第十章环境经济政策 第一节有效率的污染水平 1.边际治理成本和边际损害成本 1.1决定环境容量有效利用(或者污染物有效排放)水平的两项关键因素是边际治理成本和边际损害成本

第二章微观经济学基础 第一节竞争市场与效率 1.微观经济学的四个基本假设: 1.1与市场的整体规模相比,各个生产者和消费者的规模必须很小,即市场是充分竞争的; 1.2生产者和消费者对现在和将来的价格有充分信息; 1.3私人成本和社会成本一致;

第一章环境经济学的产生与发展 第一节复活节岛的兴衰 复活节岛是太平洋上一个偏僻荒凉的小岛,面积不足400km2,人口最多时也 不过7000人,它距最近的大陆——南美洲西海岸有3000km之多,距最近的有人居 住的岛屿——皮特凯恩岛也有近2000km之遥。但是它的一部文明兴衰史,却是昭 示人类未来的一面镜子。 考古学家证明,复活节岛曾经有过辉煌的文明。并认为复活节岛的居民属于波 利尼西亚人,公元5世纪到达复活节岛,当时已是全球大迁徙的晚期。公元5世纪 时,复活节岛上土壤肥沃,温度、湿度很高,但是水源奇缺,岛上无常年性河流 仅有的淡水来自死火山形成的湖。由于与世隔绝,生物物种很少,只有30种本地植 在家乡时主要食用鸡、猪、狗、波利尼西亚鼠以及甘薯、芋头、两波利尼西亚人 物、几种昆虫、两种蜥蜴,没有哺乳动物,岛周围水域中鱼也不多

第三章外部性理论 第一节外部性的定义 1.外部性的定义 外部性是在没有市场交换的情况下,一个生产单位的生产行为(或消费者的消费行为)影响了其他生产单位(或消费者)的生产过程(或生活标准),如果

Capital Structure The Modigliani and Miller capital structure and payout policy theorems were the result of the practical questions\How should a firm choose its capital structure\. The theory that we covered last time clarified the nature of the modigliani and miller result

Topic 1: What is Corporate Finance?(cont 1 2 Financing Decisions In the previous section the focus was on investment decisions. It was assumed throughout that the firm was financed with equity. In this section we discuss financing decisions. As a prelude to this we will briefly discuss the notion of efficient

Franklin Allen and Douglas gale Topic 1: What is Corporate Finance? Readings A Ph. D. textbook that provides basic coverage of some of the main topics is J. A. de Matos. Theoretical Foundations of Corporate Finance, Princeton: Princeton University Press, 2002) There are many MBa textbooks. A very good one is R.A. Brealey and S.C. Myers, Principles of Corporate Finance, 7th edition(New York

This paper is an updated version of a previous working paper, Capital Budgeting in the Presence of Managerial Overconfidence and Optimism, by the same authors. Financial support by the Rodney L. white Center for Financial Research is gratefully acknowledged. The authors would like to thank Andrew Abel, Jonathan Berk, Domenico Cuoco, David Denis, Janice Eberly, Robert Goldstein, Peter Swan, and seminar

Bayesian Learning in Social Networks Douglas Gale(Corresponding Author) Department of Economics. New York University

the standard theory of co.apters 1 and 2 when we covered Modigliani-Miller As we discussed in the Ch apital structure that has been the mainstay of text- books is the trade-off theory This argues that the benefit of debt is the tax shield and the cost is the deadweight costs of bankruptcy. The tradi tional view was that these deadweight