 滞后断裂 delayed precipitation 延迟沉淀 delayed restoration of equilibrium 平衡延迟恢复 delivery nozzle 输送管嘴 delivery pipe 压送管 delivery side 出⼝侧 delivery valve 压出阀 delta function 函数 delta wing 三⾓形机翼 demolition 拆除 demolition blasting 拆除爆破 denavit hartenberg coordinate system 迪纳维特哈坦伯格坐标系 dense fluid 稠密铃 dense fluid physical mechanics 稠密铃物理⼒学 dense plasma 稠密等离⼦体 densimeter 密度计 densimetry 密度测量 density ⽐质量 density after vibration 振后密度 density current 密度流 density function 密度函数 density gage 密度计 density measurement 密度测定 density modulation 密度灯 density of gas ⽓体密度 density of mass 质量密度 density spectrum 密度谱 density temperature coefficient 密度温度系数 density wave 密度波 dependence 相依性 dependent similarity criterion 相依相似准则 dependent stochastic variable 相依随机变量 depletion curve 退⽔曲线 depolymerization 解聚酌 deposit 沉积物 depression angle 俯⾓ depression contour 等降压线 depressurization 降压 depth of hardening 硬化深度 depth of indentation 压痕深度 depth of smoothness 平滑深度 depth wave 深⽔波 derailment 脱轨 derivability 可导出性 derivation 推导 derivative action 导数酌 derivative action control 微商控制 derivative action time 微商酌时间 derived unit 导出单位 descent 下降 descent speed 下降速度 design 设计 design data 设计数据 design load 设计荷载 design of experiments 实验规划法 design power 设计功率 design speed 设计速度 design stress 设计应⼒ design variable 设计变量 design wave 设计波浪 design wave method 设计波法 desired value 期待值 destrengthening 软化 destruction 破坏 destruction test 破坏试验 destruction work 破坏⼯作 detached body 分离体 detached bow wave 脱体头波 detached shock wave 脱体激波 detailed balance 细致平衡 detectability 检测能⼒ detectable 可检测的 detector 检验器 determinant ⾏列式 determinantal wave function ⾏列式波函数 determination of orbit 轨道测定 detonating gas 爆炸性⽓体 detonation 爆震 detonation adiabatic line 爆轰绝热曲线 detonation limits 爆轰极限 detonation pressure 爆震压⼒ detonation velocity 爆轰速度 detonation wave 爆轰波 development 展开 deversoir 溢吝 deviation 偏差 deviation of the vertical 铅垂线偏斜 deviator 偏量 deviatoric stress 偏应⼒ deviatoric stress tensor 偏应⼒张量 dextrorotation 右旋 dextrorotatory form 右旋型 diabatic flow ⾮绝热怜 diagonal 斜杆 diagonal brace 斜撑 diagonal element 对⾓元 diagonal matrix 对⾓矩阵 diagonal sum rule 对⾓和规则 diagram of equilibrium 平衡图 diagram of forces ⼒系的图解 diagram of state 状态图 diagram of stresses 应⼒图 diagram of velocities 速度图 dialysis 渗析 diameter 直径 diaphragm 振动膜 diaphragm pressure gage 薄膜压⼒计 diaphragm pump 隔膜泵 diaphragm valve 隔膜阀 diathermancy 透热性 diathermic 透热的 diatomic gas 双原⼦⽓体 dielectric strain 电介质应变 difference differential equation 差分微分⽅程 difference equation 差分⽅程 difference in pressure 压⼒差 difference method 差分法 difference of level 落差 difference quotient 差分商 difference schema method 差分格式法 differential approximation 微分逼近 differential constraint 微分约束 differential cross section 微分横截⾯ differential equation of d'alembert lagrange 达朗贝尔拉格朗⽇微分⽅程 differential gage 压差计 differential manometer 差压计 differential operator 微分算符 differential pressure 压差 differential pressure gage 压差计 difform 奇形的 diffracted wave 衍射波 diffraction 衍射 diffraction angle 衍射⾓ diffraction curve 衍射曲线 diffraction fringe 衍射条纹 diffraction loss 衍射损失 diffraction maximum 衍射峰 diffraction of water wave ⽔波衍射 diffraction oscillation 衍射振荡 diffraction peak 衍射峰 diffraction ring 衍射环 diffuse double layer 漫散双层 diffuser 扩压器扩散器 diffusibility 扩散能⼒ diffusibleness 扩散能⼒ diffusion 扩散 diffusion boundary layer 扩散边界层 diffusion breadth 扩散宽度 diffusion by interchange 交换扩散 diffusion coefficient 扩散系数 diffusion creep 扩散蠕变 diffusion equation 扩散⽅程 diffusion equilibrium 扩散平衡 diffusion flow 扩散流 diffusion frequency 扩散频率 diffusion heat 扩散热 diffusion in solids 固体中的扩散 diffusion mean free path 扩散平均⾃由程 diffusion mobility 扩散迁移率 diffusion permeability 扩散渗透性 diffusion potential 扩散势 diffusion pressure 扩散压⼒ diffusion rate 扩散速度 diffusion relaxation 扩散弛豫 diffusion resistance 扩散阻⼒ diffusion ring 扩散环 diffusion separating column 扩散分离柱 diffusion time 扩散时间。
equilibrium英文解释
equilibrium英文解释Equilibrium is a fundamental concept in physics, chemistry, economics, and other fields, referring to a state of balance or stability where opposing forces or influences are balanced, resulting in no net change or motion. In other words, it is a state where the system is at rest or in a constant state of motion, with no tendency to change.In physics, equilibrium is often described as the state where a system is in a state of dynamic balance, with all forces acting on it canceled out by opposing forces. This can be seen in mechanical systems, where objects are atrest or moving with constant velocity, or in thermodynamic systems, where the system is in a state of thermal balance, with no net heat flow.In chemistry, equilibrium is typically referred to as a state where a chemical reaction proceeds in both directions at the same rate, resulting in no net change in theconcentrations of the reactants and products. This state is known as chemical equilibrium, and it is described by the law of mass action, which states that the rate of a chemical reaction is proportional to the product of the concentrations of the reactants.In economics, equilibrium is often described as a state where the supply and demand for a particular good or service are balanced, resulting in a stable price. This state is known as market equilibrium, and it is described by the law of supply and demand, which states that the price of a good or service will adjust to balance the quantity supplied with the quantity demanded.In all these fields, equilibrium is an important concept because it represents a state of stability and predictability. When a system is in equilibrium, it is generally easier to understand and predict its behavior than when it is in a state of flux or change. Additionally, equilibrium states often correspond to optimal or most efficient conditions, making them important targets for engineering, economic policy, and other applications.However, it is important to note that equilibrium is not always a static or unchanging state. In many systems, equilibrium is a dynamic state, with small fluctuations or perturbations constantly occurring. These fluctuations can be caused by external influences, internal fluctuations in the system, or random events. In these cases, the system will continually adjust to maintain the balance orstability of the equilibrium state.Additionally, it is worth noting that achieving or maintaining an equilibrium state can often be challenging. In many cases, it requires careful control or management of the system, as well as an understanding of the interactions and dependencies within the system. For example, in economic systems, maintaining market equilibrium often requires government intervention or regulation to prevent market failures or excesses. In physical systems, achieving equilibrium may require precise control of external conditions or the manipulation of system parameters.In conclusion, equilibrium is a fundamental conceptthat describes a state of balance or stability in various fields. It represents a state where opposing forces or influences are balanced, resulting in no net change or motion. While equilibrium may be seen as a static or unchanging state in some cases, it is often a dynamic state that requires careful management and control to maintain. Understanding and manipulating equilibrium states iscrucial in many fields, including physics, chemistry, economics, and engineering, and has important applications in real-world scenarios.。
兹维博迪金融学第二版试题库13TB(1)
Chapter ThirteenCapital Market EquilibriumThis chapter contains 43 multiple choice questions, 19 short problems, and 9 longer problems. Multiple Choice1.If one holds a diversified portfolio in which securities are held in the same relative proportions as ina broad market index, this is referred to as ________.(a)eliminating(b)discounting risk(c)indexing(d)capitalizingAnswer: (c)2.The CAPM provides a way of estimating ________ for use in a variety of financial applications.(a)actual rates of return(b)expected rates of return(c)expected standard deviation(d)actual standard deviationAnswer: (b)3.The CAPM may be used to provide ________.(a)inputs to DCF valuation model for stocks(b)inputs to DCF valuation model for bonds(c)estimation of a “fair” rate of return on invested capital(d)both (a) and (c)Answer: (d)13-14.A(n) ________ is a portfolio that holds all assets in proportion to their observed market values.(a)market portfolio(b)riskless portfolio(c)efficient riskless portfolio(d)both (b) and (c)Answer: (a)5.Suppose there are three assets: BB stock, REM stock, and a risk-free asset. The total market values ofeach at current prices are $40 million of BB stock, $80 million of REM stock, and $10 million of the risk-free asset. The composition of the market portfolio is ________.(a)61.5% BB stock; 7.7% REM stock; 30.8% risk-free asset(b)33.33% BB stock; 66.67% REM stock; 0 risk-free asset(c)30.8% BB stock; 61.5% REM stock; 7.7% risk-free asset(d)30.8% BB stock; 66.67% REM stock; 7.7% risk-free assetAnswer: (c)6.Suppose there are three assets: BB stock, REM stock, and a risk-free asset. The total market value ofeach at current prices are $40 million of BB stock, $80 million of REM stock, and $10 million of the risk-free asset. The composition of the risky part of any investor's portfolio will be ________(a)30.8% BB stock; 61.5% REM stock(b)33.33% BB stock; 66.67% REM stock(c)30.8% BB stock; 66.67% REM stock(d)66.67% BB stock; 33.33% REM stockAnswer: (b)7.Suppose there are four securities: BB stock, REM stock, ACX stock, and a risk-free asset. The totalmarket values of each at current prices are $50 million of BB stock, $40 million of REM stock, $80 million of ACX stock, and $30 million of the risk-free asset. The composition of the market portfolio is ________.(a)25% BB stock; 20% REM stock; 40% ACX stock; 30% risk-free asset(b)25% BB stock; 40% REM stock; 40% ACX stock; 15% risk-free asset(c)25% BB stock; 20% REM stock; 40% ACX stock; 15% risk-free asset(d)50% BB stock; 40% REM stock; 80% ACX stock; 30% risk-free assetAnswer: (c)13-213-38. Suppose there are four securities: BB stock, REM stock, ACX stock, and a risk-free asset. The totalmarket values of each at current prices are $50 million of BB stock, $40 million of REM stock, $80million of ACX stock, and $30 million of the risk-free asset. Determine the holdings of the threerisky assets of a trader who invests $60,000 of a $300,000 portfolio in the riskless security.(a) $70,000 in BB stock, $50,000 in REM stock, $120,000 in ACX stock(b) $60,000 in BB stock, $48,000 in REM stock, $96,00 in ACX stock(c) $70,588 in BB stock, $56,471 in REM stock, $112,941 in ACX stock(d) $88,235 in BB stock, $70,588 in REM stock, $141,176 in ACX stockAnswer: (c)9. In the CAPM, the trade-off line is called the ________.(a) capital market line(b) portfolio market line(c) asset market line(d) capital asset lineAnswer: (a)10. The correct equation for the Capital Market Line (CML) is ________.(a) ()M f E r r σσ+=(b) ()()M f f M E r r E r r σσ⎡⎤-=+⎢⎥⎢⎥⎣⎦(c) ()()M f ME r r E r σ-= (d) ()M f M E r r σ=+Answer: (b)11.Investors must be offered an expected rate of return that ________ the risk-free rate of interest whenbeing induced to accept a market portfolio.(a)is less than(b)is the same as(c)exceeds(d)minimizesAnswer: (c)12.The ________ the average degree of risk aversion of the population, the ________ the risk premiumrequired.(a)greater; lower(b)greater; greater the insignificance of(c)lower; higher(d)greater; higherAnswer: (d)13.The slope of the Capital Market Line represents the:(a)volatility of interest rates(b)market reward-to-risk ratio(c)individual risk-to-reward ratio(d)individual preferenceAnswer: (b)14.Suppose the standard deviation of the market portfolio is 0.15 and the average degree of risk aversionis 1.5. Then the risk premium on the market portfolio is:(a)0.034(b)0.051(c)0.225(d)0.340Answer: (a)13-413-515. Suppose the standard deviation of the market portfolio is 0.15 and the average degree of risk aversionis 1.5. If the expected return on the market portfolio is 0.15 per year, what is the slope of the CapitalMarket Line?(a) 0.034(b) 0.180(c) 0.225(d) 0.516Answer: (c)16. Suppose the standard deviation of the market portfolio is 0.25 and the average degree of risk aversionis 3. If the expected return on the market portfolio is 0.24, what is the slope of the Capital MarketLine?(a) 0.1875(b) 0.6912(c) 0.7500(d) 0.7813Answer: (d)17. ________ is a measure of a security’s market-related risk and it tells us how much the security’srate of return tends to change when the return on the market portfolio changes.(a) alpha(b) beta(c) delta(d) gammaAnswer: (b)18. The equation for the Security Market Line (SML) is ________.(a) ()()()j f j f j M f E r r E r r E r r ββ⎡⎤=⨯=⨯-⎣⎦ (b) ()()j f j M f E r r E r r β⎡⎤=+-⎣⎦(c) ()()f j j M f r E r E r r β=⎡⎤-⎣⎦(d) ()()j j M f fE r E r r r β⎡⎤=--⎣⎦Answer: (b)19.If a security is more volatile than the market as a whole, it will have a beta ________, whereas if asecurity is less volatile than the market as a whole, it will have a beta ________.(a)equal to 1; less then 1(b)greater than 2; greater than 1(c)less than 1; greater than 1(d)greater than 1; less than 1Answer: (d)20.If you are examining a stock that has a beta of 2, according to the CAPM, what should be itsexpected rate of return? Let the market risk premium = 0.07.(a)the risk-free rate plus 0.035(b)the risk-free rate plus 0.07(c)the risk-free rate plus 0.14(d)the risk-free rate plus 2.00Answer: (c)21.________ refers to the difference between the average rate of return on a security or a portfolio ofsecurities and its SML relation.a. Alphab. Betac. Deltad. GammaAnswer: (a)22.A beta of 1.5 for a security indicates ________.(a)the security has below average market-related risk(b)the security has no market-related risk(c)the security has above average market-related risk(d)the security has average market-related riskAnswer: (c)13-623.The risk-free rate of return for a security is 6%. The expected return on the market is 13%. What isthe required rate of return for the security if it has a beta of 1.25?(a)22.25%(b)16.25%(c)14.75%(d)8.75%Answer: (c)24.Determine the beta of a portfolio consisting of the following stocks:Security % Invested BetaREM 30% 1.1ACX 20% 0.95BGB 40% 1.2CRY 10% 0.7(a)0.92(b)0.99(c)1.07(d)1.17Answer: (c)25.If the Treasury bill rate is currently 4% and the expected return on the market portfolio for the sameperiod is 13%, determine the risk premium on the market.(a)0.52%(b)8.50%(c)9.00%(d)11.00%Answer: (b)13-726.If the Treasury bill rate is currently 4% and the expected return on the market portfolio for the sameperiod is 13%, what is the equation of the CML if the standard deviation is 0.25?(a)E(r) = 0.04 + 0.36σ(b)E(r) = 0.04+ 0.09σ(c)E(r) = 0.09 + 0.36σ(d)E(r) = 0.09 + 0.16σAnswer: (a)27.Peggy has just been informed that the expected return from her portfolio is 15.5%. If 45% of Peggy'ssecurities have an expected return of 10.8% and 25% have an expected return of 16.5%, what is the expected return of the remaining portion of Peggy's portfolio?(a)21.72%(b)19.55%(c)13.64%(d)6.52%Answer: (a)28.ZB Enterprises pays a current dividend of $1.80 and dividends are expected to grow at a rate of 6%annually in the foreseeable future. ZB Enterprises has a beta of 1.1. If the risk-free rate is 8.5 and the market risk premium is 5%, at what price would a share of ZB stock be expected to sell?(a)$20.50(b)$23.85(c)$32.40(d)$32.90Answer: (b)29.Two industrial firms are considering a merger. Drysler has a beta of 0.95 and Bendz has a beta of1.25. Drysler's stock sells for $25 per share and there are 12 million shares outstanding. Bendz has 3million shares outstanding and its stock sells for $50 per share. What will be the merged firm's beta if the merger is carried out?(a)1.05(b)1.10(c)1.54(d)2.20Answer: (a)13-830.Monet Industries currently does not pay a dividend but expects to pay a dividend of $1.70 next year.Thereafter, the dividend is expected to grow at a rate of 5% per year. The risk-free rate is currently 6% and the expected return on the market portfolio is 12%. What is the price you would expect to pay for a share of Monet today if the beta for this stock is 1.05?(a)$12.50(b)$13.13(c)$23.29(d)$24.45Answer: (c)31.Joe Citizen is considering venturing into the sports utility vehicle field. As a result of such a venture,the beta would increase from 1.07 to 1.15 and the expected growth rate in earnings would increase from 10% to 12%. Determine whether this is a worthwhile venture if Joe also has the followinginformation: the risk-free rate is 6%, the current dividend is $0.95, and the expected return on the market portfolio is 13%.(a)No, it is not worthwhile since there is no change in stock price(b)Yes, it is worthwhile since the stock price increases by $21.96(c)Yes, it is worthwhile since the stock price increases by $29.94(d)No, it is not worthwhile - stock price decreases by $19.12Answer: (b)32.Consider a share of Rooble Less. If it has a beta of 0.7, and we also know that the risk-free rate is 7%,and the expected return on the market portfolio is 15%, what is the required rate of return for a share of Rooble Less stock?(a)10.5%(b)11.9%(c)12.6%(d)17.5%Answer: (c)13-933.Determine the beta of a portfolio containing the following stocks ________.Stock Market Value BetaREM $30,000 0.82Rooble $20,000 0.65Drysler $40,000 1.25Fourx $60,000 1.32Wotan $80,000 1.65(a)0.95(b)1.14(c)1.30(d)5.69Answer: (c)34.Kanga Enterprises stock currently sells for $33 a share and its current dividend is $1.90. Kangaenterprise stock is considered to be twice as volatile than the market as a whole. The expected return on the market portfolio is 14% and the risk-free rate is 6%. If dividends are expected to grow at a constant rate, g%, into the foreseeable future, then calculate this growth rate.(a)15.36%(b)16.24%(c)22.00%(d)26.71%Answer: (a)35.LLJ has a beta of 1.02. If the risk-free rate is 8% and the required return on LLJ’s stock is 16%,what is the required rate of return of the market?(a)12.00%(b)15.84%(c)16.16%(d)16.48%Answer: (b)13-1036.Hulot Corp. has a beta of 1.27. If the risk-free rate is 7.5% and the required return on the market is14%, what is the required return on Hulot stock?(a)8.23%(b)14.00%(c)15.76%(d)21.5%Answer: (c)37.Consider a market portfolio that has a standard deviation of 0.25. The average degree of risk aversionis 1.6. If the expected return on the market portfolio is 0.20, what is the equation for the Capital Market Line?(a)E(r) = 0.10 + 0.10σ(b)E(r) = 0.10 + 0.40σ(c)E(r) = 0.13 + 0.10σ(d)E(r) = 0.13 + 0.40σAnswer: (d)38.According to the CAPM, the risk premium on any asset is equal to ________.(a)its beta(b)its beta times the risk premium on the market portfolio(c)its market risk premium times alpha(d)its market risk premium divided by betaAnswer: (b)39.The market portfolio has a standard deviation of return of 0.22 and the expected return on the marketportfolio is 21%. Calculate the market degree of risk aversion if the risk-free rate of return is 10%.(a)0.50(b)1.41(c)2.27(d)6.40Answer: (c)13-1140.If a portfolio manager can consistently produce a positive alpha, then her performance is consideredto be ________.(a)superior(b)average(c)below average(d)indeterminateAnswer: (a)41.Consider the following information: the risk-free rate is 5% and the expected rate of return on themarket portfolio is 12%. If you have a stock with a beta of 1.50 and you expect it to offer a rate of return of 13%, then you(a)consider it fairly priced(b)sell short the stock because it is overpriced(c)sell the stock because it is fairly priced(d)buy the stock because it is underpricedAnswer: (b)Questions 42 and 43 refer to the following information:Consider a portfolio exhibiting an expected return of 21% in an economy in which the riskless interest rate is 8%, the expected return to the market portfolio is 14%, and the standard deviation of the return to the market is 0.30. Assuming this portfolio is efficient, complete the following problems:42.Determine the beta.(a)0.46(b)0.93(c)2.17(d)3.50Answer: (c)43.Determine the standard deviation of its return.(a)0.13(b)0.65(c)0.70(d)1.39Answer: (b)13-12Short Problems1.Explain the importance of the CAPM as a tool in finance.Answer:(1) It provides a theoretical justification for the practice of passive investing known as indexing.(2) The CAPM provides a way of estimating expected rates of return for uses in financialapplications. Such financial applications include the discounted-cash-flow valuation modelfor stocks and in models used in making capital-budgeting decisions.2.List two assumptions of the CAPM model. How is an investor expected or assumed to behave in theworld of the CAPM model?Answer:(1) Investors have the same expectations or agree in their forecasts of expected rates of return,standard deviations, and correlations of the risky securities, and will therefore hold riskyassets in the same relative proportions.(2) Investors will generally behave optimally. In equilibrium, the prices of securities adjust sothat when investors are holding their optimal portfolios, the aggregate demand for eachsecurity is equal to its supply.3.Suppose there are four securities: Oz stock, Xanadu stock, Ragtime stock, and a risk-free asset. Thetotal market values of each at current prices are $30 billion of Oz stock, $50 billion of Xanadu stock, $90 billion of Ragtime stock, and $30 billion of the risk-free asset.a. Determine the composition of the market portfolio.b. If an investor has a $500,000 portfolio with $90,000 invested in the risk-free asset, determinethe holdings of the three risky assets.Answer:(a) The total market value of all assets is $200 billion.The composition of the market portfolio is therefore 15% Oz stock, 25% Xanadu stock, 45%Ragtime stock, and 15% of the risk-free asset.(b) $72,352.94 in Oz stock, $120,588.24 in Xanadu stock and $217,058.82 in Ragtime stock.13-134.Consider a market portfolio that has a standard deviation of 0.30. The average degree of risk aversionis 2. If the expected return on the market portfolio is 0.25, what is the equation for the Capital Market Line?Answer:E(r M) - r f= 2 x (0.3)2= 0.18r f= 0.25 – 0.18= 0.07The equation for CML:E(r) = 0.07 + 0.60σ5.Apart from portfolio selection, discuss other applications of the CAPM in finance.Answer:Risk premiums derived from the CAPM are used in capital-budgeting decisions of the firm and in discounted cash flow valuation models. The CAPM is also used to establish "fair" rates of return on invested capital in regulated firms and in “cost plus” pricing.6.Two industrial firms are considering a merger. Comdat has a beta of 1.15 and BioTech has a beta of1.95. Comdat's stock sells for $60 per share and there are 6 million shares outstanding. BioTech has 4million shares outstanding and its stock sells for $90 per share. If the merger is carried out, what will be the merged firm's beta?Answer:Comdat's market value = $60 x 6 million= $360,000,000BioTech's market value = $90 x 4,000,000= $360,000,000Comdat weight = 0.5BioTech weight = 0.5Merged beta = (0.5)(1.15) + (0.5)(1.95)= 1.5513-147.Consider a portfolio exhibiting an expected return of 22% in an economy where the riskless interestrate is 7%, the expected return on the market portfolio is 14% and the standard deviation of the return to the market portfolio is 0.18. Assuming that the portfolio is efficient, determine:(a) its beta(b) the standard deviation of its returnAnswer:(a) E(r j) – r f= β[E(r M) – r f]0.22 – 0.07 = β[0.14 – 0.07]2.14 = β(b) Use CML:.22 = 0.07 + [(0.17 – 0.07)/0.18]σ0.3 = σ8.During the most recent 3-year period, Tartar Inc. earned an average annualized rate of return of 14%and had an annualized standard deviation of 20%. The average risk-free rate was 4.5% per year. The average rate of return in the market index over that same period was 10% with a standard deviation of 15%. How well did Tartar Inc. perform on a risk adjusted basis?Answer:Compare their reward-to-risk ratios:Tartar Inc. Market(0.14 – 0.45)/0.2 = 0.475 (0.10 – 0.045)/0.15 = 0.367On a risk adjusted basis, Tartar performed better than the market index.13-159.Joe Citizen is considering venturing into the sports accessories field. As a result of this investment,the beta would increase from 1.02 to 1.20 and the expected growth rate in earnings would increase from 6% to 9%. Determine whether this is a worthwhile venture if Joe also has the followinginformation: the risk-free rate is 4.5%, the current dividend is $1.05, and the expected return on the market portfolio is 12%.Answer:βold = 1.02 βnew = 1.20k old= r f+ βold [E(r M) – r f]= 4.5 + 1.02 [12 – 4.5]= 12.15%P old= $18.10Now look at βnew.k new= r f+ βnew [E(r M) – r f]= 4.5 + 1.20 [12 – 4.5]= 13.50%P new= $25.43Yes, it is a worthwhile venture since the stock price increases by $7.33.10.The market portfolio has a variance of return of 0.16 and the expected return on the market portfoliois 21%. Calculate the market degree of risk aversion if the risk-free rate of return is 10%.Answer:E(r M) – r f = Aσ20.18 – 0.10 = A(0.035)23.125 = A13-1611.Consider the following information: the risk-free rate is 5%, and the expected rate of return on themarket portfolio is 18%. If you have a stock with a beta of 1.5, and you expect it to offer a rate of return of 13%, what should you do?Answer:Look at: E(r j) = r f+ β(E(r M) – r f)= 0.05 + 1.5(0.12 – 0.05)= 15.5%You expect the stock to offer 13%. Since this is below the SML, its expected return is too low to support equilibrium.12.If the Treasury bill rate is currently 5%, and the expected return to the market portfolio over the sameperiod is 14%, determine the risk premium on the market. If the standard deviation of the return on the market is 0.25, what is the equation of the Capital Market Line?Answer:Market risk premium = 14% – 5%= 9%CML equation:E(r) = 0.05 + 0.09/0.25σ= 0.05 + 0.36σ13.If the Treasury bill rate is currently 6 %, and the expected return to the market portfolio over thesame period is 15%, determine the risk premium on the market. If the standard deviation of the return on the market is 0.4, what is the equation of the Capital Market Line?Answer:Market risk premium = 15% – 6= 9%CML equation:E(r) = 0.06 + 0.09/0.4σ= 0.06 + 0.225σ13-1714.Consider a portfolio exhibiting an expected return of 20% in an economy in which the risklessinterest rate is 6%, the expected return to the market portfolio is 12%, and the standard deviation of the return to the market is 0.25. Assuming this portfolio is efficient, determine:(i)its beta(ii)the standard deviation of its returnAnswer:(i) E(r j) – r f= β[E(r M) – r f]0.20 – 0.06 = β[0.12 – 0.06]2.33 = β(ii) Use CML:.20 = 0.06 + [(0.12 – 0.06)/0.25]σ0.583 = σ15.Consider a market portfolio that has a standard deviation of 0.35. The average degree of risk aversionis 1.5. If the expected return on the market portfolio is 0.23, what is the equation for the Capital Market Line?Answer:E(r m) - r f= 1.5 x (0.35)2= 0.1838r f= 0.23 – 0.1838= 0.0462E(r) = 0.0462 + 0.1838/0.35σThe equation for the CML is:(r) = 0.0462 + 0.525σ13-1816.Roland Corporation’s stock recently paid a dividend of $2.50 per share (D0 = $2.50). The companyhas a constant growth rate of 5% and a beta equal to 1.5. The rate of return on the market portfolio is 15%, and the risk-free rate is 7%. Roland is considering a change in policy that will increase its beta coefficient to 1.75. If market conditions remain unchanged, what new constant growth rate will cause the price of Roland stock to remain unchanged?Answer:k = r f + β[E(r M) - r f]= 7 + 1.5(15 – 7)= 19%Current stock price, P o = D o (1+g)/(k-g)= 2.50(1.05)/(0.19 – 0.05)= $18.75After policy change, β = 1.75New k = 21%For stock price to be unchanged:$18.75 = $2.50(1+g)/(0.21 – g)solve for g:g = 6.76%17.An all equity firm, Lyrebird Futures Inc. is considering the creation of a new division which willincrease the assets of the firm from $2,000,000 to $4,000,000 (that is, by 100%). Lyrebird currently has a required rate of return of 17%, the risk-free rate is 7%, and the return on the market portfolio is 16%. Lyrebird wants to reduce its required rate of return to 13%. What is the maximum betacoefficient the new division could have?Answer:Solve for current beta:17 = 7 + β(16 – 7)βcurrent = 1.11If the required return is to equal 13%, then recalculate beta.13 = 7 + β(16 – 7)β = 0.67Lyrebird will have created two new divisions of equal weight.0.5(1.11) + 0.5(βnew) = 0.67βnew= 0.2313-1918.An all equity firm, Rush Inc., has been growing at a 15% annual rate and is expected to do so for thenext three years. After year 3, dividend growth is expected to slow to a constant 6% rate. Currently, the firm maintains a 40% payout ratio, and this year’s retained earnings net of dividends was $1.8 million. The market risk premium is 7.5%, the risk-free rate is 8%, the beta is 1.55 and the firm has 1,500,000 shares outstanding. Given this information, what is the market value of the firm’scommon equity?Answer:k = 8 + 1.55(7.5) = 19.625%D o = ($1,800,000/0.6) x 0.4 = $1,200,000D1 = $1,380,000D2 = $1,587,000D3 = $1,825,050D4 = $1,934,553P3 = D4/(0.19625 – 0.06)= $14,198,554P o = $12,935,78013-2019.The returns of TNJ Inc. are displayed below, along with the returns on the market .Year TNJ Market1 –14% –122 16 93 21 154 4 15 –6 –26 2 –1If the risk-free rate is 7.5%, and the required rate of return on TNJ’s stock is 17 %, what is the required rate of return on the market?Answer:To calculate beta, use either a spreadsheet or financial calculator.β = 1.28 (to 2 decimal places)Substitute beta into SML to solve for E(r M)k = r f+ β[E(r M) – r f]17% = 7.5 + 1.28(E(r m) – 7.5)E(r M) = 14.92%13-21Longer Problems1.Wotan Industry stock currently sells for $45 a share and its current dividend is $2.20. Wotan Inc. isconsidered to be 40% more volatile than the market as a whole. The expected return on the market portfolio is 13% and the risk-free rate is 5%. If dividends are expected to grow at a constant rate, g% per year, into the future, then calculate the growth rate.Answer:To solve for g, use the dividend discount valuation model:To solve for k, use the SML formula.k = r f + β [E(r M) – r f]= 5 + 1.40 [13 – 5]k = 16.2%Now substitute k into DDM model.45(0.162 - g) = 2.20(1+g)7.29 – 45g = 2.20 + 2.20g47.2g = 5.09g = 10.8%The growth rate is 10.8%2.Consider a portfolio exhibiting an expected return of 21% in an economy where the riskless interestrate is 6%, the expected return on the market portfolio is 15%, and the corresponding standarddeviation is 0.19. Assuming that the portfolio is efficient, determine:(a) its beta(b) the standard deviation of its returnAnswer:(a) E(r j) – r f = β[E(r M) – r f]0.21 – 0.06 = β[0.15 – 0.06]β= 1.67(b) Use CML:0.21 = 0.06 + [(0.15 – 0.06)/0.19]σσ = 0.3213-223.Lenny's Leftorium (LL) is a store that has no long term debt in its capital structure. However, LL iscurrently considering an expansion project that will yield the following net cash flows:Year NCF0 –$1.2 million1 $700,0002 $810,0003 $860,0004 $920,0005 $940,000If the current risk-free rate is 4.5% and the current market risk premium is 7.2% and its beta is 15% more volatile than the market as a whole, should LL undertake the expansion project?Answer:First of all, compute cost of capital. Since LL is 100% equity financed,k = k e.k = r f + β[E(r M) – r f]= 4.5 + 1.15(7.2)k = 12.78%NPV = $1,740,880Yes, the project is worthwhile.13-234.Kanga Inc. is considering investing $8 million in computer equipment that is expected to have auseful life of 4 years, and is expected to reduce the firm's labor costs by $3 million per year. Assume that Kanga Inc. pays a 35% tax rate on accounting profits and uses the straight-line depreciation method. What is the after tax cash flow from the investment in years 1 through 4? If the firm's beta is1.25 and we also know that the current risk-free interest rate is 5%, the expected return on the marketportfolio is 14%, is the project worthwhile? Also assume Kanga Inc. has no long term debt.Answer:Increase in after tax cash flow = Increase in before tax cash flow –increase in taxes= $3 million – (3 – 2 million)(0.35)= $2.65 millionWe now need k, cost of capital.Use CAPMk = r f+ β[E(r M) – r f]= 5 + 1.25 [14 – 5]k = 16.25%NPV = PV – Initial OutlayUse k = 16.25% in calculations.NPV = –$621,674IRR = 12.29%Based on NPV and IRR, the project does not seem worthwhile.13-245.Barramundi Inc. stock is currently selling at $40 per share (its equilibrium price). The firm’slong-term growth is expected to remain 7% per year forever. Last year’s EPS were $4, and the dividend payout ratio is 50%. The risk-free rate is 8%, and the market risk premium is 6%. If beta increases by 50%, by how much will the stock price change? (Assume all other factors remain constant).Answer:First solve:P o = D o(1 + g)/(k – g)40 = 2.14/(k – 0.07)= 12.35%Solv e SML for β: 12.35 = 8 +β(6)β = 0.725New β = 0.725(1.5)= 1.0875New k = 8 + 1.0875(6)= 14.525New P o = 0.5($4)(1.07)/(0.14525 – 0.07)= $28.44The price would drop by approximately $11.5613-25。
高阶混合风险厌恶行为及其金融决策应用研究
A Dissertation Submitted in Partial Fulfillment of the Requirementsfor the Degree of Doctor of Philosophy in ManagementThe Research on Higher-order Cross Risk Aversion Behaviors and Its FinancialDecision-makingPh.D. Candidate: Cheng WenMajor : Management Science and EngineeringSupervisor : Prof. Xue MinggaoHuazhong University of Science and TechnologyWuhan, Hubei 430074, P.R.ChinaApril, 2015独创性声明本人声明所呈交的学位论文是我个人在导师指导下进行的研究工作及取得的研究成果。
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国际经济学英文题库(最全版附答案)
【国际经济学】英文题库Chapter 1: IntroductionMultiple-Choice Questions1. Which of the following products are not produced at all in the United States?*A. Coffee, tea, cocoaB. steel, copper, aluminumC. petroleum, coal, natural gasD. typewriters, computers, airplanes2. International trade is most important to the standard of living of:A. the United States*B. SwitzerlandC. GermanyD. England3. Over time, the economic interdependence of nations has:*A. grownB. diminishedC. remained unchangedD. cannot say4. A rough measure of the degree of economic interdependence of a nation is given by:A. the size of the nations' populationB. the percentage of its population to its GDP*C. the percentage of a nation's imports and exports to its GDPD. all of the above5. Economic interdependence is greater for:*A. small nationsB. large nationsC. developed nationsD. developing nations6. The gravity model of international trade predicts that trade between two nations is largerA. the larger the two nationsB. the closer the nationsC. the more open are the two nations*D. all of the above7. International economics deals with:A. the flow of goods, services, and payments among nationsB. policies directed at regulating the flow of goods, services, and paymentsC. the effects of policies on the welfare of the nation*D. all of the above8. International trade theory refers to:*A. the microeconomic aspects of international tradeB. the macroeconomic aspects of international tradeC. open economy macroeconomics or international financeD. all of the above9. Which of the following is not the subject matter of international finance?A. foreign exchange marketsB. the balance of payments*C. the basis and the gains from tradeD. policies to adjust balance of payments disequilibria10. Economic theory:A. seeks to explain economic eventsB. seeks to predict economic eventsC. abstracts from the many detail that surrounds an economic event*D. all of the above11. Which of the following is not an assumption generally made in the study of inter national economics?A. two nationsB. two commodities*C. perfect international mobility of factorsD. two factors of production12. In the study of international economics:A. international trade policies are examined before the bases for tradeB. adjustment policies are discussed before the balance of paymentsC. the case of many nations is discussed before the two-nations case*D. none of the above13. International trade is similar to interregional trade in that both must overcome: *A. distance and spaceB. trade restrictionsC. differences in currenciesD. differences in monetary systems14. The opening or expansion of international trade usually affects all members of so ciety:A. positivelyB. negatively*C. most positively but some negativelyD. most negatively but some positively15. An increase in the dollar price of a foreign currency usually:A. benefit U.S. importers*B. benefits U.S. exportersC. benefit both U.S. importers and U.S. exportersD. harms both U.S. importers and U.S. exporters16. Which of the following statements with regard to international economics is true?A. It is a relatively new field*B. it is a relatively old fieldC. most of its contributors were not economistsD. none of the above思考题：1.为什么学习国际经济学非常重要？2.列举表达当前国际经济学问题的一些重要事件，它们为什么重要？3.当今世界面临的最重要的国家经济问题是什么？全球化的利弊各是什么？Chapter 2: The Law of Comparative AdvantageMultiple-Choice Questions1. The Mercantilists did not advocate:*A.free tradeB. stimulating the nation's exportsC. restricting the nations' importsD. the accumulation of gold by the nation2. According to Adam Smith, international trade was based on:*A. absolute advantageB. comparative advantageC. both absolute and comparative advantageD. neither absolute nor comparative advantage3. What proportion of international trade is based on absolute advantage?A. AllB. most*C. someD. none4. The commodity in which the nation has the smallest absolute disadvantage is the commodity of its:A. absolute disadvantageB. absolute advantageC. comparative disadvantage*D. comparative advantage5. If in a two-nation (A and B), two-commodity (X and Y) world, it is established tha t nation A has a comparative advantage in commodity X, then nation B must have:A. an absolute advantage in commodity YB. an absolute disadvantage in commodity YC. a comparative disadvantage in commodity Y*D. a comparative advantage in commodity Y6. If with one hour of labor time nation A can produce either 3X or 3Y while nationB can produce either 1X or 3Y (and labor is the only input):A. nation A has a comparative disadvantage in commodity XB. nation B has a comparative disadvantage in commodity Y*C. nation A has a comparative advantage in commodity XD. nation A has a comparative advantage in neither commodity7. With reference to the statement in Question 6:A. Px/Py=1 in nation AB. Px/Py=3 in nation BC. Py/Px=1/3 in nation B*D. all of the above8. With reference to the statement in Question 6, if 3X is exchanged for 3Y:A. nation A gains 2X*B. nation B gains 6YC. nation A gains 3YD. nation B gains 3Y9. With reference to the statement of Question 6, the range of mutually beneficial tra de between nation A and B is:A. 3Y < 3X < 5YB. 5Y < 3X < 9Y*C. 3Y < 3X < 9YD. 1Y < 3X < 3Y10. If domestically 3X=3Y in nation A, while 1X=1Y domestically in nation B:A. there will be no trade between the two nationsB. the relative price of X is the same in both nationsC. the relative price of Y is the same in both nations*D. all of the above11. Ricardo explained the law of comparative advantage on the basis of:*A. the labor theory of valueB. the opportunity cost theoryC. the law of diminishing returnsD. all of the above12. Which of the following statements is true?A. The combined demand for each commodity by the two nations is negatively slope dB. the combined supply for each commodity by the two nations is rising stepwiseC. the equilibrium relative commodity price for each commodity with trade is giv en by the intersection of the demand and supply of each commodity by the two nati ons*D. all of the above13. A difference in relative commodity prices between two nations can be based upo n a difference in:A. factor endowmentsB. technologyC. tastes*D. all of the above14. In the trade between a small and a large nation:A. the large nation is likely to receive all of the gains from trade*B. the small nation is likely to receive all of the gains from tradeC. the gains from trade are likely to be equally sharedD. we cannot say15. The Ricardian trade model has been empirically*A. verifiedB. rejectedC. not testedD. tested but the results were inconclusive思考题：比拟优势原理所带来的贸易所得是从何而来的？贸易利益又是如何分配的？现实世界中比拟优势是如何度量的？你认为目前中国具有比拟优势的商品有哪些？这意味着什么？比拟优势会不会发生变化？什么样的原因可能会导致其变化？经济学家是如何验证比拟优势原理的？Chapter 3: The Standard Theory of International TradeMultiple-Choice Questions1. A production frontier that is concave from the origin indicates that the nation incur s increasing opportunity costs in the production of:A. commodity X onlyB. commodity Y only*C. both commoditiesD. neither commodity2. The marginal rate of transformation (MRT) of X for Y refers to:A. the amount of Y that a nation must give up to produce each additional unit of XB. the opportunity cost of XC. the absolute slope of the production frontier at the point of production*D. all of the above3. Which of the following is not a reason for increasing opportunity costs:*A. technology differs among nationsB. factors of production are not homogeneousC. factors of production are not used in the same fixed proportion in the production of all commoditiesD. for the nation to produce more of a commodity, it must use resources that are le ss and less suited in the production of the commodity4. Community indifference curves:A. are negatively slopedB. are convex to the originC. should not cross*D. all of the above5. The marginal rate of substitution (MRS) of X for Y in consumption refers to the:A. amount of X that a nation must give up for one extra unit of Y and still remain o n the same indifference curve*B. amount of Y that a nation must give up for one extra unit of X and still remain on the same indifference curveC. amount of X that a nation must give up for one extra unit of Y to reach a higher indifference curveD. amount of Y that a nation must give up for one extra unit of X to reach a higher indifference curve6. Which of the following statements is true with respect to the MRS of X for Y?A. It is given by the absolute slope of the indifference curveB. declines as the nation moves down an indifference curveC. rises as the nation moves up an indifference curve*D. all of the above7. Which of the following statements about community indifference curves is true?A. They are entirely unrelated to individuals' community indifference curvesB. they cross, they cannot be used in the analysis*C. the problems arising from intersecting community indifference curves can be over come by the application of the compensation principleD. all of the above.8. Which of the following is not true for a nation that is in equilibrium in isolation? *A. It consumes inside its production frontierB. it reaches the highest indifference curve possible with its production frontierC. the indifference curve is tangent to the nation's production frontierD. MRT of X for Y equals MRS of X for Y, and they are equal to Px/Py9. If the internal Px/Py is lower in nation 1 than in nation 2 without trade:A. nation 1 has a comparative advantage in commodity YB. nation 2 has a comparative advantage in commodity X*C. nation 2 has a comparative advantage in commodity YD. none of the above10. Nation 1's share of the gains from trade will be greater:A. the greater is nation 1's demand for nation 2's exports*B. the closer Px/Py with trade settles to nation 2's pretrade Px/PyC. the weaker is nation 2's demand for nation 1's exportsD. the closer Px/Py with trade settles to nation 1's pretrade Px/Py11. If Px/Py exceeds the equilibrium relative Px/Py with tradeA. the nation exporting commodity X will want to export more of X than at equilibr iumB. the nation importing commodity X will want to import less of X than at equilibri umC. Px/Py will fall toward the equilibrium Px/Py*D. all of the above12. With free trade under increasing costs:A. neither nation will specialize completely in productionB. at least one nation will consume above its production frontierC. a small nation will always gain from trade*D. all of the above13. Which of the following statements is false?A.The gains from trade can be broken down into the gains from exchange and the gains from specializationB. gains from exchange result even without specialization*C. gains from specialization result even without exchangeD. none of the above14. The gains from exchange with respect to the gains from specialization are alway s:A. greaterB. smallerC. equal*D. we cannot say without additional information15. Mutually beneficial trade cannot occur if production frontiers are:A. equal but tastes are notB. different but tastes are the sameC. different and tastes are also different*D. the same and tastes are also the same.思考题：国际贸易的标准理论与大卫.李嘉图的比拟优势原理有何异同？两国仅仅由于需求偏好不同可以进行市场分工和狐狸贸易吗？两国仅仅由于要素禀赋不同和/或生产技术不同可以进行分工和贸易吗?Chapter 4: Demand and Supply, Offer Curves, and the Terms of TradeMultiple Choice Questions1. Which of the following statements is correct?A. The demand for imports is given by the excess demand for the commodityB. the supply of exports is given by the excess supply of the commodityC. the supply curve of exports is flatter than the total supply curve of the commodity *D. all of the above2. At a relative commodity price above equilibriumA. the excess demand for a commodity exceeds the excess supply of the commodityB. the quantity demanded of imports exceeds the quantity supplied of exports*C. the commodity price will fallD. all of the above3. The offer curve of a nation shows:A. the supply of a nation's importsB. the demand for a nation's exportsC. the trade partner's demand for imports and supply of exports*D. the nation's demand for imports and supply of exports4. The offer curve of a nation bulges toward the axis measuring the nationsA. import commodity*B. export commodityC. export or import commodityD. nontraded commodity5. Export prices must rise for a nation to increase its exports because the nation:A. incurs increasing opportunity costs in export productionB. faces decreasing opportunity costs in producing import substitutesC. faces decreasing marginal rate of substitution in consumption*D. all of the above6. Which of the following statements regarding partial equilibrium analysis is false?A. It relies on traditional demand and supply curvesB. it isolates for study one market*C. it can be used to determine the equilibrium relative commodity price but not the equilibrium quantity with tradeD. none of the above7. Which of the following statements regarding partial equilibrium analysis is true?A. The demand and supply curve are derived from the nation's production frontier an d indifference mapB. It shows the same basic information as offer curvesC. It shows the same equilibrium relative commodity prices as with offer curves*D. all of the above8. In what way does partial equilibrium analysis differ from general equilibrium analy sis?A. The former but not the latter can be used to determine the equilibrium price withtradeB. the former but not the latter can be used to determine the equilibrium quantity with tradeC. the former but not the latter takes into consideration the interaction among all ma rkets in the economy*D. the former gives only an approximation to the answer sought.9. If the terms of trade of a nation are 1.5 in a two-nation world, those of the trade partner are:A. 3/4*B. 2/3C. 3/2D. 4/310. If the terms of trade increase in a two-nation world, those of the trade partner: *A. deteriorateB. improveC. remain unchangedD. any of the above11. If a nation does not affect world prices by its trading, its offer curve:A. is a straight lineB. bulges toward the axis measuring the import commodity*C. intersects the straight-line segment of the world's offer curveD. intersects the positively-sloped portion of the world's offer curve12. If the nation's tastes for its import commodity increases:A. the nation's offer curve rotates toward the axis measuring its import commodityB. the partner's offer curve rotates toward the axis measuring its import commodit yC. the partner's offer curve rotates toward the axis measuring its export commodity *D. the nation's offer curve rotates toward the axis measuring its export commodity13. If the nation's tastes for its import commodity increases:A. the nation's terms of trade remain unchanged*B. the nation's terms of trade deteriorateC. the partner's terms of trade deteriorateD. any of the above14. If the tastes for a nation import commodity increases, trade volume:*A. increasesB. declinesC. remains unchangedD. any of the above15. A deterioration of a nation's terms of trade causes the nation's welfare to:A. deteriorateB. improveC. remain unchanged*D. any of the above思考题：提供曲线如何推导？有何用途？两国贸易时的均衡商品价格是如何决定的？受哪些因素影响？贸易条件的含义是？贸易条件的改善意味着什么？哪些因素可能导致贸易条件的改善？Chapter 5: Factor Endowments and the Heckscher-Ohlin TheoryMultiple-Choice Questions1. The H-O model extends the classical trade model by:A. explaining the basis for comparative advantageB. examining the effect of trade on factor prices*C. both A and BD. neither A nor B2. Which is not an assumption of the H-O model:A. the same technology in both nationsB. constant returns to scale*C. complete specializationD. equal tastes in both nations3. With equal technology nations will have equal K/L in production if:*A. factor prices are the sameB. tastes are the sameC. production functions are the sameD. all of the above4. We say that commodity Y is K-intensive with respect to X when:A. more K is used in the production of Y than XB. less L is used in the production of Y than X*C. a lower L/K ratio is used in the production of Y than XD. a higher K/L is used in the production of X than Y5. When w/r falls, L/KA. falls in the production of both commodities*B. rises in the production of both commoditiesC. can rise or fallD. is not affected6. A nation is said to have a relative abundance of K if it has a:A. greater absolute amount of KB. smaller absolute amount of LC. higher L/K ratio*D. lower r/w7. A difference in relative commodity prices between nations can be based on a diffe rence in:A. technologyB. factor endowmentsC. tastes*D. all of the above8. In the H-O model, international trade is based mostly on a difference in:A. technology*B. factor endowmentsC. economies of scaleD. tastes9. According to the H-O model, trade reduces international differences in:A. relative but not absolute factor pricesB. absolute but not relative factor prices*C. both relative and absolute factor pricesD. neither relative nor absolute factor prices10. According to the H-O model, international trade will:A. reduce international differences in per capita incomesB. increases international differences in per capita incomes*C. may increase or reduce international differences in per capita incomes D. lead to complete specialization11. The H-O model is a general equilibrium model because it deals with:A. production in both nationsB. consumption in both nationsC. trade between the two nations*D. all of the above12. The H-O model is a simplification of the a truly general equilibrium model because it deals with:A. two nationsB. two commoditiesC. two factors of production*D. all of the above13. The Leontief paradox refers to the empirical finding that U.S.*A. import substitutes are more K-intensive than exportsB. imports are more K-intensive than exportsC. exports are more L-intensive than importsD. exports are more K-intensive than import substitutes14. From empirical studies, we conclude that the H-O theory:A. must be rejectedB. must be accepted without reservations*C. can be accepted while awaiting further testingD. explains all international trade15. For factor reversal to occur, two commodities must be produced with:*A. sufficiently different elasticity of substitution of factorsB. the same K/L ratioC. technologically-fixed factor proportionsD. equal elasticity of substitution of factors思考题：H-O理论有哪些假设？各假设的含义是什么？为什么要做出这些假设？如何检验H-O理论的正确性？H-O-S定理的假设条件又是什么？他与生产要素国际间的流动有何关系？如何检验H-O-S定理在现实中的可靠性？Chapter 6: Economies of Scale, Imperfect Competition, and International T radeMultiple-Choice Questions:1. Relaxing the assumptions on which the Heckscher-Ohlin theory rests:A. leads to rejection of the theoryB. leaves the theory unaffected*C. requires complementary trade theoriesD. any of the above.Which of the following assumptions of the Heckscher-Ohlin theory, when relaxed, leav ethe theory unaffected?A. Two nations, two commodities, and two factorsB. both nations use the same technologyC. the same commodity is L-intensive in both nations*D. all of the aboveWhich of the following assumptions of the Heckscher-Ohlin theory, when relaxed, require new trade theories?*A. Economies of scaleB. incomplete specializationC. similar tastes in both nationsD. the existence of transportation costsInternational trade can be based on economies of scale even if both nations have ide ntical:A. factor endowmentsB. tastesC. technology*D. all of the above5. A great deal of international trade:A. is intra-industry tradeB. involves differentiated productsC. is based on monopolistic competition*D. all of the above6. The Heckscher-Ohlin and new trade theories explains most of the trade:A. among industrial countriesB. between developed and developing countriesC. in industrial goods*D. all of the aboveThe theory that a nation exports those products for which a large domestic market e xistswas advanced by:*A. LinderB. VernonC. LeontiefD. Ohlin8. Intra-industry trade takes place:A. because products are homogeneous*B. in order to take advantage of economies of scaleC. because perfect competition is the prevalent form of market organizationD. all of the aboveIf a nation exports twice as much of a differentiated product that it imports, its intra-industry (T) index is equal to:A. 1.00B. 0.75*C. 0.50D. 0.2510. Trade based on technological gaps is closely related to:A. the H-O theory*B. the product-cycle theoryC. Linder's theoryD. all of the above11. Which of the following statements is true with regard to the product-cycle theor y?A. It depends on differences in technological changes over time among countriesB. it depends on the opening and the closing of technological gaps among countriesC. it postulates that industrial countries export more advanced products to less advan ced countries*D. all of the above12. Transport costs:A. increase the price in the importing countryB. reduces the price in the exporting country*C. both of the aboveD. neither A nor B.13. Transport costs can be analyzed:A. with demand and supply curvesB. production frontiersC. offer curves*D. all of the above14. The share of transport costs will fall less heavily on the nation:*A. with the more elastic demand and supply of the traded commodityB. with the less elastic demand and supply of the traded commodityC. exporting agricultural productsD. with the largest domestic market15. A footloose industry is one in which the product:A. gains weight in processingB. loses weight in processingC. both of the above*D. neither A nor B.思考题：本章的贸易理论与基于比拟优势的贸易理论有哪些不同？这两类贸易理论是互相排斥的吗？H-O理论与心贸易理论之间有什么经验关联？运输本钱对H-O定理和H-O-S定理有何影响？不同的环保标准时如何影响产业选址及国际贸易的？2021年底联合国哥本哈根气候大会中的议题与国际贸易有何关系？这对我国经贸开展有何影响？Chapter 7: Economic Growth and International TradeMultiple-Choice Questions1. Dynamic factors in trade theory refer to changes in:A. factor endowmentsB. technologyC. tastes*D. all of the above2. Doubling the amount of L and K under constant returns to scale:A. doubles the output of the L-intensive commodityB. doubles the output of the K-intensive commodityC. leaves the shape of the production frontier unchanged*D. all of the above.3. Doubling only the amount of L available under constant returns to scale:A. less than doubles the output of the L-intensive commodity*B. more than doubles the output of the L-intensive commodityC. doubles the output of the K-intensive commodityD. leaves the output of the K-intensive commodity unchanged4. The Rybczynski theorem postulates that doubling L at constant relative commodity prices:A. doubles the output of the L-intensive commodity*B. reduces the output of the K-intensive commodityC. increases the output of both commoditiesD. any of the above5. Doubling L is likely to:A. increases the relative price of the L-intensive commodityB. reduces the relative price of the K-intensive commodity*C. reduces the relative price of the L-intensive commodityD. any of the aboveTechnical progress that increases the productivity of L proportionately more than the productivity of K is called:*A. capital savingB. labor savingC. neutralD. any of the above7. A 50 percent productivity increase in the production of commodity Y:A. increases the output of commodity Y by 50 percentB. does not affect the output of XC. shifts the production frontier in the Y direction only*D. any of the above8. Doubling L with trade in a small L-abundant nation:*A. reduces the nation's social welfareB. reduces the nation's terms of tradeC. reduces the volume of tradeD. all of the above9. Doubling L with trade in a large L-abundant nation:A. reduces the nation's social welfareB. reduces the nation's terms of tradeC. reduces the volume of trade*D. all of the aboveIf, at unchanged terms of trade, a nation wants to trade more after growth, then the nation's terms of trade can be expected to:*A. deteriorateB. improveC. remain unchangedD. any of the aboveA proportionately greater increase in the nation's supply of labor than of capital is lik elyto result in a deterioration in the nation's terms of trade if the nation exports: A. the K-intensive commodity*B. the L-intensive commodityC. either commodityD. both commodities12. Technical progress in the nation's export commodity:*A. may reduce the nation's welfareB. will reduce the nation's welfareC. will increase the nation's welfareD. leaves the nation's welfare unchanged13. Doubling K with trade in a large L-abundant nation:A. increases the nation's welfareB. improves the nation's terms of tradeC. reduces the volume of trade*D. all of the above14. An increase in tastes for the import commodity in both nations:A. reduces the volume of trade*B. increases the volume of tradeC. leaves the volume of trade unchangedD. any of the above15. An increase in tastes of the import commodity of Nation A and export in B:*A. will reduce the terms of trade of Nation AB. will increase the terms of trade of Nation AC. will reduce the terms of trade of Nation BD. any of the above思考题：要素积累和技术进步如何影响一国的生产可能性曲线的形状和位置？何种类型的经济增长最可恩能够导致国家福利的下降？那种类型的经济增长最可能导致国家福利的改善？Chapter 8: Trade Restrictions: TariffsMultiple-choice Questions1. Which of the following statements is incorrect?A. An ad valorem tariff is expressed as a percentage of the value of the traded com modityB. A specific tariff is expressed as a fixed sum of the value of the traded commodity.C. Export tariffs are prohibited by the U.S. Constitution*D. The U.S. uses exclusively the specific tariff2. A small nation is one:A. which does not affect world price by its tradingB. which faces an infinitely elastic world supply curve for its import commodityC. whose consumers will pay a price that exceeds the world price by the amount of t he tariff*D. all of the above3. If a small nation increases the tariff on its import commodity, its:A. consumption of the commodity increasesB. production of the commodity decreasesC. imports of the commodity increase*D. none of the aboveThe increase in producer surplus when a small nation imposes a tariff is measured by the area:*A. to the left of the supply curve between the commodity price with and without th e tariffB. under the supply curve between the quantity produced with and without the tariffC. under the demand curve between the commodity price with and without the tariffD. none of the above.。
[详细讲解]金融经济学经典文献
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金融经济学经典文献0汪炜推荐2008/1100Articles：0Kenneth J. Arrow：The Role of Securities in the Optimal Allocation of Risk-bearing，Econometrie，1953；Review of Economic Studies，1964/310K. Arrow、G. Debreu：Existence of An Equilibrium for A Competitive Economy，Econometrica，1954/2200Harry Markowitz：Portfolio Selection，Journal of Finance，1952/70Franco Modigliani、Merton H. Miller：The cost of Capital, Corporation Finance and the Theory of Investment，American Economic Review，1958/480William F. Sharpe：Capital asset prices:A theory of capital market equilibrium under conditions of risk，Journal of Finance，1964/190Eugene F. Fama：Efficient Capital Markets:A Review of Theory and Empirical Work，Journal of finance，1970/2500Fisher Black、Myron Scholes：The Pricing of Options and Corporate Liabilities，Journal of Political Economy，1973/810Robert C. Merton：An Intertemporal Capital Asset Pricing Model，Econometrica，1973/410Robert C. Merton：The Theory of Rational Option Pricing，Bell Journal of Economics and Management Science，1973/400Stephen A. Ross：The Arbitrage Theory of Capital Asset Pricing，Journal of Economic Theory，1976 /130R.Roll：A Critique of the Asset Pricing Theory's Tests，Journal of Financial Economics，1977/4 0Stephen A. Ross：A Simple Approach to The Valuation of Risky Streams，Journal of Business，1978/5100John C.Cox、Steven Ross、MarK Rubinstein：Options Pricing: A Simplified Approach，Journal of Financial Economics，1979/ 70Michael H. Harrison、David M. Kreps：Martingales and Arbitrage in Multiperiod Securities Markets，Journal of Economic Theory，1979/200Daniel Kahneman、Tversdy：Prospect Theory: An Analysis of Decision Making Under Risk，Econometrica，1979/470R.Roll、S tephen A. Ross：An Empirical Investigation of The Arbitrage Pricing Theory，Journal of Finance，1980/350S.Grossman、J.Stiglitz：On the Impossibility of Informationally Efficient Markets，American Economic Review，1980/7000David M. Kreps：Arbitage and Equilibrium in Economics with Infinitely Commodities，Journal ofMathematical Economics，1981/80John C. Cox、Jonathan E. Ingersoll、Stephen A. Ross：A theory of the Term Structure of Interest Rates，Econometrica，1985/530Darrell Duffie、Chi-Fu Huang：Implementing Arrow-Debreu Equilibria by Continuous Trading of Few Long-Lived Securities，Econometrica，1985/5300Harris、M. A.Raviv：The Theory of Capital Structure，Journal of Financ e，1991/ 4900 Eugene F. Fama、Kenneth R. French：Multifactor explanations of asset pricing anomalies，Journal of Finance，1996/510Hersh Shefrin、Meir Statman：Behavioral Portfolio Theory，Journal of Financial and Quantitative Analysis，2000/ 350Literatures：00Harry Markowitz：Portfolio Selection: Efficient Diversification of Investment，Cambridge:Basil Blackwell，1959（1991 Second ed.）0William F. Sharpe：Portfolio Theory and Capital Markets，McGraw-Hill，1970（2000 Second ed.）0Robert C. Merton：Continuous-Time Finance，Oxford:Blackwell，19920M. O'Hara：Market Microstructure Theory，Basil Black-well，19950D. Duffie：Dynamic Asset Pricing Theory，Princeton University Press，199600Andrei Shleifer：Inefficient Markets: An Introduction to Behavioral Finance，Oxford University Press，20000Robert J. Shiller：Irrational Exuberance，Princeton University Press，20000Peter L. Bernstein：Investment Revolution，199200Peter L. Bernstein：Capital Ideas Evolving，John W i l ey & Sons, Inc. 20070Surveys：0D.Duffie：The New Palgrave: Finance, A Review，Journal of Monetary Economics，V ol. 25，1990John Y. Campbell：Asset Pricing at the Millennium，Harvard Institute of Economic Research Working Papers 1897, 200000G.Hawawini、D.B.Keim：The Cross Section of Common Stock Returns:A Review of the Evidence and Some New Findings，Working Paper，1998；Cambridge University Press，20000Ananth Madhavan：Market Microstructure: A Survey，Working Paper，200000Nicholas Barberis、Richard Thaler：A Survey of Behavioral Finance，Working Paper，2001 0Sanjiva Prasad、Christopher J.Green、Victor Murinde：Company Financing, Capital Structure, and Ownership: A Survey, and Implications For Developing Economies，Working Paper，2001Bruno Biais、Larry Glosten、Chester Spatt：The Microstructure of Stock Markets，Working Paper，200200Textbooks：0J.E.Ingersoll：Theory of Financial Decision Making，Rowman & Littlefield Publishers Inc.，1987 0Robert Jarrow：Finance Theory，Prentice-Hall，19880Huang、Litzenberger：Foundations of Financial Economics，PrenticeHall，1988、199800 D.Duffie：Security Markets: Stochastic Models，Boston: Academi c Press，19880D.Duffie：Dynamic Asset Pricing Theory，Third English Edition, Princeton University Press，2001John H.Cochrane：Asset Pricing，Princeton University Press, Princ eton，20010Leroy、Ross：Principle of Financial Economics，Cambridge University Press，20010G.Constantinides、M.Harris、R.Stulz：Handbook of the Economics of Finance，North-Holland，200300Z.Bodie、R.Merton：Finance，Prentice Hall，20000J.Campbell、A.Lo、A.MacKinley：The Econometrics of Financial Markets，Princeton University Press，19970John Hull：Options,Futures, and other Derivatives，5th ed.，Prentic e-Ha ll，200300Reto Gallati：Investment，MIT Sloan，Spring 20030Z. Bodie、A. Kane、A.Marcus：Investment，6th ed.，Mc Grill Hill Inc.，20050S.Ross、Westerfield、Jaffe：Corporate Finance，6th Edition，Mcgraw Hill，20050 Jean Tirole：The Theory of Corporate Finance，Princeton University Press，20060。
国际经济学-国际贸易试题-山东大学经济学院
25个选择题共50分，两个简答题30分，两个计算题20分张老师说：选择题要理解为什么，否则不一定能够做对下面是第一章到第五章的选择题及答案余下答案：acadaccacbInterdependence: 互相依赖international:. 国际的microeconomic: 微观经济interregional:地区间的Choice questions1 Ricardo explained the law of comparative advantage on the basis of( A)A the labor theory of valueB the opportunity cost theoryC the law of diminishing returns:边际报酬递减定律D all of the above2. If with one hour of labor time nation A can produce either 3X or 3Y while nation B can produce either 1X or 3Y (and labor is the only input投入), the range of mutually 互相的beneficial trade between nation A and B is: (C )A. 3Y<3X<5YB. 5Y<3X<9YC. 3Y<3X<9YD. 1Y<3X<3Y3. The commodity商品in which the nation has the smallest absolute disadvantage is thecommodity of its (D ).A. absolute disadvantageB. absolute advantageC. comparative disadvantageD. comparative advantage4. If in a two-nation (A and B), two-commodity (X and Y) world, it is established that nation A has a comparative advantage in commodity X, then nation B must have: (D )A an absolute advantage in commodity YB an absolute disadvantage in commodity YC a comparative disadvantage in commodity YD a comparative advantage in commodity Y5. If domestically 国内的3X=3Y in nation A, while 1X=1Y domestically in nation B:(D )A there will be no trade between the two nationsB the relative price of X is the same in both nationsC the relative price of Y is the same in both nationsD all of the above6. An increase in the dollar price of a foreign currency 货币usually ( B)A benefits U.S. importers进口商B benefits U.S. Exporters 出口商C benefits both U.S. importers and U.S. exportersD harms both U.S. importers and U.S. exporters7. The Mercantilists 重商主义者did not advocate 提倡( A)A free tradeB stimulating the nation’s exports stimulate刺激C restricting 限制the nation’s importsD the accumulation积聚of gold by the nationSlope 倾斜stepwise 逐步地equilibrium relative commodity均衡相对商品intersection交叉点余下答案：BACDbd1. Which of the following statements is true with respect to the MRS of X for Y? ( D)A. It is given by the absolute slope斜率of the indifference curve 无差异曲线B. declines下降as the nation moves down an indifference curveC. rises as the nation moves up an indifference curveD. all of the above2 The marginal rate of transformation边际转换率(MRT)of X for Y refers to ( D)A the amount of Y that a nation must give up to produce each additional unit单位of XB the opportunity cost of XC the absolute slope of the production frontier生产可能性边界at the point of productionD all of the above3 The marginal rate of substitution边际替换率(MRS) of X for Y in consumption消费refers to the ( B)A amount of X that a nation must give up for one extra unit of Y and still remain on the same indifference curveB amount of Y that a nation must give up for one extra unit of X and still remain on the same indifference curveC amount of X that a nation must give up for one extra unit of Y to reach a higher indifference curveD amount of Y that a nation must give up for one extra unit of X to reach a higher indifference curve4. Which of the following is not a reason for increasing opportunity costs? ( A)A. technology differs among nationsB. factors of production are not homogenous同质的C. factors of production are not used in the same fixed proportion固定比例in the production of all commoditiesD. For the nation to produce more of a commodity, it must use resources that are less and less suited适合in the production of the commodity5. Export prices出口价格must rise for a nation to increase its exports because the nation: ( D)A incurs招致increasing opportunity costs in export productionB faces decreasing减少opportunity costs in producing import substitutes. 替代品C faces decreasing marginal rate of substitution in consumptionD all of the above6. In the trade between a small and a large nation (B ).A. the large nation is likely to receive all of the gains from tradeB. the small nation is likely to receive all of the gains from tradeC. the gains from trade are likely to equally sharedD. we cannot say7 Commodity indifference curves (D )A are negatively slopedB are convex凸的to the origin原点C should not cross交叉D all of the above8. Nation 1’s share份额of the gains from trade will be greater: (B )A. the greater is nation 1’s demand for nation 2’s exportsB. the closer Px/Py with trade settles贸易落定to nation 2’s pretrade Px/PyC. the weaker is nation 2’s demand for nation 1’s exportsD. the closer Px/Py with trade settles to nation 1’s pretrade Px/Pyconcave凹的intersect 相交application 应用equilibrium均衡compensation principle补偿原则isolation孤立inside在…之内tangent切线internal. 内部的exceed超过specialize专门化mutually互相地taste偏好余下答案：cdcacddddd1. If a nation does not affect world prices by its trading, its offer curve: ( a)A. is a straight lineB. bulges凸出toward the axis轴measuring衡量the import commodityC. intersects相交the straight-line直线segment部分of the world’s offer curveD. intersects the positively-sloped portion积极倾斜的部分of the world’s offer curve2. Which of the following statements regarding partial equilibrium analysis局部均衡分析is false? (c )A. it relies on traditional demand and supply curvesB. it isolates for study one marketC. it can be used to determine the equilibrium relative commodity price均衡相对商品价格but not the equilibrium quantity均衡产量with tradeD. it does not take into considerations the interactions相互作用between different markets3. If the nation’s tastes for its import commodity increases (d )A. the nation’s offer curve rotates旋转toward the axis measuring its import commodityB. the partner’s offer curve rotates toward the axis measuring its import commodityC. the partner’s offer curve rotates toward the axis measuring its export commodityD. the nation’s offer curve rotates toward the axis measuring its export commodity4. The offer curve of a nation bulges凸出toward the axis measuring the nation’s ( a)A. import commodityB. export commodityC. export or import commodityD. nontraded commodity5. The offer curve of a nation shows: (d )A. the supply of a nation’s importsB. the demand for a nation’s exportsC. the trade partner’s demand for imports and supply of exportsD. the nation’s demand for imports and supply of exports6. If the terms of trade贸易条件of a nation are 1.5 in a two-nation world, those of the trade partner are: ( b)A. 3/4B. 2/3C. 3/2D. 4/37. A deterioration恶化of a nation’s terms of trade causes the nation’s welfare to: (d )A. deteriorateB. improveC. remain unchangedD. any of the aboveapproximation近似sought寻找V olume量余下答案：dcdddaba1. Which is not an assumption假设of the H-O model? ( c)A. the same the technology in both nationsB. constant returns to scale规模报酬不变C. complete specialization完全专业化D. equal tastes相同偏好in both nations2. The Leontief paradox里昂惕夫悖论refers to the empirical finding实证发现that U.S.:(a )A. import substitutes are more K-intensive than exportsB. imports are more K-intensive than exportsC. exports are more L-intensive than importsD. exports are more K-intensive than import substitutes3. In the H-O model, international trade is based mostly on a difference in: (b )A. technologyB. factor endowments禀赋C. economies of scale规模经济D. tastes4. The H-O model extends延伸the classical trade model by: (c)A. explaining the basis for comparative advantageB. examining检查the effect of trade on factor pricesC. both A and BD. neither A nor B5. A difference in relative commodity prices between two nations can be based upon a difference in (d )A. factor endowmentsB. technologyC. tastesD. all of the above6. For factor reversal逆转to occur, two commodities must be produced with: (a )A. sufficiently充分地different elasticity of substitution替代弹性of factorsB. the same K/L ratio比率C. technologically-fixed factor proportions比例D. equal elasticity of substitution of factorsintensive集中的reject驳回,排斥await 等候余下答案：acbdcaddc简答题：每题最好都画图1.贸易理论：US和UK两国的W和C互换（见书），计算两国贸易所得2.画图说明一国两种产品的最优组合（无差异曲线与生产可能性曲线相交的切点）3.画图说明即使生产可能性曲线一样，无差异曲线不同，两国也能发生贸易4.求两国的提供曲线以及均衡贸易量和均衡产品价格5.Draw the offer curves for Nation 1 and Nation 2, showing that Nation 2 is a small nationthat trades at the pretrade-relative commodity prices in Nation 1. How are the gains fromtrade distributed between the two nations? Why?6.H—O—S模型，H—O模型7.里昂休斯悖论及解释6.幼稚产业观点7.说明产品周期8.Table 9——1 配额和关税的区别（因书上文字过多，就不一一写答案了）计算：1.题给两国的供给，需求曲线，求没有贸易时孤立均衡点2.给出供给，需求曲线的方程，计算关税，消费者损失，生产者剩余增加额（配额）3.第六章计算题第三题。
不完全信息,股利政策,和“一鸟在手”的谬论[外文翻译]
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外文翻译Imperfect information, dividend policy, and "the bird in thehand" fallacyMaterialSource:The Bell Journal of Economic Author: Sudipto BhattacharyaThis paper assumes that outside investors have imperfect information about firms' profitability and that cash dividends are taxed at a higher rate than capital gains. It is shown that under these conditions, such dividends function as a signal of expected cash flows. By structuring the model so that finite-lived investors turn over continuing projects to succeeding generations of investors, we derive a comparative static result that relates the equilibrium level of dividend payout to the length of investors' planning horizons.This article develops a model in which cash dividends function as a signal of expected cash flows of firms in an imperfect-information setting. We assume that the productive assets in which agents invest stay in place longer than the agents live and that ownership of the assets is transferred, over time, to other agents. The latter are a priori imperfectly informed about the profitability of assets held by different firms. The major signaling costs that lead dividends to function as signals arise because dividends are taxed at the ordinary income tax rate, whereas capital gains are taxed at a lower rate. Within this framework, this paper explains why firms may pay dividends despite the tax disadvantage of doing so.Recently, Leland and Pyle (1977) and Ross (1977) have used the paradigm of Spence's signaling model (1974) to examine financial market phenomena related to unsystematic risk borne by entrepreneurs and firm debt-equity choice decisions, respectively. In its spirit and cost structure, our model is closely related to the Ross model (1977).The essential contributions of our model are the following. First, we develop a tax-based signaling cost structure founded on the observation that signaling equilibria are feasible, even if signaling cost elements that are negatively related to true expected cash flows are small, provided there are other signaling costs that are not related to true cash flow levels. Second, we develop the model in an intertemporal setting that allows us to identify the relative weights placed on the benefits (increase in value) and costs of signaling with dividends. Our modelsuggests an interesting comparative static result concerning the shareholders' planning horizon; namely, the shorter the horizons over which shareholders have to realize their wealth, the higher is the equilibrium proportion of dividends to expected earnings. Other comparative static properties of the dividend-signaling equilibrium, with respect to major variables like the personal income tax rate and the rate of interest, are also developed and are shown to be in accord with the empirical results of Brittain (1966).To keep the analysis manageable, and to highlight the essential characteristics, we employ two major analytical simplifications. First, we assume that the valuation of cash flow streams is done in a risk-neutral world. Second, we allow the "urgency" of the agents' need to realize their wealth to be parameterized by the length of the planning horizons over which they maximize expected discounted realized wealth, with no detailed consideration of the intertemporal pattern of asset disposal. These assumptions are further discussed below, after the basic model is developed. The general structure of the dividend-signaling model and the conditions for the existence of dividend-signaling equilibria are developed in Section 2.In Section 3 we analyze an example with uniformly distributed cash flows to facilitate discussion of comparative static properties and issues related to multiperiod planning horizons and dynamic learning possibilities. Section 4 contains the concluding remarks and suggestions for further research.In this section we outline the nature of the dividend-signaling model and the signaling cost structure. The model applies to a setting in which outside investors cannot distinguish (a priori) the profitability of productive assets held by across section of firms. Existing shareholders of firms care about the market value "assigned" by outsiders, because the planning horizon over which they have to realize their wealth is shorter than the time span over which the firms' assets generate cash flows. The simplifying assumption of risk-neutrality eliminates the diversification motive. The usual noncooperative evolution arguments of the Spence-type (1974) suggest a signaling equilibrium, if a signal with the appropriate cost-structure properties exists. Dividends are shown to satisfy the requirements.We ignore the incorporation of other sources of information (e.g., accountants' reports) on the ground that, taken by themselves, they are fundamentally unreliable "screening" mechanisms because of the moral hazard involved in communicating profitability. Hence, the model of this paper is somewhat exploratory in nature, a property that it shares with most other signaling models in which the costliness ofsignals derives from exogenous consideration.To preserve the simplicity of the model's structure, we assume that assets owned by firms generate cash flows that are perpetual streams, which are, in most of what follows, taken to be intertemporally independently identically distributed. In this section, and for most of the paper, we assume that existing shareholders have a single-period planning horizon. The firms are assumed to have sufficient investment opportunities, so that all of the cash flows from existing assets can be rationally reinvested. This simplifying assumption can be relaxed somewhat. The communication of even ex post cash flows from existing assets is assumed to be costly, because cash payouts in the form of dividends on regular share repurchases are assumed to be taxed at a higher personal tax rate than capital gains. In the absence of explicit cash payout, before taking on outside financing for new investments, ex post cash flows cannot be communicated without moral hazard, because one of the "inside" variables that a firm cannot readily communicate without moral hazard is the level of new investment.It is assumed that the signaling benefit of dividends derives from the rise in liquidation value V (D) caused by a committed, and actually paid, dividend level D. We develop the model in terms of a marginal analysis for a new project taken on by a firm. This simplification serves two purposes. First, not analyzing dividend decisions vis-à-vis existing and new asset cash flows enables us to postpone discussion of dynamic learning issues to the example in Section 3. Second, this mode of analysis permits us to retain simplicity and flexibility with respect to the modeling of costs incurred in making up shortfalls of cash flows relative to promised dividends. For example, one way of making up such short-falls is likely to be the postponement of investment/replacement plans, although fundamentally we adhere to the sound partial equilibrium practice of analyzing the dividend decision when the investment policy is given. It is assumed that dividend decisions are taken by shareholders' agents, whom we term insiders or managers. These agents optimize the after-tax objective function of shareholders, possibly because their own incentive compensation is tied to the same criterion. The insiders are the only people who know the cash flow distributions of their projects.Having discussed the general structure of the model and the costs that permit dividends to function as a signal, we now use a simple example to examine in more detail the nature of equilibrium and its comparative statics. Suppose the incremental cash flow of the project whose value is being signaled is, in any given period,distributed uniformly over [0, t] with mean t/2.All projects are perpetuities and, forthe time being, the cash flows of each project are taken to be intertemporallyindependently identically distributed. In the cross section of firms the value of t isassumed to vary between t min and t max，but investors cannot discriminate amongprojects with different t's held by different firms. It is further assumed that t=0.This is partly for analytical convenience but, vis-à-vis a marginal project in minany given firm, this is a natural assumption since one of the "inside" variables that afirm cannot costlessly communicate to the market without moral hazard is theamount of investment it undertakes. Initially, we continue to assume shareholdershave a one-period planning horizon.The signaling cost structure that we have developed is not only realistic(dividends linked only to expected cash flows), but also the only simple structureconsistent with the assumption of an exogenously costly dividend-signalingequilibrium. Superficially, another simple possibility that satisfies the marginal-costcharacteristics required for signaling is a "lower-truncated" structure with cash flowX in dividends paid if and only if X is less than some "promised" D! Since the moralhazard in costlessly communicating X to outsiders is the basis for the dissipativesignaling equilibrium, this is not going to be a very enforceable structure. In adifferent context Ross (1977) has developed a financial-signaling model of leveragebased on a "lower-truncated" cost structure of significant bankruptcy penalties formanagers. A difficulty with such a structure is that unless enforceable penalties ofsimilar magnitude relative to the benefits of nonbankruptcy exist for shareholders,there is an incentive for shareholders to make side payments to managers to inducefalse signaling by employing higher levels of debt. In anotherpaper(Bhattacharya,1977), I have developed a model of nondissipative-notexogenously costly-signaling of insiders' information about future cash flows, basedon expectations revision in the market, in a setting in which there is no tax cost todirectly communicating ex post cash flows. As noted in Section 2, it is my belief thata synthesis of the two types of models, which should allow us to provide a partialrole for sources of ex post earnings information like accounting reports, is aninteresting, if difficult, problem for further research.Convergence to equilibrium in financial-signaling models is an interesting issueprimarily because the time structure of events is likely to be different from that inthe job-market signaling model of Spence (1974).In both our model and that of Ross(1977), the signaling cost arises in the future, whereas the benefit, the rise in value,is likely to get established in current as well as liquidation values. If unconstrained liquidation with no effect on value is posited, then current shareholders, and their agents, clearly have an incentive to signal falsely and sell out at an inconsistently high value. One must assume that premature or excessive-relative to normal trading by "retiring" stockholders-liquidation bids by shareholders would significantly affect market value so as to virtually eliminate such problems. It is also likely that observations of insider trading, conditional on their signaling decisions in the current shareholders' interest, or eliciting (conditional) insider bids in a tâtonnement model will play a significant role in convergence to the equilibrium valuation schedule as a function of the signal. These are clearly issues that need further study, as do the issues related to multiperiod planning horizons discussed in Section 3.译文不完全信息，股利政策，和“一鸟在手”的谬论资料来源: 贝尔经济杂志作者：巴特查亚本文假设外部投资者对公司的盈利能力持有不完全信息和现金股息比资本利得税率更高。
《材料科学与工程基础》英文影印版习题及思考题及答案
《材料科学与工程基础》英文习题及思考题及答案第二章习题和思考题Questions and Problems2.6 Allowed values for the quantum numbers ofelectrons are as follows:The relationships between n and the shell designationsare noted in Table 2.1.Relative tothe subshells,l ＝0 corresponds to an s subshelll ＝1 corresponds to a p subshelll ＝2 corresponds to a d subshelll ＝3 corresponds to an f subshellFor the K shell, the four quantum numbersfor each of the two electrons in the 1s state, inthe order of nlmlms , are 100(1/2 ) and 100(-1/2 ).Write the four quantum numbers for allof the electrons inthe L and M shells, and notewhich correspond to the s, p, and d subshells.2.7 Give the electron configurations for the followingions: Fe2+, Fe3+, Cu+, Ba2+,Br-, andS2-.2.17 (a) Briefly cite the main differences betweenionic, covalent, and metallicbonding.(b) State the Pauli exclusion principle.2.18 Offer an explanation as to why covalently bonded materials are generally lessdense than ionically or metallically bonded ones.2.19 Compute the percents ionic character of the interatomic bonds for the followingcompounds: TiO2 , ZnTe, CsCl, InSb, and MgCl2 .2.21 Using Table 2.2, determine the number of covalent bonds that are possible foratoms of the following elements: germanium, phosphorus, selenium, and chlorine.2.24 On the basis of the hydrogen bond, explain the anomalous behavior of waterwhen it freezes. That is, why is there volume expansion upon solidification?3.1 What is the difference between atomic structure and crystal structure?3.2 What is the difference between a crystal structure and a crystal system?3.4Show for the body-centered cubic crystal structure that the unit cell edge lengtha and the atomic radius R are related through a =4R/√3.3.6 Show that the atomic packing factor for BCC is 0.68. .3.27* Show that the minimum cation-to-anion radius ratio for a coordinationnumber of 6 is 0.414. Hint: Use the NaCl crystal structure (Figure 3.5), and assume that anions and cations are just touching along cube edges and across face diagonals.3.48 Draw an orthorhombic unit cell, and within that cell a [121] direction and a(210) plane.3.50 Here are unit cells for two hypothetical metals:(a)What are the indices for the directions indicated by the two vectors in sketch(a)?(b) What are the indices for the two planes drawn in sketch (b)?3.51* Within a cubic unit cell, sketch the following directions:.3.53 Determine the indices for the directions shown in the following cubic unit cell:3.57 Determine the Miller indices for the planesshown in the following unit cell:3.58Determine the Miller indices for the planes shown in the following unit cell: 3.61* Sketch within a cubic unit cell the following planes:3.62 Sketch the atomic packing of (a) the (100)plane for the FCC crystal structure, and (b) the (111) plane for the BCC crystal structure (similar to Figures 3.24b and 3.25b).3.77 Explain why the properties of polycrystalline materials are most oftenisotropic.5.1 Calculate the fraction of atom sites that are vacant for lead at its meltingtemperature of 327_C. Assume an energy for vacancy formation of 0.55eV/atom.5.7 If cupric oxide (CuO) is exposed to reducing atmospheres at elevatedtemperatures, some of the Cu2_ ions will become Cu_.(a) Under these conditions, name one crystalline defect that you would expect toform in order to maintain charge neutrality.(b) How many Cu_ ions are required for the creation of each defect?5.8 Below, atomic radius, crystal structure, electronegativity, and the most commonvalence are tabulated, for several elements; for those that are nonmetals, only atomic radii are indicated.Which of these elements would you expect to form the following with copper:(a) A substitutional solid solution having complete solubility?(b) A substitutional solid solution of incomplete solubility?(c) An interstitial solid solution?5.9 For both FCC and BCC crystal structures, there are two different types ofinterstitial sites. In each case, one site is larger than the other, which site isnormally occupied by impurity atoms. For FCC, this larger one is located at the center of each edge of the unit cell; it is termed an octahedral interstitial site. On the other hand, with BCC the larger site type is found at 0, __, __ positions—that is, lying on _100_ faces, and situated midway between two unit cell edges on this face and one-quarter of the distance between the other two unit cell edges; it is termed a tetrahedral interstitial site. For both FCC and BCC crystalstructures, compute the radius r of an impurity atom that will just fit into one of these sites in terms of the atomic radius R of the host atom.5.10 (a) Suppose that Li2O is added as an impurity to CaO. If the Li_ substitutes forCa2_, what kind of vacancies would you expect to form? How many of thesevacancies are created for every Li_ added?(b) Suppose that CaCl2 is added as an impurity to CaO. If the Cl_ substitutes forO2_, what kind of vacancies would you expect to form? How many of thevacancies are created for every Cl_ added?5.28 Copper and platinum both have the FCC crystal structure and Cu forms asubstitutional solid solution for concentrations up to approximately 6 wt% Cu at room temperature. Compute the unit cell edge length for a 95 wt% Pt-5 wt% Cu alloy.5.29 Cite the relative Burgers vector–dislocation line orientations for edge, screw, andmixed dislocations.6.1 Briefly explain the difference between selfdiffusion and interdiffusion.6.3 (a) Compare interstitial and vacancy atomic mechanisms for diffusion.(b) Cite two reasons why interstitial diffusion is normally more rapid thanvacancy diffusion.6.4 Briefly explain the concept of steady state as it applies to diffusion.6.5 (a) Briefly explain the concept of a driving force.(b) What is the driving force for steadystate diffusion?6.6Compute the number of kilograms of hydrogen that pass per hour through a5-mm thick sheet of palladium having an area of 0.20 m2at 500℃. Assume a diffusion coefficient of 1.0×10- 8 m2/s, that the concentrations at the high- and low-pressure sides of the plate are 2.4 and 0.6 kg of hydrogen per cubic meter of palladium, and that steady-state conditions have been attained.6.7 A sheet of steel 1.5 mm thick has nitrogen atmospheres on both sides at 1200℃and is permitted to achieve a steady-state diffusion condition. The diffusion coefficient for nitrogen in steel at this temperature is 6×10-11m2/s, and the diffusion flux is found to be 1.2×10- 7kg/m2-s. Also, it is known that the concentration of nitrogen in the steel at the high-pressure surface is 4 kg/m3. How far into the sheet from this high-pressure side will the concentration be 2.0 kg/m3?Assume a linear concentration profile.6.24. Carbon is allowed to diffuse through a steel plate 15 mm thick. Theconcentrations of carbon at the two faces are 0.65 and 0.30 kg C/m3 Fe, whichare maintained constant. If the preexponential and activation energy are 6.2 _10_7 m2/s and 80,000 J/mol, respectively, compute the temperature at which the diffusion flux is 1.43 _ 10_9 kg/m2-s.6.25 The steady-state diffusion flux through a metal plate is 5.4_10_10 kg/m2-s at atemperature of 727_C (1000 K) and when the concentration gradient is _350kg/m4. Calculate the diffusion flux at 1027_C (1300 K) for the sameconcentration gradient and assuming an activation energy for diffusion of125,000 J/mol.10.2 What thermodynamic condition must be met for a state of equilibrium to exist? 10.4 What is the difference between the states of phase equilibrium and metastability?10.5 Cite the phases that are present and the phase compositions for the followingalloys:(a) 90 wt% Zn–10 wt% Cu at 400℃(b) 75 wt% Sn–25wt%Pb at 175℃(c) 55 wt% Ag–45 wt% Cu at 900℃(d) 30 wt% Pb–70 wt% Mg at 425℃(e) 2.12 kg Zn and 1.88 kg Cu at 500℃(f ) 37 lbm Pb and 6.5 lbm Mg at 400℃(g) 8.2 mol Ni and 4.3 mol Cu at 1250℃.(h) 4.5 mol Sn and 0.45 mol Pb at 200℃10.6 For an alloy of composition 74 wt% Zn–26 wt% Cu, cite the phases presentand their compositions at the following temperatures: 850℃, 750℃, 680℃, 600℃, and 500℃.10.7 Determine the relative amounts (in terms of mass fractions) of the phases forthe alloys and temperatures given inProblem 10.5.10.9 Determine the relative amounts (interms of volume fractions) of the phases forthe alloys and temperatures given inProblem 10.5a, b, and c. Below are given theapproximate densities of the various metalsat the alloy temperatures:10.18 Is it possible to have a copper–silveralloy that, at equilibrium, consists of a _ phase of composition 92 wt% Ag–8wt% Cu, and also a liquid phase of composition 76 wt% Ag–24 wt% Cu? If so, what will be the approximate temperature of the alloy? If this is not possible,explain why.10.20 A copper–nickel alloy of composition 70 wt% Ni–30 wt% Cu is slowly heatedfrom a temperature of 1300_C .(a) At what temperature does the first liquid phase form?(b) What is the composition of this liquid phase?(c) At what temperature does complete melting of the alloy occur?(d) What is the composition of the last solid remaining prior to completemelting?10.28 .Is it possible to have a copper–silver alloy of composition 50 wt% Ag–50 wt%Cu, which, at equilibrium, consists of _ and _ phases having mass fractions W_ _0.60 and W_ _ 0.40? If so, what will be the approximate temperature of the alloy?If such an alloy is not possible, explain why.10.30 At 700_C , what is the maximum solubility (a) of Cu in Ag? (b) Of Ag in Cu?第三章习题和思考题3.3If the atomic radius of aluminum is 0.143nm, calculate the volume of its unitcell in cubic meters.3.8 Iron has a BCC crystal structure, an atomic radius of 0.124 nm, and an atomicweight of 55.85 g/mol. Compute and compare its density with the experimental value found inside the front cover.3.9 Calculate the radius of an iridium atom given that Ir has an FCC crystal structure,a density of 22.4 g/cm3, and an atomic weight of 192.2 g/mol.3.13 Using atomic weight, crystal structure, and atomic radius data tabulated insidethe front cover, compute the theoretical densities of lead, chromium, copper, and cobalt, and then compare these values with the measured densities listed in this same table. The c/a ratio for cobalt is 1.623.3.15 Below are listed the atomic weight, density, and atomic radius for threehypothetical alloys. For each determine whether its crystal structure is FCC,BCC, or simple cubic and then justify your determination. A simple cubic unitcell is shown in Figure 3.40.3.21 This is a unit cell for a hypotheticalmetal:(a) To which crystal system doesthis unit cell belong?(b) What would this crystal structure be called?(c) Calculate the density of the material, given that its atomic weight is 141g/mol.3.25 For a ceramic compound, what are the two characteristics of the component ionsthat determine the crystal structure?3.29 On the basis of ionic charge and ionic radii, predict the crystal structures for thefollowing materials: (a) CsI, (b) NiO, (c) KI, and (d) NiS. Justify your selections.3.35 Magnesium oxide has the rock salt crystal structure and a density of 3.58 g/cm3.(a) Determine the unit cell edge length. (b) How does this result compare withthe edge length as determined from the radii in Table 3.4, assuming that theMg2_ and O2_ ions just touch each other along the edges?3.36 Compute the theoretical density of diamond given that the CUC distance andbond angle are 0.154 nm and 109.5°, respectively. How does this value compare with the measured density?3.38 Cadmium sulfide (CdS) has a cubic unit cell, and from x-ray diffraction data it isknown that the cell edge length is 0.582 nm. If the measured density is 4.82 g/cm3 , how many Cd 2+ and S 2—ions are there per unit cell?3.41 A hypothetical AX type of ceramic material is known to have a density of 2.65g/cm 3 and a unit cell of cubic symmetry with a cell edge length of 0.43 nm. The atomic weights of the A and X elements are 86.6 and 40.3 g/mol, respectively.On the basis of this information, which of the following crystal structures is (are) possible for this material: rock salt, cesium chloride, or zinc blende? Justify your choice(s).3.42 The unit cell for Mg Fe2O3 (MgO-Fe2O3) has cubic symmetry with a unit celledge length of 0.836 nm. If the density of this material is 4.52 g/cm 3 , compute its atomic packing factor. For this computation, you will need to use ionic radii listed in Table 3.4.3.44 Compute the atomic packing factor for the diamond cubic crystal structure(Figure 3.16). Assume that bonding atoms touch one another, that the angle between adjacent bonds is 109.5°, and that each atom internal to the unit cell is positioned a/4 of the distance away from the two nearest cell faces (a is the unit cell edge length).3.45 Compute the atomic packing factor for cesium chloride using the ionic radii inTable 3.4 and assuming that the ions touch along the cube diagonals.3.46 In terms of bonding, explain why silicate materials have relatively low densities.3.47 Determine the angle between covalent bonds in an SiO44—tetrahedron.3.63 For each of the following crystal structures, represent the indicated plane in themanner of Figures 3.24 and 3.25, showing both anions and cations: (a) (100)plane for the rock salt crystal structure, (b) (110) plane for the cesium chloride crystal structure, (c) (111) plane for the zinc blende crystal structure, and (d) (110) plane for the perovskite crystal structure.3.66 The zinc blende crystal structure is one that may be generated from close-packedplanes of anions.(a) Will the stacking sequence for this structure be FCC or HCP? Why?(b) Will cations fill tetrahedral or octahedral positions? Why?(c) What fraction of the positions will be occupied?3.81* The metal iridium has an FCC crystal structure. If the angle of diffraction forthe (220) set of planes occurs at 69.22°(first-order reflection) when monochromatic x-radiation having a wavelength of 0.1542 nm is used, compute(a) the interplanar spacing for this set of planes, and (b) the atomic radius for aniridium atom.4.10 What is the difference between configuration and conformation in relation topolymer chains? vinyl chloride).4.22 (a) Determine the ratio of butadiene to styrene mers in a copolymer having aweight-average molecular weight of 350,000 g/mol and weight-average degree of polymerization of 4425.(b) Which type(s) of copolymer(s) will this copolymer be, considering thefollowing possibilities: random, alternating, graft, and block? Why?4.23 Crosslinked copolymers consisting of 60 wt% ethylene and 40 wt% propylenemay have elastic properties similar to those for natural rubber. For a copolymer of this composition, determine the fraction of both mer types.4.25 (a) Compare the crystalline state in metals and polymers.(b) Compare thenoncrystalline state as it applies to polymers and ceramic glasses.4.26 Explain briefly why the tendency of a polymer to crystallize decreases withincreasing molecular weight.4.27* For each of the following pairs of polymers, do the following: (1) state whetheror not it is possible to determine if one polymer is more likely to crystallize than the other; (2) if it is possible, note which is the more likely and then cite reason(s) for your choice; and (3) if it is not possible to decide, then state why.(a) Linear and syndiotactic polyvinyl chloride; linear and isotactic polystyrene.(b) Network phenol-formaldehyde; linear and heavily crosslinked ci s-isoprene.(c) Linear polyethylene; lightly branched isotactic polypropylene.(d) Alternating poly(styrene-ethylene) copolymer; randompoly(vinylchloride-tetrafluoroethylene) copolymer.4.28 Compute the density of totally crystalline polyethylene. The orthorhombic unitcell for polyethylene is shown in Figure 4.10; also, the equivalent of two ethylene mer units is contained within each unit cell.5.11 What point defects are possible for MgO as an impurity in Al2O3? How manyMg 2+ ions must be added to form each of these defects?5.13 What is the composition, in weight percent, of an alloy that consists of 6 at% Pband 94 at% Sn?5.14 Calculate the composition, in weight per-cent, of an alloy that contains 218.0 kgtitanium, 14.6 kg of aluminum, and 9.7 kg of vanadium.5.23 Gold forms a substitutional solid solution with silver. Compute the number ofgold atoms per cubic centimeter for a silver-gold alloy that contains 10 wt% Au and 90 wt% Ag. The densities of pure gold and silver are 19.32 and 10.49 g/cm3 , respectively.8.53 In terms of molecular structure, explain why phenol-formaldehyde (Bakelite)will not be an elastomer.10.50 Compute the mass fractions of αferrite and cementite in pearlite. assumingthat pressure is held constant.10.52 (a) What is the distinction between hypoeutectoid and hypereutectoid steels?(b) In a hypoeutectoid steel, both eutectoid and proeutectoid ferrite exist. Explainthe difference between them. What will be the carbon concentration in each?10.56 Consider 1.0 kg of austenite containing 1.15 wt% C, cooled to below 727_C(a) What is the proeutectoid phase?(b) How many kilograms each of total ferrite and cementite form?(c) How many kilograms each of pearlite and the proeutectoid phase form?(d) Schematically sketch and label the resulting microstructure.10.60 The mass fractions of total ferrite and total cementite in an iron–carbon alloyare 0.88 and 0.12, respectively. Is this a hypoeutectoid or hypereutectoid alloy?Why?10.64 Is it possible to have an iron–carbon alloy for which the mass fractions of totalferrite and proeutectoid cementite are 0.846 and 0.049, respectively? Why orwhy not?第四章习题和思考题7.3 A specimen of aluminum having a rectangular cross section 10 mm _ 12.7 mmis pulled in tension with 35,500 N force, producing only elastic deformation. 7.5 A steel bar 100 mm long and having a square cross section 20 mm on an edge ispulled in tension with a load of 89,000 N , and experiences an elongation of 0.10 mm . Assuming that the deformation is entirely elastic, calculate the elasticmodulus of the steel.7.7 For a bronze alloy, the stress at which plastic deformation begins is 275 MPa ,and the modulus of elasticity is 115 Gpa .(a) What is the maximum load that may be applied to a specimen with across-sectional area of 325mm, without plastic deformation?(b) If the original specimen length is 115 mm , what is the maximum length towhich it may be stretched without causing plastic deformation?7.8 A cylindrical rod of copper (E _ 110 GPa, Stress (MPa) ) having a yield strengthof 240Mpa is to be subjected to a load of 6660 N. If the length of the rod is 380 mm, what must be the diameter to allow an elongation of 0.50 mm?7.9 Consider a cylindrical specimen of a steel alloy (Figure 7.33) 10mm in diameterand 75 mm long that is pulled in tension. Determine its elongation when a load of 23,500 N is applied.7.16 A cylindrical specimen of some alloy 8 mm in diameter is stressed elasticallyin tension. A force of 15,700 N produces a reduction in specimen diameter of 5 _ 10_3 mm. Compute Poisson’s ratio for this material if its modulus of elasticity is 140 GPa .7.17 A cylindrical specimen of a hypothetical metal alloy is stressed in compression.If its original and final diameters are 20.000 and 20.025 mm, respectively, and its final length is 74.96 mm, compute its original length if the deformation is totally elastic. The elastic and shear moduli for this alloy are 105 Gpa and 39.7 GPa,respectively.7.19 A brass alloy is known to have a yield strength of 275 MPa, a tensile strength of380 MPa, and an elastic modulus of 103 GPa . A cylindrical specimen of thisalloy 12.7 mm in diameter and 250 mm long is stressed in tension and found to elongate 7.6 mm . On the basis of the information given, is it possible tocompute the magnitude of the load that is necessary to produce this change inlength? If so, calculate the load. If not, explain why.7.20A cylindrical metal specimen 15.0mmin diameter and 150mm long is to besubjected to a tensile stress of 50 Mpa; at this stress level the resulting deformation will be totally elastic.(a)If the elongation must be less than 0.072mm,which of the metals in Tabla7.1are suitable candidates? Why ?(b)If, in addition, the maximum permissible diameter decrease is 2.3×10-3mm,which of the metals in Table 7.1may be used ? Why?7.22 Cite the primary differences between elastic, anelastic, and plastic deformationbehaviors.7.23 diameter of 10.0 mm is to be deformed using a tensile load of 27,500 N. It mustnot experience either plastic deformation or a diameter reduction of more than7.5×10-3 mm. Of the materials listed as follows, which are possible candidates?Justify your choice(s).7.24 A cylindrical rod 380 mm long, having a diameter of 10.0 mm, is to besubjected to a tensile load. If the rod is to experience neither plastic deformationnor an elongation of more than 0.9 mm when the applied load is 24,500 N,which of the four metals or alloys listed below are possible candidates?7.25 Figure 7.33 shows the tensile engineering stress–strain behavior for a steel alloy.(a) What is the modulus of elasticity?(b) What is the proportional limit?(c) What is the yield strength at a strain offset of 0.002?(d) What is the tensile strength?7.27 A load of 44,500 N is applied to a cylindrical specimen of steel (displaying thestress–strain behavior shown in Figure 7.33) that has a cross-sectional diameter of 10 mm .(a) Will the specimen experience elastic or plastic deformation? Why?(b) If the original specimen length is 500 mm), how much will it increase inlength when t his load is applied?7.29 A cylindrical specimen of aluminumhaving a diameter of 12.8 mm and a gaugelength of 50.800 mm is pulled in tension. Usethe load–elongation characteristics tabulatedbelow to complete problems a through f.(a)Plot the data as engineering stressversusengineering strain.(b) Compute the modulus of elasticity.(c) Determine the yield strength at astrainoffset of 0.002.(d) Determine the tensile strength of thisalloy.(e) What is the approximate ductility, in percent elongation?(f ) Compute the modulus of resilience.7.35 (a) Make a schematic plot showing the tensile true stress–strain behavior for atypical metal alloy.(b) Superimpose on this plot a schematic curve for the compressive truestress–strain behavior for the same alloy. Explain any difference between thiscurve and the one in part a.(c) Now superimpose a schematic curve for the compressive engineeringstress–strain behavior for this same alloy, and explain any difference between this curve and the one in part b.7.39 A tensile test is performed on a metal specimen, and it is found that a true plasticstrain of 0.20 is produced when a true stress of 575 MPa is applied; for the same metal, the value of K in Equation 7.19 is 860 MPa. Calculate the true strain that results from the application of a true stress of 600 Mpa.7.40 For some metal alloy, a true stress of 415 MPa produces a plastic true strain of0.475. How much will a specimen of this material elongate when a true stress of325 MPa is applied if the original length is 300 mm ? Assume a value of 0.25 for the strain-hardening exponent n.7.43 Find the toughness (or energy to cause fracture) for a metal that experiences bothelastic and plastic deformation. Assume Equation 7.5 for elastic deformation,that the modulus of elasticity is 172 GPa , and that elastic deformation terminates at a strain of 0.01. For plastic deformation, assume that the relationship between stress and strain is described by Equation 7.19, in which the values for K and n are 6900 Mpa and 0.30, respectively. Furthermore, plastic deformation occurs between strain values of 0.01 and 0.75, at which point fracture occurs.7.47 A steel specimen having a rectangular cross section of dimensions 19 mm×3.2mm (0.75in×0.125in.) has the stress–strain behavior shown in Figure 7.33. If this specimen is subjected to a tensile force of 33,400 N (7,500lbf ), then(a) Determine the elastic and plastic strain values.(b) If its original length is 460 mm (18 in.), what will be its final length after theload in part a is applied and then released?7.50 A three-point bending test was performed on an aluminum oxide specimenhaving a circular cross section of radius 3.5 mm; the specimen fractured at a load of 950 N when the distance between the support points was 50 mm . Another test is to be performed on a specimen of this same material, but one that has a square cross section of 12 mm length on each edge. At what load would you expect this specimen to fracture if the support point separation is 40 mm ?7.51 (a) A three-point transverse bending test is conducted on a cylindrical specimenof aluminum oxide having a reported flexural strength of 390 MPa . If the speci- men radius is 2.5 mm and the support point separation distance is 30 mm ,predict whether or not you would expect the specimen to fracture when a load of 620 N is applied. Justify your prediction.(b) Would you be 100% certain of the prediction in part a? Why or why not?7.57 When citing the ductility as percent elongation for semicrystalline polymers, it isnot necessary to specify the specimen gauge length, as is the case with metals.Why is this so?7.66 Using the data represented in Figure 7.31, specify equations relating tensilestrength and Brinell hardness for brass and nodular cast iron, similar toEquations 7.25a and 7.25b for steels.8.4 For each of edge, screw, and mixed dislocations, cite the relationship between thedirection of the applied shear stress and the direction of dislocation line motion.8.5 (a) Define a slip system.(b) Do all metals have the same slip system? Why or why not?8.7. One slip system for theBCCcrystal structure is _110__111_. In a manner similarto Figure 8.6b sketch a _110_-type plane for the BCC structure, representingatom positions with circles. Now, using arrows, indicate two different _111_ slip directions within this plane.8.15* List four major differences between deformation by twinning and deformationby slip relative to mechanism, conditions of occurrence, and final result.8.18 Describe in your own words the three strengthening mechanisms discussed inthis chapter (i.e., grain size reduction, solid solution strengthening, and strainhardening). Be sure to explain how dislocations are involved in each of thestrengthening techniques.8.19 (a) From the plot of yield strength versus (grain diameter)_1/2 for a 70 Cu–30 Zncartridge brass, Figure 8.15, determine values for the constants _0 and ky inEquation 8.5.(b) Now predict the yield strength of this alloy when the average grain diameteris 1.0 _ 10_3 mm.8.20. The lower yield point for an iron that has an average grain diameter of 5 _ 10_2mm is 135 MPa . At a grain diameter of 8 _ 10_3 mm, the yield point increases to 260MPa. At what grain diameter will the lower yield point be 205 Mpa ?8.24 (a) Show, for a tensile test, thatif there is no change in specimen volume during the deformation process (i.e., A0 l0 _Ad ld).(b) Using the result of part a, compute the percent cold work experienced bynaval brass (the stress–strain behavior of which is shown in Figure 7.12) when a stress of 400 MPa is applied.8.25 Two previously undeformed cylindrical specimens of an alloy are to be strainhardened by reducing their cross-sectional areas (while maintaining their circular cross sections). For one specimen, the initial and deformed radii are 16 mm and11 mm, respectively. The second specimen, with an initial radius of 12 mm, musthave the same deformed hardness as the first specimen; compute the secondspecimen’s radius after deformation.8.26 Two previously undeformed specimens of the same metal are to be plasticallydeformed by reducing their cross-sectional areas. One has a circular cross section, and the other is rectangular is to remain as such. Their original and deformeddimensions are as follows:Which of these specimens will be the hardest after plastic deformation, and why?8.27 A cylindrical specimen of cold-worked copper has a ductility (%EL) of 25%. Ifits coldworked radius is 10 mm (0.40 in.), what was its radius beforedeformation?8.28 (a) What is the approximate ductility (%EL) of a brass that has a yield strengthof 275 MPa ?(b) What is the approximate Brinell hardness of a 1040 steel having a yieldstrength of 690 MPa?8.41 In your own words, describe the mechanisms by which semicrystalline polymers(a) elasticallydeform and (b) plastically deform, and (c) by which elastomerselastically deform.8.42 Briefly explain how each of the following influences the tensile modulus of asemicrystallinepolymer and why:(a) molecular weight;(b) degree of crystallinity;(c) deformation by drawing;(d) annealing of an undeformed material;(e) annealing of a drawn material.8.43* Briefly explain how each of the following influences the tensile or yieldstrength of a semicrystalline polymer and why:(a) molecular weight;。
范里安微观经济学（第九版）Chapter1
范里安微观经济学（第九版）Chapter1Chapter1 What is Economics?Methodological FeaturesRationality: maximizing the object function of the decision-makerIt’s not necessarily selfishness and can be consistent with altruismA kind of simplification: we care about average behavior of peopleWe test hypothesis, not assumptionsStable preferences: constant throughout the modelPreferences are unobservableEmphasis on man-made constraints and institutional design The “moral blood” of real estate developers in ChinaWhy are some animals dying out?Equilibriumanalysis: a tool to aggregate behaviors of individuals and predict the outcome of human interactionsA Puzzle of Happiness: Californian vs. OregonPeltzman effect and offsetting behaviorReinterpretation of Marriage Law in China: Are Mothers-in-laws hurt by this legal change?Efficiency criterion: a normative notion of optimalityWhat is efficient outcome?Is there any room for improvement in efficiency?Positive & Normative AnalysisPositive Analysis–statements that describe the relationship of cause and effectQuestions that deal with explanation and predictionWhat will be the impact of an import quota on foreign cars?What will be the impact of an increase in the gasoline excise tax?Normative Analysis–analysis examining questions of what ought to be ?Often supplemented by value judgments Should the government impose a larger gasoline tax?Should the government decrease the tariffs on imported cars?。
资产定价文献综述
1、理想经济状态下的资产定价模型——CAPM
•Sharpe首先提出了风险条件下单个投资者行为理论。投资者的效用函数可以表 示为，
•其中
表示未来财富的期望值； 表示未来实际财富偏离EW的标准差。
X
I
II
B
III
F A
ER
1、理想经济状态下的资产定价模型——CAPM
•Sharpe认为，投资者的选择可以分成两个阶段，即先找到有效投资机 会集，然后从有效投资机会集中选择最优的投资机会。 •有效地投资机会是指找不到任何其他的投资机会与该投资机会相比， 具有相同的ER和较小的或者相等的和较高的ER,或较高的ER和较低的。 •由此得出投资机会曲线。
据估算；
期权定价理论 的优缺
1、虽然假设条件相 对较弱，与现实市 场条件仍有出入；
缺
2、假设股票价格 服从对数正态分布 ，而实际上并非严
格的正态分布；
3、用在其他期权 或类似期权上的定 价方法的通用性。
3、股票价格波动 率只能用过去的数
据进行估算。
B-S提出能够控制风险的期权，为创立 更多控制风险和规避风险的工具开辟道路。
•为了推导出资本市场均衡的条件，Sharpe做出两个假设：（1）假定投 资者借入和贷出无风险资产的纯粹利率相同，（2）假定投资者具有相 同的预期，包括期望值、标准差和相关系数。 •由此得出了资本市场均衡条件下的资本市场线。
1、理想经济状态下的资产定价模型——CAPM
•Sharpe用回归来分析资产i和投资组合g的收益率之间的关系，资产i的收 益率分散在其期望值附近，该种分散描述了该资产的总风险，Big表示 资产i的收益率变化对组合g的收益率变化的敏感性程度，衡量的是单个 资产与整个市场经济活动之间的关系。 •投资者不能通过分散化来消除系统风险，但可以消除非系统风险。所 以证券市场线的含义是，资产的价格应对投资者所承担的系统风险给 予补偿，系统风险越高，预期收益越高。
Nash Equilibrium and the Evolution of Preferences
Department of Economics, Northwestern University. 2003 Sheridan Road, Evanston IL 60208. We thank (but exonerate) Eddie Dekel, who contributed substantially to the ideas in this paper. y ely@ z okan-y@
Je rБайду номын сангаасy C. Elyy Okan Yilankayaz
August 4, 1997
Abstract
A population of players of players is randomly matched to play a normal form game G. The payo s in this game represent the tness associated with the various outcomes. Each individual has preferences over the outcomes in the game and chooses an optimal action with respect to those preferences. However, these preferences needn't coincide with the tness payo s. When evolution selects individuals on the basis of the tness of the actions they choose, the distribution of aggregate play must be a Nash equilibrium of G. Weak additional assumptions on the evolutionary process imply perfect equilibrium.
一个多阶段双寡头Stackelberg博弈模型_黄芳
令
9P 1 , 得到企业 1 的最佳选择产量 Q1 , 有 9Q1 = 0 4a( 1+ c) 2( 3+ 4c) ( 3+ 6c+ 4c2 ) Q1 = ( 8) 81+ 16c( 27+ 58c+ 63c2+ 35c3 + 8c4 ) 这时 Q1 是只关于变量 c 的函数 , 为分析变量 91
* 8 7 6 5 2 2 3
9P i = 0, 有 9 qi
9P 1 = a - q 2- 2q 1 - 2 c ( q 1 - Q 1) = 0 9q 1 9P 2 9 q 2 = a - q 1- 2q 2 - 2 c ( q 2 - Q 2) = 0 解方程组得出两企业的一组均衡解为 : q1 = q2 = 4 c2 Q1 + 4 cQ1 - 2 cQ2 + 2 ac + a 4 c 2+ 8 c + 3 4 c2 Q2 + 4 cQ2 - 2 cQ1 + 2 ac + a 4 c 2+ 8 c + 3 ( 5) ( 6)
有 4( 1+ c) 2 ( a - 2 cQ 1 + 2 ac) ( 7) 3 2 16c + 40 c + 32c + 9 31 第一阶段: 第一个企业宣布它的产量 Q1 Q 2= 因为寡头2 , 这样寡头 1 为了获 取利润最大化 , 其问题为把( 5) 、 ( 6) 和 ( 7) 式代入到
X = 收稿日期>2007- 06- 23 = 作者简介>黄芳 ( 1982- ) , 女 , 河南永城人 , 南京工业大学经济管理学院硕士研究生 , 研究方向 : 产业经济学。
理解资产价格
理解资产价格
2
目录
1 引言
3
2 理论背景
4
2.1 竞争交易的启示 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2.2 随机折现因子理论 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
2 理论背景
为了给介绍获奖者的贡献作些铺垫，本节将回顾一些基本的资产定价理论。
2.1 竞争交易的启示
一些基本的观点可以追溯到 19 世纪，它们都源于竞争性交易的一个基本假设： 不存在套利机会。套利机会的是一个“摇钱树”，它可以在不承担任何风险的情况下
4
理解资产价格
5
赚到任意数量的钱。举一个小例子，假设有两项资产，安全回报率分别为 Ra 和 Rb，且 Ra > Rb。如果两种资产都可以卖空，也就是持有负值，那么就可以卖空 b 资产，用所 得买进 a 资产来获得套利回报：这样就可以获得安全利润率 Ra − Rb。因为这棵摇钱 树可以在任意规模下操作，显然它不符合均衡原则。在竞争性市场中，Ra 和 Rb 一定 是相等的。任何安全的资产必须具有相同的回报 Rf（f 代表安全），这也是任何安全 资产的未来回报的“折现”率。
17
5.1 消费资本资产定价模型 (CCAPM) . . . . . . . . . . . . . . . . . . . . . . 17
5.2 检验消费资本资产定价模型 (CCAPM) . . . . . . . . . . . . . . . . . . . 18
5.3 广义矩方法 (GMM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
空间问题的基本理论1
三、物理方程： （各向同性材料）
Physical Equations
1 x [ x ( y z )] E 1 y [ y ( x z )] E 1 z [ z ( x y )] E
xy
2(1 ) xy E 2(1 ) xz E 2(1 ) yz E
xz
w z z u w z x
位移在边界上满足位移边界条件：
us u
vs v
ws w
二、体积应变（单位体积的改变量）：
Volume strain（the change of volume per unit of the original volume)
微小正六面体，变形前的体积：dx· dz dy·
In analyzing spatial problems,it is necessary to consider their Equilibrium geometrical and aspects.
空间问题中未知量为：x、y、z、xy、 xz、yz、x、y、z、xy、xz、yz、u、v、 w
xz
yz
三、物理方程的另一种形式：
体积应变：
Volume strain
e x y z
x y z
Ee 1 2
体积弹性模量
体积应力：
Volume stress
体积应变与体积应力成正比：
1 2 e E
1 2 E
导出物理方程的另一种形式：
在铅垂面上： z z dz zr zr dz z z
z
dz
r
Z
Kr
rz
rz rz dr r r r dr
最优流转税与超额负担
最优流转税与超额负担汪 浩∗摘 要：本文通过一个简单的一般均衡模型讨论最优流转税的特点及其带来的“超额负担”。
在劳动力供应没有弹性的情况下，如果所有产品市场均为完全竞争，那么社会最优的流转税应实行单一从价税率，且无论基于“等价变动”或“补偿变动”的社会福利损失均为零。
如果市场不是完全竞争，那么最优流转税应使得所有产品的勒纳指数(LernerIndex)均等化，且最优流转税一般可实现社会福利的潜在帕累托改进，即税收的超额负担为负。
流转税是我国最重要的税种，本文的结论对于研究我国税收体系的发展方向有一定参考价值。
关键词：流转税，无谓损失，超额负担，最优税收，不完全竞争一、引 言流转税是对商品或服务的流转额的征税。
最优流转税理论是公共经济学中的一个古老课题，传统的理论大多采用了局部均衡分析。
正如Atkinson and Stiglitz(1972)所指出的，采用局部均衡模型讨论税收是不恰当的，因为这样的模型不能充分考虑产品之间通过市场产生的关联。
在现实世界中，人类可用于消费和生产的资源是稀缺的，因此必须在不同产品之间进行最优配置，这样人们对不同产品的需求必然是相互关联的。
如果税收对整个经济的资源配置产生影响，那么对税收的研究就应该采用一般均衡模型①。
虽然相关文献中也有一些基于一般均衡的讨论，但是多数只考虑了完全竞争的情形。
在少数的不完全竞争的一般均衡模型中，往往由于各种原因使得模型极度复杂化，且结论没有清晰的政策含义，因此至今未能引起人们的广泛注意。
税收的社会福利影响，除了征税成本外，可能有两个方面。
第一，税收可能导致消费选择的扭曲。
如果商品的相对价格反映了商品的相对稀缺程度，那么消费者的选择是帕累托有效的，否则消费者行为就会出现扭曲。
如果税收影响商品的相对价格，就可能导致经济效率的损失。
第二，税收会减少消费者的实际收入，使得消费者从工作中获得的真实回报降低，这样可能使消费者在“闲暇”和其他消费之间的选择发生扭曲，从而产生社会福利的损失。
西方经济学重要名词解释大全
1、绝对优势（Absoluteadvantage）如果一个国家用一单位资源生产的某种产品比另一个国家多，那么，这个国家在这种产品的生产上与另一国相比就具有绝对优势。
2、逆向选择（Adversechoice）在此状况下，保险公司发现它们的客户中有太大的一部分来自高风险群体。
3、选择成本（Alternativecost）如果以最好的另一种方式使用的某种资源，它所能生产的价值就是选择成本，也可以称之为机会成本。
4、需求的弧弹性（Arcelasticityofdemand）如果P1和Q1分别是价格和需求量的初始值，P2和Q2为第二组值，那么，弧弹性就等于-（Q1-Q2）（P1＋P2）/（P1-P2）（Q1＋Q2）5、非对称的信息（Asymmetricinformation）在某些市场中，每个参与者拥有的信息并不相同。
例如，在旧车市场上，有关旧车质量的信息，卖者通常要比潜在的买者知道得多。
6、平均成本（Averagecost）平均成本是总成本除以产量。
也称为平均总成本。
7、平均固定成本(Averagefixedcost）平均固定成本是总固定成本除以产量。
8、平均产品（Averageproduct）平均产品是总产量除以投入品的数量。
9、平均可变成本（Averagevariablecost）平均可变成本是总可变成本除以产量。
?10、投资的β(Beta）β度量的是与投资相联的不可分散的风险。
对于一种股票而言，它表示所有现行股票的收益发生变化时，一种股票的收益会如何敏感地变化。
11、债券收益(Bondyield）债券收益是债券所获得的利率。
12、收支平衡图（Break－evenchart）收支平衡图表示一种产品所出售的总数量改变时总收益和总成本是如何变化的。
收支平衡点是为避免损失而必须卖出的最小数量。
13、预算线(Budgetline）预算线表示消费者所能购买的商品X和商品Y的数量的全部组合。
它的斜率等于商品X 的价格除以商品Y的价格再乘以一1。
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Stephan Dieckmann Tepper School of Business Tech and Frew Streets Carnegie Mellon University Pittsburgh, PA 15213-3890 Tel.:(412)268-8740 stepheIn this paper we study the effect of two different sources of uncertainty in a pure exchange economy with heterogeneous agents. Specifically, we ask how diffusive and jump risk is shared across risk averse agents through the capital market. An important feature of the model is the incorporation of sudden and rare events causing jumps in economic fundamentals. We allow for agents with different risk characteristics to induce actual demand for insurance against jumps among different capital market participants, such as banks, financial institutions, mutual fund companies, or private investors. The economy under consideration is dynamically complete. The capital market consists of the stock market, a money market, and an insurance market for jump risk. The paper addresses the following questions: 1. What are the effects on allocations in the financial market when systematic jump risk is introduced in addition to systematic diffusive risk? This question has a natural counterpart in real financial markets — the market for catastrophe (cat) bonds. These insurance-linked bonds contain a provision causing interest and/or principal payments to be delayed or lost in the event of loss due to a specified catastrophe. Reinsurance companies typically issue cat bonds to transfer undesired jump exposure to bondholder. In our setup we ask the question, who should hold cat bonds in equilibrium? Our main finding is that the demand for jump insurance is reversed from what one would expect between agents with different relative risk aversion. In equilibrium, the less risk averse agent holds a leveraged position in the stock market, and acts as a borrower in the money market. After implementing his optimal exposure in the stock market, the less risk averse agent buys insurance against negative jumps from the more risk averse counterpart. In the case of positive jumps, the less risk averse agent leverages even more than in the pure diffusion case. Our surprising allocation result is driven by the stock’s dynamics being influenced by both jump and diffusive risk. When an agent’s aggregate jump risk exposure is calculated from his equilibrium stock and insurance market positions, the less risk averse agent still bears more aggregate jump risk than the more risk averse agent. 1
Keywords: General Equilibrium, Pure Exchange Economy, Jump-Diffusion Model, Heterogeneous Agents, Excess Uncertainty, Insurance. JEL Classification: D51, G11, G12.
Michael Gallmeyer Tepper School of Business Tech and Frew Streets Carnegie Mellon University Pittsburgh, PA 15213-3890 Tel.:(412)268-7587 mg47@
1
The Equilibrium Allocation of Diffusive and Jump Risks with Heterogeneous Agents
Abstract We study a two-agent pure exchange equilibrium subject to both nondiversifiable diffusive and jump risks. Agents can trade in a financial market consisting of a stock market, a money market, and an insurance market for jump risk. Heterogeneity is introduced through different levels of relative risk aversion. In the framework of standard expected utility we find the surprising result that the more risk averse agent purchases insurance contracts against jump risk from the less risk averse agent. This equilibrium allocation is linked to the non-linear wealth sharing rule in such an economy, and preserves the wealth effects studied by Dumas (1989) in the case of pure diffusive risk. Since the benchmark economy with homogenous agents generates no excess uncertainty in the stock market, we study the effect on excess volatility and excess jump size solely due to different levels of relative risk aversion. We observe up to 3% excess uncertainty for a reasonable specification of economic fundamentals.
Implementing this strategy however requires the less risk averse to buy insurance from the more risk averse. This equilibrium allocation result stems from the optimal splitting of diffusive and jump risk given our heterogeneous investors face a non-linear wealth sharing rule. As in the case of the pure diffusive risk economies studied in Dumas (1989) and Weinbaum (2001), the less risk averse agent’s equilibrium wealth is convex in the aggregate dividend while the more risk averse agent’s equilibrium wealth is concave in the aggregate dividend. When trading the stock and money market alone, the less risk averse agent will underestimate his optimal wealth profile for any jump in the aggregate dividend. Correctly replicating his wealth profile requires him to hold an insurance position that pays off a positive quantity when the aggregate dividend jumps in either direction. The more risk averse agent’s replication of his optimal wealth profile works in the opposite direction implying the less risk averse purchases insurance contracts from the more risk averse. The intuition for our allocation result can also be derived from the less risk averse agent’s levered position in the stock market. Compared to the case of homogeneity, the less risk averse agent implements a synthetic call option. As pointed out by Dumas (1989), this reveals a specific form of “indirect” portfolio insurance. After imposing put-call parity, the long position in the call is equal to a long position in the put, a long position in the stock, and a short position in the money market. Hence, while leveraging through the stock market, the less risk averse agent is willing to insure against stock market losses. This intuition directly carries through to our economy with diffusive and jump risk in which insurance against jumps is not a redundant security. The less risk averse agent gladly leverages through the stock market, but also purchases insurance against extreme market movements. 2. What is the extent of excess uncertainty in the stock market, solely due to the presence of agents with heterogeneity in risk aversion? As economic fundamentals are quite smooth over time, it is puzzling why the stock market is significantly more volatile. The extensive discussion about this question started with Schiller (1981). We find that for the base case of a growing economy, equilibrium stock coefficients can be significantly higher than their equivalents from the exogenous endowment process. For example, in an economy with heterogeneity in relative risk aversion between 0.5 and 1.0, a time horizon of 100 years and a fundamental volatility of 4%, the maximum excess stock market volatility we observe is 1%. However, negative jumps in fundamentals of -20% can amplify to a -23% jump size in the stock market, i.e. excess uncertainty of 3%. The biggest effects of excess uncertainty are generated when both agents have significant wealth in the economy. The benchmark model 2