The Effect of Auctions on Daily Treasury-bill Volatility Corresponding Author
2024年牛津译林版高考英语试题及解答参考
2024年牛津译林版英语高考复习试题及解答参考一、听力第一节（本大题有5小题，每小题1.5分，共7.5分）1、Listen to the conversation between two students discussing a school project.Question: What is the main topic of their discussion?A. The due date for the project.B. The resources needed for the project.C. The difficulty level of the project.D. The evaluation criteria for the project.Answer: B. The resources needed for the project.Explanation: In the conversation, the students discuss the different resources they need to complete the project, such as books, online articles, and research materials.2、Listen to a short interview with a famous author.Question: What is the author’s advice for young writers?A. To focus on making money rather than artistic expression.B. To read widely and learn from other authors.C. To avoid writing in their native language.D. To only write when they are inspired.Answer: B. To read widely and learn from other authors.Explanation: During the interview, the author emphasizes the importance ofreading extensively and being inspired by the works of other writers to improve one’s own writing skills.3.You hear a conversation between two students, Alice and Bob, discussing their weekend plans.Student A: “Hey, Bob, are you planning to d o anything interesting this weekend?”Student B: “Yeah, I’m thinking of going hiking. How about you, Alice?”Student A: “That sounds fun! I was actually planning to visit the local museum.”Question: What activity does Alice plan to do this weekend?A. Go hikingB. Visit the local museumC. Go hiking and visit the museumD. Stay at home and relaxAnswer: BExplanation: In the conversation, Alice responds to Bob’s question about his weekend plans by saying, “I was actually planning to visit the local museum,” indicating that her plan is to go to the museum.4.You hear a dialogue between a teacher and a student, discussing a school project.Teacher: “Hi, Sarah. How are you coming along with your science project?”Student: “Hi, Mr.Smith. I’m almost done. I’ve completed the researchand collected all the data. Now, I’m just writing the conclusion.”Question: What is the student currently working on for the science project?A. Collecting dataB. Writing the introductionC. Writing the conclusionD. Presenting the projectAnswer: CExplanation: The student, Sarah, mentions to the teacher that she has “completed the research and collected all the data” and is now “just writing the conclusion,” which means she is in the process o f writing the conclusion for her science project.5、What is the main topic of the conversation between the two speakers?A. The importance of exercise.B. The benefits of healthy eating.C. The best way to stay fit.D. The latest trends in sports.Answer: C. The best way to stay fit.Explanation: In the conversation, the two speakers discuss various ways to stay fit, such as regular exercise, healthy eating, and maintaining a balanced lifestyle. The main focus is on finding the best way to stay fit, making option C the correct answer. Options A, B, and D are mentioned in the conversation but are not the main topic.二、听力第二节（本大题有15小题，每小题1.5分，共22.5分）1、Question: How old was the speaker when they first visited the museum?Options:A. 12 years oldB. 15 years oldC. 10 years oldD. 8 years oldAnswer: B. 15 years oldExplanation: The speaker mentions in the dialogue that they visited the museum for the first time when they were 15 years old.2、Question: What did the speaker do before they started their new job?Options:A. Studied for a degreeB. Worked in a different fieldC. Travelled around the worldD. Had a part-time jobAnswer: A. Studied for a degreeExplanation: In the conversation, the speaker talks about how they spent the last four years studying for their degree before taking up their current job.3、Question: What does the speaker say about the importance of teamwork in the workplace?A)Teamwork is only necessary when working on a large project.B)Teamwork is not always beneficial due to conflicts.C)Teamwork is crucial for success and productivity in the workplace.D)Teamwork is less important than individual contributions.Answer: C) Teamwork is crucial for success and productivity in the workplace.Explanation: The speaker emphasizes the importance of teamwork in achieving success and productivity in the workplace. They mention that teamwork fosters better communication, encourages diverse perspectives, and leads to more effective problem-solving.4、Question: According to the speaker, what is one of the main reasons for the rise in remote work?A)The advancement of technology.B)The preference of employees for flexible work schedules.C)The need for cost savings by companies.D)The desire to reduce commuting time.Answer: A) The advancement of technology.Explanation: The speaker attributes the rise in remote work to the advancement of technology, which has made it easier for employees to work from home or any location with internet access. They mention the use of video conferencing, online collaboration tools, and cloud computing as key factors in this trend.5.You will hear a conversation between two students discussing their summer plans. Listen to the conversation and answer the following question.Question: What does the student say about their summer job?A. They will work at a local library.B. They will be a camp counselor.C. They will work part-time at a restaurant.D. They will be traveling around Europe.Answer: CExplanation: In the conversation, one of the students mentions, “I’m going to work part-time at a restaurant this summer,” which indicates the correct answer.6.You will hear a lecture about the impact of technology on education. Listen to the lecture and answer the following question.Question: According to the speaker, what is one of the major advantages of technology in education?A. It reduces the need for physical textbooks.B. It allows for more personalized learning experiences.C. It makes the learning process more expensive.D. It leads to a decrease in student engagement.Answer: BExplanation: The speaker in the lecture emphasizes, “One of the greatest benefits of technology in education is the ability to tailor learningexper iences to individual students’ needs,” which supports answer choice B.7.You will hear a conversation between two friends discussing their summerplans. Listen carefully and answer the question.Question: What does Sarah plan to do for her summer vacation?A. Travel to Italy.B. Take a summer job.C. Stay home and study.D. Go on a road trip.Answer: CExplanation: In the conversation, Sarah mentions that she has a lot of work to do over the summer, so she plans to stay home and study instead of going on a trip or taking a job. Therefore, the correct answer is C.8.You will hear a lecture about the effects of climate change on global agriculture. Listen carefully and answer the question.Question: According to the lecture, which of the following is a consequence of climate change on agricultural yields?A. Increased yields due to more heat.B. Decreased yields due to extreme weather events.C. Improved yields due to better soil quality.D. No significant change in yields.Answer: BExplanation: The lecturer discusses how climate change has led to more frequent and severe extreme weather events, which can have a negative impact on agricultural yields. The correct answer is B, as the lecture specificallymentions the decrease in yields due to these events.9.You will hear a conversation between two students discussing their weekend plans. Listen to the conversation and answer the following question.Question: What is the woman planning to do this weekend?A. Go to a movie.B. Visit her parents.C. Travel to another city.D. Study for the upcoming exam.Answer: BExplanation: In the conversation, the woman mentions that she will visit her parents this weekend. Therefore, the correct answer is B.10.You will hear a short lecture about the importance of exercise. Listen to the lecture and answer the following question.Question: What is the main idea of the lecture?A. Exercise is not important for health.B. Regular exercise can improve mental health.C. People should avoid exercise to stay healthy.D. Only professional athletes should exercise.Answer: BExplanation: The lecture emphasizes the benefits of regular exercise, particularly in improving mental health. Thus, the correct answer is B.11.You will hear a conversation between two students discussing their studyplan for the upcoming exam. Listen carefully and choose the best answer to the following question:What subject does the girl prefer to study first according to the conversation?A)MathematicsB)EnglishC)PhysicsD)ChemistryAnswer: BExplanation: In the conversation, the girl says, “I think I should start with English because it’s my weakest subject.” This indicates that she prefers to study English first.12.You will hear a short interview with a teacher who gives advice on exam preparation. Listen carefully and answer the following question: What does the teacher suggest students do to manage their time effectively during the exam?A)Skip difficult questions firstB)Read all questions carefully before startingC)Answer questions in the order they appear on the paperD)Spend more time on questions they are confident aboutAnswer: BExplanation: The teacher says, “The most important thing is to read all the questions carefully before starting. This will help you understand what isbeing asked and avoid making mistakes.” This indicates that the teacher suggests students read all questions carefully before starting.13.You will hear a conversation between two students, Tom and Lucy, discussing their study plan for the upcoming exam. Listen to the conversation and answer the following question.Question: What subject are they discussing for their study plan?A) MathB) EnglishC) ScienceD) HistoryAnswer: B) EnglishExplanation: The conversation clearly mentions that they are making a study plan for the English exam, so the correct answer is English.14.You will hear a short interview with a famous author, Jane Smith, who is discussing her new book. Listen to the interview and answer the following question.Question: What is the main theme of Jane Smith’s new book?A) Love and relationshipsB) Adventure and explorationC) Science and technologyD) War and conflictAnswer: C) Science and technologyExplanation: During the interview, the author explicitly states that her new book focuses on the future of science and technology, making Science and technology the correct answer.15、What time does the last train leave for London according to the announcement?A. 9:45 PMB. 10:15 PMC. 10:45 PMD. 11:15 PMAnswer: DExplanation: In the recording, the station announcer mentions that due to maintenance work on the tracks, the last train bound for London will depart at 11:15 PM instead of its usual scheduled time.三、阅读第一节（第1题7.5分，其余每题10分，总37.5分）第一题Passage:In the small town of Windermere, nestled between the Lake District hills, there stands a quaint old bookshop known as “The Reading Nook.” This charming establishment has been a staple in the community for over a century, attracting both locals and tourists alike with its vast collection of books and cozy atmosphere. The owner, Mr. Thompson, is an avid reader himself and has a wealthof knowledge about literature and history.One rainy afternoon, a young woman named Emily walks into The Reading Nook. She is looking for a book that will transport her to another world. Mr. Thompson greets her warmly and suggests a few titles that he believes she will enjoy. After some deliberation, Emily chooses a classic novel that has been on his recommendation list for years.As Emily sits down to read, she is captivated by the story. The novel takes her on a journey through the English countryside in the 19th century, where she meets a cast of intriguing characters. The book’s vivid descriptions and rich narrative make her forget about the world outside the shop for hours on end.The next day, Emily returns to The Reading Nook, eager to discuss the novel with Mr. Thompson. They spend the afternoon talking about the story, the author, and the historical context in which it was set. Emily is amazed at how much she has learned from the conversation and decides to explore more books in the store.Over time, Emily becomes a regular at The Reading Nook. She often finds herself lost in a book, transported to different worlds and times. Mr. Thompson, noticing her passion, begins to recommend more challenging andthought-provoking titles. Emily embraces these challenges and finds herself growing as a reader and a person.One evening, as Emily is leaving the store, Mr. Thompson calls her over. He hands her a small, leather-bound book that he says is a gift for her. The book is filled with notes and underlined passages from many of the books shehas read over the years. Emily is overjoyed and grateful for the gift, knowing that it is a testament to her growth as a reader.Questions:1、What is the main purpose of the passage?A. To describe the charming town of Windermere.B. To introduce the concept of “The Reading Nook” and its owner.C. To highlight the importance of reading and its impact on Emily’s life.D. To provide a detailed historical account of the Lake District.Answer: C2、Who is the owner of “The Reading Nook”?A. EmilyB. Mr. ThompsonC. The authorD. A touristAnswer: B3、What does Emily find captivating about the novel recommended byMr. Thompson?A. The author’s writing style.B. The historical context.C. The vivid descriptions.D. The intriguing characters.Answer: C4、How does Mr. Thompson’s gift to Emily reflect her growth as a reader?A. It shows that he knows her well.B. It is a testament to her passion for reading.C. It proves that she has read many books.D. It indicates that she has become a regular customer.Answer: B第二题Passage:In the small coastal town of Porthcurno, located on the rugged Cornish coast of England, lies an extraordinary site known as the Porthcurno Telegraph Museum. This museum is dedicated to the history of telegraphy and the undersea cables that have connected the world for over a century. The museum was established in 2001, following the decommissioning of the Porthcurno cable station, which was one of the world’s first submarine telegraph cable stations.The cable station was built in the 19th century to facilitate communication between Europe and the United States. At its peak, the station employed over 200 workers and was a bustling hub of activity. Today, the museum offers visitors a glimpse into the past, with exhibits that include reconstructed cable rooms, a model of the cable laying ship, and artifacts from the telegraph era.One of the most significant exhibits at the museum is the cable that was laid in 1866 by the Great Eastern, a steamship that laid the first transatlantic telegraph cable. The cable, which was made of copper and insulated withgutta-percha, was a marvel of engineering at the time. It took 12 years to lay the 3,700 miles of cable, and the achievement was celebrated as a triumph of human ingenuity.The museum also explores the role of the Porthcurno cable station in World War II. During the war, the station was crucial for sending and receiving encrypted messages, which played a vital role in the Allied victory. The station’s employees worked tirelessly, often in dire conditions, to ensure that communication lines remained open.Questions:1、What is the main purpose of the Porthcurno Telegraph Museum?A. To promote tourism in the Cornish coast.B. To showcase the history of telegraphy and submarine cables.C. To provide educational programs on maritime history.D. To preserve the site of the Porthcurno cable station.2、When was the Porthcurno cable station decommissioned, and when was the museum established?A. 19th century, 2001B. 20th century, 2001C. 2001, 19th centuryD. 2001, 20th century3、Which of the following is NOT mentioned as an exhibit at the Porthcurno Telegraph Museum?A. A reconstructed cable roomB. A model of the cable laying shipC. A collection of 19th-century telegraphsD. Artifacts from the telegraph era4、What was the significance of the cable laid in 1866 by the Great Eastern?A. It was the longest cable ever laid.B. It was the first transatlantic telegraph cable.C. It was made of silk and gutta-percha.D. It was used exclusively for military communication during World War II.Answers:1、B2、D3、C4、BThird QuestionDirections: Read the following passage carefully and choose the best answer for questions that follow. Mark your answers on the ANSWER SHEET.PassageIn today’s rapidly evolving world, technology has become an integral part of our daily lives. From smartphones to artificial intelligence, technological advancements have transformed the way we communicate, learn, and conduct business. However, with these advancements come both benefits and challenges.While technology can bring people closer together and facilitate access to information, it also poses questions about privacy, security, and the very nature of human interaction. This essay explores the impact of technology on society, focusing on its effects on education, employment, and social relationships.…Third QuestionThe use of technology in modern society is discussed in this passage. Carefully read the passage and answer the questions below.1、What is the main focus of the passage?A. The development of smartphones and AIB. The transformation of communication methodsC. The benefits and challenges of technology in societyD. The importance of privacy and security in the digital ageAnswer: C2、According to the passage, how does technology affect education?A. By limiting access to educational resourcesB. By facilitating more accessible learning opportunitiesC. By making traditional teaching methods obsoleteD. By increasing the cost of educationAnswer: B3、Which of the following is NOT mentioned as an area impacted by technologyaccording to the passage?A. EducationB. EmploymentC. Social relationshipsD. HealthcareAnswer: D4、How does the author introduce the discussion on technology?A. By providing detailed statistics on technology usageB. By offering a broad overview followed by specific areas affectedC. By criticizing the overuse of technology in daily lifeD. By focusing solely on the negative impacts of technologyAnswer: B第四题Read the following passage and answer the questions that follow.The ancient city of Petra, located in southern Jordan, is one of the world’s most famous archaeological sites. Discovered by the Bedouin people in the 19th century, Petra has been a UNESCO World Heritage site since 1985. The city is renowned for its rock-cut architecture, which includes temples, tombs, and forts, carved directly into the pink sandstone cliffs.Petra’s most iconic structure is Al-Khazneh, also known as the Treasury. This magnificent facade, with its intricate carvings and towering columns, is believed to have been built for a Nabataean king. The city also features theSiq, a narrow passage leading to Petra’s heart, where visitors can marvel at the stunning rock formations.The Nabataeans, who settled in Petra around the 4th century BC, were skilled engineers and architects. They developed an intricate water system that provided the city with a reliable water supply. This water management system, along with their advanced agricultural techniques, allowed Petra to thrive in an otherwise arid landscape.Today, Petra attracts millions of tourists each year, drawn by its breathtaking beauty and rich history. The site has been featured in numerous films and is a popular destination for hikers and adventure seekers.1、What is the main reason Petra is considered one of the world’s most famous archaeological sites?A. Its location in southern JordanB. The rock-cut architectureC. The Nabataean water systemD. Its historical significanceAnswer: B2、Which structure is known as Al-Khazneh and is believed to have been built for a Nabataean king?A. The SiqB. The TreasuryC. The rock-cut tombsD. The fortsAnswer: B3、What skill did the Nabataeans possess that contributed to the success of their city?A. TradeB. Military prowessC. Engineering and architectureD. AgricultureAnswer: C4、Which of the following best describes the purpose of the water system in Petra?A. To support the city’s military defensesB. To provide water for agricultural useC. To attract touristsD. To enhance the city’s beautyAnswer: B四、阅读第二节（12.5分）Reading Section IIPassage:In the small coastal town of Horseshoe Bay, the local community has always been close-knit and supportive. The town is known for its beautiful beaches,friendly residents, and a rich history. Every year, the town hosts the Horseshoe Bay Festival, which brings together locals and visitors alike to celebrate the community’s spirit.The festival, which began in 1950, has grown over the years and now includes various events such as a parade, live music, food vendors, and craft workshops. One of the highlights of the festival is the traditional boat race, where local boat clubs compete for the coveted Horseshoe Cup. The event is not only a display of athletici sm and teamwork but also a testament to the town’s deep connection with the sea.This year’s festival is particularly special as it marks the 70th anniversary of the festival. The organizing committee has planned a series of additional activities to commemorate the occasion. They have invited a group of local historians to give talks on the town’s history, and have also organized a charity auction to raise funds for a new community center.Questions:1.What is the main purpose of the Horseshoe Bay Festival?A. To promote tourism in the town.B. To celebrate the community’s spirit and history.C. To raise funds for local charities.D. To showcase the town’s cultural heritage.2.Which event is considered a highlight of the festival?A. The charity auction.B. The talks by local historians.C. The traditional boat race.D. The live music performances.3.How many years has the Horseshoe Bay Festival been running?A. 50 yearsB. 70 yearsC. 60 yearsD. 65 years4.What is the purpose of the charity auction mentioned in the passage?A. To celebrate the festival’s anniversary.B. To raise funds for a new community center.C. To invite local historians to speak.D. To showcase the town’s cultural heritage.5.What does the passage suggest about the relationship between the people of Horseshoe Bay and the sea?A. They are indifferent to it.B. They are competitors with it.C. They have a deep connection with it.D. They are trying to preserve it.Answers:1.B. To celebrate the community’s spirit and history.2.C. The traditional boat race.3.B. 70 years4.B. To raise funds for a new community center.5.C. They have a deep connection with it.五、语言运用第一节 _ 完形填空（15分）Section V: Language Use - Part A: Cloze TestRead the following passage and choose the best answer from the four choices marked A, B, C, and D for each blank. Then mark the corresponding letter on your answer sheet with a single line through the center.The Power of KindnessOne day, while I was walking in the park, I noticed a group of kids playing around a bench. As I got closer, I saw that they were making fun of another boy who sat there alone. He seemed to be very 1 , as he just looked down, not even trying to 2 back. It broke my heart to see this, so I decided to do something.I walked up to them and asked if they would like to play a game. They agreed, and I 3 that we play a game where everyone had to say something nice about the person next to them. At first, the kids were 4 , but then they started to 5 into it. When it was the turn of the boy who had been 6 , he said something truly 7 about the kid who had been the meanest to him. Everyone was 8 .After the game, the atmosphere changed completely. The children who had been 9 the boy now played with him, and it was 10 how one simple act of kindness could make such a 11 difference. From that day on, I 12 to always look for opportunitiesto spread 13 wherever I went. Sometimes, all it takes is a 14 word or gesture to 15 someone’s day.Questions:1.A) happyB) lonelyC) angryD) excited2.A) fightB) smileC) shoutD) talk3.A) suggestedB) orderedC) commandedD) begged4.A) enthusiasticB) hesitantC) eagerD) confident5.A) fallB) getC) runD) jump6.A) praisedB) teasedC) ignoredD) supported7.A) meanB) rudeC) kindD) funny8.A) shockedB) annoyedC) amusedD) bored9.A) helpingB) teasingC) encouragingD) praising10.A) surprisingB) disappointingC) confusingD) upsetting11.A) smallB) negativeC) bigD) invisible12.A) refusedB) promisedC) forgotD) hesitated13.A) joyB) angerC) sadnessD) fear14.A) harshB) coldC) warmD) sharp15.A) ruinB) brightenC) darkenD) shortenAnswers:1.B) lonely2.A) fight3.A) suggested4.B) hesitant5.B) get6.B) teased7.C) kind8.A) shocked9.B) teasing10.A) surprising11.C) big12.B) promised13.A) joy14.C) warm15.B) brightenThis passage is designed to test the students’ comprehension and their ability to use context clues to determine the most appropriate words to complete the text.六、语言运用第二节 _ 语法填空（15分）Grammar FillingRead the following passage and fill in each blank with the appropriate grammar item. Choose the best option (A, B, C, or D) for each blank from the options given after the passage.Passage:In the small town of Greenfield, there is a long-standing tradition of holding a yearly festival in honor of the town’s founder, Sir Alfred Green. The festival, which takes place every autumn, attracts visitors from all over the country. The highlight of the festival is the parade, where local businesses and community groups showcase their creativity and spirit.The festival begins with a grand opening ceremony, followed by various activities throughout the day. One of the most anticipated events is the traditional bake sale, where residents contribute homemade baked goods to be sold to the public. The proceeds from the sale go towards funding local charities and community projects.Sir Alfred Green was a visionary leader who dedicated his life to improving the quality of life for the people of Greenfield. He was known for his kindness, his innovative ideas, and his unwavering commitment to the town’s progress. To this day, his legacy lives on through the annual festival and the countless lives he touched.Grammar Filling Questions:1.The festival,___________every autumn, attracts visitors from all over the country.A. being heldB. holdsC. heldD. to be heldOptions:。
国际经济学(多米尼克萨瓦尔多)课后答案
*CHAPTER 2(Core Chapter)COMPARATIVE ADVANTAGEANSWERS TO REVIEW QUESTIONS AND PROBLEMS1. The mercantilists believed that the way for a nation to become rich and powerful was toexport more than it imported. The resulting export surplus would then be settled by an inflow of gold and silver and the more gold and silver a nation had, the richer and more powerful it was. Thus, the government had to do all in its power to stimulate th e nation’s exports and discourage and restrict imports. However, since all nations could not simultaneously have an export surplus and the amount of gold and silver was fixed at any particular point in time, one nation could gain only at the expense of other nations. The mercantilists thus preached economic nationalism, believing that national interests were basically in conflict.Adam Smith, on the other hand, believed that free trade would make all nations better off.All of this is relevant today because many of the arguments made in favor of restricting international trade to protect domestic jobs are very similar to the mercantilists arguments made three or four centuries ago. That is why we can say that “mercantilism is alive and well in the twenty-fi rst century”. Thus we have to be prepared to answer anddemonstrate that these arguments are basically wrong.2. According to Adam Smith, the basis for trade was absolute advantage, or one country beingmore productive or efficient in the production of some commodities and other countries being more productive in the production of other commodities.The gains from trade arise as each country specialized in the production of the commodities in which it had an absolute advantage and importing those commodities in which the nation had an absolute disadvantage.Adam Smith believed in free trade and laissez-faire, or as little government interference with the economic system as possible. There were to be only a few exceptions to this policy of laissez-faire and free trade. One of these was the protection of industries important for national defense.3. Ricardo’s law of comparative advantage is superior to Smith’s theory of absolute advantagein that it showed that even if a nation is less efficient than or has an absolute disadvantage in the production of all commodities with respect to the other nations, there is still a basis forbeneficial trade for all nations.The gains from trade arise from the increased production of all commodities that arises when each country specializes in the production of and exports the commoditiesof its comparative advantage and imports the other commodities.A nation that is less efficient than others will be able to export the commodities of itscomparative advantage by having its wages and other costs sufficiently lower than in othernations so as to make the commodities of its comparative advantage cheaper in terms of the same currency with respect to the other nations.4. a. In case A, the United States has an absolute and a comparative advantage in wheat andthe United Kingdom in cloth. In case B, the United States has an absolute advantage (so that the United Kingdom has an absolute disadvantage) in both commodities. In case C, theUnited States has an absolute advantage in wheat but has neither an absolute advantage nor disadvantage in cloth. In case D, the United States has an absolute advantage over theUnited Kingdom in both commodities.b. In case A, the United States has a comparative advantage in wheat and the UnitedKingdom in cloth. In case B, the United States has a comparative advantage in wheat and the United Kingdom in cloth. In case C, the United States has a comparative advantage in wheat and the United Kingdom in cloth. In case D, the United States and the United Kingdom havea comparative advantage in neither commodities.5. a. The United States gains 1C.b. The United Kingdom gains 4C.c. 3C < 4W < 8C.d. The United States would gain 3C while the United Kingdom would gain 2C.6. a. The cost in terms of labor content of producing wheat is 1/4 in the United States and 1 inthe United Kingdom, while the cost in terms of labor content of producing cloth is 1/3 in the United States and 1/2 in the United Kingdom.b. In the United States, Pw=$1.50 and Pc=$2.00.c. In the United Kingdom, Pw=£1.00 and Pc=£0.50.7. The United States has a comparative disadvantage in the production of textiles. Restrictingtextile imports would keep U.S. workers from eventually moving into industries in which the United States has a comparative advantage and in which wages are higher.8. Ricardo’s explanation of the law of comparative is unacceptable because it is based on thelabor theory of value, which is not an acceptable theory of value.The explanation of the law of comparative advantage can be based on the opportunity cost doctrine, which is an acceptable theory of value.9. The production possibilities frontier reflects the opportunity costs of producing bothcommodities in the nation.The production possibilities frontier under constant costs is a (negatively sloped) straight line.The absolute slope of the production possibilities frontier reflects or gives the price of the commodity plotted along the horizontal axis in relation to the commodity plotted along the vertical axis.10. a. See Figure 1.1.b. In the United States Pw/Pc=3/4, while in the United Kingdom, Pw/Pc=2.c. In the United States Pc/Pw=4/3, while in the United Kingdom Pc/Pw=1/2.d. See Figure 1.2.The autarky points are A and A' in the United States and the United Kingdom, respectively.The points of production with trade are B and B' in the United States and the United Kingdom, respectively.The points of consumption are E and E' in the United States and the United Kingdom, respectively. The gains from trade are shown by E > A for the U.S. and E' > A' for the U.K.ANSWERS TO REVIEW QUESTIONS AND PROBLEMS1. a. Increasing opportunity costs arise because resources or factors of production are nothomogeneous (i.e., all units of the same factor are not identical or of the same quality) and not used in the same fixed proportion or intensity in the production of all commodities.This means that as the nation produces more of a commodity; it must utilize resources that become progressively less efficient or less suited for the production of that commodity. As a result, the nation must give up more and more of the second commodity to release justenough resources to produce each additional unit of the first commodity (i.e., it facesincreasing costs).b. In the real world, the production frontiers of different nations will usually differ becauseof differences in factor endowments and technology.2. a. See Figure3.1.b. The slope of the transformationcurve increases as the nationproduces more of X and decreasesas the nation produces more of Y.These reflect increasingopportunity costs as the nationproduces more of X or Y.3. a. See Figures 3.2a and 3.2b.b. Nation 1 has a comparative advantage in X and Nation 2 in Y.c. If the relative commodity price line in autarky has equal slope in both nations. This is rare.4. a. See Figures 3.3a and 3.3 b. Points B and B’ are the production points in Nations 1 and 2,respectively, with specialization and trade and E and E’ are the consumption points.b. Nation 1 gains by the amount by which community indifference curve III (point E) isabove indifference curve I (point A). Nation 2 gains to the extent that community indifference curve III’ (point E’) is above indifference curve I’ (point A).5. a. The equilibrium-relative commodity price in isolation is the relative price that prevailsin the nation without trade or in autarky.b. The equilibrium-relative commodity price in isolation for the commodity plotted alongthe horizontal axis is given by the (absolute) slope of the tangent of the production frontier and the community indifference curve at the point of production and consumption in thenation in isolation.c. The nation with the lower equilibrium relative commodity price in isolation or autarkyhas a comparative advantage in the commodity measured along the commodity axis and a comparative disadvantage in the commodity measured along the vertical axis.6. a. Nation 1 is better off at point E’ than at point A’ because point E’ is on higher communityindifference curve III than at point A, which is on lower community indifference curve I.b. Nation 1 consumes less of commodity Y at point E’ (40Y) than at point A’ (60Y) becauseP Y/P X is much higher at point E’ (P B’ =1) than at point A’ (P A’ =1/4, the inverse of P X/P Y=4).7. a. The reason for incomplete specialization under increasing costs is that as each nationspecializes in the production of the commodity of its comparative advantage, the relative commodity price in each nation moves toward each other (i.e., become less unequal) until they are identical in both nations. At that point, it does not pay for either nation to continue to expand the production of the commodity of its initial comparative advantage. This occurs before either nation has completely specialized in production.b. Under constant costs, each nation specializes completely in production of thecommodity of its comparative advantage (i.e., produces only that commodity). The reason is that since it pays for the nation to obtain some of the commodity of its comparativedisadvantage from the other nation, then it pays for the nation to get all of the commodity of its comparative disadvantage from the other nation (i.e., to specialize completely in the production of the commodity of its comparative advantage).8. See Figure 3.5 (Please disregard Figure 3.4, which shows how to derive the demand andsupply curve for commodity X for Nation 1 and Nation 2 that are used to show how theequilibrium relative commodity price is determined with trade – a topic that is covered inAppendix A3.1.Nations 1 and 2 have identical production frontiers (shown by a single curve) but different tastes (indifference curves). In isolation, Nation 1 produces and consumes at point A and Nation 2 at point A’. Since P A < P A’, Nation 1 has a comparative advantage in X and Nation2 in Y.With trade, Nation 1 specializes in the production of X and produces at B, while Nation 2 specializes in Y and produces at B’ (which coincides with B). By exchanging BC = C’E’ of X for CE = C’B of Y with each other (see trade triangles BCE and B’C’E’), Nation 1 ends up consuming at E on indifference curve III (higher than indifference curve I at point A) and Nation 2 consumes at on indifference curve III’ (higher than indifference curve I’ at po int A’).9. a. If the terms of trade of a nation improved from 100 to 110 over a given period of time, theterms of trade of the trade partner would deteriorate by about 9 percent over the same period of time [(100-110)/110 = -0.09 =0.9%].b. A deterioration in the terms of trade of the trade partner can be said to be unfavorable to thetrade partner because the trade partner must pay a higher price for its imports in terms of its exports.c. This does not necessarily mean that the welfare of the trade partner has decreased becausethe deterioration in its terms of trade may have resulted from an increase in productivity that is shared with the other nation.10. It is true that Mexico's wages are much lower than U.S. wages (they are about one fifth of theaverage wage in the United States), but labor productivity is much higher in the United Statesand so labor costs are not necessarily higher than in Mexico. In any event, trade can still be based on comparative advantage.*CHAPTER 4(Core Chapter)THE HECKSCHER-OHLIN AND OTHER TRADE THEORIES ANSWERS TO REVIEW QUESTIONS AND PROBLEMS1. a. The Heckscher–Ohlin (H-0) theorem postulates that a nation will export thosecommodi ties whose production requires the intensive use of the nation’s relativelyabundant and cheap factor and import the commodities whose production requires theintensive use of the nation’s relatively scarce and expensive factor. In short, the relatively labor-rich nation exports relatively labor-intensive commodities and imports the relatively capital-intensive commodities.b. Heckscher and Ohlin identify the relative difference in factor endowments amongnations as the basic determinant of comparative advantage and international trade.c. The H-O Theory represents an extension of the standard trade model because itexplains the basis for comparative advantage (classical economists, such as Ricardo hadassumed it) and examines the effect of international trade on factor prices and incomedistribution (which classical economists had left unanswered).2. See Figure 4.1.3. a. The factor–price equalization theorem postulates that international trade will bringabout the equalization of the returns to homogeneous or identical factors across nations.b. The Stopler-Samuelson theorem postulates that free international trade reduces the realincome of the nation’s relatively scarce factor and increases the real income of the nation’s relatively abundant factor.c. The specific-factors model postulates that the opening of trade (1) benefits the specificfactor used in the production of t he nation’s export commodity, (2) harms the specific factor used in the production of the nation’s import-competing industry, and (3) leads to anambiguous effect (i.e., it may benefit or harm) the mobile factor.d. Trade acts as a substitute for the international mobility of factors of production in itseffect on factor prices. With perfect mobility, labor would migrate from the low-wagenation to the high-wage nation until wages in the two nations are equalized. Similarly,capital would move from the low-interest to the high-interest nation until the rate ofinterest was equalized in the two nations.4. a. The Leontief paradox refers to the original Leontief’s finding that U.S. importsubstitutes were more K-intensive than U.S. exports. This was the opposite of what the H-O theorem postulated.b. The Leontief paradox was resolved by including human capital into the calculationsand excluding industries based on natural resources. Recent research using data on many sectors, for many countries, over many years, and considering that countries couldspecialize in a particular subset or group of commodities that were best suited to theirspecific factor endowments, provides strong support for the H-O theorem.c. The Hecksher-Olhin theory remains the centerpiece of modern trade theory for explaininginternational trade today. To be sure, there are other forces (such as economies of scale,product differentiation, and technological differences across countries) that provide additional reasons and explanations for some international trade not explained by the basic H-O model.These other trade theories complement the basic H-O model in explaining the pattern ofinternational trade in the world today.5. International trade with developing economies, especially newly industrializing economies(NIEs), contributed in two ways to increased wage inequalities between skilled and unskilled workers in the United States during the past two decades. Directly, by reducing the demand for unskilled workers as a result of increased U.S. imports of labor-intensive manufactures and, indirectly, by speeding up the introduction of labor-saving innovations, which furtherreduced the U.S. demand for unskilled workers. International trade, however, was only asmall cause of increased wage inequalities in the United States. The most important causewas technological change.6. a. Economies of scale refer to the production situation where output grows proportionatelymore than the increase in inputs or factors of production. For example, output may morethan double with a doubling of inputs.b. Even if two nations were identical in every respect, there is still a basis for mutuallybeneficial trade based on economies of scale. When each nation specializes in theproduction of one commodity, the combined total world output of both commodities will be greater than without specialization when economies of scale are present. With trade, each nation then shares in these gains.c. The new international economies of scale refers to the increase in productivity resultingfrom firms purchasing parts and components from nations where they are made cheaper and better, and by establishing production facilities abroad.7. a. Product differentiation refers to products that are similar, but not identical.Intra-industry trade refers to trade in differentiated products, as opposed to inter-industry trade in completely different products.b. Intra-industry trade arises in order to take advantage of important economies of scale inproduction. That is, with intra-industry trade each firm or plant in industrial countries can specialize in the production of only one, or at most a few, varieties and styles of the same product rather than many different varieties and styles of a product and achieve economies of scale.c. With few varieties and styles, more specialized and faster machinery can be developedfor a continuous operation and a longer production run. The nation then imports othervarieties and styles from other nations. Intra-industry trade benefits consumers because of the wider range of choices (i.e., the greater variety of differentiated products) available at the lower prices made possible by economies of scale in production.*CHAPTER 5(Core Chapter)TRADE RESTRICTIONS: TARIFFSANSWERS TO REVIEW QUESTIONS AND PROBLEMS1. a. See Figure 5.1.b. Consumption is 70X, production is 50X and imports are 20X.c. The consumption effect is –30X, the production effect is +30X, the trade effect is –60X,and the revenue effect is $30 (see Figure 5.1).2. a. The consumer surplus is $250 without and $l22.50 with the tariff (see Figure 5.1).b. Of the increase in the revenue of producers with the tariff (as compared with theirrevenues under free trade), $22.50 represents the increase in production costs and another $22.50 represents the increase in rent or producer surplus (see Figure 5.1).c. The dollar value or the protection cost of the tariff is $45 (see Figure 5.1).3.The dollar value or the protection cost of the tariff is $45 (see Figure 5.2).4.The dollar value or the protection cost of the tariff is $45 (see Figure5.3).5. The optimum tariff is the tariff that maximizes the net benefit resulting from theimprovement in the nation’s terms of trade against the negative effect resulting fromreduction in the volume of trade.6. a. When a nation imposes an optimum tariff, the trad e partner’s welfare declines becauseof the lower volume of trade and the deterioration in its terms of trade.b. The trade partner is likely to retaliate and in the end both nations are likely to losebecause of the reduction in the volume of trade.7. Even when the trade partner does not retaliate when one nation imposes the optimum tariff,the gains of the tariff-imposing nation are less than the losses of the trade partner, so thatthe world as a whole is worse off than under free trade. It is in this sense that free trademaximizes world welfare.8. a. The nominal tariff is calculated on the market price of the product or service. The rateof effective protection, on the other hand, is calculated on the value added in the nation. It is equal to the value of the price of the commodity or service minus the value of theimported inputs used in the production of the commodity or service.b. The nominal tariff is important to consumers because it determines by how much theprice of the imported commodity increases. The rate of effective protection is important for domestic producers because it determines the actual rate of protection provided by thetariff to domestic processing.9. a. Rates of effective protection in industrial nations are generally much higher than thecorresponding nominal rates and increase with the degree of processing.b. The tariff structure of developed nations is of great concern for developing nationsbecause it discourages manufacturing production in developing nations.10. If a nation reduces the nominal tariff on the importation of the raw materials required toproduce a commodity but does not reduce the tariff on the importation of the finalcommodity produced with the imported raw material, then the effective tariff rates willincrease relative to the nominal tariff rate on the commodity.*CHAPTER 6(Core Chapter)NONTARIFF TRADE BARRIERS ANDTHE POLITICAL ECONOMY OF PROTECTIONISMANSWERS TO REVIEW QUESTIONS AND PROBLEMS1. a. An import quota will increase the price of the product to domestic consumers, reducethe domestic consumption of the good, increase domestic production, and result in aprotection or deadweight loss to the economy.b. The effects of an import quota are identical to those of an equivalent import tariff,except that with a quota the government does not collect a tariff revenue (unless it auctions off import quotas to the highest bidder). The import quota is also more restrictive than an equivalent import tariff because foreign producers cannot increase their exports bylowering their prices.2.By penciling in D”X in Figure 1, we can see that the effects of the import quota are:P x=$2.00 and consumption is 60X, of which 40X are produced domestically and 20X areimported; by auctioning off import licenses, the revenue effect would be $20.3.The effects of an export quota of 20X are identical to those of an import quota of 20X or a100 percent import tariff on commodity X, except that the revenue effect is collected by the exporters, rather than by the domestic importers or their government.7. a. The infant-industry argument postulates that temporary protection may be justified inorder to allow a developing nation to develop an industry in which it has a potentialcomparative advantage. Temporary trade protection is then justified to establish and protect the domestic industr y during its “infancy” until it can grow and meet foreign competition.For this argument to be valid, however, protection must be temporary and the return in the grown-up industry must be sufficiently high to also offset the higher prices paid bydomestic consumers of the commodity during the period of infancy.b. The infant-industry argument must be qualified in several important ways to beacceptable. First, this argument is more justified for developing nations (where capitalmarkets may not function properly) than for industrial nations. Second, it is usuallydifficult to identify which industry or potential industry qualifies for this treatment, andexperience has shown that protection, once given, is difficult to remove. Third, and most important, what trade protection (say in the form of an import tariff) can do, an equivalent production subsidy to the infant industry can do better.8. a. According to strategic industrial trade policy a nation can create a comparativeadvantage (through temporary trade protection, subsidies, tax benefits, and cooperativegovernment–industry programs) in a high-technology field deemed crucial to future growth in the nation.b. There are also serious difficulties in carrying strategic industrial and trade policies.First, it is extremely difficult to pick winners (i.e., choose the industries that will contribute significantly to growth in the future). Second, if most leading nations undertake strategictrade policies at the same time, their efforts are largely neutralized. Third, when a country does achieve substantial success with a strategic trade policy, this comes at the expense of other countries (i.e., it is a beggar-thy-neighbor policy), which are, therefore, likely to retaliate. Faced with all these practical difficulties, even supporters of strategic trade policy grudgingly acknowledge that free trade is still the best policy, after all.*CHAPTER 7(Core Chapter)ECONOMIC INTEGRATIONANSWERS TO REVIEW QUESTIONS AND PROBLEMS1.If Nation A imposes a 100 percent ad valorem tariff on imports of commodity X fromNation B and Nation C, Nation A will produce commodity X domestically because thedomestic price of commodity X is $10 as compared with the tariff-inclusive price of $16 if Nation A imported commodity X from Nation B and $12 if Nation A imported commodity X from nation C.2. a. If Nation A forms a customs union with Nation B, Nation A will import commodity Xfrom Nation B at the price of $8 instead of producing it itself at $10 or importing it fromNation C at the tariff-inclusive price of $12.b. The formation by Nation A of a customs union with Nation B leads to trade creationonly because Nation A replaces the domestic production of commodity X at Px=$10 with tariff-free imports of commodity X from Nation B at Px=$8.3.If Nation A imposes a 50 percent ad valorem tariff on imports of commodity X fromNation B and Nation C, Nation A will import commodity X from nation C at thetariff-inclusive price of $9 instead of producing commodity X itself or importing it from Nation B at the tariff-inclusive price of $12.4. a. If Nation A forms a customs union with Nation B, Nation A will import commodity Xfrom Nation B at the price of $8 instead of importing it from Nation C at the tariff-inclusive price of $9.b. The formation by Nation A of a customs union with Nation B leads not only to tradecreation but also to trade diversion because it replaces lower-cost imports of commodity X of $6 (from the point of view of Nation A as a whole) with higher priced imports ofCommodity X from Nation B at $8.Specifically, Nation A's importers do not import commodity X from Nation C because the tariff-inclusive price of commodity X from Nation C is $9 as compared with the no-tariff price of $8 for imports of commodity X from Nation B. However, since the government of Nation A collects the $3 tariff per unit on imports of commodity X fromNation C, the net effective price for imports of commodity X from Nation C is really $6 for Nation A as a whole.5. a. See Figure 7.1.b. The net gain from the trade-diverting customs union shown in Figure 1 is given byC'JJ'+B'HH'-MJ'H'N. As contrasted with the case in Figure 7-1 in the text, however, the sum of the areas of the two triangles (measuring gains) is here greater than the area therectangle (measuring the loss). Thus, the nation would now gain from the formation of acustom union. Had we drawn the figure on graph paper, we would have been able tomeasure the net gain in monetary terms also.6. A customs union that leads to both trade creation and trade diversion is more likely to leadto a net positive welfare gain of the nation joining the union (1) the smaller is the relative inefficiency of the union member in relation to the non-union member and (2) the higher is the level of the tariff imposed by the customs union on the non-union member.7.The dynamic benefits resulting from the formation of a customs union are (1) increasedcompetition, (2) economies of scale, (3) stimulus to investment, and (4) better utilization of economic resources. These are likely to be much more significant than the static benefits.8.See Figure 7.2. The formation of the customs union has no effect.。
二手物品交易网站外文文献翻译中英文
外文文献翻译(含: 英文原文及中文译文)文献出处：Jens Clausen, Birgit Blättel-Mink2, Lorenz Erdmann, Christine Henseling .Contribution of Online Trading of Used Goods to Resource Efficiency: An Empirical Study of eBay Users [J].Sustainability, 2010, 2: 10-30.英文原文Contribution of Online Trading of Used Goods to Resource Efficiency:An Empirical Study of eBay UsersJens Clausen, Birgit Blättel-Mink , Lorenz Erdmann and ChristineHenselingAbstractThis paper discusses the sustainability impact (contribution to sustainability, reduction of adverse environmental impacts) of online second-hand trading.A survey of eBay users shows that a relationship between the trading of used goods and the protection of natural resources is hardly realized.Secondly, the environmental motivation and the willingness to act in a sustainable manner differ widely between groups of consumers.Given these results from a user perspective, the paper tries to find some objective hints of online second-hand trading’s environmental impact.The greenhouse gas emissions resulting from theenergy used for the trading transactions seem to be considerably lower than the emissions due to the (avoided) production of new goods.The paper concludes with a set of recommendations for second-hand trade and consumer rmation about the sustainability benefits of purchasing second-hand goods should be included in general consumer information, and arguments for changes in behavior should be targeted to different groups of consumers.Keywords: online marketplaces; online auctions; consumer; electronic commerce; used products; second-hand market; sustainable consumption1.IntroductionOnline auction and trading platforms are increasing the opportunities for sustainable consumption.The potential of online based second-hand trading lies largely in the opportunity to extend the life span of products, thereby avoiding additional environmental stresses due to the purchase of new goods.To date, private households often failed to exploit the potentials for reusing products because of high transaction costs.Trade in second-hand goods remained limited to regional markets.These barriers frequently prevented local and regional used goods markets from attaining critical mass and becoming attractive for both buyers and sellers.In recent years, however, rapidly increasing use of the Internet and trading platforms, such as eBay, have fundamentally transformed the underlying conditions of such markets.Online markets have not only significantly increased the numbers of market participants; they have also changed the roles traditionally assigned to consumers and producers.Exchange sites, auction platforms and other Internet-based trading models where users are not merely buyers, but at the same time, also active sellers of products or services, have shifted the role of consumers.Against this background, this article examines consumption processes using the example of eBay, the world’s largest online trading platform for used goods, by focusing on the following question: Which sustainability potentials are connected with the electronic trading of used goods, and how can these potentials be exploited? This question lies in the center of the research project “From Consumer to Prosumer—Development of new trading mechanisms and auction cultures to promote sustainable consumption.”The project is intentionally linked with various streams of research and insights, especially concerning the intensification of use, lifestyle research, and life-cycle assessment, in the fields of information technology and telecommunications, and integrates them from the perspective of the research guiding question.After giving an overview of the scientific work on environmental attitudes and behavior in the context of internet based used goods trading, and an empirical look on internet usage in Chapter 2, the empirical results of an online survey on online trading and sustainability are presented inChapter 3.Chapter 4 draws conclusions from the empirical study and Chapter 5 focuses on the ecological assessment of used goods trading.The paper concludes with some remarks on the consequences of second-hand trade, online platforms, and consumer policy.2.Internet-Based Used Goods Trading from a Subjective PerspectiveSustainability researchers in the social sciences assume that environmentally-oriented behavior is supported to a non-negligible degree by positive attitudes toward the environment and by knowledge about the environment [1-7].Time and again, however, representative surveys of the population provide evidence for a discrepancy between concern about increasing environmental devastation and its consequences, as well as knowledge about the environment on the one hand, and environmental behavior that is in line with such knowledge on the other.It is possible to identify groups of individuals who display environmentally-friendly behavior, but not the corresponding attitudes toward the environment (e.g., older single women), just as there are groups of individuals who display a high degree of ecological awareness, but whose behavior is nonetheless not consistently environmentally oriented (e.g., families whose environmentally-friendly behavior is organized to the hilt, but who still drive a family car).Three bundles of characteristics that influence the sustainability of styles of consumption have emerged in the research [8]: the household’s social situation(socio-demographic characteristics and time resources), consumer preferences (subjective preferences relating to the selection of products and behaviors), and actual consumption behavior.Socio-demographic characteristics that substantially influence differences in terms of sustainable consumption patterns include age, educational level, gender, marital status, and income, with women, well educated people, and parents striving for consistency of attitudes and behavior.Grunenberg and Kuckartz [1] were able to identify the group they called the “environmentally committed”in their study, which was representative for Germany.“[A group] that takes environmental problems more seriously and is actively committed to solving them.Entirely consistent pro-environment behavior is not demanded of this group; that would require, for example, that these individuals would not just eat exclusively organically-grown food, but would also sell their cars and take bicycling vacations.”(Grunenberg/Kuckartz, p.204 [1]).The following indicators were used to define the group of environmentally-committed individuals: membership in an organization promoting conservation or environmental protection; donation to such an organization in the previous year; familiarity with the term “sustainable development;”high willingness to pay for improved environmental protection; frequenting of information about environmental problems from specialist periodicals; environmental mentality type 1 (motto: “Be arole model when it comes to environmental protection!”); declared shared responsibility for environmental protection (statement: “It isn’t difficult for an individual person to do something for the environment!”) (Grunenberg/Kuckartz, p.204 [1]).Members of this group are often in the familial phase of life, have a relatively high level of education, often live in major cities or small communities, seldom in medium-sized towns or villages, tend to come from West Germany, as a rule have a higher professional position (senior staff, upper-middle-level or upper-level civil servants, the professions), have a medium to high, but not very high income, and tend to live in quiet neighborhoods in single- or two-family houses.Regarding their political preferences, the authors ascertained a more pronounced interest in politics in general, and a clear focus on post-materialist values.As to trading in used goods as a specific area of consumption, a study of West Berlin showed that buying and selling used goods is linked fairly rarely to ecological motives [9].Pragmatic reasons for selling used goods are mentioned more frequently, for instance “making room”or “getting rid of items we no longer need.”In contrast, when purchasing used goods, financial motives are more important.The proportion of men who buy and sell used goods is somewhat higher than that of women.The average age is 36.More than two-thirds of those offering goods on the second-hand market have a job.Housewives and students comprise 10%of sellers each, the unemployed and pensioners about 5% each.The sellers often live in multi-person households, and live less commonly alone.Among the buyers of second-hand goods, 29.4% are in the 19- to 25-year age group and 35.7% are in the 26- to 35-year group.Most people have a job (61%), and students form 15% of the buyers, which is substantially higher than their proportion of the cational levels are above-average among buyers, too, as is the proportion of individuals living in multi-person households.3.Online Trading and Sustainability—Empirical ResultsTaking the example of eBay, the above mentioned relationships were more closely looked at with an online survey that was carried out by the authors in November, 2008.The survey was intended to gain insight into eBay users’consumption patterns, their attitudes, and their ways of dealing with used products on eBay.The survey was directed to private eBay users who use the site, both for buying and selling, and who carried out at least one transaction during the preceding 12 months.In total, 2,511 valid questionnaires were analyzed.In contrast to Germany’s total population, more men (57.1%) than women responded, more persons who live with their partners (73.4%), and more people living in households of three or more (52.4%).The sample also displays a relatively high educational (49.4% level A) and employment status (49.2% working full time), and the respondents tend to live in or near urban areas.The agedistribution of the respondents (biggest cluster 40–49 years old; 29.8%) and their income distribution (40% medium to low income) are comparable with the overall population.More women (45.1%) than men (34.0%) of the sample live in households with children; the proportion of men increases with increasing age.The women who buy or sell on eBay have lower incomes.48.7%, of all female eBay buyers earn less than 2,000 Euros per month compared to 39.8% of all male eBay pared to the group of Internet users mentioned above, the sample analyzed here differs only in relation to income, with Internet users displaying higher incomes.The following subjects will be approached: Attitudes toward the environment and motives for trading on eBay, attitudes of eBay users regarding used products and their handling of used products.Then, a typology of consumer patterns of eBay users that was derived from the data will be presented.4.Conclusions from the Empirical StudyThe results of the survey show that environmental aspects play only a minor role for the majority of the surveyed eBay users when trading used products.When concerning their motivations in particular, other aspects have been more important to date: practical and financial considerations, as well as having fun trading on eBay.Opportunities to make trading on eBay more environmentally friendly lie in providing information about the environmental relevance of used goods trading, e.g.,directly on the eBay platform.In addition, the broad range of motivations that eBay speaks to offers good starting points for creating alliances of motivations that connect ecological aspects with other aspects of use.A concrete strategic point of intervention is the option to provide opportunities for climate-neutral shipping on the eBay platform, and eBay users have indicated a high willingness to use such an option.The survey also made it possible to identify various starting points for intensifying used goods trading.When developing communications strategies in this regard, the value of used goods for others should be emphasized more strongly.This could happen, for example, by pointing more clearly to the quality, as well as the monetary value, of used products in such communications.Interesting approaches that take this direction include quality tests of used products, as well as tools with which users can learn about the prices they can get for used products.The test lab introduced by eBay in mid-2008 is an interesting approach.Certain used products were tested here to show their value in relation to the value of new products.The results highlight the significance of situations of change in life for trading used products.Such phases, for example, the birth of one’s first child or retirement can (under certain circumstances) function as times when people start trading used goods, or they can be situations in which the willingness to buy and to sell second-hand products is especially high.An important aspect for used goods trading is that the effort invested in selling the product must be financially worthwhile.The responses showed, however, that this is not always the case.This aspect must be taken into account when developing measures to intensify used goods trading.Another finding: a central problem of used goods trading lies in the fact that many buyers are unsure of the quality of the products for sale (lack of warranties, doubts about whether the products are in fact in proper working order).In order to address this concern, it is important to develop mechanisms that increase trust in second-hand products and reflect their quality.Initial starting points include initiatives to refurbish used products.One example for this is the initiative which purchases, refurbishes and then resells used cell phones and provides a warranty.Identification of the five consumption patterns in online used goods trading contributed to structuring the various behavior patterns of private eBay users.Above all, the fact that the respondents’differences in socio-demographic characteristics are very small is remarkable.The five types do differ significantly, however, regarding their attitudes and their behavior on eBay.They also differ with respect to their concern for the sustainability-related contexts of eBay trading.The environmentally oriented buyers of used goods and the prosumers, as different as they may be, are those upon whom we pin our hopes for sustainability.Although the former group displays a certain consistency in terms of attitudes andbehavior, which is also characterized by increasing awareness of sustainability, it is the prosumers who treat new and used products with care in order to resell them, thereby contributing to lengthening of the life spans of products, even if they are not aware of this effect.中文译文二手物品网上交易资源效率的贡献:eBay用户的实证研究Jens Clausen , Birgit Blättel-Mink , Lorenz Erdmann ,Christine Henseling 摘要本文探讨了网上二手交易的可持续性的影响(对可持续发展的贡献,减少对环境的不利影响) 。
THE ENDOWMENT EFFECT英语资料
The Endowment EffectPraveen Kujal, Universidad Carlos III.Vernon L. Smith, University of Arizona.The BackgroundThe emergence of empirical evidence suggesting divergence between the willingness-to-accept (WTA), for the sale of an object, and the willingness-to-pay (WTP), for the purchase of an object, has resulted in two explanations. One of the explanations was proposed by Kahneman, Knetsch and Thaler (1991) (hereafter KKT), that the discrepancy between the WTP and the WTA may be a manifestation of the endowment effect. Thus, “... endowment effects will almost certainly occur when owners are faced with an opportunity to sell an item purchased for use that is not easily replaceable” (p. 1344). Further they argue that the endowment effect will not apply when the goods are purchased for resale and not for use; there is no endowment effect for the retail firm, only for the consumer purchasing the firm‟s good. Similarly, they argue that the endowment effect does not apply to the exchange of tokens (or rights) to which private redemption values, or induced values have been assigned by the experimenter (Smith, 1976).The second explanation came from Hanemann (1991) who showed that when close substitutes exist for the good in question (and given positive income elasticity) WTA and WTP can be shown to be very close, and vice-versa.Given the explanations for the divergence between the average WTA and WTP the experimental literature focused on direct choice tests of these (theoretical) explanations, and there examination in market contexts.The first choice, and exchange, experiments were run by KKT establishing the endowment effect for Cornell and other (emblem) coffee mugs but not for induced value tokens. These were followed by experiments from Shogren et al. (1994) and Franciosi et al. (1996). Shogren et al. establish that the Hanneman hypothesis under repeat play is robust and that the divergence between the WTA and WTP disappears with repeat interaction for close substitutes but not for imperfect substitutes. Further, in their experimental setting (distinct from that of KKT) they show that under repeat interaction the endowment effect disappears. Franciosi et al. show that we can observe undertrading in markets even if the WTA-WTP discrepancy is negligible. This is the result of underrevelation of intramarginal units leading to very flat reported inverse supply and demand so that very small deviations in reported WTA and WTP can lead to undertrading.The ExperimentsKahneman-Knetsch-Thaler Choice Experiments:In the typical experiment of KKT an undergraduate class is divided into equal parts. Half the subjects were randomly assigned to the role of buyers and the other half sellers. University emblem coffee mugs (Cornell, Simon Fraser, or University of British Columbia), costing around $6 in the local University bookstore, were then distributed to the sellers, and all the buyers were given the opportunity to examine the mug. The following forms were then executed.I Will Sell I Will Keep[Buy] [Not Buy] the MugIf the price is $0 __________ __________If the price is $0.50 __________ __________.....If the price is $9.50 __________ __________Next, a random price (KKT used the BDM procedure, in Becker et al., 1964) was drawn from the list between $0 and $9.50, and exchanges were conducted by the experimenter on the basis of this price. The typical result was a median selling price that was double the median buying price, an observation that is consistent with the endowment effect. KKT, however, recognized that this procedure did not control for any income effect. This problem was exacerbated by the fact that buyers in their experiments were required to use their own funds while the sellers were given the coffee mugs.To address the need to control for income effects KKT (pp. 179-80) developed an ingenious variation on the above experiments. Instead of two groups they used three: sellers, buyers and choosers. The sellers/buyers made the same choices as before, while the choosers were asked to choose at each prospective price between the mug, or cash. Thus, sellers were given a mug, and choosers were given the right to either a mug or cash as they chose; any income effect on sellers as distinct from buyers, should then also apply to the choosers. The difference according to the KKT implementation of the endowment effect is that sellers own the mug, choosers do not.Their results were clear: choosers behave more like buyers than like sellers, although choosers value mugs sixty percent more highly than buyers. (See KKT, p. 178-80).Franciosi et al. Choice ExperimentsFranciosi et al. conducted four experiments each with 24 subjects (8 in each group; N=96 subjects in total) motivated by the three-group design which controlled for any income effect. However, they made several instructional changes which might be important in the context of the choice experiments due to their framing effects. Because the use of emotive terms such as “buying,” and “selling” may alter the st rategic behavior of market participants, Franciosi et al. (1996) neutralized their instructions and removed all mention of “buying” or “selling.” Instead they use expressions that did notsuggest any specific role behavior on the part of market participants. First, the three groups were simply called Group 1, Group 2 and Group 3. The subjects were told that each member of Group 1 is an owner of an Arizona Wildcat Mug, and their task is to choose, for each amount of money (no mention of “price”), between retaining their mug or, accepting the additional amount of money. Each member of Group 2 was designated as having the right to choose between accepting a mug, or retaining an amount of money out of their earnings in a previous unrelated experiment in the same session. Finally, each person in Group 3 is designated as having the right to choose between a mug or accepting an additional amount of money. Thus, all subjects were symmetrically described as choosers, but under different initial conditions.All their choice experiments were run at the end of two simultaneous posted offer market experiments (6 buyers, 6 sellers in each), reported in Franciosi et al. (1995). Subjects were assigned to the three groups randomly, and were paid their earnings in cash at the end of the market experiments. Earnings ranged from $8.75-$62.50 providing all Group 2 subjects with sufficient funds to obtain a mug based on the experimental prices. The mugs were priced at $9.95 (price tags removed) in the campus bookstore.From Table 1 it can be seen that the subjects report substantially lower Group 1 WTA, a somewhat higher WTP, and a higher Group 3 WTA, than did the KKT subjects. Substituting a choice task for the buying and selling tasks appears to narrow the WTA-WTP discrepancy. Pairwise statistical tests, however, show that the data from all three groups come from different distributions (Franciosi, et a., 1996). Hence, the qualitative differences among the three groups, as postulated by KKT, were supported as is evident in the last row of Table 1.KKT (1991) Exchange experiments:In addition to their BDM choice experiments KKT report the results of several exchange experiments. Half the subjects were randomly assigned the role of buyers, the others sellers. Sellers were each endowed with a mug, while the former used money they had been asked to bring to class. Buyers each submitted a bid price to buy a mug, sellers each submitted an offer price to sell the mug. Their …bids‟ and …offers‟ were solicited by asking each subject to choose between a price and a mug for a series of prices as in the BDM procedure except that the range starts at $0.25 and goes up in increments of $0.50. The intersection of the descending bids and ascending offers determines the price and quantity exchanged. If there are no endowment or income effects, then due to the random allocation of subjects to the buy or sell condition, the supply schedule of those given the mugs should be a mirror image of the demand schedule for those not given the mugs. This leads to the prediction that one-half of the mugs should trade. Consequently, in their experiments with 22 buyers and 22 sellers, 11 mugs were predicted to trade. They observe that between 1 and 4 trade at prices between $4.25 and $4.75. As before only one bid/offer trial is chosen at random.Mug Exchange Experiments using Uniform Price Double AuctionFranciosi et al. (1996) used the uniform price double auction (UPDA) mechanism to study mug exchange due to its strong equilibrating properties. (See McCabe, Rassenti and Smith, 1993). The authors felt that using an efficient auction market mechanism may be crucial to testing the undertrading hypothesis.Two series of experiments were run. In each experiment 24 different subjects were randomly assigned to groups of 12 buyers and 12 sellers. Each series was divided into parts 1 and 2. In Part 1 of series 1 each buyer was assigned a value and each seller a cost from the uniform distribution on [$0,$9.99 at the beginning of each of 10 (or 12) trading periods. This baseline served as a training session. All periods lasted 4 minutes. In Part 2, Series 1 and 2, each buyer was endowed with a $9.99 cash balance which was theirs to keep if no mug was purchased; each seller was endowed with a University of Arizona emblem mug priced at $9.95 which was theirs to keep if not sold. Each subject was paid in cash all of their earnings from the induced value training experiments in Part 1 of each of the sessions. In series 2, Part 1 used the constant volume equilibrium environment, but in each period a random constant was added to each value, and the values randomly assigned to each individual. Part 2 of series 2 was like that of series 1 except that the price tag ($9.95) was left on each mug, and this was pointed out to the subjects. This was a treatment to reduce uncertainty concerning the cash or market value of the mug in each group. Also in series 2 the trading time for mug exchange was increased from 4 to 6 minutes in four of the six experiments. This was done because it seemed that subjects were still adjusting their bids and offers when the period ended after 4 minutes. The experimental designs are summarized in Table 2.The trading volume in the two series of experiments is plotted in Figure 1. Comparing the results with the KKT experiments it is clear that in these experiments there was much less undertrading. In three of the eleven experiments half of the mugs trade as predicted by standard theory. In the KKT exchanges no more than one-third of the mugs ever trade. But undertrading still occurs. How can undertrading be reconciled with the Shogren, et al. (1994) finding that the WTP-WTA discrepancy converges to miniscule levels? The answer is as follows: Francioso, et al. observe that the reported supply and demand schedules using UPDA are very flat, with many bids to buy and offers to sell very near the market clearing price. Hence, undertrading can result from very slight underrevelation, although there is little discrepancy between WTA and WTP.ReferencesBecker, G.M., M.H DeGroot and J. Marschak, 1964, “Measuring Utility by a Single Sequential Method,” Behavioral Science, 9, 226-232.Franciosi, R., P. Kujal, R. Michelitsch, V. Smith and G. Deng, 1996, “Experimental Tests of the End owment Effect,” Journal of Economic Behavior and Organization, 30, pp: 213-226. Hanemann, Michael W., 1991, “Willingness to Pay and Willingness to Accept: How Much Can They Differ?,” American Economic Review, 81, 635-647.Kahneman, D., J. Knetsch and R. T haler, 1991, “Experimental Tests of the Endowment Effect and the Coase Theorem,” Journal of Political Economy, 98, 1990, pp:1325-1348; Reprinted inRichard Thaler, Quasi Rational Economics, (Russell Sage Foundation, New York), pp:167-188. McCabe, K., S. Ra ssenti and V. Smith, 1993, “Designing a Uniform Price Double Auction: An Experimental Evaluation,” In: D. Friedman and J. Rust, Eds., The Double Auction MarketInstitution, Theories, and Evidence, (Addison Wesley, Reading, MA).Shogren, J. F., S. Y. Shin, D. J. Hayes and J. B. Kleisenstein, 1994, “Resolving Differences in Willingness to Pay and Willingness to Accept,” American Economic Review, 66, 274-279. Smith, V.L., 1976, “Experimental Economics: Induced Value Theory,” American Economic Review, 66, 274-79.Table 1. Row 2 lists the mean WTA and WTP prices obtained from experiments 6 and 7 reported by KKT for mugs and other objects at Simon Fraser and UBC. Row 4 lists the corresponding means from the University of Arizona experiments. In the latter all subjects make choices: Group 1 endowed with a mug; Group 2 endowed with money earned in a pre experiment in the same session; Group 3 endowed with the right to choose either a mug or additional money. The U of A procedures yield lower seller WTA, higher buyer WTP and higher chooser WTA than the KKT procedures. But the qualitative relationship among the treatment measures of value are preserved as in KKT.Table 2. Part 1 in each of two series of experiments used induced value supply and demand schedules to train subjects in the Uniform Price Double Auction (McCabe, Rassenti and smith, 1993). The environment was one in which the random equilibrium prices and volumes were comparable to what would by expected, theoretically, in the subsequent mug trading experiments. In Part 2 buyers were endowed with $9.99 as in Part 1, but sellers were endowed with University of Arizona emblem mugs and cash was traded for mugs. A total of 4 experiments were run in Series 1, and 7 in Series 2.Figure 1. See Table 2 for a description of the series 1 and series 2 experiments. The mugs traded in Part 2 of each of the two series of experiments are shown plotted in red in the figure. Plotted in blue are the predicted volumes of trade (6). Note that in three of the eleven total experiments six or more of the mugs trade; in eight less than 6 mugs trade. Generally we observed much more trading volume than obtained by KKT, but still substantially below the prediction, tending to confirm the undertrading hypothesis.Figure-1:UPDA Exchange experiments: Volume of mugs traded in constant and random equilibrium experimentsTwo series of experiments, constant and random equilibrium, were run. In each experiment 24 different subjects were randomly assigned to groups of 12 buyers and 12 sellers. Each series was divided into two parts.The first part was a market experiment while the second part was the mug exchange experiment. In the first part each buyer was assigned a value and each seller a cost from the distribution [$0, $9.99] at the beginning of each experiment.In Part 1 of series 1 each period lasted for 4 minutes. In Part 2 of series 1 and 2 each buyer was endowed with a $9.99 cash balance which was theirs to keep if the mug was not purchased; each seller was endowed with a University of Arizona emblem mug which was theirs to keep if not sold. In series 2, Part 1 used the constant equilibrium environment, but in each period a random constant was added to each value, and the values randomly assigned to individuals. Part of series 2 was like that of series 1 except that the price tag was left on the mug, and this was pointed out to all the subjects. This was done to reduce the uncertainty regarding the market or cash value of the mug. The trading time for the mug exchange experiment in series 2 was increased from 4 to 6 minutes in four of the six experiments. This was done as it appeared that the subjects were still expecting their bids when the period ended after 4 minutes.Figure 2: Two series of experiments were run. Each series was divided into Part 1 and 2. In each experiments 24 different subjects were assigned randomly to groups of 12 buyers and 12 sellers.In Part 1 of Series 1 each buyer was assigned a value and each seller a cost by a random draw with replacement from the uniform distribution [$0, $9.99] at the beginning of each of the 10 (12) trading periods. This baseline served as a training session. All periods lasted 4 minutes. In Part 2, Series 1 and 2, each buyer was endowed with a $9.99 cash balance which was theirs to keep if no mug was purchased; each seller was endowed with a University of Arizona emblem mug priced at $9.95 in the University bookstore and was theirs to keep if not sold. Each subject was paid their earnings in cash from the induced value training experiments in Part 1 of each of the sessions.In Series 2, Part 1 used the constant volume environment shown in Figure 2, but in each period a random constant was added to each value, and the values randomly assigned to individuals. Part 2 of Series 2 was like that of Series 1 except that the price tag ($9.95) was left on each mug, and this was pointed out to the subjects. This was done to reduce uncertainty concerning the cash or market value of the mug in each group. Also in Series 2 the trading time was increased from 4 to 6 minutes in four of the six experiments. This was done because it appeared that the subjects were still adjusting their bids and offers when the period ended (see Figure 2: several subjects are within 10-30 cents of a trade). Most mug experiments in Series 1 and 2 were characterized by under revelation on the part of both Buyers and Sellers. Conclusion: The WTA/WTP discrepancy can be negligible, but one can still get undertrading from under revelation.。
Informed and Strategic Order Flow in the Bond Markets
RFS Advance Access published August 27, 2007 Informed and Strategic Order Flow in theBond MarketsPaolo PasquarielloRoss School of Business,University of MichiganClara VegaSimon School of Business,University of Rochester and FRBG We study the role played by private and public information in the process of price formation in the U.S.Treasury bond market.To guide our analysis,we develop a parsimonious model of speculative trading in the presence of two realistic market frictions—information heterogeneity and imperfect competition among informed traders—and a public signal.We test its equilibrium implications by analyzing the response of two-year,five-year,and ten-year U.S.bond yields to orderflow and real-time U.S.macroeconomic news.Wefind strong evidence of informational effects in the U.S.Treasury bond market:unanticipated orderflow has a significant and permanent impact on daily bond yield changes during both announcement and nonannouncement days.Our analysis further shows that,consistent with our stylized model,the contemporaneous correlation between orderflow and yield changes is higher when the dispersion of beliefs among market participants is high and public announcements are noisy.(JEL E44;G14)Identifying the causes of daily asset price movements remains a puzzling issue infinance.In a frictionless market,asset prices should immediately adjust to public news surprises.Hence,we should observe price jumps only during announcement times.However,asset pricesfluctuate significantly during nonannouncement days as well.This fact has motivated the introduction of various market frictions to better explain the behavior The authors are affiliated with the Department of Finance at the Ross School of Business,University of Michigan(Pasquariello)and the University of Rochester,Simon School of Business and the Federal Reserve Board of Governors(Vega).We are grateful to the Q Group forfinancial support.We benefited from the comments of an anonymous referee,Sreedhar Bharath,Michael Brandt,Michael Fleming, Michael Goldstein,Clifton Green,Joel Hasbrouck(the editor),Nejat Seyhun,Guojun Wu,Kathy Yuan, and other participants in seminars at the2005European Finance Association meetings in Moscow, the2006Bank of Canada Fixed Income Markets conference in Ottawa,the2007American Finance Association meetings in Chicago,Federal Reserve Board of Governors,George Washington University, the University of Maryland,the University of Michigan,the University of Rochester,and the University of Utah.Any remaining errors are our own.Address correspondence to Paolo Pasquariello,Ross School of Business,University of Michigan,701Tappan Street,Room E7602,Ann Arbor,MI48109-1234,or e-mail:ppasquar@ and Clara.Vega@.©The Author2007.Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.For Permissions,please email:journals.permissions@.doi:10.1093/rfs/hhm034The Review of Financial Studies/v20n52007of asset prices.One possible friction is asymmetric information.1When sophisticated agents trade,their private information is(partially)revealed to the market,via orderflow,causing revisions in asset prices even in the absence of public announcements.The goal of this article is to theoretically identify and empirically measure the effect of these two complementary mechanisms responsible for daily price changes:aggregation of public news and aggregation of orderflow. In particular,we assess the relevance of each mechanism conditional on the dispersion of beliefs among traders and the public signals’noise.To guide our analysis,we develop a parsimonious model of speculative trading in the spirit of Kyle(1985).The model builds upon two realistic market frictions:information heterogeneity and imperfect competition among informed traders(henceforth,speculators).In this setting,more diverse information among speculators leads to lower equilibrium market liquidity,since their trading activity is more cautious than if they were homogeneously informed,thus making the market makers(MMs)more vulnerable to adverse selection.We then introduce a public signal and derive equilibrium prices and trading strategies on announcement and nonannouncement days.The contribution of the model is two-fold.To our knowledge,it provides a novel theoretical analysis of the relationship between the trading activity of heterogeneously informed,imperfectly competitive speculators,the availability and quality of public information, and market liquidity.Furthermore,its analytically tractable closed-form solution,in terms of elementary functions,generates several explicit and empirically testable implications on the nature of that relationship.2In particular,we show that the availability of a public signal improves market liquidity(the more so the lower that signal’s volatility)since its presence reduces the adverse selection risk for the MMs and mitigates the quasimonopolistic behavior of the speculators.1According to Goodhart and O’Hara(1997,p.102),‘‘one puzzle in the study of asset markets,either nationally or internationally,is that so little of the movements in such markets can be ascribed to identified public‘news.’In domestic(equity)markets thisfinding is often attributed to private information being revealed.’’This friction has been recently studied by Fleming and Remolona(1997,1999),Brandt and Kavajecz(2004)and Green(2004)in the US Treasury bond market,by Andersen and Bollerslev(1998) and Evans and Lyons(2002,2003,2004)in the foreign exchange market,by Berry and Howe(1994)in the US stock market,and by Brenner et al.(2005)in the US corporate bond market,among others.2Foster and Viswanathan(1996)and Back et al.(2000)extend Kyle(1985)to analyze the impact of competition among heterogeneously informed traders on market liquidity and price volatility in discrete-time and continuous-time models of intraday trading,respectively.Foster and Viswanathan(1993)show that,when the beliefs of perfectly informed traders are represented by elliptically contoured distributions, price volatility and trading volume depend on the surprise component of public information.Yet,neither model’s equilibrium is in closed-form,except the(analytically intractable)inverse incomplete gamma function in Back et al.(2000).Hence,their implications are sensitive to the chosen calibration parameters. Further,neither model,by its dynamic nature,generates unambiguous comparative statics for the impact of information heterogeneity or the availability of public information on market liquidity.Finally,neither model can be easily generalized to allow for both a public signal of the traded asset’s payoff and less than perfectly correlated private information.2Informed and Strategic Order Flow in the Bond MarketsThis model is not asset-specific,that is,it applies to stock,bond,and foreign exchange markets.In this study,we test its implications for the US government bond market for three reasons.First,Treasury market data contains signed trades;thus,we do not need to rely on algorithms[e.g.Lee and Ready(1991)]that add measurement error to our estimates of order flow.Second,government bond markets represent the simplest trading environment to analyze price changes while avoiding omitted variable biases.For example,most theories predict an unambiguous link between macroeconomic fundamentals and bond yield changes,with unexpected increases in real activity and inflation raising bond yields[e.g.Fleming and Remolona(1997)and Balduzzi et al.(2001),among others].In contrast, the link between macroeconomic fundamentals and the stock market is less clear[e.g.Andersen et al.(2004)and Boyd et al.(2005)].Third,the market for Treasury securities is interesting in itself since it is among the largest,most liquid USfinancial markets.Our empirical results strongly support the main implications of our model.During nonannouncement days,adverse selection costs of unanticipated orderflow are higher when the dispersion of beliefs—measured by the standard deviation of professional forecasts of macroeconomic news releases—is high.For instance,we estimate that a one standard deviation shock to abnormal orderflow decreases two-year,five-year,and ten-year bond yields by7.19,10.04,and6.84basis points, respectively,on high dispersion days compared to4.08,4.07,and2.86 basis points on low dispersion days.These differences are economically and statistically significant.Consistently,these higher adverse selection costs translate into higher contemporaneous correlation between order flow changes and bond yield changes.For example,the adjusted R2of regressing dailyfive-year Treasury bond yield changes on unanticipated orderflow is41.38%on high dispersion days compared to9.65%on low dispersion days.Intuitively,when information heterogeneity is high,the speculators’quasimonopolistic trading behavior leads to a‘‘cautious’’equilibrium where changes in unanticipated orderflow have a greater impact on bond yields.The release of a public signal,a trade-free source of information about fundamentals,induces the speculators to trade more aggressively on their private information.Accordingly,wefind that the correlation between unanticipated orderflow and day-to-day bond yield changes is lower during announcement days.For example,comparing nonannouncement days with Nonfarm Payroll Employment release dates,the explanatory power of orderflow decreases from15.31%to6.47%,21.03%to19.61%,and6.74% to3.59%for the two-year,five-year,and ten-year bonds,respectively.Yet, when both the dispersion of beliefs and the noise of the public signal —measured as the absolute difference between the actual announcement and its last revision—are high,the importance of orderflow in setting3The Review of Financial Studies/v20n52007bond prices increases.All of the above results are robust to alternative measures of the dispersion of beliefs among market participants,as well as to different regression specifications and the inclusion of different control stly,our evidence cannot be attributed to transient inventory or portfolio rebalancing considerations,since the unanticipated government bond orderflow has a permanent impact on yield changes during both announcement and nonannouncement days in the sample.Our article is most closely related to two recent studies of orderflow in the U.S.Treasury market.Brandt and Kavajecz(2004)find that orderflow accounts for up to26%of the variation in yields on days without major macroeconomic announcements.Green(2004)examines the effect of order flow on intraday bond price changes surrounding U.S.macroeconomic news announcements.We extend both studies by identifying a theoretical and empirical link between the price discovery role of orderflow and the degree of information heterogeneity among investors and the quality of macroeconomic data releases.In particular,we document important effects of both dispersion of beliefs and public signal noise on the correlation between daily bond yield changes and orderflow during announcement and nonannouncement days.This evidence complements the weak effects reported by Green(2004)over30-minute intervals around news releases. Since the econometrician does not observe the precise arrival time of private information signals,narrowing the estimation window may lead to underestimating the effect of dispersion of beliefs on market liquidity.3 Our work also belongs to the literature bridging the gap between asset pricing and market microstructure.Evans and Lyons(2003)find that signed orderflow is a good predictor of subsequent exchange rate movements;Brandt and Kavajecz(2004)show that this is true for bond market movements;and Easley et al.(2002)argue that the probability of informed trading(PIN),a function of orderflow,is a pricedfirm characteristic in stock returns.These studies enhance our understanding of the determinants of asset price movements,but do not provide any evidence on the determinants of orderflow.Evans and Lyons(2004)address this issue by showing that foreign exchange order flow predicts future macroeconomic surprises(i.e.it conveys information about fundamentals).We go a step further in linking the impact of order flow on bond prices to macroeconomic uncertainty(public signal noise) and the heterogeneity of beliefs about real shocks.We proceed as follows.In Section1,we construct a stylized model of trading to guide our empirical analysis.In Section2,we describe the data. In Section3,we present the empirical results.We conclude in Section4. 3For instance,heterogeneously informed investors may not trade immediately after public news releases but instead wait to preserve(and exploit)their informational advantage as long(and as much)as possible, as in Foster and Viswanathan(1996)4Informed and Strategic Order Flow in the Bond Markets1.Theoretical ModelIn this section we motivate our investigation of the impact of the disper-sion of beliefs among sophisticated market participants and the release of macroeconomic news on the informational role of trading.We first describe a one-shot version of the multiperiod model of trading of Foster and Viswanathan (1996)and derive closed-form solutions for the equi-librium market depth and trading volume.Then,we enrich the model by introducing a public signal and consider its implications for the equilib-rium price and trading strategies.All proofs are in the Appendix unless otherwise noted.1.1Benchmark:no public signalThe basic model is a two-date,one-period economy in which a single risky asset is exchanged.Trading occurs only at the end of the period (t =1),after which the asset payoff,a normally distributed random variable v with mean zero and variance σ2v ,is realized.The economy is populated by three types of risk-neutral traders:a discrete number (M )of informed traders (that we label speculators),liquidity traders,and perfectly competitive MMs.All traders know the structure of the economy and the decision process leading to order flow and prices.At time t =0there is neither information asymmetry about v nor trading.Sometime between t =0and t =1,each speculator k receives a private and noisy signal of v ,S vk .We assume that the resulting signal vector S v is drawn from a multivariate normal distribution (MND)with mean zero and covariance matrix s such that var (S vk )=σ2s and cov S vk ,S vj =σss .We also impose that the speculators together know the liquidation value of the risky asset: M k =1S vk =v ;therefore,cov (v,S vk )=σ2v M .This specification makes the total amount of information available to the speculators independent from the correlation of theirprivate signals,albeit still implying the most general information structure up to rescaling by a constant [see Foster and Viswanathan (1996)].These assumptions imply that δk ≡E (v |S vk )=σ2v Mσ2s S vk and E δj |δk =γδk ,where γ=σss σ2s is the correlation between any two private information endowments δk and δj .As in Foster and Viswanathan (1996),we parametrize the degree of diversity among speculators’signals by requiring that σ2s −σss =χ≥0.This restriction ensures that s is positive definite.If χ=0,then speculators’private information is homogeneous :Allspeculators receive the same signal S vk =v M such that σ2s =σss =σ2v M 2and γ=1.If χ=σ2v M ,then speculators’information is heterogeneous :σ2s =χ,σss =0,and γ=0.Otherwise,speculators’signals are only 5The Review of Financial Studies /v 20n 52007partially correlated:Indeed,γ∈(0,1)if χ∈ 0,σ2v M and γ∈ −1M −1,0 if χ>σ2v M .4At time t =1,both speculators and liquidity traders submit their orders to the MMs,before the equilibrium price p 1has been set.We define the market order of the k -th speculator to be x k .Thus,that speculator’s profit is given by πk (x k ,p 1)=(v −p 1)x k .Liquidity traders generate a random,normally distributed demand u ,with mean zero and variance σ2u .For simplicity,we assume that u is independent from all other random variables.MMs do not receive any information,but observe the aggregate order flow ω1= M k =1x k +u from all market participants and set the market-clearing price p 1=p 1(ω1).1.1.1Equilibrium.Consistently with Kyle (1985),we define a Bayesian Nash equilibrium as a set of M +1functions x 1(·),...,x M (·),and p 1(·)such that the following two conditions hold:1.Profit maximization :x k (S vk )=arg max E (πk |S vk );and2.Semistrong market efficiency :p 1(ω1)=E (v |ω1).We restrict our attention to linear equilibria.We first conjecture general linear functions for the pricing rule and speculators’demands.We then solve for their parameters satisfying conditions 1and 2.Finally,we show that these parameters and those functions represent a rational expectations equilibrium.The following proposition accomplishes this task.Proposition 1.There exists a unique linear equilibrium given by the price functionp 1=λω1(1)and by the k -th speculator’s demand strategyx k =λ−12+(M −1)γδk ,(2)where λ=σ2vσu σs √M [2+(M −1)γ]>0.The optimal trading strategy of each speculator depends on the information received about the asset payoff (v )and on the depth of the 4The assumption that the total amount of information available to speculators is fixed ( Mk =1S vk =v )implies that σ2s =σ2v +M(M −1)χM 2and σss =σ2v −MχM 2,hence γ=σ2v −Mχσ2v +M(M −1)χ.Further,the absolute bound to the largest negative private signal correlation γcompatible with a positive definite s , −1M −1 ,is a decreasing function of M .6Informed and Strategic Order Flow in the Bond Marketsmarket (λ−1).If M =1,Equations (1)and (2)reduce to the well-known equilibrium of Kyle (1985).The speculators,albeit risk-neutral,exploit their private information cautiously (|x k |<∞),to avoid dissipating their informational advantage with their trades.Thus,the equilibrium market liquidity in p 1reflects MMs’attempt to be compensated for the losses they anticipate from trading with speculators,as it affects their profits from liquidity trading.1.1.2Testable implications.The intuition behind the parsimonious equilibrium of Equations (1)and (2)is similar to that in the multiperiod models of Foster and Viswanathan (1996)and Back et al.(2000).Yet,its closed-form solution (in Proposition 1)translates that intuition into unambiguous predictions on the impact of information heterogeneity on market depth.5The optimal market orders x k depend on the number of speculators (M )and the correlation among their information endowments (γ).The intensity of competition among speculators affects their ability to maintain the informativeness of the order flow as low as possible.A greater number of speculators trade more aggressively —that is,their aggregate amount of trading is higher—since (imperfect)competition among them precludes any collusive trading strategy.For instance,when M >1speculators are homogeneously informed (γ=1),then x k =σu σv √M v ,which implies that the finite difference Mx k =(M +1)x k −Mx k =σu σv √M +1−√M v >0.This behavior reduces the adverse selection problem for the MMs,thus leading to greater market liquidity (lower λ).The heterogeneity of speculators’signals attenuates their trading aggressiveness.When information is less correlated (γcloser to zero),each speculator has some monopolistic power on the private signal,because at least part of the information is exclusively known.Hence,as a group,they trade more cautiously—that is,their aggregate amount of trading is lower—to reveal less of their own information endowments δk .For example,when M >1speculators are heterogeneously informed (γ=0),then x k =σu σv S vk ,which implies that M k =1x k =σu σv v <σu M σv √M v ,that is,lower than the aggregate amount of trading by M >1homogeneously informed speculators (γ=1)but identical to the trade of a monopolistic speculator (M =1).This ‘‘quasimonopolistic’’behavior makes the MMs more vulnerable to adverse selection,thus the market less liquid (higher λ).The following corollary summarizes the first set of empirical implications of our model.5This contrasts with the numerical examples of the dynamics of market depth reported in Foster and Viswanathan (1996,Figure 1C)and Back et al.(2000,Figure 3A).7The Review of Financial Studies /v 20n 52007Corollary 1.Equilibrium market liquidity is increasing in the number of speculators and decreasing in the heterogeneity of their information endowments.To gain further insight on this result,we construct a simple numerical example by setting σv =σu =1.We then vary the parameter χto study the liquidity of this market with respect to a broad range of signal correlations γ(from very highly negative to very highly positive)when M =1,2,and4.By construction,both the private signals’variance (σ2s )and covariance (σss )change with χand M ,yet the total amount of information available to the speculators is unchanged.We plot the resulting λin Figure 1.Multiple,perfectly heterogeneously informed speculators (γ=0)collectively trade as cautiously as a monopolist speculator.Under these circumstances,adverse selection is at its highest,and market liquidity atits lowest (λ=σv 2σu ).A greater number of competing speculators improvesmarket depth,but significantly so only if accompanied by more correlated private signals.However,ceteris paribus ,the improvement in market liquidity is more pronounced (and informed trading less cautious)when speculators’private signals are negatively correlated.When γ<0,each speculator expects her competitors’trades to be negatively correlated toFigure 1Equilibrium without a public signalIn this figure we plot the market liquidity parameter defined in Proposition 1,λ=σ2v σu σs √M [2+(M −1)γ],as a function of the degree of correlation of the speculators’signals,γ,in the presence of M =1,2,or 4speculators,when σ2v =σ2u =1.Since σ2s =σ2v +M(M −1)χM 2,σss =σ2v −MχM 2,and γ=σ2v −Mχσ2v +M(M −1)χ,the range of correlations compatible with a positive definite s is obtained by varying the parameterχ=σ2s −σss within the interval [0,10]when M =2,and the interval [0,5]when M =4.8Informed and Strategic Order Flow in the Bond Marketsher own (pushing p 1against her signal),hence trading on it to be more profitable.1.2Extension:a public signalWe now extend the basic model of Section 1.1by providing each player with an additional,common source of information about the risky asset before trading takes place.According to Kim and Verrecchia (1994,p.43),‘‘public disclosure has received little explicit attention in theoretical models whose major focus is understanding market liquidity.’’6More specifically,we assume that,sometime between t =0and t =1,both the speculators and the MMs also observe a public and noisy signal,S p ,of the asset payoffv .This signal is normally distributed with mean zero and variance σ2p >σ2v .We can think of S p as any surprise public announcement (e.g.macroeco-nomic news)released simultaneouslyto all market participants.We further impose that cov S p ,v =σ2v ,so that the parameter σ2p controls for the quality of the public signal and cov S p ,S vk =σ2v M .The private informa-tion endowment of each speculator is then given by δ∗k≡E v |S vk ,S p −E v |S p =αS vk +βS p ,where α=Mσ2v σ2p −σ2v σ2p [σ2v +M(M −1)χ]−σ4v >0and β=−σ4v σ2p −σ2v σ2p {[σ2v +M(M −1)χ]−σ4v}<0.Thus,E δ∗j |δ∗k =E δ∗j |S vk ,S p =γp δ∗k ,where γp =Mα2σss +2αβσ2v +Mβ2σ2pMα2σ2s +2αβσ2v +Mβ2σ2p ≤γ.1.2.1Equilibrium.Again we search for linear equilibria.The following proposition summarizes our results.Proposition 2.There exists a unique linear equilibrium given by the price functionp 1=λp ω1+λs S p(3)and by the k -th speculator’s demand strategyx k =λ−1p 2+(M −1)γp δ∗k ,(4)6Admati and Pfleiderer (1988)and Foster and Viswanathan (1990)consider dynamic models of intraday trading in which the private information of either perfectly competitive insiders or a monopolistic insider is either fully or partially revealed by the end of the trading period.McKelvey and Page (1990)provide experimental evidence that individuals make inferences from publicly available information using Bayesian updating.Diamond and Verrecchia (1991)argue that the disclosure of public information may reduce the volatility of the order flow,leading some MMs to exit.Kim and Verrecchia (1994)show that,in the absence of better informed agents but in the presence of better information processors with homogeneous priors,the arrival of a public signal leads to greater information asymmetry and lower market liquidity.9The Review of Financial Studies /v 20n 52007where λp =α12σv σ2p −σ2v 12σu σp [2+(M −1)γp ]>0and λs =σ2v σ2p.The optimal trading strategy of each speculator in Equation (4)mirrors that of Proposition 1[Equation (2)],yet it now depends only on δ∗k ,the truly private—hence less correlated (γp ≤γ)—component of speculator k ’s original private signal (S vk )in the presence of a public signal of v .Hence,the MMs’belief update about v stemming from S p makes speculators’private information less valuable.The resulting equilibrium price p 1in Equation (3)can be rewritten as:p 1=α2+(M −1)γp v +λp u + λs +Mβ2+(M −1)γp S p .(5)According to Equation (5),the public signal impacts p 1through two channels that [in the spirit of Evans and Lyons (2003)]we call direct ,related to MMs’belief updating process (λs >0),and indirect ,via the speculators’trading activity (β<0).Since λs 2+(M −1)γp >−Mβ>0,the former always dominates the latter.Therefore,public news always enter the equilibrium price with the ‘‘right’’sign.1.2.2Additional testable implications.Foster and Viswanathan (1993)generalize the trading model of Kyle (1985)to distributions of the elliptically contoured class (ECC)and show that,in the presence of a discrete number of identically informed traders,the unexpected realization of a public signal has no impact on market liquidity regardless of the ECC used.This is the case for the equilibrium of Proposition 2as well.7Nonetheless,Proposition 2allows us to study the impact of the availability of noisy public information on equilibrium market depth in the presence of imperfectly competitive and heterogeneously informed speculators.To our knowledge,this analysis is novel to the financial literature.We start with the following result.Corollary 2.The availability of a public signal of v increases equilibrium market liquidity.The availability of the public signal S p reduces the adverse selection risk for the MMs,thus increasing the depth of this stylized market,for two reasons.First,the public signal represents an additional,trade-free source of information about v .Second,speculators have to trade more aggressively to extract rents from their private information.In Figure 27Specifically,it can be shown that the one-shot equilibrium in Foster and Viswanathan (1993,Proposition1)is a special case of our Proposition 2when private signal correlations γ=1for any ECC.10Informed and Strategic Order Flow in the Bond MarketsFigure 2Equilibrium with a public signalIn this figure we plot the difference between the sensitivity of the equilibrium price to the order flow in the absence and in the presence of a public signal S p ,λ−λp ,as a function of the degree of correlation ofthe speculators’signals,γ,in the presence of M =1,2,or 4speculators,when σ2v =σ2u =1.Accordingto Proposition 1,λ=σ2v σu σs √M [2+(M −1)γ],while λp =α12σv σ2p −σ2v 12σu σp 2+(M −1)γpin Proposition 2,where γp =σ2p σ2v −Mχ −σ4v σ2p σ2v +M(M −1)χ −σ4v and α=Mσ2v σ2p −σ2v σ2p σ2v +M(M −1)χ −σ4v .Since σ2s =σ2v +M(M −1)χM 2,σss =σ2v −MχM 2,and γ=σ2v−Mχσ2v +M(M −1)χ,the range of correlations compatible with a positive definite s is obtained by varying the parameter χ=σ2s −σss within the interval [0,10]when M =2,and the interval [0,5]whenM =4.we plot the ensuing gain in liquidity,λ−λp ,as a function of private signalcorrelations γwhen the public signal’s noise σp =1.25,that is,by varying χand M (so σ2s and σss as well,but not the total amount of information available to the speculators)as in Figure 1.The increase in market depth is greater when γis negative and the number of speculators (M )is high.In those circumstances,the availability of a public signal reinforces speculators’existing incentives to place market orders on their private signals,S vk ,more aggressively.However,greater σ2p ,ceteris paribus ,increases λp ,since the poorer quality of S p (lower information-to-noise ratioσ2vσ2p)induces the MMs to rely more heavilyon ω1to set market-clearing prices,hence the speculators to trade less aggressively.Remark 1.(The increase in)market liquidity is decreasing in the volatility of the public signal.11。
伯南克在美联储的讲演
- 3 - of Iraq in March 2003, as well as a series of corporate scandals in 2002, further clouded the economic situation in the early part of the decade. Slide 1 shows the path, from the year 2000 to the present, of one key indicator of monetary policy, the target for the overnight federal funds rate set by the Federal Open Market Committee (FOMC). The Federal Reserve manages the federal funds rate, the interest rate at which banks lend to each other, to influence broader financial conditions and thus the course of the economy. As you can see, the target federal funds rate was lowered quickly in response to the 2001 recession, from 6.5 percent in late 2000 to 1.75 percent in December 2001 and to 1 percent in June 2003. After reaching the thenrecord low of 1 percent, the target rate remained at that level for a year. In June 2004, the FOMC began to raise the target rate, reaching 5.25 percent in June 2006 before pausing. (More recently, as you know, and as the rightward portion of the slide indicates, rates have been cut sharply once again.) The low policy rates during the 2002-06 period were accompanied at various times by “forward guidance” on policy from the Committee. For example, beginning in August 2003, the FOMC noted in four post-meeting statements that policy was likely to remain accommodative for a “considerable period.”2 The aggressive monetary policy response in 2002 and 2003 was motivated by two principal factors. First, although the recession technically ended in late 2001, the recovery remained quite weak and “jobless” into the latter part of 2003. Real gross domestic product (GDP), which normally grows above trend in the early stages of an economic expansion, rose at an average pace just above 2 percent in 2002 and the first
公开拍卖英文短语
公开拍卖英文短语The world of language is a vast and ever-evolving landscape, where words and phrases hold immense power and value. In the realm of public auctions, the exchange of these linguistic gems has become a captivating spectacle, drawing in linguists, collectors, and language enthusiasts alike. The public auction of English phrases is a testament to the intrinsic worth of our linguistic heritage, a celebration of the richness and diversity of the English language.At the heart of this phenomenon lies the recognition that language is not merely a tool for communication but a cultural treasure trove. Each phrase, idiom, and colloquialism carries with it a unique history, reflecting the experiences, emotions, and perspectives of those who have wielded them over the centuries. When these linguistic artifacts are put up for public auction, they become more than just words –they become tangible representations of human ingenuity, creativity, and the evolution of our collective expression.The allure of the public auction of English phrases lies in the thrill of the chase, the anticipation of uncovering a hidden gem, and thesatisfaction of securing a piece of linguistic history. Bidders, driven by a passion for language, compete to acquire phrases that hold personal, historical, or even commercial value. From the classic "carpe diem" to the modern-day "YOLO," each phrase carries a story that captivates the imagination of those who recognize its worth.One of the most intriguing aspects of these auctions is the sheer diversity of the offerings. Phrases from literature, film, music, and everyday speech all find their way to the auction block, each with its own unique charm and significance. A line from a Shakespearean sonnet might fetch a princely sum, while a colloquial expression from a beloved sitcom could spark a bidding war among fans and collectors.The public auction of English phrases also serves as a platform for the preservation and celebration of linguistic heritage. As the English language continues to evolve, with new words and phrases entering the lexicon, these auctions provide an opportunity to safeguard the legacy of our linguistic past. By recognizing the value of these linguistic treasures, we ensure that they are not lost to the sands of time, but rather cherished and passed down to future generations.Moreover, the public auction of English phrases has far-reaching implications beyond the realm of language enthusiasts. Businesses, marketers, and even politicians have recognized the power of theselinguistic assets, bidding on phrases that can be leveraged for branding, advertising, or even political messaging. The strategic acquisition of a well-known phrase can lend credibility, memorability, and emotional resonance to a product, campaign, or platform, making the public auction of English phrases a lucrative and sought-after arena.However, the true value of these linguistic auctions extends beyond the material or commercial realm. They serve as a testament to the human capacity for creative expression, the richness of our cultural heritage, and the enduring power of language to connect us across time and space. In a world that is increasingly dominated by digital communication and technological advancements, the public auction of English phrases stands as a reminder of the enduring beauty and significance of the written and spoken word.As bidders gather, their paddles raised in anticipation, the auctioneer's voice echoes through the hall, reciting the history and significance of each phrase. The tension builds, the competition intensifies, and in the end, the successful bidder walks away with more than just a string of words – they possess a piece of linguistic history, a tangible connection to the tapestry of human expression.In the grand scheme of things, the public auction of English phrases is not merely a commercial endeavor; it is a celebration of the humanspirit, a testament to the enduring power of language, and a reminder of the profound impact that a single phrase can have on our lives, our cultures, and our collective understanding of the world around us.。
物品拍卖英文作文带翻译
物品拍卖英文作文带翻译Title: The Art of Auctions: Unveiling the Intricacies。
Auctioning, a practice deeply rooted in human history, has evolved into a sophisticated art form. Whether it's antiques, artwork, or collectibles, auctions serve as the stage where value is determined by the intensity of bidding wars. Let's delve into the dynamics of auctions and explore their significance in today's society.Firstly, auctions encapsulate the essence of market dynamics. The bidding process reflects the interplay of supply and demand, where interested buyers compete to acquire a desired item. This competitive environment often leads to price discovery, revealing the true value of the item based on the willingness of bidders to pay. Thus, auctions serve as a transparent platform for determining market prices, especially for unique or rare items where conventional pricing methods may fall short.Secondly, auctions stimulate excitement andanticipation among participants. The thrill of outbidding competitors and the possibility of acquiring a coveted item create a sense of adrenaline-fueled exhilaration. Auction houses strategically orchestrate events to heighten this excitement, employing tactics such as live bidding, timed auctions, and celebrity auctions to attract attention and maximize engagement. In this way, auctions transcend mere transactions, becoming immersive experiences that leave lasting impressions on participants.Furthermore, auctions foster a sense of community and camaraderie among collectors and enthusiasts. Attendees often share common interests and passions, forging connections and relationships that extend beyond the auction room. The exchange of knowledge, stories, and experiences enriches the auction-going experience, creating a supportive network of like-minded individuals. Additionally, auctions provide a platform for collectors to showcase their prized possessions, celebrating their passion for a particular genre or era.Moreover, auctions play a pivotal role in preserving cultural heritage and promoting artistic expression. Artifacts and artworks that pass through auction houses serve as tangible links to our collective past, preserving history for future generations. Furthermore, auctions provide artists with a platform to showcase their creations and gain recognition within the art community. The competitive nature of auctions can propel artists to new heights of success, as bidding wars drive up prices and generate buzz around their work.In conclusion, auctions are far more than mere transactions; they are multifaceted events that embody the essence of human interaction, market dynamics, and cultural significance. From price discovery to community building, auctions serve as dynamic platforms that shape our understanding of value and foster connections among individuals with shared interests. As we continue to navigate the ever-evolving landscape of commerce and culture, auctions remain a timeless tradition that bridges the past, present, and future.【中文翻译】。
对拍卖会的看法英语作文
对拍卖会的看法英语作文Auctions are such an exciting event, where you never know what treasures you might find. Sometimes, it's just about the thrill of bidding, the rush of trying to outbid the next person and snag that rare item. Other times, it'sa chance to invest in something that has sentimental valueor just plain looks cool.Walking into an auction house, you're immediately immersed in the buzz of activity. The air is filled with anticipation and excitement, almost like a party atmosphere. People are chatting, checking out items, and making mental notes of what they're interested in. It's a mix of professionals and amateurs, all there for the same reason:to see what's up for grabs.One of the coolest things about auctions is the variety of items that go up for sale. From fine art and jewelry to vintage furniture and collectibles, there's something for everyone. And the prices can range from a few bucks tohundreds of thousands, depending on the rarity and demand. It's fascinating to watch how the bidding unfolds and how the value of an item can change in an instant.But auctions can also be a bit nerve-wracking. There's always that fear of overbidding and paying more than you should for something. Or worse, missing out on a great deal because you hesitated for a second too long. It's a game of strategy and timing, and it can be pretty intense at times.In the end, though.。
物品拍卖英文作文高中
物品拍卖英文作文高中英文：Auction is a common way to sell items. It is a processin which people bid on an item and the highest bidder wins. Auctions can be held in person or online. In-personauctions often take place in auction houses or other public venues, while online auctions can be accessed from anywhere with an internet connection.There are many different types of items that can besold at auction, from art and antiques to cars and real estate. The value of an item is often determined by its rarity, condition, and historical significance. For example, a rare painting by a famous artist may sell for millions of dollars at auction, while a used car may only fetch a few thousand.One advantage of auctions is that they can create a sense of excitement and competition among bidders. Peoplemay be willing to pay more for an item if they feel that others are also interested in it. However, this can also lead to bidding wars and inflated prices.Another advantage of auctions is that they can be a way to quickly sell items that might be difficult to sell through other means. For example, if someone inherits a collection of antique furniture but doesn't have a use for it, they may choose to sell it at auction rather thantrying to sell it piece by piece.Overall, auctions can be a useful way to sell items and can be an exciting experience for both buyers and sellers.中文：拍卖是一种常见的出售物品的方式。
物品拍卖英文作文高中作文
物品拍卖英文作文高中作文1. Wow, have you ever been to an auction before? It's such an exciting and unique experience! The atmosphere is filled with anticipation and excitement as people bid on various items. You never know what treasures you might come across!2. One thing that always surprises me is the range of items that are up for auction. From antique furniture to rare collectibles, there's something for everyone. It's fascinating to see how much value people place on certain items and how much they're willing to pay for them.3. The auctioneer plays a crucial role in the whole process. Their fast-paced and rhythmic chant keeps everyone engaged and on their toes. It's like a performance in itself, and it really adds to the overall energy of the event.4. I remember attending an auction where a painting bya famous artist was being sold. The bidding war that ensued was intense, with people raising their paddles in quick succession. It was a thrilling sight to witness, and the final price that the painting fetched was mind-boggling.5. Another interesting aspect of auctions is the strategy involved in bidding. Some people prefer to start low and gradually increase their bids, while others go all-in right from the beginning. It's a game of tactics and nerves, and it's fascinating to see how different people approach it.6. One thing I've noticed is that auctions can sometimes bring out the competitive side in people. It's not uncommon to see bidders trying to outdo each other, determined to win the item at any cost. It can get quite intense, but it also adds to the thrill of the event.7. The great thing about auctions is that they can be a treasure trove for bargain hunters. Sometimes, you can find hidden gems that are undervalued or overlooked by others. It's all about being in the right place at the right timeand having a keen eye for spotting potential.8. Attending an auction can also be a learning experience. You get to see firsthand the market value of different items and learn more about their history and significance. It's a great opportunity to expand your knowledge and appreciation for various collectibles.9. Overall, auctions are not just about buying and selling, but also about the thrill of the chase and the excitement of discovering something truly special. Whether you're a seasoned collector or just a curious observer, attending an auction is an experience that shouldn't be missed. You never know what surprises await you!。
关于拍卖的英语作文大学
关于拍卖的英语作文大学Auction is a traditional way of buying and selling goods or services, where people bid for an item until the highest price is reached. 拍卖是一种传统的买卖货物或服务的方式，人们可以为一个物品竞标，直到出价最高者获得物品。
One of the main attractions of auctions is the excitement and thrill of outbidding other participants to win a desired item. 参与拍卖的主要吸引力之一是通过竞标击败其他参与者，赢得自己想要的物品所产生的兴奋和刺激。
Auctions also provide a platform for rare and unique items to be bought and sold, attracting collectors and investors looking for one-of-a-kind pieces. 拍卖也为稀有和独特的物品提供了买卖平台，吸引了寻找独一无二物品的收藏家和投资者。
On the other hand, auctions can also be a risky business, as prices can easily be driven up by competitive bidders, leading to overpaying for an item. 另一方面，拍卖也可能是一项充满风险的生意，因为竞标者之间的竞争可能会推高价格，导致为物品付出过高的价格。
In recent years, online auctions have become increasingly popular, providing convenience for buyers and sellers to participate in auctions from the comfort of their own homes. 近年来，网上拍卖日益流行，为买家和卖家提供了便利，使他们可以在家中参与拍卖。
拍卖会作文,英语
拍卖会作文,英语An Auction - A Thrilling ExperienceAuctions have long been a captivating and dynamic way of buying and selling a wide range of goods, from fine art and antiques to real estate and collectibles. The thrill of the bidding process, the competition among buyers, and the anticipation of securing a rare or valuable item all contribute to the unique atmosphere of an auction. Whether you're a seasoned collector or a curious onlooker, attending an auction can be a truly exhilarating experience.At the heart of an auction is the auctioneer, the charismatic individual who orchestrates the entire event. With their rapid-fire delivery and skilled use of body language, the auctioneer creates a sense of urgency and excitement, driving up the bids and keeping the audience engaged. The auctioneer's role is to ensure the smooth flow of the auction, maintaining a rapid pace and encouraging competitive bidding to achieve the highest possible prices for the items on offer.As the auctioneer's voice echoes through the room, the air is charged with anticipation. Bidders, some seasoned veterans and others newcomers to the world of auctions, sit on the edge of their seats, eyes fixed on the item being presented. The tension builds as the bids climb higher and higher, each bidder determined to secure the coveted item.The thrill of the auction lies not only in the competition but also in the opportunity to discover hidden gems and rare treasures. Auction houses often showcase a diverse array of items, from priceless works of art to forgotten relics of the past. The excitement of uncovering a hidden gem, a piece that has been overlooked or undervalued, is what draws many people to auctions.One of the most captivating aspects of an auction is the sense of unpredictability. You never know what might come up for bid, and the price a particular item might fetch can be a surprise, even to the most experienced collectors. This element of surprise and the potential for unexpected discoveries are what make auctions so alluring.The auction experience is not just about the bidding itself; it's also about the social aspect of the event. Auctions often attract a diverse crowd, from art enthusiasts and antique dealers to casual observers and curious onlookers. The camaraderie and shared excitementamong the attendees add to the electric atmosphere, as bidders exchange glances, nods, and subtle gestures in the heat of the moment.For many, the thrill of an auction extends beyond the event itself. The anticipation of the auction, the research and preparation that goes into identifying potential treasures, and the satisfaction of successfully bidding on a coveted item all contribute to the overall experience. The sense of achievement in outmaneuvering other bidders and securing a prized possession is truly unparalleled.Auctions also offer a unique opportunity for collectors and enthusiasts to expand their collections or discover new areas of interest. The exposure to a wide range of items, from the familiar to the unexpected, can inspire new passions and open up new avenues of exploration. The excitement of the auction experience can ignite a lifelong love affair with collecting and the pursuit of rare and valuable items.In conclusion, an auction is a truly captivating and multifaceted experience. The energy and excitement generated by the auctioneer, the competitive bidding, the potential for unexpected discoveries, and the social camaraderie all contribute to the allure of auctions. Whether you're a seasoned collector or a curious newcomer, attending an auction can be a thrilling and unforgettable adventure.The thrill of the hunt, the satisfaction of a successful bid, and the joy of uncovering a hidden gem make auctions a truly unique and unforgettable experience.。
对艺术品拍卖会的观点英语作文
对艺术品拍卖会的观点英语作文Art auctions are always such a buzz! The excitement of bidding for a piece of history or artistry is unparalleled. You never know who'll walk in with a hidden gem or what treasure might just catch your eye.The atmosphere at these events is electric. Everyone's dressed to the nines, and the anticipation builds as each item comes up for auction. It's like a live thriller, where the stakes are high and the tension is palpable.But it's not just about the money. Art auctions are a chance to appreciate the craftsmanship, the story behind each piece, and the artist's vision. You can feel the emotion and passion that went into creating these works.Of course, there's always a risk involved. You might spend a fortune on something that turns out to be a dud, or miss out on a true masterpiece because you hesitated. But that's part of the thrill, isn't it? The gamble, theuncertainty, and the possibility of walking away with something truly special.In the end, art auctions are a unique experience. They bring people together from all walks of life, united by a shared passion for art and beauty. Whether you're a seasoned collector or just there for the fun, there's something magical about being part of it all.。
英文拍卖演讲稿模板范文
Good day! Today, I am honored to stand before you as the auctioneer for this magnificent event. Welcome to our auction, where we have an array of exquisite items waiting to be bid upon. I assure you that each item here is a piece of art, a piece of history, or a piece of joy that you will cherish for a lifetime.Before we dive into the auction, let me briefly explain the rules. Each item will be introduced with a starting bid, and the highest bidder at the fall of the hammer will win the item. Remember, there is no reserve price, so be bold and bid confidently.Now, let's begin with the first item on our list. (Item name) This item is truly a masterpiece, crafted by a renowned artist. It showcases exceptional craftsmanship and beauty that will surely captivate your heart. The starting bid for this item is $50. Who will take the first bid?As you can see, the bidding is going strong. But wait, there's more! This item comes with a certificate of authenticity, ensuring that you own a genuine piece of art. Now, who's willing to go for $100?Great bidding! The item is now at $150. Is there anyone else who wishes to join the bidding war? Go ahead, place your bid!The bidding has reached $200. Now, I have a special announcement. The highest bidder will receive a 10% discount on their next purchase at our gallery. So, don't let this opportunity slip away. Who's ready to take the item home for $200?Congratulations to the highest bidder! You have successfully won this exquisite piece of art. Now, let's move on to the next item.Our next item is a rare vintage car. This car has a rich history and is in excellent condition. It's a true gem that will make any car enthusiast's dream come true. The starting bid for this item is $10,000. Who will take the first bid?The bidding for this car has already started, and it's going strong. We have bids of $10,500, $11,000, and now $11,500. Can anyone top this? Go ahead, place your bid!The bidding is now at $12,000. Is there anyone else who wishes to join the bidding war for this rare vintage car? Don't miss this chance to own a piece of history. Place your bid now!Congratulations to the highest bidder! You have won this magnificent vintage car. It's time to move on to the next item.Our next item is a stunning piece of jewelry. This necklace is adorned with beautiful diamonds and pearls, symbolizing elegance and sophistication. It's a perfect gift for any occasion. The starting bid for this item is $1,000. Who will take the first bid?The bidding for this necklace is already quite fierce. We have bids of $1,200, $1,400, and now $1,600. Can anyone outbid this? Place your bid now!The bidding is now at $1,800. Is there anyone else who wishes to join the bidding war for this stunning piece of jewelry? Don't let this opportunity slip away. Place your bid now!Congratulations to the highest bidder! You have won this exquisite necklace. Now, let's move on to the next item.As we continue with the auction, I encourage you to explore the other items available. Each item has its own story, and I assure you that you will find something that resonates with you.Remember, this auction is not just about owning these items; it's about supporting a cause that is close to our hearts. The proceeds from this auction will go towards funding important projects and initiatives that make a difference in our community.So, as we bid farewell to the last item, I want to thank you all for your participation and support. Whether you've won an item or not, you have contributed to a great cause. Let's keep the spirit of giving alive and make this auction a success.Thank you, and happy bidding!。
关于慈善拍卖英文作文
关于慈善拍卖英文作文英文：Charity auctions are a great way to raise money for a good cause while also giving people the opportunity to acquire unique and valuable items. I have participated in a few charity auctions in the past, and I have found them to be both enjoyable and rewarding experiences.One of the most memorable charity auctions I attended was for a local animal shelter. The auction featured a variety of items, including art pieces, jewelry, and even a vacation package. I ended up bidding on and winning a beautiful painting of a dog, which now hangs in my living room. Not only did I acquire a beautiful piece of art, but I also felt good knowing that my money was going towards helping animals in need.Another charity auction I participated in was for a children's hospital. The auction had a silent auctionsection as well as a live auction. I bid on and won asigned basketball jersey from my favorite NBA player. Itwas a bit of a splurge for me, but I knew that the moneywas going towards a good cause and it was a once-in-a-lifetime opportunity to own something so special.Overall, I think charity auctions are a great way to give back to the community while also acquiring unique items. It's a win-win situation for everyone involved.中文：慈善拍卖是一种很好的筹集善款的方式，同时也给人们提供了获得独特和有价值物品的机会。
对拍卖会的评价英语作文
对拍卖会的评价英语作文Ah, the auction house is always a lively place! You can feel the energy in the air, like everyone's hearts are racing with anticipation. The bidding goes up and up, and you never know what surprise might pop up next.The items up for grabs are always fascinating. From old paintings to rare collectibles, you can find something for every taste. And the excitement of not knowing who'll getit – it's just thrilling!But the real fun is in the bidding. You can see people getting really into it, their faces lighting up when they outbid someone. And those tense moments when the auctioneer calls out, "Going once, going twice..." It's like a mini-drama playing out right there.And then, there's the aftermath. The winners walk away with their treasures, smiles on their faces. The losers might be a bit disappointed, but they'll always be back forthe next one. After all, who doesn't love a bit of excitement and mystery?Overall, auctions are just great. They're like a window to the past, a chance to own a piece of history. And evenif you don't win, you'll always have a story to tell about the time you almost got that one-of-a-kind item.。
chinadaily双语新闻：杠杆收购交易将重现繁荣
英语资源频道为⼤家整理的china daily 双语新闻：杠杆收购交易将重现繁荣，供⼤家学习参考:)The word from Davos isn't actually a word. It's an acronym: LBO.从达沃斯传来的消息实际上连⼀个单词都不是，它只是⼀个缩略词：LBO（杠杆收购）。
A range of finance executives said here Tuesday that they expect the buyout business to boom in 2013. In conversations Blackstone Group's John Studzinski, Lazard CEO Kenneth Jacobs, and Guggenheim Partners chief investment officer Scott Minerd all expected LBO volume to surge.多位⾦融业⾼管周⼆在达沃斯表⽰，他们预计收购交易在2013年将呈现出繁荣景象。
在对话中，⿊⽯集团(Blackstone Group)的斯图⾟斯基(John Studzinski)、Lazard的⾸席执⾏长雅各布(Kenneth Jacobs)以及Guggenheim Partners的⾸席投资长⽶纳德(Scott Minerd)均预计杠杆收购交易量将出现激增。
The reason: Debt is cheap, companies are trading at reasonable multiples, and bond investors are dying to get their hands on paper with even trace amounts of yield.这种预测的理由是：举债成本低；公司股价在以合理的估值倍数进⾏交易；债券投资者渴望买⼊债券，哪怕收益率很低。
物品拍卖作文英语
物品拍卖作文英语As the gavel fell with a resounding crack, signaling the end of the bidding war, I couldn't help but feel a rush of adrenaline. The room, filled with a diverse crowd of collectors, enthusiasts, and casual onlookers, erupted into a mixture of applause and sighs of defeat. This was my first time attending a live auction, and it was an experience that was as exhilarating as it was educational.The auction house, a grand, centuries-old establishment with high ceilings and ornate chandeliers, was the perfect backdrop for the event. The air was thick with anticipation as the auctioneer, a seasoned professional with a voice that could cut through the silence like a knife, took to the podium. He began with a warm welcome and a brief introduction to the first item up for grabs—a vintage typewriter with a rich history and a glossy, black finish that gleamed under the spotlight.The bidding started at a modest sum, but it quickly escalated as eager bidders raised their paddles in a frenzy. Each item that followed was presented with a similar level of enthusiasm and detail by the auctioneer. There were antique clocks, first edition books, and even a painting that was rumored to be from the Renaissance period. Each piece had a story to tell, and the auctioneer was the master storyteller, weaving tales that captivated the audience and fueled the bidding wars.One of the most fascinating aspects of the auction was the diversity of the items. There was something for everyone, from the seasoned collector looking for a rare coin to the casual enthusiast seeking a unique piece of furniture. The prices ranged from affordable to astronomical, making the auction accessible to a wide range of bidders.As the afternoon wore on, the atmosphere in the room became more intense. The auctioneer's pace quickened, and the bids flew back and forth like arrows. There was a palpable sense of competition, but also camaraderie among the bidders. It was clear that for many, the thrill of the chase was as important as the acquisition of the item.The climax of the event was the auction of a rare, antique globe. As the auctioneer described its intricate details and historical significance, the room fell silent. The bidding started high and only increased in fervor. It was a sight to behold as two particularly determined bidders engaged in a battle of wills and wallets. The gavel finally fell, and the globe found a new home, the winning bidder's face a picture of triumph.The auction was not just a transactional event; it was a celebration of history, art, and the human desire to own a piece of the past. It was a lesson in the value of things not just for their monetary worth, but for the stories they hold and the joy they bring to their owners. As I left the auction house that day, I carried with me not just a newfoundappreciation for auctions, but also a resolve to one day own a treasure of my own.。
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The Effect of Auctions on Daily Treasury-bill Volatility
Abstract We investigate the Treasury bill (T-bill) market for volatility effects, and especially any volatility introduced by the T-bill auction process. We use daily T-bill yields for on-therun 13-, 26-, and 52-week T-bills from January 1983 through December 2000. We find that T-bill volatility is not constant across a run, hence is not consistent with the Treasury's auction process intent of a stable T-bill market. Additionally, we note that the daily volatility patterns of 13-week and 26-week T-bills are quite similar, while the daily volatility pattern in 52-week T-bills is clearly different. One fundamental difference with 52-week T-bills is the timing of its auction cycle. When 52-week T-bills were auctioned, they were auctioned every four weeks as opposed to every week, as is the case with 13and 26-week T-bills. In a unique test of the effect of auctions on daily volatility, we find that for 52-week T-bills issue-weeks demonstrate greater volatility than non-issue-weeks at the end of a run. We also find that all three T-bill series exhibit higher volatility on the day they begin to trade in the when-issued market, as opposed to the their day of issue.
The economic ordering quantity (EOQ) model determines the inventory order quantity that minimizes total inventory costs. The EOQ model balances carrying costs against ordering costs to determine the optimal order size. In establishing the EOQ, inventory is assumed to be used evenly across the year.
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The Effect of Auctions on Daily Treasury-bill Volatility
1. Introduction We investigate the Treasury bill (T-bill) market for volatility effects, and especially any volatility introduced by the T-bill auction process. We use daily T-bill yields for on-the-run 13-, 26-, and 52-week T-bills from January 1983 through December 2000. An on-the-run issue is the most recent T-bill issued in a given maturity series. When a newer T-bill is issued, the formerly on-the-run issue becomes an off-the-run issue. We explore three different T-bill maturity series in an effort to highlight any behavioral characteristics that are unique to any given T-bill series, thus provide better insight into T-bill volatility behaviors. Our null hypothesis is that auction participants that acquire securities in an auction (buy inventory) with the intent to sell the securities (typically, Treasury securities dealers) will do so evenly over the run of the bill in a fashion similar to the classic economic-order-quantity (EOQ) model.1 The linear reduction in inventory between orders (auctions) is suggestive of constant volatility between order points. To test this hypothesis we evaluate on-the-run daily volatility for 13-week, 26-week, and 52-week Tbills. The T-bill run fits the framework of the EOQ model because the beginning of a Tbill run is similar to the arrival of new inventory (new bills issued) and the end of the run is similar to the end of the inventory from a given order. One alternative hypothesis is that volatility is high at the beginning and end of the run. All T-bills start their run on a Thursday and end their run on a Wednesday. Thus,
The Effect of Auctions on Daily Treasury-bill Volatility
Michael P. Hughes Francis Marion University Stanley D. Smith SunTrust Chair of Banking University of Central Florida, and Drew B. Winters Texas Tech University March 29, 2005 Corresponding Author Drew B. Winters Texas Tech University Rawl 15th Street and Flint Avenue Lubbock, TX 79409-2101 Phone Fax Email 806-742-3350 806-742-3197 wintersd@
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this alternative hypothesis is that daily volatility is highest on the Thursday that begins a run and on the Wednesday that ends a run. This hypothesis is similar to the intraday inventory models. Empirical intraday research (for example, Wood, McInish, and Ord (1985) and Lockwood and Linn (1990) in stocks, Cyree and Winters (2001) in fed funds, and Hughes, Smith, and Winters (2005) in T-bills) has shown that intraday volatility is highest at the beginning and end of the trading day which when plotted forms a U-shaped pattern. Brock and Kleidon (1992) model the intraday effects of the discontinuities in trading time and find that, in general, there is strong and inelastic demand for trading at the open and close of the market as traders seek to achieve optimal inventory levels. They conclude that periodic market closure provides a sound reason for the U-shaped pattern. Hong and Wang (2000) show that markets need not close to have a U-shaped intraday pattern. Instead, they suggest that having regular business hours in a local market is sufficient to observe a U-shaped intraday pattern aligned with the beginning and end of the regular daily business hours. We suggest that the run of a T-bill is consistent with a business-hour inventory management model of intraday behavior and accordingly suggest that a viable hypothesis for the daily volatility of T-bills yields across a T-bill’s run is of high volatility at the beginning and end of the run. Since our null hypothesis is constant daily volatility across the run, we label the hypothesis of high volatility at the beginning and end of the run as an alternative hypothesis. This alternative hypothesis is important because high volatility around the issue of new Treasury securities is counter to the Treasury Department’s goal of broad-based participation in the market for Treasury securities. The reason high volatility is counter